U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25 NOTIFICATION OF LATE FILING
SEC FILE NUMBER: 33-30123-A
CUSPID NUMBER: 370477101
[x] FORM 10-KSB
For the Year Ended: December 31, 1996
_________________________________________________________
Nothing in this form shall be construed to imply that the
Commission has verified any information 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
GENERAL PARCEL SERVICE, INC.
8923 Western Way, Suite 22,
Jacksonville, FL 32256
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 on Form 10-KSB or portion
thereof will be filed on or before the fifteenth calendar day
following the prescribed due date.
[X] (c) The accountant's statement or other exhibit required by
Rule 12b-25(c) has been attached, if applicable.
See Exhibit A
Part III--Narrative
State below in reasonable detail the reasons why Form 10-KSB
could not be filed within the prescribed period.
The 10-KSB for General Parcel Service, Inc. ("the Company") for
the year ended December 31, 1996 could not be filed within the
prescribed period because of significant changes in personnel in
the Company's accounting department in January and February 1997
and a change in the Company's independent accountants effective
March 1997. The personnel changes resulted in delays in
providing necessary information to the independent accountants.
Although the Company has filled all positions in the accounting
department, preparation of Form 10-KSB required more time than
was available prior to the end of the prescribed period.
Part IV--Other Information
(1) Name and telephone number of person to contact in regard to
this notification.
Wayne N. Nellums (904) 363-0089
- - ---------------- -------- ------------------
(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.
See Exhibit B
GENERAL PARCEL SERVICE, INC.
(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 31, 1997
------------------
By: /s/ Wayne N. Nellums
---------------------
Wayne N. Nellums, Vice President,
Chief Financial Officer and Secretary
Exhibit A
- - ---------
Price Waterhouse LLP
March 31, 1997
Mr. Wayne Nellums
Vice President and Chief Financial Officer
General Parcel Service, Inc.
8923 Western Way
Jacksonville, Florida 32256
Dear Wayne:
You have furnished us with a copy of your "Notification of Late
Filing" on Form 12b-25 dated March 31, 1997.
We are in agreement with the comments under Part III of the Form
with respect to the reasons why we are unable to furnish our
report on the financial statements of General Parcel Service,
Inc. on or before the date the Form 10-KSB of General Parcel
Service, Inc. for the year ended December 31, 1996 is required
to be filed.
Sincerely,
/s/ Price Waterhouse LLP
Price Waterhouse LLP
Exhibit B
- - ---------
Results of operations for 1996 differed significantly from those
of 1995. The 1996 net loss exceeded $5.1 million compared to a
net loss of $3.0 million for 1995. Revenue for 1996 was $23.4
million and represented an increase of $2.8 million (or 13.8%)
over 1995 revenue. The increase in revenue was primarily
attributable to an expansion of the geographic area served by
the Company throughout North Carolina and South Carolina. The
Company incurred significant expenses in excess of the revenue
in the expanded North and South Carolina service area.
Moreover, a loss of freight volume from existing customers
during 1996 contributed to the increased loss of 1996 over 1995.