- --------------------------------------------------------------------------------
SEC 1344
(2-2002) Persons who potentially are to respond to the collection of
Previous information contained in this form are not required to respond unless
versions the form dislays a currently valid OMB control number.
obsolete
- --------------------------------------------------------------------------------
UNITED STATES ------------------------
SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
Washington, D.C. 20549 OMB Number: 3235-0058
Expires January 31, 2005
FORM 12b-25 Estimated average burden
hours per response...2.50
NOTIFICATION OF LATE FILING -------------------------
-------------------------
(Check One): [_] Form 10-K [_] Form 20-F [_] Form 11-K SEC FILE NUMBER
[x] Form 10-Q [_] Form N-SAR
001-08738
For Period Ended: June 2, 2002 -------------------------
----------------- -------------------------
CUSIP NUMBER
[_] Transition Report on Form 10-K
[_] Transition Report on Form 20-F 812141AE9
[_] Transition Report on Form 11-K -------------------------
[_] Transition Report on Form 10-Q
[_] Transition Report on Form N-SAR
[_] Transition Report on Form 10-K
For the Transition Period Ended:
-----------------------
- --------------------------------------------------------------------------------
Read Instruction (on back page) 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
Sealy Corporation
- --------------------------------------------------------------------------------
Full Name of Registrant
- --------------------------------------------------------------------------------
Former Name if Applicable
Sealy Drive, One Office Parkway
- --------------------------------------------------------------------------------
Address of Principal Executive Office (Street and Number)
Trinity, North Carolina 27370
- --------------------------------------------------------------------------------
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;
|
|(b)The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, 11-K or
| Form N-SAR, or portion thereof, will be filed on or before the fifteenth calendar day following the
[x]| prescribed due date; or the subject quarterly report of 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 Forms 10-K, 20-F, 11-K, 10-Q,
N-SAR, or the transition report portion thereof, could not be filed within the
prescribed time period.
Sealy Corporation ("Sealy") could not timely complete its Quarterly Report on
Form 10-Q (the "10-Q") for the quarter ended June 2, 2002 due to finalizing
application of recent accounting pronouncements. Sealy believes that it worked
diligently to complete the 10-Q and that the resulting delay could not be
eliminated without unreasonable effort and expense.
(Attach Extra Sheets if Needed)
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Kenneth L. Walker, Esq. (336) 861-3500
---------------------- ----------- -----------------
(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? If 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.
For the quarter, Sealy had sales of $299.8 million, an increase of 13.6%
from $263.9 million for the same period last year. Sealy had a net loss of
$8.4 million for the quarter, compared with net income of $0.7 million for
the same period a year earlier. Earnings in the quarter were impacted by a
$5.8 million non-cash charge related to the shutdown of a retail mattress
business. Earnings were also reduced by an $18.3 million increase in bad
debt expenses. During the quarter, Sealy took a specific bad debt charge of
$19.5 million related to affiliates.
================================================================================
Sealy Corporation
-----------------
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: July 18, 2002 By: E. Lee Wyatt
------------------------------ -----------------------------------
Corporate Vice
President-Administration
and Chief Financial
Officer (Principal
Accounting Officer)
INSTRUCTION: The form may be signed by an executive officer of the registrant
of 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
International 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, D.C. 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 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 of Regulation S-T (((S)) 232.201 or ((S)) 232.202 of this chapter)
or apply for an adjustment in filing date pursuant to Rule 13(b) of
Regulation S-T (((S)) 232.13(b) of this Chapter).