FORM 12b-25
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
SEC FILE NUMBER: 001-13533
CUSIP NUMBER: 669 947 889 Common Stock
669 947 806 8.90% Series C Cumulative Redeemable Preferred Stock
(Check One) | | Form 10-K | | Form 20-F | | Form 11-K |X| Form 10-Q | |
Form 10-D| | Form N-SAR | | Form N-CSR
For Period Ended: June 30, 2008
[ ] 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
NovaStar Financial, Inc.
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Full Name of Registrant
Not Applicable
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Former Name if Applicable
8140 Ward Parkway, Suite 300
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Address of Principal Executive Office (Street and Number)
Kansas City, Missouri 64114
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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 reason 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 10-D, 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 why 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.
NovaStar Financial, Inc. (the "Company") could not file its Quarterly
Report on Form 10-Q for the quarter ended June 30, 2008, due on August 11, 2008
(the "Form 10-Q"), with the Securities and Exchange Commission ("SEC") because
the Company and its independent auditors require additional time to assess the
impact of market factors and the mortgage securities markets on the Company's
financial statements. This delay could not be eliminated by the Company without
unreasonable effort and expense. The Company intends to file its Form 10-Q
within the 5 calendar day period contemplated by Rule 12b-25 promulgated under
the Securities Exchange Act of 1934, as amended.
PART IV--OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Rodney E. Schwatken (816) 237-7000
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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 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.
Due to the ongoing analysis described above, the Company has not finalized
its financial statements for the second quarter of 2008. However, the Company
expects that its results of operations for the six and three month periods
ending June 30, 2008 will change significantly from its results of operations
for the six and three month periods ending June 30, 2007 as result of, among
other things, the termination of the Company's mortgage origination business and
the impact of market factors and the mortgage securities markets on the
Company's financial statements and the valuation of the Company's financial
assets.
Novastar Financial, Inc.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date: August 12, 2008 By: /s/ RODNEY E. SCHWATKEN
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Name: Rodney E. Schwatken
Title: Chief Financial Officer