SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 30, 1996
URT INDUSTRIES, INC.
(Exact Name of Registrant as specified in its charter)
Florida 0-6882 59-1167907
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File No.) Identification No.)
1180 East Hallandale Beach Blvd., Hallandale, Florida 33009
(Address of principal executive offices) (Zip Code)
Registrant's Telephone number, including area code: (954) 454-5554
Not Applicable
(Former name or former address, if changed since last report)
Item 5
The registrant's Annual Report on Form 10-K for the fiscal year ended March
30, 1996 had been scheduled to be filed on or before June 28, 1996. The
registrant filed a Form 12b-25 (Notification of Late Filing) on June 27, 1996 in
which it indicated, among other matters, (i) that the registrant was prevented
from completing and filing such Form 10-K on a timely basis by reason of the
volume of filings and other work required in connection with the voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code which had been
filed by the registrant's 87% owned operating subsidiary, Peaches Entertainment
Corporation ("PEC"), and the Plan of Reorganization which was scheduled to be
filed by PEC on July 15, 1996; and (ii) that the registrant intended to make
such Form 10-K filing within the 15 calendar days contemplated by such Form
12b-25 and Rule 12b-25 of the Securities Exchange Act of 1934. The registrant
has since determined that it will not be able to file such Form 10-K within such
15 day period because such Plan of Reorganization will not be completed by July
15, 1996. Management presently anticipates that such Plan of Reorganization will
be finalized by August 5, 1996 and that the certified financial statements and
Form 10-K for the fiscal year ended March 30, 1996 will be filed by July 30,
1996.
As indicated in the Form 12b-25 filed on June 27, 1996, a significant
adverse change in results of operations from the previous fiscal year will be
reflected by the consolidated earnings statement which will be included in the
Form 10-K for the fiscal year ended March 30, 1996, when filed. Such change is
the result of various factors including the decline in sales associated with the
closing of 6 of PEC's 19 stores during such fiscal year, the filing by PEC for
relief
under Chapter 11 of the U.S. Bankruptcy Code on January 16, 1996 and other
circumstances pertaining to such bankruptcy filing and its effect on PEC's
business. As a result of such developments, management estimates that compared
to the registrant's previous fiscal year, the financial statements for the
fiscal year ended March 30, 1996 which will be incorporated in the subject
filing will reflect, among other changes, an approximately 27% decrease in net
sales, an approximately 39% increase in net loss and an approximately 27%
reduction of shareholders' equity. However, because of the relief which
management expects PEC to receive under Chapter 11 of the U.S. Bankruptcy Code
including, without limitation, the termination of certain unfavorable leases and
other executory agreements with which PEC was encumbered, management expects
that PEC will be able to emerge from bankruptcy and thereafter continue
operations without such burdensome obligations.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
URT INDUSTRIES, INC.
---------------------------------------
Registrant
By: /s/ Allan Wolk
---------------------------------------
Chairman and President
Date: July 10, 1996