SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number 0-21178
NOTIFICATION OF LATE FILING
(Check One): |_|Form 10-KSB |_|Form 11-K |_|Form 20-F
|X|Form 10-QSB |_|Form N-SAR
For Period Ending: December 31, 1998
--------------------
|_| 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 the 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 United Textiles & Toys Corp.
Former name if applicable
Address of principal executive office (Street and number)
1410 Broadway, Suite 1602
City, State and Zip Code
New York, New York 10018
Part II. Rule 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;
(b) The subject annual report, semi-annual report, transition report on
Form 10-K, 20-F, 11-K or Form N-SAR, or portion thereof will be filed on or
before the 15th calendar day following the prescribed due date; or the subject
quarterly report on 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
|X| (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached is applicable.
Part III. Narrative
State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F,
10-Q, N-SAR or the transition report portion thereof could not be filed within
the prescribed time period. (Attached extra sheets if needed.)
Management requires additional time to compile consolidated financial
information due to a delay in the transferal of complete financial data from its
subsidiary.
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Part IV. Other Information
(1) Name and telephone number of person to contact in regard to this
notification
Klarman & Associates, General Counsel (925) 934-9531
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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 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). |X|Yes |_| No
(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.
United Textiles & Toys Corp.
(Name of registrant as specified in charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date 2/16/99 By /s/ Ilan Arbel
Ilan Arbel, 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 type 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.
ATTENTION
Intentional misstatements or omissions of fact constitute Federal criminal
violations (see 18 U.S.C. 1001)
GENERAL INSTRUCTIONS
1. This form is required by Rule 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
Commission, 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.
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 or apply for an adjustment in filing date pursuant to Rule 13(b)
of Regulation S-T.
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Part IV(3) Explanation
The Company anticipates that significant increases in results of operations
for the three and nine month periods ended December 31, 1998, as compared to the
same periods ended December 31, 1997, will be reflected by the earnings
statements to be included in the Form 10-QSB for the quarter ended December 31,
1998. The Company expects to report net income of $769,061 and $356,499 for the
three and nine month periods ended December 31, 1998, respectively. The
Company's net income (loss) for the three and nine month periods ended December
31, 1997 was $330,251 and ($1,081,207), respectively.
The increase in net income was primarily due to an increase in income
reported by the Company's subsidiary, Play Co. Toys & Entertainment Corp. ("Play
Co."). Play Co. expects to report net income of $1,498,634 and $1,008,143 for
the three and nine month periods ended December 31, 1998, respectively. Play
Co.'s net income (loss) for the three and nine month periods ended December 31,
1997 was $881,666 and ($868,917), respectively. The differences in net income
during the periods ended December 31, 1998, as compared to the same periods
ended December 31, 1997 are primarily due to increases in sales of approximately
42% and 53% for the three and nine month periods ended December 31, 1998,
respectively, as compared to the same periods ended December 31, 1997.
