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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC.
FORM 12B-25
Commission File Number: 1-11013
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Cusip Number: 847487204
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NOTIFICATION OF LATE FILING
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(Check One): (X) Form 10-K ( ) Form 11-K ( ) Form 10-F ( ) Form 10-Q
( ) Form N-SAR
For Period Ended: December 31, 1997
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( ) Transition Report on Form 10-K ( ) Transition Report on Form 10-Q
( ) Transition Report on Form 20-K ( ) Transition Report on Form N-SAR
( ) Transition Report on Form 11-K
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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.
If the notification relates to a portion of the filing checked above,
identify the item(s) to which the notification relates:
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PART I
REGISTRANT INFORMATION
Full name of registrant: Specialty Chemical Resources, Inc.
Former name if applicable
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Address of principal executive office (Street and number): 9055 S. Freeway Drive
City, State and Zip Code: Macedonia, Ohio 44056
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PART II
RULE 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 appropriate box.)
(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
For 10-K, 20-F, 11- K or Form N-SAR, or portion thereof will be filed
on or before the 15th calendar day following the prescribed due date;
or the subject quarterly report or transition report on Form 10-Q, or
portion thereof will be filed on or before the fifth calendar day
following the prescribed due date: and
(X) (c) The accountant's statement or other exhibit required by Rule 12b-25
(c) has been attached if applicable.
PART III
NARRATIVE
State below in reasonable detail the reason why Form 10-K, 11-K, 20-F,
10-Q, N-SAR or the transition report portion thereof could not be filed within
the prescribed time period. (Attach extra sheets if needed.)
The Registrant's Form 10-K could not be filed within the prescribed
time period because not all audit procedures have been completed due to the time
frame required to complete an independent outside valuation for certain
potentially impaired assets. Not all the valuation documentation has been
available in order to complete the audit.
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PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
David F. Spink, Chief Financial Officer, 330 467-4195
(2) Have all other periodic reports required under Section 13 or 14(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 the answer is no,
identify report(s).
(X) Yes ( ) No
(3) Is it anticipated that any significant change in results of
operations 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?
(X) Yes ( ) No
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 a loss for the fiscal
year ended December 31, 1997. This loss will reflect the
results of operations previously reported with respect to the
first three quarters of the 1997 fiscal year, in addition to
operating losses realized during the fourth quarter of the
year. Additionally, the loss reported by the Company for the
1997 fiscal year will include non-cash charges to earnings
associated with a write down of certain impaired assets in
accordance with Financial Accounting Standard No. 121. The
Company expects to release results for 1997 within the 15 day
extension period.
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SPECIALTY CHEMICAL RESOURCES, INC.
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized:
Date: March 31, 1998 By: /s/ David F. Spink
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David F. Spink
Chief Financial Officer
Specialty Chemical Resources, Inc.
9055 S. Freeway Drive
Macedonia, Ohio 44056
Dear Gentlemen:
Pursuant to Rule 12b-25 of the General Rules and Regulations
under the Securities Exchange Act of 1934, we inform you that we have been
furnished a copy of Form 12b-25 to be filed by Specialty Chemical Resources,
Inc. on or about April 1, 1998, which contains notification of the registrant's
inability to file its Form 10-K by March 31, 1998. We have read the Company's
statements contained in Part III therein and we agree with the stated reason as
to why we have been unable to complete our audit and report on the financial
statements for the three-year period ended December 31, 1997, to be included in
Form 10-K.
Very truly yours,
Grant Thornton LLP
March 31, 1998
Cleveland, Ohio
