-----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, BNksiY5kQgeYG+bayQ3YumL+e4JOop9cg86RAsrMqEizIkz7Cd+8UE4jKeEEyZ9m SKuxHsnLh5g5uGWhwp9bOQ== 0000205700-96-000004.txt : 19961101 0000205700-96-000004.hdr.sgml : 19961101 ACCESSION NUMBER: 0000205700-96-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961025 ITEM INFORMATION: Other events FILED AS OF DATE: 19961031 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: 96651010 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) October 25, 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. First Quarter Earnings Announced New England Business Service, Inc. announced earnings for the first quarter ended September 28, 1996. For the first quarter, the Company's revenue amounted to $60,700,000 versus $63,800,000 in the same period last year. Of the $3.1 million decline, $2.3 million was attributable to the repositioning of the Company's software product line, including the divestiture of One-Write Plus. Sales this quarter about equaled those in the fourth quarter of fiscal year 1996 and reflect more recent firmness in revenue results. Earnings per share as reported were $0.05 and included exit costs of $0.21 in the quarter due to the previously announced discontinuation of manned print desks in Kinko's stores and certain other restructuring actions. Reported earnings per share in the first quarter of last year were $0.04 and included $0.34 in restructuring costs. Item 6. Not Applicable. Item 7. Exhibits. Exhibit No. Description ----------- ----------- (99) Press release, dated October 25, 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/John F. Fairbanks ------------------------------ John F. Fairbanks Vice President, Chief Financial Officer Dated: October 25, 1996 EX-99 2 NEWS OCTOBER 25, 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 FIRST QUARTER EARNINGS GROTON, MA -- October 25, 1996 -- New England Business Service, Inc. (NYSE: NEB) today announced earnings for the first quarter ended September 28, 1996. For the first quarter, the Company's revenue amounted to $60,700,000 versus $63,800,000 in the same period last year. Of the $3.1 million decline, $2.3 million was attributable to the repositioning of the Company's software product line, including the divestiture of One-Write Plus. Sales this quarter about equaled those in the fourth quarter of fiscal year 1996 and reflect more recent firmness in revenue results. Earnings per share as reported were $0.05 and included exit costs of $0.21 in the quarter due to the previously announced discontinuation of manned print desks in Kinko's stores and certain other restructuring actions. Excluding one-time costs, earnings per share amounted to $0.26 and equaled those of the fourth quarter of 1996. Reported earnings per share in the first quarter of last year were $0.04 and included $0.34 in restructuring costs. Mr. Robert J. Murray, Chairman and CEO commented, "The joint decision with Kinko's to pursue a new direction was reached when we became convinced that the economics of NEBS manned desks would not work. The length of time and cost required to build demand would have made continued investment excessively high. Importantly, 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 to $0.14 per share. Growth in the retail channel will remain a focus, and we will pursue the NEBS dealer program which has provided consistent sales and profit growth. Further, the technology developed during the Kinko's evaluation will play an important role in both direct marketing and retail channels as we move forward." Mr. Murray further stated, "We are encouraged by some very recent sales results in the core direct marketing part of the business. Increased mail investment and a greater emphasis on promotional activities have begun to produce improved sales trends. Our work on the Company's strategic plan is underway and will help us to prioritize the additional growth opportunities." Mr. Murray added, "Frank L. Randall, Jr., a member of the Board of Directors since 1980, retired from the Board today. His counsel and support of NEBS over the years have been greatly valued. He will be missed and we wish him well." The two million Company share repurchase which commenced in May of this year has been fully completed. At its regular meeting on October 25, 1996, the Board of Directors approved a new plan to repurchase up to an additional two million shares over the next two years. The Board also approved a dividend of $0.20 per share with a record date of November 8, 1996 and a payment date of November 22, 1996. NEBS designs and produces business forms and related printed products and distributes software and related products through mail order and retail to over one million small businesses throughout the United States, Canada and the United Kingdom. * * * * * * FINANCIAL HIGHLIGHTS (unaudited) (In Thousands of Dollars) Three Months Ended ------------------------------- September 28, September 30, 1996 1995 Net Sales 60,702 63,788 Cost and Expenses 59,555 62,922 ------- ------- Income Before Taxes 1,147 866 Income Taxes 469 325 ------- ------- Net Income (a) 678 541 ======= ======= Earnings Per Share $0.05 $0.04 ======= ======= (a) Net income for the first quarter ended September 28, 1996 included an after tax charge of $2,833 or $0.21 per share related to the discontinuation of the Kinko's retail initiative along with other cost actions. Net income for the first quarter ended September 30, 1995 included $5,072 or $0.34 per share of after tax charges and expense relating to the implementation of a cost reduction program which included a plant consolidation. -----END PRIVACY-ENHANCED MESSAGE-----