OMB APPROVAL
UNITED STATES ------------
SECURITIES AND EXCHANGE COMMISSION OMB NUMBER: 3235-0058
Washington, D.C. 20549 EXPIRES: JUNE 30, 1994
ESTIMATED AVERAGE BURDEN
HOURS PER RESPONSE..2.50
FORM 12B-25
NOTIFICATION OF LATE FILING
(Check One): [ ]Form 10-K [ ]Form 20-F [ ]Form 11-K [X] Form 10-Q [ ]Form N-SAR
For Period Ended: June 30, 1996
[ ] 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:______________________________________
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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
AutoLend Group, Inc.
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Full Name of Registrant
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Former Name if Applicable
930 Washington Avenue
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Address of Principal Executive Office (Street and Number)
Miami Beach, FL 33139
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City, State and Zip Code
PART II -- RULES 12B-25(B) AND (C)
If the subject report could not be filed without reasonable 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, 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 Forms 10-K, 11-K, 10-Q, N-SAR,
or the transition report or portion thereof, could not be filed within the
prescribed time period.
See Attachment I
<PAGE>
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Helen Porter (305) 673-2700
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(Name) (Area Code) (Telephone Number)
(2) Have all other period 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
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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
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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 II
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AutoLend Group, 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 8/14/96 By /s/ Helen Porter
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Helen Porter, Chief Accounting 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).
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ATTACHMENT I
Registrant's financial statements were not completed on or before the
date on which Registrant's Form 10-Q for the fiscal quarter ended June 30, 1996
is required to be filed due to changeover in staff and significant downsizing of
Registrant's accounting department. The Registrant believes at this time that
the financial statements will be completed, and its Form 10-Q will be filed,
within the grace period provided for under Rule 12b- 25.
<PAGE>
ATTACHMENT II
Registrant expects its results of operations to have decreased from
operating earnings of $2,367,691 for the three months ended June 30, 1995 to an
operating loss of approximately $4,600,000 for the three months ended June 30,
1996. This decrease in operating earnings resulted principally from (i) gain on
repurchase of outstanding indebtedness of the Company at a significant discount
during the three months ended June 30, 1995 which was not matched during the
three months ended June 30, 1996, (ii) increases in provision for credit losses
in connection with Registrant's portfolio of installment contracts, (iii)
decreased operating revenues, and (iv) a write-down of certain fixed assets in
connection with the discontinuance of certain operations; which were only
partially by offset by (a) decreased general and administrative expenses, (b)
decreased interest expense, and (c) a loss on disposition of certain viatical
settlements during the three months ended June 30, 1995 which was not matched
during the three months ended June 30, 1996.
