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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: March 31, 1997
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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: May 16, 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 March 31, 1997 is due to the fact that the operating subsidiary of
the registrant has filed for protection under Chapter 11 of the United States
Bankruptcy Code and had suspended operations. As a result of the cessation of
operations and limited cash flow, substantially all of registrant's accounting
personnel were terminated. This has resulted in delays in gathering and
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 $4,454,377 and
$31,850,613 for the three and nine month periods ended March 31, 1997,
respectively, as compared to net sales of $15,417,692 and $45,321,306 for the
same periods last year. The registrant also anticipates reporting a net loss
of at least $7,800,000 and $12,000,000 for the three and nine month periods
ended March 31, 1997. This net loss was attributable to decreased sales
during the period.
On March 17, 1997 an involuntary petition under Title 11, Chapter 11 of
the United States Bankruptcy Code was filed against Reddi Brake Supply Company,
Inc. Due to a lack of sufficient operating capital, the Company ceased
operations on March 18, 1997. On March 27, 1997 a consent was entered by the
debtor.
On April 29, 1997 the Company announced a definitive agreement with
Express Parts Warehouse Inc., a privately owned company based in Raleigh, North
Carolina, to sell the operating assets of Reddi Brake Supply Company Inc., the
operating subsidiary of the registrant. A motion has been filed with the U.S.
Bankruptcy Court requesting approval of the sale and a hearing has been set for
May 21, 1997.
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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