Derby Cycle Corp – ‘NT 10-Q’ for 7/1/01

On:  Tuesday, 8/14/01, at 12:04pm ET   ·   For:  7/1/01   ·   Accession #:  950142-1-500256   ·   File #:  333-61191

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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 Notification of Late Filing                4     12K 

NT 10-Q
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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

--------------

 FORM 12B-25

 NOTIFICATION OF LATE FILING

 [X] FORM 10-Q

FOR THE QUARTER ENDED JULY 1, 2001

COMMISSION FILE NUMBER: 0001067447

Part I.  --  Registrant Information                                             

 THE DERBY CYCLE CORPORATION
(Exact name of registrant as specified in its charter)

DELAWARE                                         31-1038896   
(State or other jurisdiction of                         (I.R.S. Employer        
incorporation or organization)                          Identification No.      

300 FIRST STAMFORD PLACE                                      
(5TH FLOOR)                                                   
STAMFORD, CONNECTICUT                          06902-6765     
(Address of principal executive offices)                (Zip Code)              

Registrant's telephone number, including area code:  (203) 961-1666             

NT 10-Q
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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)                   

               (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,
            transaction 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 [X]

                 (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.       

                  Lyon Investments B.V.'s U.S. financial reports are prepared by
its holding company, The Derby Cycle Corporation (the "Company"). The management
of the Company has devoted substantial time and effort to the sale of all of the
issued and outstanding stock of its former subsidiary, Koninklijke Gazelle B.V. 
("Gazelle"), and, with the help of its financial advisors, Lazard Freres & Co.  
L.L.C., to exploring alternatives for refinancing or restructuring the Company's
indebtedness. Because of the resources devoted to the sale of Gazelle and to the
exploration of restructuring or refinancing alternatives, Lyon Investments B.V. 
and the Company have not been able to complete and file their respective Form   
10-Qs by the date required without unreasonable effort or expense.              

Part IV. --  Other Information                                                  

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

                            Simon J. Goddard 011 44 115 942 0202

           (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                           

NT 10-Q
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                 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.                              

               Net revenues for the quarter ended July 1, 2001 were $126.0
million, 25% below year ago. While gross margins were held at 25.7% of revenues,
selling, general and administrative expenses could not be reduced as quickly as 
the decline in revenues and were 11% below year ago. $2.1 million of fees for   
financial advisory services and related professional advice were paid by the    
Company for the review of its business and exploration of alternatives in order 
to repay the Revolving Credit Facility in the quarter ended July 1, 2001.       

              As a result, operating income declined by $8.2 million, to
$2.6 million, compared with $10.8 million in the quarter ended July 2, 2000.    

                 The decline in revenues largely mirrored a decline throughout
the market of sales to independent bicycle dealers.                             

             The decline in revenues allowed the Company to reduce its
levels of inventories and accounts receivable, such that the cash flow improved 
compared with a year ago.                                                       

NT 10-Q
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 The Derby Cycle Corporation

Has caused this notification to be signed on its behalf by the undersigned      
hereunto duly authorized, on August 14, 2001.                                   

 THE DERBY CYCLE CORPORATION

By:  /s/ Simon J. Goddard 
                       ---------------------------------------
         Name:    Simon J. Goddard
                              Title:   Vice President & Corporate Controller

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘NT 10-Q’ Filing		Date		First		Last			Other Filings
Filed on:		8/14/01		4
For Period End:		7/1/01		1		3			10-Q
		7/2/00		3					10-Q
									List all Filings