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FORM 12b-25
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
NOTIFICATION OF LATE FILING Commission File No. 0-25634
(Check One): [x] Form 10-K [ ] Form 20-F [ ] Form 11-K
[ ] Form 10-Q [ ] Form N-SAR
For the Fiscal Year 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 Transaction Period Ended: Not Applicable
PART I - REGISTRANT INFORMATION
Full name of registrant: American Architectural Products
Corporation
Former name: Not Applicable
Address of Principal Executive Office: 3000 Northwest 125th Street
Miami, Florida 33167
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 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 the Form 10-K, 20-F, 11-K,10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period:
During the fiscal year ended December 31, 1999, the Company relocated its
corporate offices from Boardman, Ohio to Miami, Florida, which has resulted in
attrition leading to significant staffing constraints. In addition, the
Company's chief financial officer resigned effective December 31, 1999. The
Company also implemented significant changes in its internal information systems
during the fiscal year ended December 31, 1999, which have resulted in the
delayed closing of the year-end financial records for some of the Company's
subsidiaries and operating divisions. As a result of these factors, the Company
has been delayed in compiling the information necessary for completing the audit
of the Company's financial statements for the year ended December 31, 1999.
Although the Company will be unable to complete the prescribed report within the
prescribed time period without unreasonable effort or expense, the Company
intends to file the prescribed report within the allowed extension period.
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PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification:
William T. Hull (305) 681-0848
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(Name) (Area Code) (Telephone Number)
(2) Have all other 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? Yes [X] 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? Yes [X] No [ ]
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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.
In the fourth quarter 1999, the Company recorded an asset impairment charge
of $5.3 million for impaired goodwill at one of its manufacturing
facilities and $5.5 million for estimated losses on the disposal of assets
of a discontinued operation. Additionally, the Company recorded a gain of
approximately $2.2 million on the sale of Taylor Building Products and a
loss of approximately $2.3 million on the write-off of deferred
acquisition and financing costs for abandoned acquisitions and financings.
Because fiscal year-end adjustments and other audit provisions have not
been finalized, at this time the Company is unable to estimate with
reasonable accuracy its results of operations for the fiscal year ended
December 31, 1999.
American Architectural Products Corporation
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(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/ William T. Hull
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William T. Hull
Chief Financial Officer
