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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
Commission File Number 000-23147
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(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 APRIL 1, 2001
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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
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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: ________________________
________________________________________________________________________________
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PART I
REGISTRANT INFORMATION
Full name of registrant OUTSOURCE INTERNATIONAL, INC.
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Former name if applicable NOT APPLICABLE
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Address of principal executive office (STREET AND NUMBER)
1690 S. CONGRESS AVENUE, SUITE 210
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City, State and Zip Code DELRAY BEACH, FL 33445
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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 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
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.)
On June 11, 2001, the registrant and its operating subsidiaries filed
voluntary petitions for relief under Chapter 11 of the United States Bankruptcy
Code in the United States Bankruptcy Court for the Central District of
California. The registrant's Annual Report on Form 10-K for the year ended April
1, 2001 (the "Form 10-K") is due to be filed on July 2, 2001. The registrant is
unable to complete and file the Form 10-K without unreasonable effort or expense
by the due date because (i) the registrant's personnel responsible for the
preparation of the Form 10-K are also responsible for the preparation of the
bankruptcy court filings and related matters and these efforts have diverted
their attention from the preparation of the Form 10-K and (ii) the content of
the Form 10-K, including the financial statements, will be affected by the
bankruptcy filings. The registrant expects to file the Form 10-K on or before
July 17, 2001.
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PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Donn A. Beloff (954) 468-2478
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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 reason why a reasonable
estimate of the results cannot be made.
It is anticipated that there will be a significant change in the
registrant's results of operations for the fiscal year ended April 1, 2001
compared to the fiscal year ended December 31, 1999 in the following respects:
(i) net income of $7.2 million (including an extraordinary gain of $8.5 million)
is anticipated for the fiscal year ended April 1, 2001 compared to a net loss of
approximately $30.9 million for the year ended December 31, 1999 and (ii) it is
anticipated that due to the events resulting from the registrant filing for
relief under the Bankruptcy Code, the opinion of the registrant's independent
accountant will include a going concern qualification. The opinion of the
registrant's independent accountant for the year ended December 31, 1999 also
contained a going concern qualification based on, among other things, the
registrant's noncompliance with the terms of its borrowing facilities.
OUTSOURCE INTERNATIONAL, 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: July 2, 2001 By /s/ Michael A. Sharp
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Michael A. Sharp
Chief Financial Officer
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