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
For Period Ended: March 31, 2003
[_] Transition Report on Form 10-K SEC FILE NUMBER
[_] Transition Report on Form 20-F 000-23115
[_] Transition Report on Form 11-K
[_] Transition Report on Form 10-Q CUSIP NUMBER
[_] Transition Report on Form N-SAR 125961300
For the Transition Period Ended:
Read Instruction (on back page) 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
CTI INDUSTRIES CORPORATION
Full Name of Registrant
______________________
Former Name if Applicable
22160 North Pepper Road
Address of Principal Executive Office (Street and Number)
Barrington, IL 60010
City, State and Zip Code
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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)
(a) The reasons described in reasonable detail in Part III of
this form could not be eliminated without unreasonable
effort or expense;
(b) The subject annual report, semi-annual report, transition
report on Form 10-K, Form 20-F, I I-K, Form N-SAR, or
portion thereof, will be filed on or before the fifteenth
[X] calendar day following the prescribed due date; or the
subject quarterly report of 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 the Form 10-K, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period. (Attach Extra Sheets if Needed)
In order for the Company to complete the preparation of financial information
with its independent auditors, McGladrey & Pullen, LLP, for its fiscal quarter
ended March 31, 2003, the Company requires additional time to file its Form 10-Q
for such fiscal quarter.
PART IV--OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
SCOTT P. SLYKAS 312 294-6044
--------------- ----------- -----------------
(Name) (Area Code) (Telephone Number)
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(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.
CTI INDUSTRIES CORPORATION
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: May 15, 2003 By: /s/ Howard W. Schwan
----------------------------
Howard W. Schwan, 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).
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The Company expects to report net sales of approximately $10,000,000 for
the fiscal quarter ended March 31, 2003, as compared to net sales of $9,738,000
for the quarter ended March 31, 2002. The Company expects to report a loss
before taxes and minority interest of approximately $500,000 for the fiscal
quarter ended March 31, 2003, as compared to a gain before taxes and minority
interest of $641,000 for the quarter ended March 31, 2002. The net loss for the
quarter ended March 31, 2003 is expected to be approximately $500,000 as
compared to a net gain of $370,000 for the quarter ended March 31, 2002.
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