UNITED STATES OMB APPROVAL
SECURITIES AND EXCHANGE COMMISSION OMB Number:235-0058
Washington, D.C. 20549 Expires:May 31, 1997
Estimated average burden
FORM 12b-25 hours per response..2.50
NOTIFICATION OF LATE FILING SEC FILE NUMBER
0-17776
CUSIP NUMBER
521784306
(Check One): X Form 10-K__Form 20-F__Form 11-K__Form 10-Q__ Form N-SAR
For Period Ended: 12-31-96
[ ] 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 Instructions (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.
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
LEAK-X ENVIRONMENTAL CORPORATION
Full Name of Registrant
Former Name if Applicable
790 EAST MARKET STREET, SUITE 270
Address of Principal Executive Office (Street and Number)
WEST CHESTER, PA 19382-4806
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 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 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.
(Attach Extra Sheets if Needed)
SEE ATTACHMENT A SEC 1344 (6/94)
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Eileen E. Bartoli (610) 344-3380
(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 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 ATTACHMENT B
LEAK-X ENVIRONMENTAL CORPORATION
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the
undersigned hereunto duly authorized.
Date March 27, 1997 By /s/ Joyce A. Rizzo, Chief Executive 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 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 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 (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).
Attachment A
As a consequence of developments subsequent to the end of the
registrant's fiscal year ended December 31, 1996, which
developments could affect disclosures required by Form 10-KSB and
which have not yet been fully resolved, the registrant has been
delayed in completing certain portions of the Registrant's Form 10-KSB
for the fiscal year ended December 31, 1996.
Attachment B
<TABLE>
<CAPTION>
Year ended Year ended
December 31, 1996 December 31, 1995
<S> <C> <C>
Revenues $7,975,249 $6,181,322
Operating income / (loss) (735,011) 57,855
Net income / (loss) from
continuing operations (772,307) 39,406
Net loss from discontinued
operations ------- (492,610)
Net loss (772,307) (453,204)
Net income /(loss) per share from
continuing operations ($0.66) $0.05
Net loss per share from
discontinued operations $0.00 ($0.67)
Net loss per share ($0.66) ($0.61)
</TABLE>
The significant change in results of operations from the
corresponding period for the last fiscal year is due to the
dramatic decline in sales which the Company experienced at its
groundwater remediation equipment manufacturing operations during
Fiscal 1996. This change is consistent with previous discussions
as filed in the Company's Form 10-QSBs throughout the year.
