SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 12B-25
Commission File Number 0-2380
NOTIFICATION OF LATE FILING
(Check One) [X]Form 10K [ ]Form 11-K [ ]Form 20-F [ ]Form 10-Q
For Period Ended: JUNE 30, 1997
[X] 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:____________
READ THE ATTACHED INSTRUCTION SHEET 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
Item(s) to which the notification relates: N/A
PART I. REGISTRANT INFORMATION
Full Name of Registrant: SPORTS ARENAS, INC.
Former Name if Applicable: N/A
Address of principal executive
office (Street and Number): 5230 Carroll Canyon Road, Suite 310
City, State and Zip Code: San Diego, CA 92121
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(b), the following should
be completed. (Check the appropriate box)
[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, 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.
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PART III. NARRATIVE
State 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 needed)
The Registrant is seeking relief pursuant to Rule 12b-25(b) due to the
fact that the Registrant's Form 10-K for the year ended June 30, 1997
could not be filed without reasonable effort or expense. The Registrant
anticipates filing its Form 10-K as soon as practicable, but in no event
later than Monday, October 13, 1997.
PART IV. OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Steven R. Whitman, Chief Financial Officer (619) 587-1060
(Name) (Telephone Number)
(2) Have all other periodic reports required under Sections 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.
There will be a significant increase in the net loss for the year ended
June 30, 1997 compared to 1996 due to the loss from operations of the golf
shaft manufacturing component ($457,000), a valuation adjustment for the
undeveloped land, and items of gain reported in from sale of assets in
1996 being greater than the gain from sale of assets in 1997 ($1,306,000).
The valuation adjustment for the undeveloped land is currently being
estimated.
Sports Arenas, Inc. has caused this notification to be signed on its behalf by
the undersigned thereto duly authorized.
Date: September 25, 1997 By: /s/ STEVEN R. WHITMAN
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Steven R. Whitman
Chief Financial Officer
