U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check one)
[x] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K
[ ] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period Ended: August 31, 1999
[ ] 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: N/A
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: N/A
PART 1--REGISTRANT INFORMATION
Full Name of Registrant: Rawlings Sporting Goods Company,
Inc.
1859 Intertech Drive
Address of Principal Executive Office (Street and Number)
Fenton, Missouri 63026
City, State and Zip Code
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).
(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, semi-annual report, transition report
on Form 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
The Form 10-K cannot be filed within the prescribed period
without unreasonable effort or expense due to (a) the recent
substantial changes in the Company's accounting and finance
functions including the resignation of the Company's Chief
Financial Officer on October 14, 1999, and the subsequent
transition of the Company's new Chief Financial Officer together
with the turnover in other executive and staff positions within
the Company, and (b) the diversion of resources resulting from
the staffing requirements related to the Company's previously
announced examination of strategic alternatives.
PART IV--OTHER INFORMATION
(1) Name and telephone number of person to contact in
regard to this notification
Michael Luetkemeyer (314) 349-3500
(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?
[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 of response to Part IV (3):
Net Revenues for the year ended August 31, 1999 are
estimated to be $165,390,000 or 3.1 percent lower than net
revenues of $170,604,000 for the year ended August 31, 1998. The
decrease in net revenues from the prior year was driven by lower
sales of baseball gloves, radar speed-sensing balls, basketballs
and footballs partially offset by an increase in wood bat and
apparel sales.
Gross margin in 1999 is estimated to be 28.8 percent, down
1.4 margin points from the 1998 gross margin of 30.2 percent. A
third quarter charge for a voluntary recall of slow pitch
softball aluminum bats, low margin sales of memorabilia baseballs
and a fourth quarter write down of remaining radar speed sensing
baseball inventory were primarily responsible for the decrease.
Selling, general and administrative (SG&A) expenses for 1999
are estimated to be $46,890,000 (28.4% of net revenues). This is
17.3 percent higher than SG&A expenses of $39,989,000 (23.4% of
net revenues) in fiscal 1998. Higher salaries, advertising and
promotional costs, professional fees and royalties were primarily
responsible for the increase.
Interest expense is estimated at $4,699,000 for 1999,
compared to $4,218,000 for 1998, an 11.4 percent increase.
The effective tax rate is estimated to be (19.0) percent for
1999 compared to 33.7 percent for 1998 due to a valuation
allowance recorded in 1999 on the Company's foreign tax credits
which expire from 2000 to 2003.
Fiscal 1999 Fiscal 1998
$(000) Estimate Actual
Net Revenues $165,391 $170,604
Gross Profit 47,671 51,453
Operating Income 781 9,989
Net Income (3,361) 3,660
EPS (0.43) 0.47
Rawlings Sporting Goods Company, 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: November 29, 1999 By: /s/ Michael Luetkemeyer
Name: Michael Luetkemeyer
Title: Chief Financial Officer
ATTENTION
Intentional misstatements or omissions of fact constitute
Federal Criminal Violations (See 18 U.S.C. 1001).