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UNITED STATES | OMB APPROVAL |
SECURITIES AND EXCHANGE COMMISSION --------------------
Washington, D.C. 20549 | OMB Number: |
| 3235-0058 |
FORM 12b-25 | Expires: |
| June 30, 1995 |
NOTIFICATION OF LATE FILING | Estimated |
| average burden |
| hours per |
(Check One): [X] Form 10-K [_] Form 20-F [_] Form 11-K | response....2.50 |
[_] Form 10-Q [_] Form N-SAR --------------------
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For Period Ended: February 29, 1996 | SEC FILE NUMBER |
------------------------------------ | 0-172 49 |
[_] Transition Report on Form 10-K --------------------
[_] Transition Report on Form 20-F --------------------
[_] Transition Report on Form 11-K | CUSIP NUMBER |
[_] Transition Report on Form 10-Q | 051526 101 |
[_] Transition Report on Form N-SAR --------------------
For the Transition Period Ended:
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Read Instruction (on back page) 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.
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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
AURA SYSTEMS, INC.
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Former Name if Applicable
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Address of Principal Executive Office (Street and Number)
2335 Alaska Avenue
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City, State and Zip Code
El Segundo, CA 90245
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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;
| (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
[X] | 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
The Registrant's Annual Report on Form 10-K could not be filed on or before
the prescribed due date, May 29, 1996, without unreasonable effort and expense,
as a result of delays experienced in preparing its financial statements for the
fiscal year ended February 29, 1996. These delays are the result of the
Registrant's transition to a new computerized accounting system in 1996. The new
system was acquired by the Registrant in order to accommodate existing and
anticipated growth in the Registrant's business and operations. Difficulties
normally encountered in a transition to a new accounting system were further
increased by the near doubling of revenues from the prior year.
Because of the Registrant's delay in compiling financial data, the
Registrant's year end consolidated financial statements could not be finalized
until recently, making it impossible for the Registrant's auditors to complete
their audit on or before May 29, 1996.
(ATTACH EXTRA SHEETS IF NEEDED)
SEC 1344 (11-91)
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PART IV--OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
STEVEN C. VEEN 310 643-5300, Ext. 215
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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 the answer is no, identify report(s). [X] Yes [_] No
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(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
Financial results for fiscal 1996 reflect an 85% increase in revenues over
the prior year, from $44.2 million in 1995 to $82.2 million in 1996. The
Registrant also incurred a net loss of $26 million in fiscal 1996, compared
to a $2.6 million loss in the prior fiscal year. During fiscal 1996 the
Registrant began a refocusing of its core businesses, which included the
discontinuance of its video game-related Interactor program, various asset
valuation write downs and a sharp increase in research and development
costs. Approximately $25 million in costs were associated with these
actions, $21 million of which were incurred in the fourth quarter of fiscal
1996: (i) $17 million related to the Interactor; (ii) $3 million for
inventory adjustments and asset write downs; and (iii) $5.2 million of
research and development expense (compared to $2 million in the prior
year).
AURA SYSTEMS, 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, 1996 By /s/ Steven C. Veen
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Steven C. Veen,
Chief Financial Officer
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| INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT |
| CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001). |
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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 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 amended 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 or apply for an adjustment in filing date
pursuant to Rule 13(b) of Regulation S-T.
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EXHIBIT ONE TO FORM 12b-25
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Pannell Kerr Forster
Certified Public Accountants
A Professional Corporation
911 Wilshire Boulevard, Suite 1850
Los Angeles, California 90017
May 30, 1996
U.S. Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Aura Systems, Inc. (the "Registrant")
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Ladies and Gentlemen:
Pannell Kerr Forster ("PKF") was unable to furnish its audit report
relating to the Registrant's consolidated financial statements for the year
ended February 29, 1996 on or before May 29, 1996, the prescribed due date for
the Registrant's Annual Report on Form 10-K, as the Registrant was unable to
furnish to PKF its fiscal 1996 consolidated financial statements in final form
until the week of May 27.
The Registrant's delay in finalizing financial statements was the
result of its transition to a new computerized accounting system in 1996. These
delays were compounded by the increased number of financial transactions in
fiscal 1996, compared to fiscal 1995. As a result PKF was not able to complete
its audit of the Registrant's consolidated financial statements and issue its
audit report on or before May 29, 1996.
PANNELL KERR FORSTER
