UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
Commission File Number 0-28732
NOTIFICATION OF LATE FILING
(Check One): [X] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q
[ ] Form N-SAR
For Period Ended: December 31, 1999
[ ] 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 Instruction (on back page) 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 1 - REGISTRANT INFORMATION
Full Name of Registrant: Hvide Marine Incorporated
Former Name if Applicable:
Address of Principal Executive Office: 2200 Eller Drive, P.O. Box 13038
City, State and Zip Code: Ft. Lauderdale, Florida 33316
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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)
[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, 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; or the subject quarterly
report of 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. (Attach Extra Sheets if Needed)
The registrant operated under the protection of chapter 11 of the U.S.
Bankruptcy Code from September 8 through December 15, 1999. As a result of the
extensive and complex financial disclosures associated with its emergence from
bankruptcy, the registrant is unable to complete the report by the prescribed
due date without unreasonable effort and expense.
In addition, due to adverse market conditions in its three
principal businesses, the registrant anticipates lower than projected earnings
for the first quarter of 2000. As a result, the registrant does not expect to be
in compliance with certain covenants of its bank credit agreement as of March
31, 2000. The registrant is in discussions with its lending banks concerning an
amendment to the credit agreement, the results of which will also resolve the
classification of the bank debt on its balance sheet.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Walter S. Zorkers (954) 523-2200
(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 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.
The registrant reported net income of $21.7 million for the year ended
December 31, 1998 and net loss of $52.9 million for the nine months ended
September 30, 1999. The registrant estimates that its net loss for the full
twelve months will be approximately $95.0 million. The application of "fresh
start" accounting principles will include asset writedowns and other charges
associated with the registrant's emergence from chapter 11.
Hvide Marine Incorporated
(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, 2000 By: /s/ WALTER S. ZORKERS
Walter S. Zorkers
Executive Vice President and
Chief Financial Officer
