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UNITED STATES SEC File Number
SECURITIES AND EXCHANGE COMMISSION 000-24452
Washington, D.C. 20549
Cusip Number
FORM 12b-25 74912107
NOTIFICATION OF LATE FILING
(Check One) X Form 10-K __ Form 20-F __ Form 11-K __ Form 10-Q __ Form N-SAR
For Period Ended: February 28, 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 ATTACHED INSTRUCTION SHEET BEFORE PREPARING FORM. PLEASE PRINT OR TYPE
Nothing in the 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
RMS TITANIC, INC.
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Former Name if Applicable
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Address of Principal Executive Office (STREET AND NUMBER)
17 BATTERY PLACE
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City, State and Zip Code
NEW YORK, NEW YORK 10004
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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 appropriate box)
X (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, 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 with the
prescribed time period. (Attach Extra Sheets if Needed): Without unreasonable
effort and expense, management of the registrant does not have an adequate
opportunity to review the contents of the subject report so as to make the
filing thereof within the prescribed time period.
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PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
George Tulloch 212 558-6300
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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 reports 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 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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RMS TITANIC, 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 May 30, 1997 By /s/ George Tulloch
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George Tulloch, Principal Execuive 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
persons 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 INSTRUCTION
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 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 (Section 232.201 or Section 232.202
of this chapter) or apply for an adjustment in filing date pursuant to
Rule 13(b) of Regulation S-T (Section 232.12(c) of this chapter).
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(IV) The registrant estimates net profits from operations of approximately
$157,000 for the year ended February 28, 1997 (the "1997 fiscal year"), as
compared to net losses from operations of $(149,632) for the year ended
February 28, 1996 (the "1996 fiscal year). This change in the results of
operations is principally attributable to the recognition of revenue during the
1997 fiscal year from the registrant's licensing of television and certain
other rights with respect to its 1996 expedition to the Titanic wreck site,
combined with sponsorship revenues of $150,000 related to such 1996 expedition.
Additionally, the registrant recognized revenue of approximately $125,000 from
ticket and merchandising activities at its short-term "Titanic - The
Expedition" exhibition at Nauticus in Norfolk, Virginia during its 1997 fiscal
year (which opened on November 27, 1996 and ended on March 31, 1997), as
compared to approximately $647,000 during the 1996 fiscal year from ticket and
merchandising activities at the "Wreck of the Titanic" prelude exhibition at
the National Maritime Museum, Greenwich, England (which opened in October 1994
and ended September 30, 1995). The registrant also recognized approximately
$94,000 during its 1997 fiscal year from the sale of coal recovered from the
Titanic wreck site as compared to approximately $31,000 during its 1996 fiscal
year. The registrant's general and administrative expenses increased
approximately $275,000 during its 1997 fiscal year as compared to its 1996
fiscal year, principally as a result of television programming production costs
relating to the 1996 expedition and legal expenses relating to litigation.
