SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
Commission File Number 1-9875
NOTIFICATION OF LATE FILING
(Check One: [X] Form 10-K [ ] Form 11-K [ ] Form 20-F
[ ] Form 20-Q [ ] Form N-SAR
For Period Ended: March 31, 1994
[ ] 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 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:_________________________________________________________
_________________________________________________________________
Part I. Registrant Information
Full name of registrant STANDARD COMMERCIAL CORPORATION
<PAGE>
Former name if applicable
2201 Miller Road
Address of principal executive office [Street and number]
Wilson, North Carolina
City, State and Zip Code 27893
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 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.
Part III. Narrative
State below 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 in the process of negotiating with
certain of its lenders (i) amendments of covenants in certain
loan agreements to permit the Registrant to be in compliance with
such covenants as of March 31, 1994 (the end of its fiscal year)
and (ii) refinancing arrangements.
_________________________________________________________________
<PAGE>
Part IV. Other Information
(1) Name and telephone number of person to contact in
regard to this notification
Guy M. Ross (919) 291-5507
(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 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.
Explanation: Results of operations declined materially in
the Registrant's last fiscal year, as compared with the
comparative prior year amounts, reflecting pervasive slow demand
throughout the tobacco industry, and lower unit prices resulting
from current market conditions, costs associated with
restructuring and a terminated merger agreement and the effect of
compliance with SFAS 106. It is expected that the Registrant
will show a loss for fiscal 1994 of approximately $36 million,
compared to a gain of approximately $21 million in the prior
fiscal year. These tentative results have been reported in a
press release.
STANDARD COMMERCIAL CORPORATION
(Name of registrant as specified in charter)
Has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
Date June 27, 1994 By /s/ Guy M. Ross
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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.
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 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 0-3 of the General Rules and Regulations
under the Act. The information contained in or filed with the
form will be made a matter of the 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 or apply for an adjustment in filing date pursuant
to Rule 13(b) of Regulation S-T.
