UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
SEC FILE NUMBERS
33-75510-01
1-12944
NOTIFICATION OF LATE FILING
CUSIP NUMBER
46623YAA3
(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: June 28, 1997
[ ] 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
JPS AUTOMOTIVE L.P.
JPS AUTOMOTIVE PRODUCTS CORP.
Full Name of Registrant
Former Name if Applicable
701 MCCULLOUGH DRIVE
Address of Principal Executive Office (STREET AND NUMBER)
CHARLOTTE, NORTH CAROLINA 28262
City, State and Zip Code
1
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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;
[X] (b) The subject annual report, semi-annual report,
transition report on Form 10-K, Form 20-F, Form 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 the 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 time period. (Attach Extra
Sheets if Needed.)
On July 1, 1997, Collins & Aikman Corporation ("C&A") announced that
JPS Automotive L.P. had entered into an agreement to sell its Air Restraint and
Technical Products Division ("Airbag") to Safety Components International, Inc.,
for a purchase price of $56.3 million, subject to adjustment. The sale was
completed on July 24, 1997. Accordingly, Airbag has been reclassified as a
discontinued operation for financial statement and other purposes for all
accounting periods prior to and including the sale. The accounting changes
necessitated by this restatement created an additional burden in preparing the
Registrants' Report on Form 10-Q for the period ended June 28, 1997. In
addition, the substantial efforts of the directors, officers and financial and
legal personnel of C&A (some of whom are also officers of the Registrants) and
the Registrants required to complete the sale of Airbag have diverted those
persons from the task of completing and finalizing their review of the
Registrants' Report on Form 10-Q for the period ended June 28, 1997. Finally, in
connection with the Registrants' acquisition by C & A, the Registrants
experienced certain reductions of personnel involved in the preparation of the
Registrants' Report on Form 10-Q. The foregoing has rendered the Registrants
unable to file their Form 10-Q by August 12, 1997.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
John F. Grossbauer (704) 548-2351
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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 reports been
filed? If answer is no, identify report(s).
[ X ] Yes [ ] No
2
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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?
[ ]Yes [ X ] 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.
JPS AUTOMOTIVE L.P.
JPS AUTOMOTIVE PRODUCTS CORP.
---------------------------------------------
(Name of Registrants as Specified in Charter)
have caused this notification to be signed on their behalf by the undersigned
hereunto duly authorized.
<TABLE>
<CAPTION>
<S> <C> <C>
JPS Automotive Products Corp. JPS Automotive L.P.
By: PACJ, Inc.,
its general partner
August 11, 1997 By: /s/ J. Michael Stepp By: /s/ J. Michael Stepp
- --------------- ----------------------------- --------------------------
Date J. Michael Stepp J. Michael Stepp
Executive Vice President Executive Vice President
& Chief Financial Officer & Chief Financial Officer
</TABLE>
INSTRUCTIONS: 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.
