SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC File No: 0-20995
(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: December 31, 1996
[ ] 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:
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: Exstar Financial Corporation
Former Name if Applicable
Address of Principal Executive Office (Street and Number)
2029 Village Lane, Solvang, California 93463-2275
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 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.
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.
See Part III Narrative attached hereto.
(Attach Extra Sheets if Needed)
Part IV - Other Information
(1) Name and telephone number of person to contact in regard
to this notification
(Name) (Area Code) (Telephone Number)
Richard G. Kersten (805) 686-7000
Secretary & General Counsel
(2) Have all other periodic reports required under Section 13 or
15(d) of the Securities and 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).
[ ] Yes [X] No
Annual report on Form 10-K for the year ended December 31, 1995.
Quarterly reports on Form 10-Q for the quarters ended March 31,
1996, June 30, 1996, and September 30, 1996.
(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.
Potential changes in the Registrant's results of operations are
described in the Part III Narrative attached hereto.
(Name of Registrant as specified in charter)
Exstar Financial Corporation
has caused this notification to be signed on its behalf by
the undersigned thereunto duly authorized.
Date: March 31, 1997
By: /s/ STEVEN C. SHINN
--------------------------------------
Steven C. Shinn, President
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.
EXSTAR FINANCIAL CORPORATION
Form 12b-25 With Respect to Annual Report
on Form 10-K for Year Ending December 31, 1996
PART III - NARRATIVE
Registrant's Annual Report on Form 10-K for the year ended
December 31, 1996 ("1996 10-K") will not be filed by March 31,
1997 because Registrant has not resolved certain financial
accounting issues. The earnings statement to be included
in the 1996 10-K will reflect a significant change in results
of operations from 1995 due, in part, to the fact the Company
significantly altered its operations since it last filed
financial statements with the Securities Exchange Commission.
