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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One) [ ] Form 10-K [ ] Form 20-F [ ] Form 11-K [X] Form 10-Q
[ ] Form N-SAR
For Period Ended June 30, 2001
[ ] Transition Report on Form 10-K [ ] Transition Report on Form 10-Q
[ ] Transition Report on Form 20-F [ ] Transition Report on Form N-SAR
[ ] Transition Report on Form 11-K
For Transition Period Ended ___________________
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: Not applicable
PART I
REGISTRANT INFORMATION
Full Name of Registrant: RVM Industries, Inc.
Former Name if Applicable: Not Applicable
Address of Principal Executive Office (street and number):
753 West Waterloo Road
City, State and Zip Code: Akron, Ohio 44314-1519
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 report, semi-annual report, transition
report on Form 10-K, Form 20-F, 11-K, Form N-SAR, or portion
thereof, will be filed on or before the 15th calendar day
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following the prescribed due date; or the subject quarterly report
or 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
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(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 the Form 10-K, 11-K, 20-F,
10-Q, N-SAR or the transition report portion thereof could not be filed within
the prescribed period. (Attach extra sheets if needed.)
The registrant has worked diligently to prepare its quarterly report on Form
10-Q for its fiscal quarter ended June 30, 2001, but it has been unable to
complete the report by the prescribed filing date, August 14, 2001, because of
the permanent shutdown of its subsidiary, Albex Aluminum, Inc., on August 10,
2001. The shut-down was announced in a press release issued that day, and the
registrant also filed a Form 8-K including the press release. The shutdown
requires changes to the registrant's financial statements that could not be
completed by August 14, 2001. The Form 10-Q will be filed no later than August
20, 2001, within the time period prescribed by Rule 12b-25(b)(iii) promulgated
under the Securities Exchange Act of 1934.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
James R. McCourt 330 753-4545
(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 reports) 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
(4) 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.
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RVM INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: August 14, 2001 By: /s/ James R. Mccourt
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James R. McCourt
PART IV, SECTION (4) STATEMENT
The registrant's Net Sales for First Quarter Fiscal Year 2002 were $13,403,925,
a decrease of 36.6% from the First Quarter Fiscal Year 2001 of $21,137,608. Net
Loss for the First Quarter Fiscal Year 2002 increased to $(1,732,848) from
Fiscal Year 2001 Net Loss of $(146,178). The decreases in net sales were a
result from the severe retraction in both the truck trailer market and the
aluminum extrusion market. Per the Bureau of Census, overall truck trailer
shipments from manufacturers in calendar year 2000 decreased by 20.1% with
fourth quarter shipments lower than the prior fourth quarter by 34.1%. Industry
analysts expect the market to remain at this low level of production through
calendar year 2001. Albex, a subsidiary of the registrant, serves the truck
trailer market with aluminum extrusion and, as a result, experienced similar
decrease in sales.
The net loss increase resulted from the loss gross profit not being generated
from the decreased net sales and the registrant's inability to reduce operating
cost as fast as volume decreased. In addition, the registrant can not utilize
the tax loss generated for the period until the registrant returns to
profitability. The registrant has recorded an income tax valuation reserve for
the tax effect of the loss.
As a result of the continuing loss, especially at Albex, the registrant
announced a shutdown of Albex on August 10, 2001. Management is finalizing the
effect on the registrant and is expected to record a substantial loss generated
from the shutdown of Albex. In addition the registrant has not complied with
certain bank covenants, which has resulted in a request from its lenders that
the registrant secure replacement financing. The registrant has not yet been
able to secure replacement financing.