UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
Commission File Number 1-4351
NOTIFICATION OF LATE FILING
(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, 1994
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 10-Q
[ ] 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): 2001 N.W. 107th Avenue
City, State and Zip Code: Miami, Florida 33172
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 appropriate box.)
[ ] (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
and Form 10-KSB, 20-F, 11-K, 10-Q and Form 10-QSB, 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 Annual Report on Form
10-K for the fiscal year ended December 31, 1994 could not be
completed by the prescribed filing date of March 31, 1995 without
unreasonable effort or expense as a result of the following:
- The Registrant is a wholly-owned subsidiary of Triarc
Companies, Inc. ("Triarc"). Certain of Triarc's key
personnel that are integral to the completion of the
Registrant's Annual Report on Form 10-K for the year
ended December 31, 1994 are also integral to the
completion of Annual Reports on Form 10-K for the year
ended December 31, 1994 for both Triarc and RC/Arby's
Corporation, a subsidiary of Triarc. Due to the time
constraints on such personnel, the Registrant has been
unable to finalize its consolidated financial
statements for the Annual Report on Form 10-K for the
year ended December 31, 1994 without unreasonable
effort or expense.
- As previously reported, in July 1993, the Board of
Directors of the Registrant adopted a resolution
calling for the sale or discontinuance of substantially
all of the Registrant's operating businesses and
assets, other than the Registrant's equity interest in
certain affiliates of Triarc. Because of the
significant amount of time and effort of key personnel
of both the Registrant and Triarc dedicated to the
evaluation of the remaining issues of the discontinued
operations that would have been otherwise dedicated to
preparing the Registrant's Annual Report, the
Registrant has been unable to finalize its consolidated
financial statements for the Annual Report on Form 10-K
for the year ended December 31, 1994 without
unreasonable effort or expense.
For all of the above-stated reasons, the preparation of the
Registrant's Annual Report on Form 10-K for the fiscal year ended
December 31, 1994, including the financial statements to be
included therein, could not be completed by the prescribed filing
date of March 31, 1995 without unreasonable effort or expense.
PART IV. Other Information
(1) Name and telephone number of person to contact in
regard to this notification:
Brian L. Schorr, Esq. 212 230-3045
(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
Southeastern Public Service Company
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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, 1995 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 year ended December 31, 1994 have not been completed. The
Registrant, however, expects to report in its Annual Report on
Form 10-K net sales of $28.1 million and income from continuing
operations and net income of $8.2 million for the year ended
December 31, 1994. The Registrant changed its fiscal year from a
fiscal year ending February 28 to a calendar year ending December
31, effective for the transition period ended December 31, 1993.
For the ten months ended December 31, 1993 ("Transition 1993")
the Registrant reported net sales of $23.4 million, income from
continuing operations of $2.0 million and a net loss of $8.2
million. The principal reasons for the improvement are a $23.4
million loss from discontinued operations, net of income taxes,
in Transition 1993 while 1994 had no comparable charge and
improved results at company's accounted for in accordance with
the equity method.
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