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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: December 31, 1996
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[ ] 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 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:
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PART I - REGISTRANT INFORMATION
Reddi Brake Supply Corporation
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Full Name of Registrant
Wesco Auto Parts Corporation
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Former Name if Applicable
1376 Walter Street
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Address of Principal Executive Office (STREET AND NUMBER)
Ventura, California 93008
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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 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, semi-annual report, transition
report on Form 10-K, Form 20-F, 11-K, 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
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[ ] (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, 20-F, 11-K,
10-Q, N-SAR, or the transition report or portion thereof could not be filed
within the prescribed time period.
See attachment hereto. (Attach Extra Sheets if Needed)
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Sandford Waddell (805) 644-8355
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(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 hereto.
Reddi Brake Supply Corporation
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: February 17, 1997 By /s/ Sandford Waddell
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Sandford Waddell, Chief Financial Officer
INSTRUCTIONS: 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
persons 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.
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Part III - Narrative (Continued)
The registrant's inability to file its Form 10-Q for the quarterly
period ended December 31, 1996 is due to the fact that the registrant has
experienced delays in finalizing certain information necessary for the
completion of its financial statements for this quarterly period, resulting in
a delay in the preparation of the Form 10-Q.
Part IV - Other Information (Continued)
The registrant anticipates reporting net sales of $10,681,388 and
$27,396,236 for the three and six month periods ended December 31, 1996,
respectively, as compared to net sales of $14,573,273 and $29,903,614 for the
same periods last year. The registrant also anticipates reporting a net loss
of at least $4,100,000 and $6,200,000 for the three and six month periods ended
December 31, 1996. This net loss was attributable in part to a decrease in
sales of 27% and 8% for the three and six month periods ended December 31,
1996, respectively. In addition the estimated gross profit percentage
decreased to 36.6% and 36.8% during the three and six month periods ended
December 1996, respectively, as compared to 40.5% and 41.4% for the same
periods during the prior year.
In addition, estimated warehouse operating and selling expenses
increased to 54% and 43.9% of sales for the three and six month periods ended
December 31, 1996, compared to 35.8% and 33.2% during the same period of the
prior year.
During the three and six month periods ended December 31, 1996, the
Company has incurred $298,153 in restructuring charges for legal and
professional fees associated with the informal reorganization.
The significant decrease in sales for the three and six month periods
ended December 31, 1996 were due to the company's current liquidity position
and its inability to acquire products.
The Company is working with its principal trade creditors to reorganize
its fiscal affairs, including its obligations to all creditors. Any proposed
plan of reorganization will require an infusion of additional capital. There
can be no assurance that the Company will be able to raise the additional
capital, and if the Company is not able to raise such capital it is doubtful
that the Company will be able to continue its operations.
Since the registrant's financial statements have not yet been finalized,
the estimates provided herein may be subject to further adjustment.
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