Best Products Co Inc – ‘NT 10-Q’ for 8/3/96

As of:  Tuesday, 9/17/96   ·   For:  8/3/96   ·   Accession #:  916641-96-789   ·   File #:  0-24178

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Notice of a Late Filing of a Form 10-Q   —   Form 12b-25
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NT 10-Q     Form 12B-25                                            3     14K 

NT 10-Q
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 U.S. 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:  August  3,  1996                                           
[ ]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:                         

Part 1 - Registration Information                                               

Full Name of Registrant                                                         
Former Name if Applicable                                                       
Best Products Co., Inc.                                       
Address of Principal Office (Street and Number)                                 
1400 Best Plaza                                               
City, State and Zip Code                                                        
Richmond, Virginia 23227-1125                                 

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,  20-F,  11-K, 10-Q,
N-SAR or the transition  report or portion thereof could not be filed within the
prescribed time period.                                                         

         As previously announced,  the Registrant is in the process of reviewing
options  available to it in view of its poor sales  performance.  Because of the
significant  effort being expended in this review and the significant  impact of
certain options on the Registrant,  the Registrant  requires  additional time to
prepare the Form 10-Q. The Registrant  currently  anticipates that the Form 10-Q
will be filed on or before September 23, 1996.                                  

Part IV - Other Information                                                     

         (1) Name and  telephone  number of person to  contact in regard to this
notification                                                                    

       W. Edward Clingman, Jr.            (804) 261-2035
                  Name                    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 "A"

NT 10-Q
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Best Products Co. Inc.
(Name of Registrant as specified in charter)

has  caused  this  notification  to be signed on its  behalf by the  undersigned
hereunto duly authorized.                                                       

Date: September 17, 1996            By: /s/ W. Edward Clingman, Jr.             
                           ---------------------------
                       W. Edward Clingman, Jr.
                                      Senior Vice President, General Counsel

              By: /s/ Sharyn P. Hunt
                           ---------------------------
              Sharyn P. Hunt
                             Vice President and Controller

INSTRUCTION: The form may be signed by an executive officer of the registrant or
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.                  

 ATTENTION

Intentional  misstatements  or omissions  of fact  constitute  Federal  Criminal
Violations (See 18 U.S.C. 1001).                                                

NT 10-Q
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ATTACHMENT "A"

         Net sales for the thirteen weeks ended August 3, 1996  decreased  14.0%
to $268.0 million compared to $311.8 million for the same period of fiscal 1995.
Net sales for the twenty-six weeks ended August 3, 1996 decreased 8.0% to $537.8
million  compared to $584.6  million for the same period of fiscal  1995.  These
results are primarily  due to 16.1% and 11.6%  decreases in same store sales for
the quarter and fiscal year to date,  respectively.  The Company attributes most
of the  decrease  in same  store  sales  to a  weaker  promotional  program  and
competitive market pressures.                                                   

         The Company's net loss for the thirteen  weeks ended August 3, 1996 was
$31.5 million or $1.01 per share  compared to a net loss of $7.1 million or $.23
per share for fiscal 1995. The Company's net loss for the twenty-six weeks ended
August 3, 1996 was $66.1  million or $2.11 per share  compared  to a net loss of
$15.2  million  or $.48  per  share  for  fiscal  1995.  The  increased  loss is
attributed  primarily to the  decrease in same store  sales,  lower gross margin
rates, and higher interest,  depreciation and amortization during the first half
of fiscal 1996 compared to the same period of fiscal 1995,  and higher  selling,
general and administrative expenses in the first quarter of fiscal 1996 compared
to the first quarter of fiscal 1995.                                            

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘NT 10-Q’ Filing		Date		First		Last			Other Filings
		9/23/96		1					10-Q
Filed on:		9/17/96		2
For Period End:		8/3/96		1		3			10-Q
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