SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25 Commission File Number 1-10781
NOTIFICATION OF LATE FILING
(Check One):
[ X ] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K
[ ] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period Ended: June 30, 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 Registrant has been unable to complete all
financial and business information required for the subject report and for
the Registrant's financial statements for the fiscal year ended June 30,
1997 to be included in the subject report. During and subsequent to its
fourth fiscal quarter, the Registrant 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 [X]Yes [ ]No
or 15(d) of the Securities Exchange Act of 1934 or
section 30 of the Investment Registrant 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 [X]Yes [ ]No
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: September 29, 1997 By /s/ GARY APPELBAUM
Gary Appelbaum
Chief Financial Officer
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ATTACHMENT TO FORM 12b-25
The Registrant's loss from operations will increase substantially over that
reported for the prior fiscal year. Such loss will be consistent with the loss
from operations as reported in the Registrant's March 31, 1997 Quarterly Report
on Form 10-Q, and will reflect additional operating losses for the fourth
quarter incurred in the ordinary course of business. Such increased loss for the
year ended June 30, 1997 is primarily due to the adjustments in the carrying
value of film and program costs from the non-cash write-off related to its
Puzzle Place and Backyard Safari projects as reported in such Form 10-Q,
decreased revenues due to decreased production and licensing activities,
partially offset by decreased expenses related to such reduced activities, and
increased general and administrative expenses, which consist principally of
non-recurring items. A more precise estimate of the Registrant's results of
operations cannot be reported at the time of the filing of this Form
because all financial and business information required for the financial
statements and the related review of such statements by the Registrant's
Audit Committee has not been completed.
