UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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 29, 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:
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.
If the notification relates to a portion of the filing check above, identify the
Item(s) to which the notification relates:
PART I - REGISTRANT INFORMATION
Salant Corporation
Full Name of Registrant
Former Name if Applicable
1114 Avenue of the Americas
Address of Principal Executive Office (Street and Number)
New York, New York 10036
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 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. (Attach Extra Sheets if Needed) (See Attached Narrative)
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact
in regard to this notification
Richard P. Randall 212 354-3598
(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 Attached Explanation)
Salant 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 August 13,1996 By /s/ Richard P.Randall
Richard P. Randall
Senior Vice President
and Chief Financial 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 or apply for an adjustment in filing date
pursuant to Rule 13(b) of Regulation S-T.
PART III - NARRATIVE
The quarterly report on Form 10-Q could not be filed by the prescribed
due date because the Company is finalizing an amendment to its working
capital agreement, which is needed to complete the financial statements
and related notes.
PART IV (3) - OTHER INFORMATION
Net sales for the second quarter of 1996 decreased 20.5% to $97.0
million from $122.1 million for the comparable period in 1995. The net
loss for the second quarter of 1996 was $18.9 million, or $(1.25) per
share, after restructuring costs of $11.4 million, or $(0.76) per share,
compared to net income of $392 thousand, or $0.03 per share, in the
second quarter of 1995.
Net sales for the six months ended June 29, 1996 decreased 13.1% to
$196.2 million from $225.9 million in the comparable period in 1995. The
net loss for the first six months of 1996 was $21.8 million, or $(1.45)
per share, after restructuring costs of $11.6 million, or $(0.77) per
share, compared to a net loss in 1995 of $1.3 million, or $(0.09) per
share.
