UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
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SEC FILE NUMBER
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1-11601
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CUSIP NUMBER
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632900 10 6
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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: January 31, 2002
[ ] 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.
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
PART I - REGISTRANT INFORMATION
NATIONAL AUTO CREDIT, INC.
Full Name of Registrant
Former Name if Applicable: N/A
555 MADISON AVENUE, 29TH FLOOR,
Address of Principal Executive Office (Street and Number)
NEW YORK, NEW YORK 10022
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)
(a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense:
(b) The subject annual report, semi-annual report, transition report on
Form 10-K Form 20-F, 11-K, Form N-SAR, or portion thereof, will be
[X] 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.
(c) The accountant's statement or other exhibit required by Rule
12B-25(c) has been attached if applicable.
PART III - NARRATIVE
The Registrant's Annual Report on Form 10-K for the fiscal year ended
January 31, 2002 could not be filed within the prescribed time period because
additional time is required to prepare the financial statements as a result of
the Registrant's decision to discontinue the operations of two business
segments, and related effects of the disposal certain net assets of the
discontinued operations of the Registrant during the fourth quarter of its
fiscal year ended January 31, 2002. The two business segments discontinued by
the Registrant were (i) the e-commerce segment operated by its ZoomLot
subsidiary and (ii) the auto financing segment. The decision to discontinue
these two segments necessitates the recasting of financial statements for prior
years to reclassify the segments as discontinued operations, which has increased
the time needed to prepare the financial statements
The Registrant is working to complete the preparation of the financial
statements as expeditiously as possible. The Registrant expects that the subject
Annual Report on Form 10-K will be filed by May 15, 2002.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Robert V. Cuddihy, Jr. (212) 644-1400
(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 reports) been
filed? If answer 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:
For the year ended January 31, 2001, the Registrant reported a net
loss of $47.3 million. It is anticipated that for the year ended
January 31, 2002 the Registrant will report a net loss of
approximately $14.5 million. The net loss for the year ended
January 31, 2001 included a charge of $35.6 million related to the
repurchase of shares of the Registrant's Common Stock. The results
for the year ended January 31, 2002 do not include such a charge.
National Auto Credit, Inc.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: May 1, 2002 By: /s/ James J. McNamara
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James J. McNamara
Chief Executive Officer