U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC File No. 0-19365
CUSIP No.: 228341 30.1
(Check One): [X] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K
[ ] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period ended: December 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 Attached Instruction Sheet Before Preparing Form. Please Print or Type.
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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:_________________________
PART I - REGISTRANT INFORMATION
Full Name of Registrant: Crown Energy Corporation
Former Name if Applicable:
Address of Principal Executive
Office (Street and Number) 1710 West 2600 South
City, State and Zip Code Woods Cross, 84087
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, 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. [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 period.
The Company was unable to file its Annual Report on Form 10-K for the
period ending December 31, 2002 due to additional work required to
review its financial statements. The Company was unable to eliminate
the delays associated with these matters, as they relate to the
preparation of its Annual Report on Form 10-K, without unreasonable
effort or expense.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Lorin E. Patterson (913) 451-6060
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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 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.
The company recorded revenues of roughly $18 million for the year ended
2002 down from the previous years revenues of $27 million. Revenues are
primarily derived from the sale of asphalt products. Gain from a recovery of bad
debt expenses increased significantly for the year ended 2002 in the amount of
approximately $1.6 million. Impairment losses of property, equipment and
goodwill increased for the year ended 2002 to an estimated $810 thousand. A gain
from the sale of interest in an unconsolidated affiliate of roughly $2.9 million
will be realized in the year ending 2002. The Company will record an
extraordinary gain from recognition of a debt settlement with a minority
interest holder in a consolidated L.L.C. for the year ended 2002 in the amount
of approximately $30 million.
Crown Energy Corporation
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(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: March 28, 2003 By: /s/ Jay Mealey
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Jay Mealey, Chief Executive Officer,
Director
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.
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ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).
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