<PAGE>
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-Q [_] Form N-SAR
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For Period Ended: September 30, 2000 SEC FILE NUMBER
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0-18858
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[_] Transition Report on Form 10-K
[_] Transition Report on Form 20-F
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[_] Transition Report on Form 11-K CUSIP NUMBER
[X] Transition Report on Form 10-Q 483100 10 3
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[_] Transition Report on Form N-SAR
For the Transition Period Ended:___________________________________________
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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.
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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:
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PART I -- REGISTRANT INFORMATION
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Full Name of Registrant
KAISER VENTURES INC.
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Former Name if Applicable
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Address of Principal Executive Office (Street and Number)
3633 E. Inland Empire Blvd., Suite 850
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City, State and Zip Code
Ontario, CA 91764
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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)
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
(b) The subject annual report, semi-annual report, transition report
on Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof,
[X] 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 acountant'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.
(ATTACH EXTRA SHEETS IF NEEDED)
SEC 1344 (6/94)
<PAGE>
Attachment to Part III
Narrative of Form 12b-25 Filing
by Kaiser Ventures Inc.
The Company's Form 10-Q Report cannot be timely filed without unreasonable
effort or expense for several reasons, including, but not limited to: (i) the
number of transactions, issues and resulting disclosure have taken the Company
substantially longer to complete than originally anticipated; and (ii) the
technical review and sign-off of the final 10-Q Report will most likely extend
beyond the filing due date. The financial statements for the quarter, without
notes, are included in this filing.
<PAGE>
CONSOLIDATED BALANCE SHEETS
as of
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
----------- ------------
(Unaudited)
<S> <C> <C>
ASSETS
Current Assets
Cash and cash equivalents............................... $21,046,000 $ 14,686,000
Accounts receivable and other, net of allowance for
doubtful accounts of $83,000 and $90,000,
respectively............................................ 1,865,000 1,978,000
Deferred tax assets...................................... 285,000 285,000
Note receivable......................................... 107,000 107,000
----------- ------------
23,303,000 17,056,000
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Investment in Fontana Union Water Company.................. 16,612,000 16,108,000
----------- ------------
Investment in West Valley MRF.............................. 3,456,000 3,009,000
----------- ------------
Real Estate
Land and improvements................................... 8,543,000 8,543,000
Real estate held for sale............................... 2,835,000 38,820,000
----------- ------------
11,378,000 47,363,000
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Other Assets
Note Receivable......................................... 616,000 700,000
Deferred tax assets..................................... 577,000 577,000
Landfill permitting and development..................... 17,686,000 15,800,000
Buildings and equipment (net)........................... 1,533,000 2,805,000
Other assets............................................ 9,000 27,000
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20,421,000 19,909,000
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Total Assets............................................... $75,170,000 $103,445,000
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</TABLE>
The notes to be included with these financial statements upon the filing of the
Form 10-Q Report will be an integral part of the consolidated financial
statements.
<PAGE>
CONSOLIDATED BALANCE SHEETS
as of
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
----------- ------------
(Unaudited)
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable....................................... $ 681,000 $ 887,000
Income taxes payable................................... 226,000 3,501,000
Accrued liabilities.................................... 3,658,000 4,998,000
Environmental remediation.............................. --- 2,500,000
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4,565,000 11,886,000
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Long-term Liabilities
Deferred gain on sale of real estate................... 723,000 724,000
Accrued liabilities.................................... 1,097,000 1,305,000
Environmental remediation.............................. 4,500,000 23,868,000
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6,320,000 25,897,000
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Total Liabilities......................................... 10,885,000 37,783,000
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Minority Interest......................................... 5,330,000 4,772,000
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Commitments and Contingencies
Stockholders' Equity
Common stock, par value $.03 per share, authorized
13,333,333 shares; issued and outstanding
6,415,353 and 6,316,853 respectively.................. 193,000 189,000
Capital in excess of par value......................... 49,584,000 48,745,000
Retained earnings...................................... 9,178,000 11,956,000
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Total Stockholders' Equity................................ 58,955,000 60,890,000
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Total Liabilities and Stockholders' Equity................ $75,170,000 $103,445,000
=========== ============
</TABLE>
The notes to be included with these financial statements upon the filing of the
Form 10-Q Report will be an integral part of the consolidated financial
statements.
<PAGE>
CONSOLIDATED STATEMENTS OF OPERATIONS
for the Three and Nine Months Ended September 30
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30 September 30
------------------------------------ ----------------------------------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Resource Revenues
Ongoing Operations
Water resource.............................. $1,154,000 $ 1,188,000 $3,464,000 $ 3,548,000
Property redevelopment...................... 364,000 355,000 1,124,000 1,081,000
Mill Site land sale deferred gain realized.. 1,000 --- 1,000 ---
Gain on merger of PMI into ISC............. --- 35,713,000 --- 35,713,000
Gain on sale of ISC common stock............ --- 3,192,000 --- 3,192,000
Income (loss) from equity method investments
Penske Motorsports Inc..................... --- --- --- (329,000)
West Valley MRF, LLC....................... 390,000 368,000 1,198,000 580,000
---------- ----------- ---------- -----------
Total ongoing operations................... 1,909,000 40,816,000 5,787,000 43,785,000
---------- ----------- ---------- -----------
Interim Activities 82,000 116,000 269,000 286,000
---------- ----------- ---------- -----------
Total resource revenues.................... 1,991,000 40,932,000 6,056,000 44,071,000
---------- ----------- ---------- -----------
Resource Operating Costs
Operations and maintenance................... 182,000 232,000 613,000 664,000
Administrative support expenses.............. 614,000 434,000 1,481,000 1,318,000
---------- ----------- ---------- -----------
Total resource operating costs............. 796,000 666,000 2,094,000 1,982,000
---------- ----------- ---------- -----------
Income from Resources......................... 1,195,000 40,266,000 3,962,000 42,089,000
Corporate general and administrative expenses 912,000 1,012,000 2,540,000 2,754,000
---------- ----------- ---------- -----------
Income from Operations........................ 283,000 39,254,000 1,422,000 39,335,000
Net Interest (income) expense................ (166,000) 104,000 (322,000) 757,000
---------- ----------- ---------- -----------
Income before Income Tax Provision............ 449,000 39,150,000 1,744,000 38,578,000
Income tax provision......................... 180,000 9,843,000 698,000 9,624,000
---------- ----------- ---------- -----------
Net Income.................................... $ 269,000 $29,307,000 $1,046,000 $28,954,000
========== =========== ========== ===========
Basic Earnings Per Share...................... $ .04 $ 2.77 $ .27 $ 2.71
========== =========== ========== ===========
Diluted Earnings Per Share.................... $ .04 $ 2.73 $ .26 $ 2.67
========== =========== ========== ===========
Basic Weighted Average Number of Shares
Outstanding.................................. 6,405,000 10,583,000 6,377,000 10,698,000
Diluted Weighted Average Number of Shares
Outstanding.................................. 6,724,000 10,752,000 6,725,000 10,839,000
</TABLE>
The notes to be included with these financial statements upon the filing of the
Form 10-Q Report will be an integral part of the consolidated financial
statements.
<PAGE>
CONSOLIDATED STATEMENTS OF CASH FLOWS
for the Nine Months Ended September 30
(Unaudited)
<TABLE>
2000 1999
---- ----
<S> <C> <C>
Cash Flows from Operating Activities
Net income.................................................... $ 1,046,000 $ 28,954,000
Provision for income tax which is credited to equity.......... --- 5,806,000
Deferred tax (benefit) expense................................ --- (1,013,000)
(Income) loss from equity method investments.................. (1,198,000) (251,000)
Mill Site deferred gain realized.............................. (1,000)
Gain on merger of PMI into ISC................................ --- (35,713,000)
Gain on sale of ISC common stock.............................. --- (3,192,000)
Depreciation and amortization................................. 333,000 407,000
Allowance for doubtful accounts............................... (7,000) (50,000)
Changes in assets:
Receivables and other....................................... 120,000 595,000
Changes in liabilities:
Current liabilities......................................... (972,000) 90,000
Income taxes payable........................................ (3,275,000) 4,793,000
Long-term accrued liabilities............................... (207,000) (70,000)
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Net cash flows from operating activities...................... (4,161,000) 356,000
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Cash Flows from Investing Activities
Minority interest and other liabilities....................... 558,000 393,000
Distribution from West Valley MRF............................. 750,000 ---
Proceeds from the sale of Mill Site Property.................. 16,057,000 ---
Note receivable collections................................... 84,000 75,000
Proceeds from the merger of PMI into ISC...................... --- 24,419,000
Proceeds from the sale of ISC common stock.................... --- 28,859,000
Investment in Fontana Union Water Co.......................... (654,000)
Capital expenditures.......................................... (2,677,000) (2,552,000)
Environmental remediation expenditures........................ (616,000) (1,350,000)
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Net cash flows from investing activities...................... 13,502,000 49,844,000
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Cash Flows from Financing Activities
Issuance of common stock...................................... 843,000 128,000
Shareholder payment contingent upon Mill Site
real estate sale............................................ (3,824,000) ---
Borrowings under revolver-to-term credit facility............. --- 3,000,000
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Net cash flows from financing activities...................... (2,981,000) 3,128,000
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Net Changes in Cash and Cash Equivalents....................... 6,360,000 53,328,000
Cash and Cash Equivalents at Beginning of Year................. 14,686,000 3,409,000
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Cash and Cash Equivalents at End of Quarter.................... $21,046,000 $ 56,737,000
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</TABLE>
The notes to be included with these financial statements upon the filing of the
Form 10-Q Report will be an integral part of the consolidated financial
statements.
<PAGE>
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
for the Nine Months Ended September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Capital In
Common Stock Excess of Retained
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Shares Amount Par Value Earnings Total
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<S> <C> <C> <C> <C> <C>
Balance at December 31, 1999 6,316,853 $189,000 $48,745,000 $11,956,000 $60,890,000
Issuance of shares of
Common stock................... 98,500 4,000 839,000 --- 843,000
Shareholder payment
contingent upon Mill Site
real estate sale............... --- --- --- (3,824,000) (3,824,000)
Net Income......................... --- --- --- 1,046,000 1,046,000
--------- -------- ----------- ----------- -----------
Balance at September 30, 2000 6,415,353 $193,000 $49,584,000 $ 9,178,000 $58,955,000
========= ======== =========== =========== ===========
</TABLE>
The notes to be included with these financial statements upon the filing of the
Form 10-Q Report will be an integral part of the consolidated financial
statements.
<PAGE>
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Terry L. Cook 909 483.8500
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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? [_] Yes [X] 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.
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KAISER VENTURES 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 14, 2000 By /s/ James F. Verhey
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Executive Vice President - CFO
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.
---------------------------------ATTENTION--------------------------------------
INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT
CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
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GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the General
Rules and Regulations under the Securities Exchange Act of 1934.
2. One signed original and four conformed copies of this form and amendments
thereto must be completed and filed with the Securities and Exchange
Commission, Washington, D.C. 20549, in accordance with Rule 0-3 of the
General Rules and Regulations under the Act. The information contained in
or filed with the form will be made a matter of public record in the
Commission files.
3. A manually signed copy of the form and amendments thereto shall be filed
with each national securities exchange on which any class of securities of
the registrant is registered.
4. Amendments to the notifications must also be filed on form 12b-25 but need
<PAGE>
not restate information that has been correctly furnished. The form shall
be clearly identified as an amended notification.
5. Electronic Filers. This form shall not be used by electronic filers unable
to timely file a report solely due to electronic difficulties. Filers
unable to submit a report within the time period prescribed due to
difficulties in electronic filing should comply with either Rule 201 or
Rule 202 of Regulation S-T ((S)232.201 or (S)232.202 of this chapter) or
apply for an adjustment in filing date pursuant to Rule 13(b) of
Regulation S-T ((S)232.13(b) of this chapter).
