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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: June 30, 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 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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PART I -- REGISTRANT INFORMATION
DEGEORGE FINANCIAL CORPORATION
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Full Name of Registrant
MILES HOMES, INC.
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Former Name if Applicable
99 REALTY DRIVE
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Address of Principal Executive Office (Street and Number)
CHESHIRE, CONNECTICUT 06410
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City, State and Zip Code
Page 1 of 4 Pages
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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)
(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.
PART III - NARRATIVE
State below in reasonable detail the reasons why Forms 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.
Subsequent to the issuance of the Company's Annual Report on Form 10-K
for the year ending December 31, 1996 and the Company's Form 10-Q for
the quarter ending March 31, 1997, the Company has been given
conflicting advice concerning the applicability to the Company of the
provisions of Statement of Financial Accounting Standards No. 125,
"Accounting for Transfers and Servicing of Financial Assets and
Extinguishments of Liabilities" for transactions of the Company. The
Company is attempting to determine the appropriate treatment for these
transactions and a timely filing could not be achieved without
unreasonable effort or expense. This process has been complicated by
the recent resignation of the Company's independent accountants, Price
Waterhouse L.L.P.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Salvatore A. Bucci (203) 699-3407
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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
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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.
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DEGEORGE FINANCIAL CORPORATION
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: August 14, 1997 By: /s/ SALVATORE A. BUCCI
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Salvatore A. Bucci
Senior Vice President and
Chief Financial Officer
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EXPLANATION FOR PART IV, ITEM 3
Net loss for the quarter ended June 30, 1997 was $900,000, or $0.08 per share,
as compared to net income of $2.1 million, or $0.19 per share, for the second
quarter of 1996. The results of operations for the second quarter of 1996
includes income from discontinued operations of $300,000, or $0.03 per share.
For the six months ended June 30, 1997, net loss was $4.9 million, or $0.46 per
share, as compared to a net loss of $1.8 million, or $0.17 per share, for the
similar period in 1996. The prior year results includes income from
discontinued operations of $600,000, or $0.06 per share. For the six months
ended June 30, 1997, the Company recorded a charge of $100,000 from discontinued
operations, which amount is included in other (income) expense.
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