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OMB APPROVAL
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UNITED STATES OMB Number: 3235-0058
SECURITIES AND EXCHANGE COMMISSION Expires: January 31, 2005
WASHINGTON, D.C. 20549 Estimated average burden
hours per response. .2.50
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FORM 12B-25
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NOTIFICATION OF LATE FILING SEC FILE NUMBER
0-30417
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CUSIP NUMBER
718193 10 5
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(Check One): [X]Form 10-K [ ]Form 20-F [ ]Form 11-K [ ]Form 10-Q [ ]Form N-SAR
For Period Ended: DECEMBER 31, 2001
[ ] 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:
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Read Instruction (on back page) Before Preparing Form. Please Print or Type.
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NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSION
HAS VERIFIED ANY INFORMATION CONTAINED HEREIN.
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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
PHILIP SERVICES CORPORATION
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Full Name of Registrant
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Former Name if Applicable
9700 HIGGINS ROAD, SUITE 750
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Address of Principal Executive Office (Street and Number)
ROSEMONT, ILLINOIS 60018
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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)
[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 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.
THE REGISTRANT WAS NOT ABLE TO FILE ITS ANNUAL REPORT ON FORM 10-K FOR
THE YEAR ENDED DECEMBER 31, 2001 BECAUSE IT IS INVOLVED IN CERTAIN
NEGOTIATIONS WITH ITS LENDING INSTITUTIONS REGARDING ADDITIONAL
FINANCING AND OTHER MATTERS. IN CONNECTION THEREWITH, THE REGISTRANT'S
CONSOLIDATED FINANCIAL STATEMENTS FOR SUCH PERIOD HAVE NOT BEEN
COMPLETED NOR REVIEWED BY REGISTRANT'S OUTSIDE PROFESSIONALS. THE
REGISTRANT WAS ALSO NOT ABLE TO COMPLETE THE MANAGEMENT'S DISCUSSION
AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS AND
CERTAIN OTHER PORTIONS OF THE FORM 10-K BEFORE THE DUE DATE OF SUCH
ANNUAL REPORT WITHOUT UNREASONABLE EFFORT AND EXPENSE.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
THOMAS P. O'NEILL, JR. (847) 993-4730
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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 answer is no,
identify report(s). [X] Yes [ ] No
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(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
AS INDICATED IN PREVIOUS FILINGS OF THE REGISTRANT PURSUANT TO THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, THE REGISTRANT ADOPTED
FRESH START REPORTING EFFECTIVE MARCH 31, 2000 IN ACCORDANCE WITH THE
AICPA'S STATEMENT OF POSITION 90-7. ACCORDINGLY, THE CONSOLIDATED
FINANCIAL INFORMATION AS OF OR PRIOR TO, AND FOR PERIODS PRIOR TO,
SUCH DATE MAY NOT BE RELIED UPON AS PROVIDING AN ACCURATE COMPARISON
OF FINANCIAL PERFORMANCE OR AS BEING INDICATIVE OF FUTURE RESULTS OF
THE REGISTRANT.
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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PHILIP SERVICES CORPORATION
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date APRIL 1, 2002 By: /s/ THOMAS P. O'NEILL, JR.
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THOMAS P. O'NEILL, JR., SENIOR VICE
PRESIDENT AND CHIEF FINANCIAL
OFFICER