U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25 NOTIFICATION OF LATE FILING
SEC FILE NUMBER: 33-30123-A
CUSPID NUMBER: 370477101
[x] FORM 10-KSB
For the Year Ended: December 31, 1995
_________________________________________________________________
Nothing in this form shall be construed to imply that the
Commission has verified any information 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
GENERAL PARCEL SERVICE, INC..
8923 Western Way, Suite 22,
Jacksonville, FL 32256
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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)
[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 on Form 10-KSB or portion
thereof will be filed on or before the fifteenth calendar day
following the prescribed due date.
[ ] (c) The accountant's statement or other exhibit required
by Rule 12b-25(c) has been attached, if applicable.
See Exhibit A
Part III--Narrative
State below in reasonable detail the reasons why Form 10-KSB
could not be filed within the prescribed period.
The 10-KSB for 1995 for General Parcel Service, Inc. ("the
Company") could not be filed within the prescribed time limit
because of significant changes in personnel in the Company's
accounting department in February 1996 and the additional time
required to account for an acquisition made during 1995.
Although the Company has filled all positions in the accounting
department, accounting for the acquisition and preparation of
Form 10-KSB required more time than was available prior to the
end of the prescribed period.
Part IV--Other Information
(1) Name and telephone number of person to contact in regard to
this notification.
Wayne N. Nellums (904) 363-0089
(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 Exhibit A
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GENERAL PARCEL SERVICE, 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: April 2, 1996 By: /s/ E. Hoke Smith, Jr.
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E. Hoke Smith, Jr., President
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Exhibit A
Results of operations for 1995 differed significantly from those
of 1994. The 1995 net loss was $3,004,982 compared to a net
loss of $971,863 for 1994. Revenue for 1995 was $20,567,498 and
represented an increase of $743,510 (or 3.8%) over 1994 revenue.
Beginning in 1994, the Company acquired additional rolling
stock and incurred additional operating expenses to service
certain major customers. During the third quarter of 1994,
several of those major customers were lost to UPS. The increase
in revenues from existing customers plus customers acquired as a
result of the acquisition of Transit Express of Charlotte, Inc.
("TE") during 1995 did not offset the operating expenses and
costs associated with the major customers which were lost to
UPS. Moreover, a loss of freight volume from existing customers
during 1995 contributed to the increased loss of 1995 over 1994.
Finally, the Company incurred additional expenses related to
its increased revenue due to expansion required in the areas
outside Florida which were required to properly service new
customers. In response to the loss of these major customers,
the Company filed a civil complaint in federal district court
against UPS, alleging, among other things, that UPS has
attempted to monopolize the market for ground-based
business-to-business parcel delivery service in Georgia and
Florida in violation of federal and state anti-trust laws.
In early 1995, the Company redirected part of its sales and
marketing efforts to new market segments such as the courier
market through the TE acquisition and the pool distribution
market. As a result of these efforts, the Company replaced the
revenue from customers lost to UPS. However, the margins on the
replacement business are not as large as the margins on the
revenue lost to UPS. Moreover, as referenced above, the Company
was required to incur additional operating expenses due to the
fact that many of its new customers were located in market areas
outside of its main operations area, Florida.
Total operating expenses (excluding interest expense) of
$22,827,848 for 1995 increased by $2,779,522 (or 13.9%)
compared to the 1994 total. The operating ratio (total operating
expenses as a percentage of revenue), was 111% in 1995 compared
to 101.1% in 1994.
Interest expense of $744,631 increased by $172,107 (or 30.1%)
compared to 1994 as the Company incurred new debt to fund
operating losses and acquire the TE assets.
