SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12B-25
Commission File Number: 0-26410
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NOTIFICATION OF LATE FILING
(Check One): [X] Form 10-K [ ] Form 11-K [ ] Form 20-F
[ ] Form 10-Q [ ] Form N-SAR
For Period Ended: December 31, 1996
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[ ] Transition Report on Form 10-K [ ] Transition Report on From 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 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: Jayhawk Acceptance Corporation
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Former name if applicable
Address of principal executive office (Street and number)
Bryan Tower, 2001 Bryan Street, Suite 600
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City, state and zip code Dallas, Texas 75201
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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 appropriate box.)
[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, 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 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 Form 10-K, 11-K, 20-F,
10-Q, N-SAR or the transition report or portion thereof could not be filed
within the prescribed time period. (Attach extra sheets if needed).
As a result of the voluntary petition for reorganization under Chapter 11
of the Federal Bankruptcy Code filed by Jawyhawk Acceptance Corporation (the
"Company") on February 7, 1996 (the "Bankruptcy"), the relocation of the
Company's corporate offices in connection therewith and the reduction and
changes in the Company's management, the Company was not able to complete and
file its annual report on Form 10-K for the year ended December 31, 1996 by
March 31, 1997 without unreasonable effort and expense. The Company will file
its annual report on Form 10-K for the year ended December 31, 1996 on or
before the 15th calendar day following the prescribed due date.
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PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
C. Fred Jackson 214 754-1022
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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
SEE EXHIBIT A.
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.
Jayhawk Acceptance Corporation
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(Name of Registrant as Specified in Charter)
Has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date March 31, 1997 By /s/ C. Fred Jackson
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C. Fred Jackson
Senior Vice President and
Chief Financial Officer
<PAGE>
EXHIBIT A
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The Company has experienced a significant change in its results of operations
for the three months and year ended December 31, 1996, as compared with the
same periods in 1995. The Company reported a net loss of $(7,940,000), or
$(0.33) per share, for the three months ended December 31, 1996, compared to
net income of $1,794,000, or $0.09 per share, for the same quarter in 1995.
Revenues for the fourth quarter of 1996 were $16,174,000, versus $7,545,000
for the same quarter of 1995. Net income for the full year 1996 was $91,000,
or $0.00 per share compared to net income of $4,900,000, or $0.26 per share in
1995. Revenues for 1996 were $53,566,000, compared to $21,788,000 in 1995.
The fourth quarter net loss is attributable to a special charge of $15,500,000
taken to increase the allowance for credit losses. The special charge
resulted from the Company's reevaluation of the recoverability of advances
made to certain of its participating dealers. As a result of this
reevaluation the Company has terminated its relationship with certain dealers
and changed the basis upon which the Company is willing to purchase
installment contracts with others.
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<TABLE>
<CAPTION>
Jayhawk Acceptance Corporation
(In thousands, except per share data)
(Unaudited)
Consolidated Income Statements
Three Months Ended Twelve Months Ended
December 31, December 31,
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1996 1995 1996 1995
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<S> <C> <C> <C> <C>
REVENUE:
Finance charges $ 12,081 $ 6,146 $41,905 $17,693
Dealer fees 2,691 1,399 8,455 4,095
Service contracts 1,402 -- 3,206 --
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Total revenue 16,174 7,545 53,566 21,788
COSTS AND EXPENSES:
Sales and marketing 3,072 1,623 9,198 4,730
Operating 5,496 2,513 16,604 7,408
Provision for credit losses 16,887 791 20,062 2,243
Provision for service contract claims 505 -- 1,310 --
Interest 2,253 537 6,268 1,320
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Total costs and expenses 28,213 5,464 53,442 15,701
Income (loss) before income taxes (12,039) 2,081 124 6,087
Income taxes (4,099) 287 33 1,187
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Net income (loss) $ (7,940) $ 1,794 $ 91 $ 4,900
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Net income (loss) per share $ (0.33) $ 0.09 $ 0.00 $ 0.26
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Weighted average common and common
equivalent shares outstanding 24,270 20,800 23,274 18,732
========= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights
Three Months Ended Twelve Months Ended
December 31, December 31,
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1996 1995 1996 1995
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<S> <C> <C> <C> <C>
Contracts accepted in units 19,494 15,650 77,117 44,495
Additions to gross contracts receivable $118,442 $82,678 $441,605 $219,605
Performance ratios:
Return on average equity (33.83)% 15.06% 0.13% 16.17%
Net interest margin 11.14% 15.55% 13.17% 16.16%
Credit Quality Ratios:
Annualized net charge-offs against
allow to avg. installment contract 0.53% 0.25% 1.34% 0.46%
receivables
Percentage of gross installment
contracts receivable in non-accrual 31.40% 19.70% 31.40% 19.70%
status
</TABLE>
