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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12B-25
NOTIFICATION OF LATE FILING
Commission File Number: 0-22089
(Check One)
[X] Form 10-K and Form 10-KSB Form [ ] 11-K
[ ] Form 20-F [ ] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For the period ended December 31, 1997
[ ] Transition Report on Form 10-K and Form 10-KSB
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q and Form 10-QSB
[ ] Transition Report on Form N-SAR
For the transition period ended _____________
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: BRUNSWICK TECHNOLOGIES, INC.
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Former name if applicable:
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Address of principal executive office (Street and
Number): 43 BIBBER PARKWAY
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City, State and Zip Code: BRUNSWICK, MAINE 04011
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PART II
RULE 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.)
[X] (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, 10-KSB, 20-F, 11-K or Form N-SAR, or portion thereof will
be filed on or before the 15th calendar day following the
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prescribed due date; or the subject quarterly report or transition report on
Form 10-Q, 10-QSB, 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, 10-KSB,
11-K, 20-F, 10-Q, 10-QSB, N-SAR or the transition report or portion thereof
could not be filed within the prescribed time period. (Attach extra sheets if
needed).
The delay in the filing of the Form 10-K for the period ended December
31, 1997 could not be eliminated without unreasonable effort or expense due to
the recent departure from the company of its Chief Financial Officer and the
subsequent appointment of an Interim Chief Financial Officer.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
ALAN CHESNEY, INTERIM CHIEF FINANCIAL OFFICER (207) 729-7792
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(Name) (Area Code and Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d)
or 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.
SEE EXHIBIT A ATTACHED HERETO.
BRUNSWICK TECHNOLOGIES, 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 thereunto duly authorized.
Date: March 31, 1998 By: /S/ ALAN CHESNEY
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Alan Chesney, Interim Chief
Financial Officer
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EXHIBIT A
FORM 12B-25
BRUNSWICK TECHNOLOGIES, INC. ("THE COMPANY")
RESULTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1997 AS COMPARED TO YEAR ENDED DECEMBER 31, 1996
Brunswick Technologies, Inc.'s net revenues for the 12 months ended December 31,
1997 rose to $30,509,675, up 54% compared to the same period in 1996. The
increase reflects the consolidation of a full 12 months of Advanced Textiles,
Inc.'s financial results while 1996 included only two months following the
acquisition in the fourth quarter of 1996, as well as an increase in overall
sales levels. Net income rose from $73,718 in 1996 to $1,219,389 in 1997 as a
result of decreased interest expense and an increase in other income resulting
primarily from increased liquidity following the Company's re-capitalization in
association with the initial public offering which occurred in February, 1997.
Diluted earnings per share increased 53% from $0.17 in 1996 to $0.26 in 1997.
