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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 12b-25
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NOTIFICATION OF LATE FILING SEC FILE NUMBER
0-20240
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CUSIP NUMBER
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(Check One): (X)Form 10-K ( )Form 20-F ( )Form 11-K ( )Form 10-Q
( )Form N-SAR
For Period Ended: 12/31/96
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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 Instruction (on back page) 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.
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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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Page 2
PART I - REGISTRANT INFORMATION
Full Name of Registrant
American White Cross, Inc.
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Former Name if Applicable
None
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Address of Principal Executive Office (Street and Number)
349 Lake Road
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City, State and Zip Code
Dayville, Connecticut 06241
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PART II - RULES 12b-25(b) AND (c)
If the subject report could not be filed without reasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate)
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
(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,
[X] will be filed on or before the fifteenth calendar day following
the prescribed due date; or the subject quarterly report of
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.
Page 3
PART III - NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 11-K, 10-Q, N-
SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
In connection with the Company's reorganization under Chapter 11 of Title
11 of the United States Code, on March 20, 1997, the Company entered into a
definitive agreement to sell its cotton business. Because of the
significant amount of management attention required by the negotiation of
such sale and the preparation of documentation related thereto, the
Registrant requires additional time to prepare the Form 10-K for the
fiscal year ended December 31, 1996.
PART IV - OTHER INFORMATION
(1)Name and telephone number of person to contact in regard to this
notification
Thomas Rallo (860) 779-4114
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(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
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(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 A
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Page 4
American White Cross, Inc.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date March 31, 1997 By s/ Thomas M. Rallo
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Sr. V.P., Finance and Administration
INSTRUCTION: 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 person 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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ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).
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GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 (17 CFR 240, 12b-25) of the
General Rules and Regulations under the Securities Exchange Act of
1934.
2. One signed original and four conformed copies of this form and
amendments thereto must be completed and filed with the Securities and
Exchange Commissions, Washington, D.C. 20549, in accordance with Rule 0-
3 of the General Rules and Regulations under the Act. The information
contained in or filed with the form will be made a matter of public
record in the Commission files.
3. A manually signed copy of the form and amendments thereto shall be
filed with each national securities exchange on which any class of
securities of the registrant is registered.
4. Amendments to the notifications must also be filed on form 12b-25 but
need not restate information that has been correctly furnished. The
form shall be clearly identified as an amended notification.
Page 5
5. Electronic Filers. This form shall not be used by electronic filers
unable to timely file a report solely due to electronic difficulties.
Filers unable to submit a report within the time period prescribed due
to difficulties in electronic filing should comply with either Rule 201
or Rule 202 of Regulation S-T (section 232.201 or section 232.202 of
this chapter) or apply for an adjustment in filing date pursuant to
Rule 13(b) of Regulation S-T (section 232.13(b) of this chapter).
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ATTACHMENT A
On July 17, 1996, American White Cross, Inc. and its wholly owned
consolidated subsidiaries, Acme Chaston Puerto Rico and Weaver
Manufacturing Corporation, filed voluntary petitions for reorganization
under Chapter 11 of Title 11 of the United States Code in the United States
Bankruptcy Court for the District of Delaware.
For the year ended December 31, 1996, sales were $87,798,000 compared to
$87,351,000 for the same period in 1995. The net loss was $29,908,000,
or $4.48 per share, including non-cash charges of $13,217,000 ,
reorganization expenses of $2,147,000, and write-off of deferred income
taxes of $5,093,000. The net loss in the prior year was $4,694,000, or
$0.70 per share.
