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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
[ ] Form 10-K and 10-KSB [ ] Form 20-F [X] Form 11-K Form 10-Q and 10-QSB
[ ] Form N-SAR
For Period Ended: September 30, 1997
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Nothing in this form shall be construed to imply the Commission has
verified any information contained herein.
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Part I Registrant Information
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Full Name of Registrant: First Priority Group, Inc.
51 East Bethpage Road
(Address of Principal Executive Office)
Plainview, New York 11803
(City, State and Zip Code)
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Part II Rules 12b-25(b) and (c)
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(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 report on Form 10-QSB will be filed on or before
the fifth calendar day following the prescribed due date.
(c) Not applicable.
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Part III Narrative
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The Registrant has been unable to complete and file, when originally due, the
quarterly report on Form 10-QSB as a result of delays in completing the
financial statements required by this filing on a timely basis. The delays have
been caused by finalizing the financial results of a division which operations
that has recently been
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discontinued.
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Part IV Other Information
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(1) Name and telephone number of person to contact in regard to this
notification
Lawrence A. Muenz (516) 242-7348
(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 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
The net loss from continuing operations for the three months ended September 30,
1997 was $115,099 ($.02 per share) as compared to a net income of $136,852 ($.02
per share) for the comparable three months in 1996. For the nine months ended
September 30, 1997, the net loss from continuing operations was $206,826 ($.03
per share) as compared to a net income of $316,598 ($.04 per share) for the same
period in 1996. For the three months ended September 30, 1997, a loss from
operations of a discontinued division amounted to $256,511 ($.04 per share). For
the nine months ended September 30, 1997 a loss from operations of a
discontinued division amounted to $926,709 ($.14 per share). Total net loss for
the three months ended September 30, 1997 amounted to $371,610 ($.06 per share)
as compared to a net profit of $136,852 ($.02) for the same period last year.
Total net loss for the nine months ended September 30, 1997 amounted to
$1,133,535 ($.18 per share) as compared to a net profit of $316,598 ($.04 per
share).
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First Priority Group, Inc.
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: November 17, 1997 By: /s/ Barry Siegel
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Name: Barry Siegel
Chairman of the Board
of Directors, Secretary and
Co-Chief Executive Officer
