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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25 COMMISSION FILE NO.: 0-25098
CUSIP NO.: 30701A106
NOTIFICATION OF LATE FILING
(CHECK ONE):
[ ] FORM 10-K AND FORM 10-KSB [ ] FORM 20-F [ ] FORM 11-K [X] FORM 10-Q AND
FORM 10-QSB [ ] FORM N-SAR FOR PERIOD ENDED: SEPTEMBER 30, 2000
[ ] 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:
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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.
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IF THE NOTIFICATION RELATES TO A PORTION OF THE FILING CHECKED ABOVE, IDENTIFY
THE ITEM(s) TO WHICH THE NOTIFICATION RELATES:
NOT APPLICABLE.
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PART I -- REGISTRANT INFORMATION
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FULL NAME OF REGISTRANT FAMILY GOLF CENTERS, INC.
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FORMER NAME IF APPLICABLE N/A
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ADDRESS OF PRINCIPAL EXECUTIVE OFFICE
(STREET AND NUMBER) 538 BROADHOLLOW ROAD
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CITY, STATE AND ZIP CODE MELVILLE, NEW YORK 11747
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PART II -- RULES 12B-25(B) AND (C)
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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.
[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 OR 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 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.
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PART III -- NARRATIVE
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ON AUGUST 1, 2000, THE REGISTRANT ENTERED INTO AN AGREEMENT OF SALE (AS
AMENDED ON AUGUST 14, 2000, THE "AGREEMENT OF SALE") TO SELL AND ASSIGN ITS FEE
OWNED INTERESTS AND THE RIGHT TO CONTROL THE DISPOSITION OF ITS LEASEHOLD
INTERESTS IN 34 GOLF PROPERTIES TO KLAK GOLF, L.L.C FOR A NET PURCHASE PRICE OF
$15.7 MILLION IN CASH. THE AGREEMENT OF SALE WAS APPROVED BY THE BANKRUPTCY
COURT AT A HEARING ON AUGUST 14, 2000 AND THE CLOSING OF THIS TRANSACTION
OCCURRED ON OCTOBER 5, 2000. IN CONNECTION WITH THE DECISION TO SELL OR DISPOSE
OF CERTAIN ASSETS OF THE REGISTRANT, THE REGISTRANT IS EVALUATING CERTAIN WRITE
DOWNS OF SUCH ASSETS. ACCORDINGLY, THE REGISTRANT WAS UNABLE TO FILE ITS
QUARTERLY REPORT ON FORM 10-Q FOR THE PERIOD ENDED SEPTEMBER 30, 2000 ON OR
BEFORE NOVEMBER 14, 2000 WITHOUT UNREASONABLE EFFORT AND EXPENSE. THE REGISTRANT
EXPECTS TO FILE THE FORM 10-Q ON OR BEFORE NOVEMBER 20, 2000.
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PART IV -- OTHER INFORMATION
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(1) NAME AND TELEPHONE NUMBER OF PERSON TO CONTACT IN REGARD TO THIS
NOTIFICATION
MARGARET SANTORUFO (631) 694-1666
(NAME) (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.
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THE REGISTRANT'S MANAGEMENT IS PERFORMING A REVIEW OF ASSETS IN ACCORDANCE WITH
STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 121 "ACCOUNTING FOR THE
IMPAIRMENT OF LONG-LIVED ASSETS AND FOR LONG-LIVED ASSETS TO BE DISPOSED OF"
("SFAS NO. 121"). SFAS 121 REQUIRES RECOGNITION OF IMPAIRMENT LOSSES FOR
LONG-LIVED ASSETS WHENEVER EVENTS OR CHANGES IN CIRCUMSTANCES RESULT IN THE
CARRYING AMOUNT OF THE ASSETS EXCEEDING THE SUM OF THE EXPECTED FUTURE CASH
FLOWS ASSOCIATED WITH SUCH ASSETS. THE MEASUREMENT OF THE IMPAIRMENT LOSSES TO
BE RECOGNIZED IS BASED ON THE DIFFERENCE BETWEEN THE FAIR VALUES AND THE
CARRYING AMOUNTS OF THE ASSETS. SFAS NO. 121 ALSO REQUIRES THAT LONG-LIVED
ASSETS HELD FOR SALE BE REPORTED AT THE LOWER OF CARRYING AMOUNT OR FAIR VALUE
LESS COST TO SELL. WHEN FACTORS INDICATE THAT GOODWILL SHOULD BE EVALUATED FOR
POSSIBLE IMPAIRMENT, THE REGISTRANT USES AN ESTIMATE OF THE RELATED BUSINESS'S
UNDISCOUNTED CASH FLOWS OVER THE REMAINING LIFE OF THE GOODWILL TO ASSESS
RECOVERABILITY. AS A RESULT OF THE REGISTRANT'S DECISION TO SELL OR DISPOSE OF
CERTAIN ASSETS, THE REGISTRANT ANTICIPATES A WRITE-DOWN OF LONG-LIVED ASSETS IN
THE THIRD QUARTER.
FAMILY GOLF CENTERS, INC.
(NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
HAS CAUSED THIS NOTIFICATION TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED THEREUNTO DULY AUTHORIZED.
DATE NOVEMBER 15, 2000 BY: /S/ MARGARET SANTORUFO
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CHIEF ACCOUNTING OFFICER
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ATTENTION
INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001).
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