UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 12b-25
NOTIFICATION OF LATE FILING
(CHECK ONE): |_| Form 10-K |_| Form 20-F |_| Form 11-K |X| Form 10-Q
|_| Form N-SAR |_| Form N-CSR
For the period ended: September 30, 2006
|_| 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
GIANT MOTORSPORTS, INC..
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Full Name of Registrant
American Busing Corporation
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Former Name if Applicable
13134 State Route 62
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Address of Principal Executive Officer (Street and Number)
Salem, Ohio 44460
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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;
|X| b. The subject annual report, semi-annual report, transition report on Form
10-K, Form 20-F, Form 11-K, Form N-SAR, 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 10-D, 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 Forms 10-K, 20-F, 11-K,
10-Q, 10-D, N-SAR, N-CSR or the transition report or portion thereof, could not
be filed within the prescribed time period:
The Registrant has been unable to compile all pertinent information to complete
the quarterly report or complete providing the Registrant's accountant with all
of the accounting information necessary to complete the quarterly report. The
quarterly report could not be completed without unreasonable effort or expense.
The Registrant anticipates that it will file its Quarterly Report on Form 10-Q
within the "grace" period provided by Securities Exchange Act Rule 12b-25.
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PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
information:
Gregory A. Haehn, President - (330) 332-8534
(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?
|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.
During the three month period ended September 30, 2006, the Registrant
experienced a 68.6% reduction in income from operations and a 131.3% reduction
in net income (loss) after the payment of taxes, but before payment of preferred
dividends, as compared to the comparable period in 2005. These significant
reductions were primarily attributable to the following:
(1) Reduction in Sales. Total revenues in the third quarter of 2006 were 8.7%
less than in the third quarter of 2005. This resulted from a significant
decrease in sales throughout the entire motorcycle industry, with
September 2006 representing the most significant downturn in sales of
motorcycles in the past 12 years. Most of the reduction in sales occurred
at our Chicago Cycles facility in Skokie, Illinois, with sales at Andrews
Cycles in Salem, Ohio being nearly the same as the third quarter of 2005.
(2) Increase in Operating Expenses. Notwithstanding our reduction in sales
during the third quarter of 2006 compared to the same period in 2005, our
operating expenses, increased significantly (8.2%). Although we attempted
to reduce our operating expenses by reducing the number of employees on
the payrolls of both of our stores by an aggregate of 31 employees, our
payroll still increased by $406,000 between the comparable three-month
periods, as it was not possible to cut our staff as quickly as sales were
reduced. Additionally, we continue to incur significant costs to operate
our 95,000 square foot facility in Skokie, such as electricity and fuel
charges, notwithstanding the significant decrease in sales at such
facility.
(3) Increase in Interest Expenses. Additionally, because of the weakness in
sales, and the fact that we finance the purchase of inventory through
various inventory financing facilities which generally bear interest rates
of prime plus 1%, we were required to maintain greater amounts of
inventory than normal, which resulted in an increase in interest expenses.
Interest rates were also significantly higher for the nine months ended
September 30, 2006 as compared to the same period in 2005, since the prime
rate continued to increase throughout the first six months of 2006.
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The following tables provide a comparison of our results of operations for the
three and nine month periods ended September 30, 2006 and 2005, respectively.
September September
30, 2006 30, 2005
(Three (Three Increase
Months) Months) (Decrease) % Change
----------- ----------- ----------- -----------
TOTAL REVENUES 24,866,822 27,249,505 (2,382,683) -8.7%
COST OF SALES 21,149,746 23,331,187 (2,181,441) -9.3%
OPERATING EXPENSES 3,502,751 3,236,829 265,922 8.2%
INCOME FROM OPERATIONS 214,325 681,489 (467,164) -68.6%
INCOME (LOSS) BEFORE
PROVISION (BENEFIT) FOR
INCOME TAXES (128,969) 565,726 (694,695) -122.8%
NET INCOME (LOSS) BEFORE
PREFERRED DIVIDENDS (101,869) 325,726 (427,595) -131.3%
September September
30, 2006 30, 2005
(Nine (Nine Increase
Months) Months) (Decrease) % Change
----------- ----------- ----------- -----------
TOTAL REVENUES 82,626,885 83,784,883 (1,157,998) -1.4%
COST OF SALES 70,362,596 73,271,992 (2,909,396) -4.0%
OPERATING EXPENSES 10,701,665 8,719,811 1,981,854 22.7%
INCOME FROM OPERATIONS 1,562,624 1,793,080 (230,456) -12.9%
INCOME (LOSS) BEFORE
PROVISION (BENEFIT) FOR
INCOME TAXES 660,835 1,290,707 (629,872) -48.8%
NET INCOME (LOSS) BEFORE
PREFERRED DIVIDENDS 262,135 877,707 (615,572) -70.1%
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SIGNATURE
GIANT MOTORSPORTS, INC. has caused this notification to be signed on its
behalf by the undersigned hereunto duly authorized.
GIANT MOTORSPORTS, INC.
November 14, 2006 By: /s/ Gregory A. Haehn
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Gregory A. Haehn, President
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