U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One):
[X] Form 10-K or Form 10-KSB [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q or Form
10-QSB [ ] Form N-SAR
For Period Ended: December 31, 1999
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[ ] Transition Report on Form 10-K or Form 10-KSB
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q [ or Form 10-QSB]
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:
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Read Attached Instruction Sheet Before Preparing Form:
Please Print or Type.
Nothing in this form shall be construed to imply that the
Commission has verified any information contained herein.
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If the notification relates to a portion of the filing checked
above, identify the Item(s) to which the notification relates:
___________________________________________
Part I --Registrant Information
Full Name of Registrant: Allied Products Corporation
Former Name if Applicable
Address of Principal Executive Office (Street and Number):
10 South Riverside Plaza
City, State and Zip Code: Chicago, Illinois 60606
Part II -- Rules 12b-25(b) and (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate.)
[X] (a) The reasons described in reasonable
detail in Part III of this form could not be
eliminated without unreasonable effort or
expense;
[X] (b) The subject annual report, semi-annual
report, transition report on Form 10-K or
Form 10- KSB, Form 20-F, 11-K or Form N-SAR,
or portion thereof will be filed on or
before the fifteenth calendar day following
the prescribed due date; or the subject
quarterly report or transition report on
Form 10-Q [or Form 10-QSB), or portion
thereof will be filed on or before the fifth
calendar day following the prescribed due
date; and
[ ] (c) The accountant's statement or other
exhibit required by the Rule 12b-25(c) has
been attached if applicable.
<PAGE>
Part III -- Narrative
State below in reasonable detail the reasons why the Form 10-K and Form
10-KSB, 20-F, 11-K, 10-Q and Form 10-QSB, N-SAR or the transition
report or portion thereof could not be filed within the prescribed time
period.
The Company has been negotiating a $30,000,000 credit facility for several
weeks. The credit agreement was finalized on March 30, 2000. This credit
facility is material to an understanding of the Company's financial statements
and disclosures associated with its outlook for fiscal year 2000. Upon
completion of changes in the draft of the Company's 10-K to reflect the credit
facility agreement as finally executed, the Company intends to file Form 10-K
within the extension period provided by Rule 12b-25(b).
Part IV -- Other Information
(1) Name and telephone number of person to contact in regard to this
notification.
Robert Fleck (312) 454-1020
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under [X]Yes [ ] No
Section 13 or 15(d) of the Securities Exchange
Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months
or for such shorter period that the registrant was
required to file such report(s) been filed? If
answer is no, identify report(s).
(3) Is it anticipated that any significant change in [X]Yes [ ] No
results of operation from the corresponding period
for the last fiscal year will be reflected by the
earnings statements to be included in the subject
report or portion thereof? If so: attach an
explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate,
state the reasons why a reasonable estimate of the
results cannot be made.
The Company expects to report the following results of operations for
the years ended December 31, 1999 and 1998 upon the completion of the
annual audit:
<TABLE>
<CAPTION>
Year Ended December 31,
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1999 (unaudited) 1998
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<S> <C> <C>
Net sales from continuing operations................... $ 144,690,000 $ 137,020,000
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(Loss) before taxes from continuing operations ......... $ (34,340,000) $ (35,999,000)
(Benefit) for income taxes ............................. - 6,213,000
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(Loss) from continuing operations ...................... $ (34,340,000) $ (29,786,000)
Discontinued operations, net of tax .................... 7,575,000 15,673,000
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Net (loss) ............................................. $ (26,765,000) $ (14,113,000)
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</TABLE>
The loss before taxes from continuing operations in 1999 decreased
slightly from that reported in the prior year. The tax benefit recorded
in 1998 represents a reversal of a tax liability accumulated in years
prior to 1998. The decrease in income related to discontinued
operations relates to the effect of increased cash discounts,
unfavorable labor variances and shipping costs, an increased allocation
of interest expense (as the overall consolidated interest expense has
increased for the Company) and increased litigation and product
liability costs in the current year. Discontinued operations for 1998
included a tax benefit of $1,317,000.
There was no tax benefit in 1999.
Allied Products Corporation
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(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
/s/ Robert Fleck
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Date: March 31, 2000 By: Robert Fleck
Vice President Accounting and Chief
Accounting & Administrative Officer
