SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
Commission File Number 1-4351
NOTIFICATION OF LATE FILING
(Check One): [ ] FORM 10-K [ ] FORM 11-K [ ] FORM 20-F [X]
FORM 10-Q [ ] FORM N-SAR
For Period Ended: March 31, 1994
[ ] 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:
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: Not Applicable
Part I. Registrant Information
Full name of registrant: Southeastern Public Service
Company
Former name if applicable: Not Applicable
Address of principal executive office
(street and number): 777 South Flagler Drive, Suite
1000E
City, State and Zip Code: West Palm Beach, Florida
33401
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, the following should be completed.
(Check appropriate box.)
[ ] (a) The reasons described in reasonable detail in
Part III of this form could not be eliminated
without unreasonable effort or expense;
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[ 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 portion thereof
could not be filed within the prescribed time period. (Attach
extra sheets if necessary).
The preparation of the Registrant's Quarterly Report on Form
10-Q for the quarterly period ended March 31, 1994 could not be
completed by the prescribed filing date of May 16, 1994 without
unreasonable effort or expense as a result of the following:
- As previously reported, on October 27, 1993 the
Registrant announced that it was changing its fiscal
year end from February 28 or 29 of each year to
December 31 of each year effective with the transition
period ended December 31, 1993. As a result, the
Registrant has only recently (April 15, 1994) filed its
Transition Report on Form 10-K for the transition
period ended December 31, 1993. Because of (i) the
short period of time between the filing date of the
Registrant's Transition Report (April 15, 1994) and the
prescribed filing date for the Quarterly Report (May
16, 1994) and (ii) the time and effort of key personnel
of the Registrant dedicated to preparing the
Registrant's Transition Report that would have been
otherwise dedicated to preparing the Registrant's
Quarterly Report, the Registrant has been unable to
finalize its consolidated financial statements for the
Quarterly Report on Form 10-Q for the quarterly period
ended March 31, 1994 without unreasonable effort or
expense.
- As previously reported, a change in control of Triarc
Companies, Inc., the parent company of the Registrant,
and, correspondingly, a change in control of the
Registrant (the "Change In Control") occurred on April
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23, 1993. In connection with the Change In Control,
the Board of Directors of the Registrant was
reconstituted and new senior executive officers of the
Registrant were elected. Since the Change In Control,
significant turnover at lower levels within the
Registrant resulted in worker inefficiencies and
inaccuracies, which contributed to the Registrant's
inability to finalize its consolidated financial
statements for the quarterly period ended March 31,
1994 by the prescribed filing date without unreasonable
effort or expense.
For all of the above-stated reasons, the preparation of the
Registrant's Quarterly Report on Form 10-Q for the quarterly
period ended March 31, 1994, including the financial statements
to be included therein, could not be completed by the prescribed
filing date of May 16, 1994 without unreasonable effort or
expense.
PART IV. Other Information
(1) Name and telephone number of person to contact in
regard to this notification:
Anthony W. Graziano, Jr., Esq. 212 230-3010
(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.
See Annex A hereto
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Southeastern Public Service Company
---------------------------------------
(Name of registrant as specified in charter)
Has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: May 17, 1994 By:/s/ Fred H. Schaefer
----------------------
Fred H. Schaefer
Vice President and
Chief Accounting Officer
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Annex A
For the reasons stated in Part III to this Form 12b-25, the
condensed consolidated financial statements of the Registrant for
the quarterly period ended March 31, 1994 have not been
completed. The Registrant, however, expects to report in its
Quarterly Report on Form 10-Q for such period net sales of $9.8
million compared to net sales of $9.6 million in the three months
ended February 28, 1993 (the "Comparable 1993 Period"), income
from continuing operations of $4.0 million compared with such
income of $5.2 million in the Comparable 1993 Period and net
income of $4.0 million compared to a net loss of $1.6 million in
the Comparable 1993 Period. The $1.2 million decrease in income
from continuing operations is principally due to a non-recurring
$6.0 million gain in the Comparable 1993 Period from the
recognition of a previously disclosed gain on a marketable
security sold to the Registrant's parent partially offset by a
$2.0 million decrease in interest expense reflecting lower debt
levels after the April 23, 1993 change in control of the
Registrant and a $1.8 million decrease in the provision for
income taxes resulting from the utilization of previously
recognized net operating loss carryforwards in the 1994 quarter
and other items, net of $1.0 million. The $5.6 million
improvement in net income despite the decrease in income from
continuing operations is due to the Comparable 1993 Period
including a non-recurring $6.5 million loss from discontinued
operations and a non-recurring $0.3 million extraordinary charge.
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