UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC FILE NUMBER 1-5197
CUSIP NUMBER 730026101
730026200
(Check One): __ Form 10-K __ Form 20-F __ Form 11-K X Form 10-Q
__ Form N-SAR
For Period Ended: May 30, 1997
[ ] 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 Commissions 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 1-- REGISTRANT INFORMATION
Plymouth Rubber Company, Inc.
Full Name of Registrant
__________________________________________________________________________
Former Name if Applicable
104 Revere Street
Address of Principal Executive Office (Street and Number)
Canton, MA 02021
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)
| (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.
PART III NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
Form 10-Q for the quarter and six months ending May 30, 1997 could not be filed
within the prescribed time period as the Company, as of May 30, 1997, was in
technical default of a covenant in a Security Agreement with a major lender
pertaining to a minimum fixed charge coverage ratio of earnings before interest,
depreciation, and taxes, compared to the current portion of long-term debt,
capital leases and interest. The Company has requested a waiver of the default
and is of the opinion that the waiver will be granted. Until receipt of the
waiver, the Balance Sheet and supporting MD&A and footnotes cannot be prepared.
PART IV OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Duane E. Wheeler 617 828-0220, Ext. 1375
(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
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 statement 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.
Net sales for the second quarter, which ended May 30, 1997, rose 22% to
$17,706,000 from $14,566,000 a year ago. This sales increase reflects a
(1) 3% increase in Plymouth's traditional business, as sales continue to
be restricted by capacity limitations (which the Company is addressing
with its previously announced two year $10 million capital expenditure
program), and (2) sales by the October, 1996
and January, 1997 acquisitions now operating as Brite-Line Technologies,
Inc. ("Brite-Line") and Plymouth Rubber Europa S.A. ("Europa"),
respectively. Sales to the domestic automotive market increased 23% over
the prior year's second quarter and accounted for 46% of the quarterly
sales. Sales to the export and non-automotive OEM markets declined 12%
and 37%, respectively.
Net income for the second quarter was $170,000, or $0.08 per share,
compared to $619,000, or $0.28 per share from the prior year's first
quarter, reflecting the parent company's less favorable product mix,
higher raw material costs, higher plant maintenance expenses, and
increased indirect labor and training costs. The Brite-Line and Europa
acquisitions made a small contribution to the quarter's income. Net
income for the second quarter of fiscal 1996 benefited from an
effective income tax rate of 26%, which resulted from a $117,000
recapture of a Deferred Tax Valuation Allowance.
For the first six months of fiscal 1997, net sales rose 18% to $32,990,000
from $27,878,000 in 1996's first half. The sales increase was primarily
attributable to the Brite-Line and Europa acquisitions (accounting for 75%
of the increase), and an 18% increase in sales of wire harnessing tapes to
the domestic automotive industry. Small increases were attained in the
other markets, with the exception of sales to the non-automotive OEM
market, which declined 30%, due primarily to capacity restrictions.
Net income for the first six months of fiscal 1997 was $311,000, or $0.14
per share, compared to $924,000, or $0.41 per share a year ago. Net income
for the first six months of fiscal 1996 benefited from an effective income
tax rate of 26%, which resulted from a $175,000 recapture of a Deferred
Tax Valuation Allowance, and a $147,000 before tax gain from litigation.
As of May 30, 1997, the Company was in technical default with respect to
the minimum fixed charge coverage ratio of earnings before interest,
depreciation and taxes, compared to the current portion of long-term debt,
capital leases and interest covenant contained in its Loan and Security
Agreements with a major lender. The Company has requested a waiver from
the lender, and, as of the date of this release, is of the opinion that
the waiver will be granted.
Earnings per share figures have been adjusted to account for a 5% stock
dividend on both Class A and Class B common stock declared on June 11,
1996, and payable in Class B common shares on August 6, 1996 to
shareholders of record as of June 24, 1996.
This release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
& Exchange Act of 1934. The Company's actual results could differ
materially from those set forth in the forward-looking statements.
Plymouth Rubber Company Reports Operating Results
for Fiscal 1997 Second Quarter and First Half
(In Thousands Except Per Share Amounts)
(Unaudited)
Second Quarter Ended Six Months Ended
May 30, May 31, May 30, May 31,
1997 1996ab 1997 1996ac
Net Sales $ 17,706 $ 14,566 $ 32,990 $ 27,878
Net Income $ 170 $ 619 $ 311 $ 924
Per Share Data:
Net Income $ .08 $ .28 $ .14 $ .41
Weighted average
number of shares
outstanding 2,175,475 2,230,952 2,188,390 2,233,967
(a) Earnings per share figures have been adjusted to account for a 5 percent
stock dividend on both Class A and Class B common stock declared on
June 11, 1996, and payable in Class B common shares on August 19, 1996,
to shareholders of record as of June 24, 1996.
(b) Net income for fiscal 1996's second quarter reflects the recapture of
$117,000 of deferred tax valuation allowance (resulting in an effective
tax rate of 26 percent).
(c) Net income for fiscal 1996's first six months reflects the recapture of
$175,000 of deferred tax valuation allowance (resulting in an effective
tax rate of 26 percent), and a $147,000 before tax gain from litigation.
__________________________________________________________________________
Plymouth Rubber Company, Inc.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: July 15, 1997 By: Duane E. Wheeler
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).
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 notification must also be filed on Form 12b-25 but
need not restate information that has been correctly furnished. The
form shall be clearly identified as an amendment 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 (232.201 or 232.202 of this
chapter) or apply for an adjustment in filing date pursuant to Rule
13(b) of Regulation S-T ( 232.13(b) of this chapter). (Amended by
Sec Act Rel No 7122, Exch Act Rel No 35113, eff. 1/30/95).
