U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC FILE NUMBER
000-22385
CUSIP NUMBER
(CHECK ONE): [ ]
[X] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q and
Form 10-QSB [ ] Form N-SAR
For Period Ended: January 30, 1999
[ ] 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 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:
PART I--REGISTRANT INFORMATION
Full Name of Registrant: Ithaca Industries, Inc.
Former Name if Applicable:
Address of Principal Executive Office (STREET AND NUMBER)
Highway 268 West, P.O. Box 620
City, State and Zip Code
Wilkesboro, North Carolina 28697
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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;
[X] (b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, Form 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 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.
PART III--NARRATIVE
State below in reasonable detail the reasons why Form 10-K and Forms 10-KSB,
20-F, 11-K, 10-Q and Forms 10-QSB, N-SAR, or the transition report or portion
thereof could not be filed within the prescribed period. (Attach Extra Sheets If
Needed)
PART IV--OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Richard P. Thrush (336) 667-5231 x 314
(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
(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.
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Ithaca Industries, Inc.
(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: April 30, 1999 By: /s/ Richard P. Thrush
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Secretary and Chief Financial
and Accounting Officer
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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Part III
On April 29, 1999, the Registrant entered into an Asset Purchase
Agreement for the sale of the Registrant's women's hosiery business. As a result
of this sale, the Registrant will prepare the financial information included in
the Registrant's Report on Form 10-K for the period ended January 30, 1999
showing the operation of the women's hosiery business as a discontinued
operation. The accounting impact of this event created an additional burden in
preparing the Registrant's Report on Form 10-K for the period ended January 30,
1999. The foregoing has rendered the Registrant unable to file their Form 10-K
by April 30, 1999, without unreasonable effort and expense.
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Part IV
For the year ended January 30, 1999, the Registrant will incur a
one-time charge to earnings to reflect the operational and exit costs associated
with the sale and disposition of its women's hosiery division, and such costs
will be significant. The accounting impact of this event will also be reflected
in prior year results.
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