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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One): / / Form 10-K / / Form 20-F / / Form 11-K /X/ Form 10-QSB
/ / Form N-SAR
For Period Ended: September 30, 1995
/ / Transition Report on Form 10-K
/ / Transition Report on Form 20-F
/ / Transition Report on Form 11-K
/ / Transition Report on Form 10-Q
/ / Transition Report on Form N-SAR
For the Transition Period Ended: ____________________________________
READ INSTRUCTION (ON BACK PAGE) 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
Kleer-Vu Industries, Inc.
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Full Name of Registrant
Not Applicable
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Former Name if Applicable
921 West Artesia Boulevard
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Address of Principal Executive Office (Street and Number)
Compton, California 90220
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City, State and Zip Code
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, Form 20-F, 11-K, 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 of 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
/ / (c) The accountant's statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.
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PART III -- NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 20-F 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
The Registrant was finalizing certain documents in connection with rransactions
effective in the third quarter of fiscal year 1995. Accordingly, the Registrant
was unable to complete the financial stataements and notes thereto to refelct
such transactions in order for the Registrant to be able to file the Form 10-Q
on or before November 14, 1995. It is anticaipated that the Form 10-Q will
be completed and filed on or about November 16, 1995.
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Brian E. Leneck 1-800 926-2526
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under 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 the answer
is no, identify report(s).
/X/ Yes / / No
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(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.
See Rider A attached hereto
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Kleer-Vu Industries, Inc.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date November 15, 1995 By /s/ Brian E. Leneck
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INSTRUCTION: The form may be signed by an executive officer of the registrant
or by any other duly authorized representative. The name and title of the
person signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
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RIDER A
KLEER-VU INDUSTRIES, INC. AND SUBSIDIARIES
Summary of Results of Operations
(In thousands Except Per Share Amounts)
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<CAPTION>
Three Months Ended
September 30
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1995 1994
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<S> <C> <C>
Net Sales $ 6,467 $ 7,201
Costs and Expenses $ 8,356 $8,356
Net Loss $(1,889) $(1,949)
Net Loss Per Share $(.71) $(.81)
Weighted Average of Common Shares 2,675,876 2,418,875
</TABLE>
Sales for the third quarter in 1995 decreased by 10.2% from sales in the
corresponding period in 1994. Declining growth in the retail sector as well as
some price erosion for the Registrant's products were primarily responsible for
lower sales revenues. Gross profit margins declined from 19% in the third
quarter of 1994 to 9.6% in the same period in 1995 due to increased costs in raw
materials and under utilization of the Company's manufacturing capacity due to
reduced sales. Selling, general and administrative expenses increased from 24%
of sales in the third quarter of 1994 to 30.9% of sales in the same period in
1995 due to marketing and product development costs incurred to support the
introduction of the Company's Kodak photograph album line.
