U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SEC FILE NUMBER
0-25202
FORM 12b-25
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, 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 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
the Item(s) to which the notification relates:
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PART I
REGISTRANT INFORMATION
KITTY HAWK, INC.
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Full Name of Registrant
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Former Name if Applicable
1515 WEST 20TH STREET
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Address of Principal Executive Office (STREET AND NUMBER)
DALLAS/FORT WORTH INTERNATIONAL AIRPORT, TEXAS 75261
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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)
[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.
<PAGE>
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 or portion
thereof could not be filed within the prescribed period.
As of March 30, 2000, the Company was still gathering information related to
debt financing disclosures, resulting in the Company's inability to file its
Form 10-K on the due date without unreasonable effort and expense. As of March
30, 2000, the Company was in compliance with all of its covenants under its
credit facility and various debt agreements.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
M. Tom Christopher (972) 456-2200
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(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
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(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 anticipates it will report net income of approximately $23.5
million for the year ended December 31, 1999 as compared with net income of
$16.6 million for 1998. Revenues for 1999 were approximately $731.3 million as
compared to $703.9 million for the fiscal year ended December 31, 1998. The
increase in revenues is primarily due to additional activity in the Company's
scheduled freight division and air logistics division. The Company increased the
number of flights and price structure for the scheduled freight division
resulting in an increase in revenues of $50.3 million. The air logistics
revenues increased $27.6 million due to an increase in number of trips flown and
the average revenue per trip. These increases were offset by a $45.5 million
decrease in the Company's air freight carrier revenues due primarily to the
elimination of the passenger charter services provided prior to January 1, 1999.
Total costs and expenses for 1999 were $619.2 million as compared to $596.5
million for 1998. The increase in expenses is due to an increase in depreciation
expense due to $306.7 million of capital expenditures during 1998 and 1999, an
increase in the Company's flight expense due to increase revenue for 1999 and an
increase in fuel prices and gallons of fuel consumed. The Company experienced a
decrease in its maintenance expense due to retiring 13 aircraft during 1999 and
selling seven aircraft during the year.
Kitty Hawk, Inc.
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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 30, 2000 By: /s/ JAMES R. CRAIG
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James R. Craig
Vice President and General Counsel
INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly authorized representative. The name and title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
<PAGE>
ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).
GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the General
Rules and Regulations under the Securities Exchange Act of 1934.
2. One signed original and four conformed copies of this form and amendments
thereto must be completed and filed with the Securities and Exchange
Commission, Washington, D.C. 20549, in accordance with Rule O-3 of the
General Rules and Regulations under the Act. The information contained in
or filed with the Form will be made a matter of public record in the
Commission files.
3. A manually signed copy of the form and amendments thereto shall be filed
with each national securities exchange on which any class of securities of
the registrant is registered.
4. Amendments to the notifications must also be filed on Form 12b-25 but need
not restate information that has been correctly furnished. The form shall
be clearly identified as an amended notification.
5. ELECTRONIC FILERS. This form shall not be used by electronic filers unable
to timely file a report solely due to electronic difficulties. Filers
unable to submit a report within the time period prescribed due to
difficulties in electronic filing should comply with either Rule 201 or
Rule 202 of Regulation S-T (ss.232.201 or ss.232.202 of this chapter) or
apply for an adjustment in filing date pursuant to Rule 13(b) of
Regulation S-T (ss.232.13(b) of this chapter).