Form 12b-25 Notification of Late Filing
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
12b-25
NOTIFICATION
OF LATE FILING
(Check
One): [_]
Form 10-K [_] Form
11-K [_] Form
20-F [X] Form
10-Q [_]
Form
10D
[_]
Form
N-SAR [_] Form
N-CSR
For Period Ended: March 31, 20006
[_] 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: _________________________
Read
attached instruction sheet 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:
PART
I
REGISTRANT
INFORMATION
Franklin
Credit Management
Corporation
Full
Name
of Registrant
__________________________________________________________________________________________________________________
Former
Name if Applicable
101
Hudson
Street
Address
of Principal Executive Office (Street and Number)
Jersey
City, New Jersey
07302
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 Form
10-K,
Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, 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 subject distribution report on
Form
|
10D,
or
portion thereof, will be filed on or before the fifth calendar day following
the
prescribed due date; and
ཌྷ
|
|
(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 why the Form 10-K, 20-F, 11-K, 10-Q, 10D, N-SAR,
N-CSR or the transition report or portion thereof, could not be filed within
the
prescribed time period.
The
Company was delayed in the preparation of its Quarterly Report on Form 10-Q
for
the quarterly period ended March 31, 2006 as a result of the Company’s delayed
filing of its Annual Report on Form 10-K for the year ended December 31, 2005,
which reflected the restatement of its previously issued financial statements
for the fiscal years ended December 31, 2004 and 2003, the quarterly periods
within those years and the first three quarterly periods in the fiscal year
ended December 31, 2005. As a result, the Company's Form 10-Q could not be
filed
within the prescribed time period without unreasonable effort or
expense.
PART
IV
OTHER
INFORMATION
(1)
|
Name
and telephone number of person to contact in regard to this
notification
|
Paul
D. Colasono 201
604-4402
(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.
Net
income for the three months ended March 31, 2006 is estimated to be
approximately $1.7 million, compared with $2.8 million for the same period
in
2005. The most significant driver of the estimated decrease in net income is
the
continued rise in short term interest rates and its effect on the Company’s
interest-sensitive borrowings. Since December 31, 2004, short term market
interest rates have increased approximately 224 basis points. Other revenues
and
collection, general and administrative expenses each are expected to increase
significantly in the first quarter of 2006, compared with the same quarter
in
2005, commensurate with the significant growth of the Company’s balance sheet
during the past year. In addition, the provision for loan losses is anticipated
to increase to approximately $1.9 million, compared with $1.2 million in the
first quarter in 2005.
2
Franklin Credit Management
Corporation
(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
16, 2006
By:
/s/
Paul D.
Colasono
Name: Paul
D.
Colasono
Title:
Chief
Financial Officer and Executive Vice President
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
Intentional
misstatements or omissions of fact constitute Federal Criminal Violations (see
18 U.S.C. 1001).
GENERAL
INSTRUCTIONS
1. This
form
is required by Rule 12b-25 of the General Rules and Regulations under the
Securities Exchange Act of 1934.
2. One
signed original and four conformed copies of this form and amendments thereto
must be completed and filed with the Securities and Exchange Commission,
Washington, D.C. 20549, in accordance with Rule 0-3 of the General Rules and
Regulations under the Act. The information contained in or filed with the form
will be made a matter of public record in the Commission files.
3. A
manually signed copy of the form and amendments thereto shall be filed with
each
national securities exchange on which any class of securities of the registrant
is registered.
4. Amendments
to the notifications must also be filed on Form 12b-25 but need not restate
information that has been correctly furnished. The form shall be clearly
identified as an amended notification.
5. ELECTRONIC
FILERS. This form shall not be used by electronic filers unable to timely file
a
report solely due to electronic difficulties. Filers unable to submit a report
within the time period prescribed due to difficulties in electronic filing
should comply with either Rule 201 or Rule 202 of Regulation S-T or apply for
an
adjustment in filing date pursuant to Rule 13(b) of Regulation S-T.
3