UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SEC File Number: 000-5896
CUSIP Number: 469783104
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One): |_| Form 10-K |_| Form 20-F |_| Form 11-K |X| Form 10-Q
|_| Form 10D |_| Form N-SAR |_| Form N-CSR
For Period Ended: September 30, 2009
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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: N/A
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Part I -- REGISTRANT INFORMATION
Jaco Electronics, Inc.
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Full Name of Registrant
N/A
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Former Name if Applicable
145 Oser Avenue
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Address of Principal Executive Office (Street and Number)
Hauppauge, New York 11788
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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 applicable)
(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 Form N-CSR, or
portion thereof, will be filed on or before the fifteenth
calendar day following the prescribed due date; or the subject
quarterly report of transition report on Form 10-Q or subject
distribution report on Form 10-D, 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, 11K, 20-F, 10-Q,
10-D, N-SAR, N-CSR or the transition report portion thereof, could not be filed
within the prescribed time period.
There will be a delay in filing the Company's Quarterly Report on Form 10-Q for
the quarter ended September 30, 2009 because the Company needs additional time
due to unanticipated delays in coordinating the completion and approval of the
report and certain disclosures required to be made therein.
PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Jeffrey D. Gash (631) 273-5500
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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,
identified reports(s).
|_| Yes |X| No
Form 10-K for period ending June 30, 2009
(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
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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.
As reported on a Form 8-K filed January 13, 2009, on January 7, 2009, the
Registrant announced that it had entered into an Asset Purchase Agreement with
WPG Americas, Inc. pursuant to which WPG Americas, Inc. purchased certain assets
and assume certain liabilities used in the Registrant's business of distributing
passive and active electronic components and supporting technology products and
services. As a result, the operations of this business are reported as a
discontinued business and are excluded from the continuing results of operations
for the three months ended September 30, 2009. Net sales from continuing
operations for the three months ended September 30, 2009 decreased significantly
(from $20.9 million for the three months ended September 30, 2008). For the
three months ended September 30, 2009 operating profit from continuing
operations was approximately $0.7 million as compared to $0.3 million for the
three months ended September 30, 2008. For the three months ended September 30
2009, the Registrant expects to report minimal or no loss from discontinued
operations (compared to a loss of $15.4 million from discontinued operations for
the same period in 2008), and a small net income per share (compared to a net
loss per share of $2.40 for the same period in 2008). Results from continuing
operations for the three months ended September 30, 2009 include a claim
settlement of approximately $1.5 million. In addition the net proceeds for the
sale and the collections of the accounts receivable of the discontinued business
were used to repay the Registrant's indebtedness under its credit facility and
therefore the assets and liabilities of the Registrant are significantly lower
than the prior period reported.
JACO ELECTRONICS, 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
hereunto duly authorized.
Date: November 17, 2009 By: /s/ Jeffrey D. Gash
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Executive Vice President - Finance & Secretary
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.
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ATTENTION
International misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).
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