U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12B-25
NOTIFICATION OF LATE FILING
UNIVERSAL MONEY CENTERS, INC.
(registrant)
1-8460
(SEC FILE NUMBER)
913756102
(CUSIP Number)
[ ] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K
[X] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period Ended: July 31, 2002
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[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:________________________________________________
________________________________________________________________________________
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: Universal Money Centers, Inc.
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Former Name if Applicable: Not Applicable
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Address of Principal Executive Officer: 6800 Squibb Road
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(Street and Number)
Mission, KS 66202
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(City, State and Zip Code)
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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)
[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, Form 20-F, 11-K or Form N-SAR, or portion thereof will be filed
on or before the fifteenth calendar day 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
[ ] (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 Form 10-K and Form 10-KSB,
20-F, 11-K, 10-Q and Form 10-QSB, N-SAR or the transition report or portion
thereof could not be filed within the prescribed time period.
The financial statements of Universal Money Centers, Inc. (the "Company")
for fiscal quarter ended July 31, 2002 and Management Discussion and Analysis
have not yet been completed because the reporting staff have been busy
addressing operational matters and preparing officer certifications required
under the Sarbanes-Oxley Act of 2002.
The above has made completion of the financial statements of the Company
very complicated, expensive and time consuming.
________________________________________________________________________________
Part IV - Other Information
________________________________________________________________________________
(1) Name and telephone number of person to contact in regard to this
notification.
Christopher Greek 913-831-2055
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(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 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 reasons why a reasonable
estimate of the results cannot be made. See Attachment I.
Universal Money Centers, 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: September 16, 2002 By: /s/ David S. Bonsal
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David S. Bonsal,
Chairman of the Board and Chief
Executive Officer
ATTACHMENT I
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Revenues will be down by approximately $505,000 for the six months ended
July 31, 2002 in comparison with the same period last year as a result of the
loss of six banking clients during fiscal year ended January 31, 2002. The loss
of revenues has been partially offset by an increase in Company-owned ATMs
placed in other locations. The revenues generated by these newly placed ATMs
only partially offset the loss of revenues because revenues generated from newly
placed ATMs are typically lower than can be expected once the ATM has been in
place for several months. The loss of revenues will also be partially offset by
a reduction in cost of revenues resulting from lower transaction costs, such as
interchange rebates and network processing costs, resulting from the loss of
these banking clients. Costs of revenues decreased by approximately $217,500
when comparing the two periods.
Attached is the Company's draft Consolidated Statement of Operations for
the three and six months ended July 31, 2002 and July 31, 2001.
UNIVERSAL MONEY CENTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS AND SIX MONTHS ENDED JULY 31, 2002 AND 2001
(UNAUDITED)
Three Months Ended July 31, Six Months Ended July 31,
2002 2001 2002 2001
---- ---- ---- ----
NET REVENUES $ 2,106,064 $ 2,416,768 4,069,098 $ 4,574,184
COST OF REVENUES 1,706,958 1,872,805 3,388,221 3,605,744
------------ ------------ --------- ------------
GROSS PROFIT 399,106 543,963 680,877 968,440
OPERATING EXPENSES 418,571 463,973 819,454 882,466
------------ ------------ --------- ------------
INCOME FROM OPERATIONS (19,465) 79,990 (138,577) 85,974
------------ ------------ --------- ------------
OTHER INCOME (EXPENSE)
Interest income 6,569 22,526 18,672 41,800
Interest expense (25,351) (26,330) (53,016) (55,034)
Other (7,320) -- (7,320) --
------------ ------------ --------- ------------
(26,101) (3,804) (41,664) (13,234)
------------ ------------ --------- ------------
INCOME (LOSS) BEFORE INCOME TAXES (45,567) 76,186 (180,241) 72,740
PROVISION FOR INCOME TAXES -- -- -- --
------------ ------------ --------- ------------
NET INCOME (LOSS) (45,567) $ 76,186 (180,241) $ 72,740
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BASIC AND DILUTED EARNINGS (LOSS)
PER SHARE $ (0.011) $ 0.019 $ (0.044) $ 0.018
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WEIGHTED AVERAGE
COMMON SHARES OUTSTANDING [ ] 4,063,067 [ ] 4,050,871
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