FORM 12b-25 NOTIFICATION OF LATE FILING
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Check One:
[X] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q [ ] Form N-SAR
For Period Ended: December 31, 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: _______________________
PART I - REGISTRANT INFORMATION
Jotan, Inc.
(Full Name of Registrant)
118 West Adams Street, Suite 900
(Address of Principal Executive Office)
Jacksonville, FL 32202
(City, State and Zip Code)
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 box if appropriate)
[XX] (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, Form 20-F, 11-K, Form N-SAR, or portion thereof, will be
filed on or before the fifteenth calendar day following the prescribed
due date; o r 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, 11-K, 10-Q, N-
SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
The company is completing negotiations with its lenders to amend certain
aspects of its loan agreements in which it was in default as of December
31, 1997. In addition, the significant acquisitions occurring during
1997 have prolonged the time required for the company to finalize certain
accounting issues necessary to complete its financial statements and
related footnotes.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Edward L. Lipscomb, CFO (904) 355-2592
(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 answer is no,
identify report(s). [XX] 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 statement to be included in the subject report or portion
thereof? [XX] 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.
A net loss estimated at between $15 to $25 million is anticipated for
1997 versus an income of $173 thousand in 1996. This is primarily due
to the impairment of goodwill associated with significant acquisitions
occurring during 1997 as well as operating losses related to that line
of the business.
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Jotan, Inc.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: March 30, 1998 By ____________________________
Edward L. Lipscomb, CFO
