-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PtiJqMsFdt970jbkDvzHtVl6Sfk5VKoH1u+2wQZhiPHXx8LpUM7hgx7awp5Q3Dx6 qbKbWItRYqr6/aiOzmIlMQ== 0000205700-95-000006.txt : 19951002 0000205700-95-000006.hdr.sgml : 19951002 ACCESSION NUMBER: 0000205700-95-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950926 ITEM INFORMATION: Other events FILED AS OF DATE: 19950926 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW ENGLAND BUSINESS SERVICE INC CENTRAL INDEX KEY: 0000205700 STANDARD INDUSTRIAL CLASSIFICATION: MANIFOLD BUSINESS FORMS [2761] IRS NUMBER: 042942374 STATE OF INCORPORATION: DE FISCAL YEAR END: 0627 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11427 FILM NUMBER: 95576234 BUSINESS ADDRESS: STREET 1: 500 MAIN ST CITY: GROTON STATE: MA ZIP: 01471 BUSINESS PHONE: 5084486111 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 _____________________ Date of Report (Date of earliest event reported) September 26, 1995 NEW ENGLAND BUSINESS SERVICE, INC. (Exact name of registrant as specified in its charter) Delaware 1-11427 04-2942374 -------- ------- ---------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 500 Main Street 01471 Groton, Massachusetts ----- --------------------- (Zip Code) (Address of principal executive offices) (508) 448-6111 -------------- (Registrant's telephone number, including area code) N/A --- (Former name or former address, if changed since last report) 2 Items 1-4. Not Applicable. Item 5. Cost Reduction Program Announced, First Quarter Charge to be Taken New England Business Service, Inc. announced the decision to implement an cost reduction program over the course of fiscal 1996. The program's total cost of $12,164,000 is expected to reduce first quarter earnings by $ .32 per share and earnings for the remainder of the year by $.15 per share. As part of the program, the Company will incur a one-time charge of $3,034,000 in the first quarter and expense of $3,575,000 during the year associated with a plan to restructure operations. In addition, the Company will incur a one-time charge of $4,225,000 in the first quarter and expense of $1,330,000 during the year associated with the revaluation of certain software-related assets including its investment in GST Software, plc. The program's cost savings are expected to be fully offset during fiscal 1996 by the investment requirements of the Company's new product and channel development initiatives. The operational restructuring includes plans to improve manufacturing efficiency, to outsource non-critical corporate functions and to reduce fixed costs. The restructuring will result in a reduction of approximately 5% of the Company's 2,055 full and part-time positions and the closure of the Company's Flagstaff, Arizona manufacturing facility. Item 6. Not Applicable. Item 7. Exhibits. Exhibit No. Description ----------- ----------- (99) Press release, dated September 26, 1995, issued by the Company. Item 8. Not Applicable. 3 SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. NEW ENGLAND BUSINESS SERVICE, INC. (Registrant) By: /s/Russell V. Corsini, Jr. ------------------------------ Russell V. Corsini, Jr. Vice President, Chief Financial Officer Dated: September 26, 1995 EX-99 2 PRESS RELEASE, DATED SEPTEMBER 26, 1995, ISSUED BY THE COMPANY NEBS NEWS SEPTEMBER 26, 1995 FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION CONTACT: RUSSELL V. CORSINI, JR. OR JOHN F. FAIRBANKS AT (508) 448-6111 NEW ENGLAND BUSINESS SERVICE, INC. ANNOUNCES COST REDUCTION PROGRAM; FIRST QUARTER CHARGE TO BE TAKEN GROTON, MA -- September 26, 1995 -- New England Business Service, Inc. (NYSE: NEB) today announced the decision to implement an aggressive cost reduction program over the course of fiscal 1996. The program's total cost of $12,164,000 is expected to reduce first quarter earnings by $ .32 per share and earnings for the remainder of the year by $.15 per share. As part of the program, the Company will incur a one-time charge of $3,034,000 in the first quarter and expense of $3,575,000 during the year associated with a plan to restructure operations. In addition, the Company will incur a one-time charge of $4,225,000 in the first quarter and expense of $1,330,000 during the year associated with the revaluation of certain software-related assets including its investment in GST Software, plc. The program's significant cost savings are expected to be fully offset during fiscal 1996 by the investment requirements of the Company's new product and channel development initiatives. The operational restructuring includes plans to improve manufacturing efficiency, to outsource non-critical corporate functions and to reduce fixed costs. The restructuring will result in a reduction of approximately 5% of the Company's 2,055 full and part-time positions and the closure of the Company's Flagstaff, Arizona manufacturing facility. William C. Lowe, President and CEO, explained, "Results are on track for the year. However, during fiscal 1995, the Company experienced a reduced rate of growth in its traditional direct mail channel. This trend highlights the importance of rapidly shifting Company resources to address small business market opportunities through multiple channels. The restructuring program's cost savings will be utilized fully during fiscal 1996 to continue the roll-out of NEBS custom print desks in Kinko's stores beyond the 50 desks currently in operation, to ensure the successful introduction of One-Write Plus(R) for Windows and to enhance the Company's color printing capability. The program further supports our commitment to accelerate revenue growth while maintaining strong operating profit margins." NEBS designs and produces business forms, software and related printed products which it sells through mail order and retail to over one million small businesses throughout the United States, Canada and the United Kingdom. * * * * * * -----END PRIVACY-ENHANCED MESSAGE-----