FORM 12b-25
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
-----------------
NOTIFICATION OF LATE FILING SEC FILE NUMBER
333-18755
-----------------
-----------------
(CHECK ONE): CUSIP NUMBER
729272 10 4
-----------------
[X] Form 10-K and Form-KSB [ ] Form 20-F [ ] Form 11-K
[ ] 10-Q and Form 10QSB
For Period Ended: December 31, 1998
[ ] 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 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 Pluma, Inc.
_________________________________________________
Former Name if Applicable_______________________________________________
801 Fieldcrest Road
________________________________________________________________________________
Address of Principal Executive Office (Street and Number)
Eden, North Carolina 27288
________________________________________________________________________________
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) [P23,047], 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.
<PAGE>
[X] (b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, 11-K or 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 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 [Amended in Release No. 34-26589 (P72,435), effective April 12, 1989,
54 F.R. 10306.]
[X] (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 and Form 10-KSB,
20-F, 11-K, 10-Q and Form 10-QSB, N-SAR, or the transition report or portion
thereof could not be filed within the prescribed period. [Amended in Release No.
34-26589 (P72,435), effective April 12, 1989, 54 F.R. 10306; and Release No.
34-30968 (P72,439), effective August 13, 1992, 57 F.R. 36442.]
The Company's Form 10-K cannot be timely filed without unreasonable effort and
delay as the result of the resignation of the Company's Chief Financial Officer
on March 1, 1999. His replacement was not immediately familiar with material
information required to be disclosed in the Company's Form 10-K. Subsequent
thereto, the Company's Treasurer was forced to take an unexpected leave of
absence and he remains absent from the Company. Material information required to
be disclosed in the Form 10-K is within the knowledge of the Company's
Treasurer.
- --------------------------------------------------------------------------------
(Attach Extra Sheets if Needed)
- --------------------------------------------------------------------------------
PART III - NARRATIVE
- --------------------------------------------------------------------------------
(1) Name and telephone number of person to contact in regard to this
notification
Thomas T. Crumpler (336) 722-2300
- --------------------------------------------------------------------------------
(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 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 attached Exhibit A
----------------------------------------
Pluma, Inc.
________________________________________________________________________________
(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, 1999 By: /s/ Thomas T. Crumpler
--------------------------------------- ----------------------------
Thomas T. Crumpler
INSTRUCTION: The form may be signed by 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).
- --------------------------------------------------------------------------------
2
<PAGE>
GENERAL INSTRUCTIONS
1. This form is required by Rule 12-b25 (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 the 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 Form12b-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 (ss. 232.201 or ss. 232.202 of this chapter) or apply for an
adjustment in filing date pursuant to Rule 13(b) of Regulation S-T (ss.
232.13(b) of this chapter). [Added in Release No. 34-31905 (P85,111), effective
April 26, 1993, 58 FR 14628; and Release No. 34-35113 (P85,475), effective
January 30, 1995, 59 F.R. 67752.]
3
<PAGE>
EXHIBIT A
TO FORM 12b-25
PLUMA, INC.
For the year ended December 31, 1997, the Company reported income before
income taxes of $3.5 million. For the year ended December 31, 1998, the Company
expects to report a loss before income taxes in excess of $41 million.
Significant factors affecting this change in results include the closing of
operations of one of the Company's distributors, provisions recorded against
a significant amount of inventory identified for liquidation, provisions to
reduce the carrying value of certain fixed assets that are planned to be
disposed of, an increase in bad debts and a significant increase in interest
expense.
