U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
Commission File Number: 001-9178
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NOTIFICATION OF LATE FILING
(Check One): [ ] Form 10-K and Form 10-KSB [X] Form 20-F
[ ] Form 11-K [ ] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period Ended: December 31, 2003
[ ] 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 I
REGISTRANT INFORMATION
Koor Industries Ltd.
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Full Name of Registrant
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Former name if applicable
14 Hamelacha Street
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Address of principal executive office (Street and number)
Rosh Ha'ayin 48091, Israel
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City, State and Zip Code
PART II
RULE 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 transition report on Form 10-K, [X] ( Form 20-F, 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 Form 10-K, 11-K, 20-F, 10-Q,
N-SAR or the transition report portion thereof could not be filed within the
prescribed period. (Attach extra sheets if needed.)
The Registrant was unable to timely complete its Annual Report on Form 20-F
without unreasonable effort and expense. Specifically, the Registrant was unable
to obtain amended auditors' reports from the auditors of several of its
consolidated subsidiaries containing the reference required by PCAOB Accounting
Standard No. 1 in time to file its Annual Report on Form 20-F by the prescribed
date. The Registrant expects to receive these amended auditors' reports soon and
will file its Annual Report on Form 20-F on or before the fifteenth calendar day
following the prescribed due date.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Shlomo Heller, General Counsel 011-972-3-900-8420
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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 Registrant anticipates reporting: (i) revenues of approximately $1.76
billion for the year ended December 31, 2003, compared to revenues of
approximately $1.53 billion for the year ended December 31, 2002; (ii) operating
earnings of approximately $205 million for the year ended December 31, 2003
compared to operating earnings of approximately $103 million for the year ended
December 30, 2002; and (iii) net earnings of approximately $11 milion for the
year ended December 31, 2003 compared to a net loss of approximately $165
million for the year ended December 31, 2002.
A more detailed discussion of results of operations will be included in "Item 5,
Operating and Financial Review and Prospects" in the Form 20-F to be filed.
Koor Industries Ltd.
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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: June 30, 2003 By: /s/ Yuval Yanai
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Yuval Yanai
Senior Vice President and
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.
ATTENTION
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Intentional misstatements or omissions of fact constitute
Federal Criminal Violations (See 18 U.S.C. 1001)
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