-----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, Qu4b/h/BZQ7Fvz3k7HxTKRXwcU41xRoZHp4UR9WnfcCqvLeHGLcGL6axr3es163n US4O/e3gNg8pW0ZivdEpJQ== 0000205700-96-000003.txt : 19960923 0000205700-96-000003.hdr.sgml : 19960923 ACCESSION NUMBER: 0000205700-96-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960918 ITEM INFORMATION: Other events FILED AS OF DATE: 19960920 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: 96632683 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 18, 1996 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. New Kinko's Retail Direction Announced, First Quarter Charge to be Taken New England Business Service, Inc. announced the decision to eliminate the Company's 75 existing NEBS manned print desks at Kinko's as well as the closing of the NEBS offices in Phoenix and stationery plant in Scottsdale, Arizona. The total cost of $6,500,000 is expected to reduce first quarter earnings by $0.21 per share and earnings for the remainder of the year by $0.08 per share. As part of the program, the Company will incur a one-time exit charge of $5,200,000 in the first quarter and expense of $1,300,000 during the year associated with employee severance, facility closures, equipment write-offs, and other cost actions. The actions taken are expected to have the effect, when fully implemented, of increasing the Company's quarterly earnings by as much as $0.12 $o.14 per share. The restructuring will result in a reduction of approximately 11% of the Company's full and part-time positions. Item 6. Not Applicable. Item 7. Exhibits. Exhibit No. Description ----------- ----------- (99) Press release, dated September 18, 1996, 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 18, 1996 EX-99 2 NEWS SEPTEMBER 18, 1996 FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION CONTACT: RUSSELL V. CORSINI, JR. OR TIMOTHY D. ALTHOF (508) 448-6111 NEW ENGLAND BUSINESS SERVICE, INC. ANNOUNCES NEW KINKO'S RETAIL DIRECTION; FIRST QUARTER CHARGE TO BE TAKEN GROTON, MA -- September 18, 1996 -- New England Business Service, Inc. (NYSE: NEB) today announced it has reached a joint decision with Kinko's Corporation to pursue a new direction with their retail initiative. The action will result in the elimination of the Company's 75 existing NEBS manned print desks at Kinko's as well as the closing of the NEBS offices in Phoenix and stationery plant in Scottsdale, Arizona. The decision will result in a reduction of approximately 11% of the Company's full and part-time positions. The company will take a first quarter pretax exit charge of approximately $5.2 million and expects to incur additional pretax expense of $1.3 million during the year. As part of this action, the Company will incur a total of $0.21 per share in the first quarter of fiscal year 1997 in exit and period costs associated with employee severence, facility closures, equipment write-offs, and other cost actions. In addition, the Company anticipates incurring approximately $0.05 per share in period costs during the second quarter and $0.03 per share during the third quarter associated with consolidating operations and other cost reduction actions. The actions taken are expected to have the effect, when fully implemented, of increasing the Company's quarterly earnings ny as much as $0.12 to $0.14 per share. Mr. Robert J. Murray, Chairman and CEO, explained, "During the past year the Company continued its initiative to locate NEBS print desks in Kinko's retail locations so as to expand its presence in the retail channel. As a result of extensive market testing, we found that the expenses necessary to build demand for custom printing in Kinko's and associated costs of NEBS infrastructure do not allow for the profitable operation of NEBS-manned desks. The Company remains committed to growing the retail channel through its profitable dealer network, and will continue to work with Kinko's to formulate an economically sound program for their sites. While the Kinko's initiative in its original configuration has been costly for NEBS, we believe the experience gained and the investments in technology made over the past year will provide a solid foundation for alternative retail growth strategies." NEBS manufactures and distributes business forms, software and related printed products through mail order and retail to over one million small businesses throughout the United States, Canada and the United Kingdom. * * * * * * -----END PRIVACY-ENHANCED MESSAGE-----