SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
NOTIFICATION OF LATE FILING
Commission File Number 001-11775
(Check one)
[X] Form 10-K and Form 10-KSB Form 11-K
Form 20-F Form 10-Q and Form 10-QSB Form N-SAR
For period ended December 31, 2002
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Transition Report on Form 10-K and Form 10-KSB
Transition Report on Form 20-F
Transition Report on Form 11-K
Transition Report on Form 10-Q and Form 10-QSB
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: ______________________
________________________________________________________________________________
PART I
REGISTRANT INFORMATION
Full name of registrant TIMCO Aviation Services, Inc.
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Former name if applicable
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Address of principal executive office (Street and Number) 623 Radar
Road -------------
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City, State and Zip Code Greensboro, North Carolina 27410
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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 Forms 10-K, 10-KSB, 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, 10-QSB, 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 Forms 10-K, 10-KSB,
11-K, 20-F, 10-Q, 10-QSB, N-SAR or the transition report portion thereof could
not be filed within the prescribed time period. (Attach extra sheets if needed.)
During fiscal 2002, the Registrant, among other matters, completed a
significant restructuring of its capital and equity, settled an
outstanding securities class action lawsuit, completed a refinance of
all of its senior debt obligations, sold one operating business and
acquired a second operating business, and completed an extensive
settlement agreement related to the sale of its redistribution
operations in 2000. All of these activities are accounted for in the
Company's results of operations for the year ended December 31, 2002.
As a result, completion of the Company's 2002 Form 10-K has been
delayed. The Company expects to file its 2002 Form 10-K on or before
April 15, 2003.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to
this notification.
Philip B. Schwartz, Esq. (305) 982-5604
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or
15(d) or 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.
The Registrant expects to report net income for 2002 of approximately
$5 million on revenues of $182 million (including a $27 million
extraordinary gain arising as a result of the restructuring), compared
to a net loss of $141 million on revenues of $264 million for 2001.
TIMCO Aviation Services, 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 April 1, 2003 By: /s/ C. Robert Campbell
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C. Robert Campbell
Executive Vice President and
Chief Financial Officer
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 (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, DC 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
or Regulation S-T or apply for an adjustment in filing date pursuant to Rule
13(b) of Regulation S-T.