SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25 Commission File Number 1-10781
NOTIFICATION OF LATE FILING
(Check One):
[ ] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K [X ] Form 10-Q and
Form 10-QSB [ ] Form N-SAR
For Period Ended: March 31, 1997 . [ ] Transition Report on Form 10-K [ ]
Transition Report on Form 10-Q [ ] Transition Report on Form 20-F [ ] Transition
Report on Form N-SAR [ ] Transition Report on Form 11-K
For the Transition Period Ended: .
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:
Part I Registrant Information
Full Name of Registrant: Lancit Media Entertainment, Ltd.
Former Name if Applicable: Lancit Media Productions, Ltd.
Address of Principal Executive Office (Street and Number):
601 West 50th Street
City, State and Zip Code:
New York, New York 10019
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 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 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
[ ] (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
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Part III Narrative
State below in reasonable detail the reasons why Form 10-K and Form
10-KSB, 20-F, 11-K, 10-Q and Form 10-QSB, N-SAR, or the transition report
or portion thereof could not be filed within the prescribed period.
The Registrant is unable to file the subject report within the prescribed
time period because the preparation of the financial statements to be
included in the subject report could not be timely completed. This is the
result of a review by the Company of the carrying value of film and
program costs related to its Puzzle Place and Backyard Safari projects. In
addition, the Company recently made changes in executive management and
changed its independent accountants.
Part IV Other Information
(1) Name and telephone number of person to contact in regard to this
notification
Gary Appelbaum (212) 977-9100
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under section 13
Yes [ ] No [ X ]
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).
(3) Is it anticipated that any significant change in results of Yes [ ] No [ X
] 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?
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.
LANCIT MEDIA ENTERTAINMENT, LTD.
(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Dated: May 14, 1997 By /s/ GARY APPELBAUM
Gary Appelbaum
Chief Financial Officer
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ATTACHMENT TO FORM 12b-25
It is anticipated that the Company's loss from operations will increase
substantially, principally due to an anticipated reduction in the carrying
values of film program costs related to its Puzzle Place and Backyard Safari
projects. A reasonable estimate of the Company's results of operations cannot be
reported at the time of the filing of this report because the company is still
in the process of finalizing the appropriate carrying values of such film and
program costs.
