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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
Commission File Number: 0-14488
NOTIFICATION OF LATE FILING
(Check One)
[ ] Form 10-K and Form 10-KSB [ ] Form 20-F [ ] Form 11-K
[X] Form 10-Q and Form 10-QSB [ ] Form N-SAR
For Period Ended: June 30, 2002
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[ ] 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 the 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: Not applicable
Full Name of Registrant: Seitel, Inc.
Former Name if applicable: Not applicable
Address of Principal Executive Office (street and number): 50 Briar Hollow Lane,
7th Floor West
City, State and Zip Code: Houston, Texas 77027
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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)
[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, 20-F, 11-K or Form N-SAR, or portion thereof will be filed on or
before the 15th 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.
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PART III
NARRATIVE
State below in reasonable detail the reasons why Form 10-K and
Form 10-KSB, 11-K, 20-F, 10-Q and Form 10-QSB, N-SAR or the transition report
or portion thereof could not be filed within the prescribed time period.
(Attach extra sheets if needed.)
Due to the Company's recent restatement to its financial statements,
the defense of certain class action lawsuits arising out of such restatement,
the default on its senior notes and its efforts to workout the default with its
senior note holders, the resignation of its chief executive officer, the
termination of its chief financial officer, the appointment of a new chairman of
the board, a new chief executive officer and a new acting chief financial
officer, the Company's recent on-going investigation into the possible improper
conversion of corporate funds for the personal use of certain former officers
and the Company's required attention to all of these urgent matters, the Company
has been unable to complete by the required filing date its quarterly report on
Form 10-Q for the quarter ended June 30, 2002 without unreasonable effort and
expense.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Craig Comeaux (713) 881-8900
(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 statement 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 financial statements will be presented on a consistent basis with those
for the corresponding period last year except the Company expects to report:
o a pre-tax impairment charge of approximately $57 million relating to
the Company's announced divestiture of its Oil and Gas Assets,
including the August 2002 sale of a majority of the assets of DDD
Energy, Inc.;
o an impairment of the seismic data library in accordance with SFAS
No. 144 of approximately $26 million;
o a change in accounting principle in 2002 with an aggregate six month
effect of approximately $26 million; and
o a valuation allowance relating to its deferred tax assets of
approximately $22 million.
In addition, the Company's auditors have advised the Company that their
report with respect to the Company's 2001 financial statements, which will be
included in its Form 10-K/A (Amendment No. 3) that the Company intends to file
in advance of its Form 10-Q for the quarter ended June 30, 2002, will include a
"going concern" modification based on the Company's non-compliance with certain
debt covenants. Further, the Company's auditors have advised the Company that,
if the non-compliance is not satisfactorily resolved, their report on the
Company's December 31, 2002 financial statements will include a "going concern"
modification.
Seitel, Inc. has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: August 15, 2002
By: /s/ Marcia H. Kendrick
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Name: Marcia H. Kendrick
Title: Acting Chief Financial Officer
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