SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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: December 31, 1997 .
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[ ] 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 quarter ended December 31,
1997 to be included in the subject report. The Registrant has been
focusing its efforts on its previously-announced initiatives to pursue
strategic alliances, a business combination or other sources of additional
funding, and does not have sufficient resources to concurrently complete
such financial statements and related financial disclosure by such time as
the report would have been due without an extension.
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 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 [ 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: February 17, 1998 By /s/ GARY APPELBAUM
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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 from operations, to be reported in
the Registrant's December 31, 1997 Quarterly Report on Form 10-Q, was
approximately $1.3 million for the three month period ended December 31, 1997
and was approximately $2.7 million for the six month period ended December 31,
1997, as compared with losses from operations of $0.9 million and $1.5 million
for the comparable periods of the prior fiscal year.
Such increased loss for the three month period ended December 31, 1997, compared
to the loss in the comparable period for the prior fiscal year, is primarily due
to increased production and royalty related expenses (resulting primarily from
increased development costs) and increased general and administrative expenses
(primarily as a result of initiatives involving new personnel and the Company's
restructuring, resulting in increased personnel costs and increased office
related and insurance costs as well as increased legal and other professional
fees).
Such increased loss for the six month period ended December 31, 1997, compared
to the loss in the comparable period for the prior fiscal year, is primarily due
to reduced revenues (resulting primarily from reduced production activity, the
expiration of certain licensee contracts and reduced royalties), increased
production and royalty related expenses (resulting primarily from increased
development costs) and increased general and administrative expenses (primarily
as a result of initiatives involving new personnel and the Company's
restructuring, resulting in increased personnel costs and increased office
related and insurance costs as well as increased legal and other professional
fees).