UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Commission File Number: 0-6664
FORM 12b-25
NOTIFICATION OF LATE FILING
[ ] Form 10-K [ ] Form 10-KSB [ ] Form 20-F [ ] Form 11-K
[X] Form 10-Q [ ] Form N-SAR
For Period Ended: March 31, 2001
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 10-KSB
[ ] 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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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
Full Name of Registrant: K-tel International, Inc.
Former Name if Applicable:
Address of Principal Executive Office: 5555 Pioneer Creek Drive
City, State and Zip Code: Maple Plain, Minnesota 55359
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, 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 expenses;
[X] (b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 10-KSB, Form 20-F, Form 11-K, 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 the Form 10-K, Form 10-KSB,
20-F, 11-K, 10-Q, 10-QSB, N-SAR, or the transition report or portion thereof,
could not be filed within the prescribed time period.
On March 19, 2001, the Registrant's United States music distribution
subsidiary, K-tel International (USA), Inc. ("K-tel USA"), filed for protection
under Chapter 7 of the Bankruptcy Code in the United States Bankruptcy Court,
Fourth District, Minneapolis, Minnesota (Case No. 01-41131). Because of K-tel
USA's Chapter 7 bankruptcy petition, the Registrant needs additional time to
finalize its financial statements in order to ensure accurate reporting of its
financial condition and results of operations for the period ended March 31,
2001. In addition, the Registrant needs additional time to include in its
financial statements certain disclosures in response to a comment letter it
recently received from the Securities and Exchange Commission, regarding the
Registrant's Securities Exchange Act of 1934 reports.
For the reasons set forth above, the Registrant cannot timely file its
Quarterly Report on Form 10-Q without unreasonable effort or expense. The
Registrant is in the process of completing the financial statements and other
information required by Form 10-Q and management believes that they will be
completed after May 15, 2001 but on or before May 21, 2001.
PART IV-OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Dennis Ward (763) 479-8170
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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 reports) been
filed? If 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? [ ] Yes [X] 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.
K-tel INTERNATIONAL, 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 MAY 14, 2001 By /s/ Dennis Ward
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Dennis Ward
Chief Financial Officer
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.