-----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, LCZNpDmJszVHBPEOC06PDv3dEe9Xx3xuSanDj24Z13cZVrsKG6xof8WBDjxNLbaO oQMT4sYCSrAIsk7ECM/IEQ== 0001036050-98-000444.txt : 19980325 0001036050-98-000444.hdr.sgml : 19980325 ACCESSION NUMBER: 0001036050-98-000444 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980324 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980324 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNISOURCE WORLDWIDE INC CENTRAL INDEX KEY: 0001027282 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-PAPER AND PAPER PRODUCTS [5110] IRS NUMBER: 135369500 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-14482 FILM NUMBER: 98571984 BUSINESS ADDRESS: STREET 1: P O BOX 3000-0935 CITY: BERWYN STATE: PA ZIP: 19312 BUSINESS PHONE: 6102964470 MAIL ADDRESS: STREET 1: P O BOX 3000-0935 CITY: BERWYN STATE: PA ZIP: 19312 8-K 1 FORM 8-K 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) March 24, 1998 --------------- UNISOURCE WORLDWIDE, INC. - -------------------------------------------------------------------------------- (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE File No. 1-14482 13-5369500 - ------------------------------------------------------------------------------- (State or other (Commission (I.R.S. Employer jurisdiction File Number) Identification No.) of incorporation) P.O. Box 3000-0935, Berwyn, Pennsylvania 19312 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (610) 296-4470 --------------- Not Applicable - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events. ------------ On March 24, 1998, the Registrant issued the attached press release. Item 7. Financial Statements and Exhibits. --------------------------------- (c) Exhibits. -------- (99) Press Release dated March 24, 1998. SIGNATURE 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. UNISOURCE WORLDWIDE, INC. (Registrant) By: /s/ Thomas A. Decker -------------------- Thomas A. Decker Senior Vice President, General Counsel and Secretary Dated: March 24, 1998 Exhibit Index ------------- (99) Press Release dated March 24, 1998. EX-99 2 PRESS RELEASE EXHIBIT (99) PRESS RELEASE DATED MARCH 24, 1998 NEWS RELEASE Contact Martha A. Buckley JoAnn P. Huston Director, Corporate Communications Manager, Investor Relations 610-722-3511 610-722-3513 UNISOURCE TO EXPAND SCOPE OF STREAMLINING COMPANY EXPECTS EARNINGS BELOW CONSENSUS ESTIMATES BERWYN, PENNSYLVANIA -- MARCH 24, 1998 -- Unisource Worldwide, Inc. (NYSE:UWW) announced today it has substantially completed the initial phase of its streamlining analysis. Based on its findings, the company has now significantly expanded the scope of the project and has engaged Coopers & Lybrand Consulting to assist in designing its new organizational structure. The analysis is expected to be completed by June 30 and the plan substantially implemented by the end of the calendar year. "The analysis of our underperforming and overlapping locations is nearly complete," commented Ray B. Mundt, chairman and chief executive officer of Unisource. "At this point, it seems likely that we will expand the number of facilities to be impacted to seventy or more. More importantly, however, the work we have done to date has highlighted opportunities for far more fundamental change in our organization than originally addressed. As a result, we are expanding our scope to examine every business process, including purchasing, sales, marketing, customer service, logistics and administrative services. Our goal is to establish a profitable core of business and grow from that base." On January 21, 1998, Unisource announced its intention to improve its returns to shareholders by streamlining the organization. The steps outlined included closing or consolidating underperforming and overlapping locations, moving away from its regional organizational structure and implementing more -more- consistent business practices across the company. At the time, the company said the moves would impact as many as 50 locations and that it would take a charge in the range of $55 million to $70 million in the second fiscal quarter, which ends March 31. "Coopers & Lybrand Consulting has been effective in driving profound and successful change at other organizations," Mundt said, "and we believe their assistance will ensure the optimum organizational and cost structure to support profitable growth." Coopers has said that it will take approximately twelve weeks to complete its assessment and develop recommendations. Mundt indicated that the company will implement a new organizational structure and common business practices after Coopers has completed its study. The company now expects to adopt its plan and record the special charge to earnings in the second half of fiscal 1998; the charge may be greater than previously announced. Mundt reiterated that this is a transition year for Unisource and that, under the circumstances, it is difficult for the company to provide detailed earnings guidance. He did state, however, that the company's results to date indicate that its performance for the quarter and for the year will be substantially below consensus estimates. "Because we are extremely confident of the company's long-term prospects for profitable growth following our restructuring, we remain totally committed to our dividend," Mundt said. "The changes we are making will allow Unisource to provide cost-effective service to our customers, along with consistent growth and increased value for our shareholders in the years ahead." Unisource Worldwide, Inc. (http://www.unisourcelink.com), headquartered in Berwyn, Pennsylvania, is the largest marketer and distributor of paper products and supply systems in North America, with revenues in excess of $7 billion. This press release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the company's control which may cause the actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. # # # -----END PRIVACY-ENHANCED MESSAGE-----