-----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, QgCIbu4DbpsXjpTQkSoxXrJXSEtLweLlLU/hUC0aR1VIWy4VOc80Wyh2ulj9sIwg mHQGHnlD9lcy2Ltk/zKPjA== 0000950109-97-000599.txt : 19970131 0000950109-97-000599.hdr.sgml : 19970131 ACCESSION NUMBER: 0000950109-97-000599 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970116 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970130 SROS: CSX SROS: NYSE SROS: PHLX FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALCO STANDARD CORP CENTRAL INDEX KEY: 0000003370 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-PAPER AND PAPER PRODUCTS [5110] IRS NUMBER: 230334400 STATE OF INCORPORATION: OH FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05964 FILM NUMBER: 97514419 BUSINESS ADDRESS: STREET 1: P O BOX 834 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 2152968000 MAIL ADDRESS: STREET 1: BOX 834 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: ALCO CHEMICAL CORP DATE OF NAME CHANGE: 19680218 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) January 16, 1997 IKON Office Solutions, Inc. (formerly Alco Standard Corporation) ------------------------------------ (Exact name of registrant as specified in its charter) OHIO File No. 1-5964 23-0334400 - ------------------ ---------------- -------------- (State or other (Commission File (IRS Employer jurisdiction of Number) Identification incorporation) Number) P.O. Box 834, Valley Forge, Pennsylvania 19482 ---------------------------------------- ----- Registrant's telephone number, including area code: (610) 296-8000 -------------- Alco Standard Corporation ---------------------------------------------------- (Former name or former address, if changed since last report) Item 5. Other Events. ------------ On January 16, 1997, the Registrant reported its earnings for the fiscal quarter ended December 31, 1996 from its continuing operation, IKON Office Solutions, Inc. At their annual meeting on January 23, 1997, shareholders of Alco Standard Corporation (NYSE:ASN) voted to change the name of the company to IKON Office Solutions, Inc., the name previously held by its sole operating unit. On January 27, 1997 the company began trading on the New York Stock Exchange, Chicago Stock Exchange and Philadelphia Stock Exchange under the ticker symbol "IKN." Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. ------------------------------------------------------------------ (c) Exhibits. -------- (99) Press Release dated January 16, 1997 (99a) Press Release dated January 23, 1997 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 thereunto duly authorized. ALCO STANDARD CORPORATION By: /s/ Michael J. Dillon -------------------------------- Michael J. Dillon Vice President and Controller Dated: January 29, 1997 Index to Exhibit ---------------- (99) Press Release dated January 16, 1997 (99a) Press Release dated January 23, 1997 EX-99 2 NEWS RELEASE Exhibit 99 News Release Contacts: Michael N. Kilpatric Suzanne C. Shenk Susan G. Gaffney Director, Communications Manager, Investor Relations Manager, Investor 610-993-3662 610-993-3526 Relations 610-993-3694 ALCO STANDARD ANNOUNCES 21 PERCENT INCREASE IN FIRST QUARTER FISCAL 1997 INCOME Valley Forge, Pennsylvania, January 16, 1997 - Alco Standard Corporation (NYSE:ASN) today announced income in the first quarter of fiscal year 1997 (ended December 31, 1996) from its continuing operation, IKON Office Solutions, was $45 million, excluding a one-time, extraordinary charge from the early extinguishment of debt. The income results are a 21 percent increase over the first quarter of the previous fiscal year. Earnings per share from continuing operations for the quarter, excluding the charge, were $.30, a 20 percent gain over the same period of fiscal 1996, despite a 13 percent increase in average shares outstanding. Including the charge, income from continuing operations was $33 million and earnings per share from continuing operations were $.21. Revenues for fiscal 1997's first quarter grew 27 percent to $1.14 billion. Results reflect a very strong performance from the company's traditional copier business with substantial growth in both equipment placements and copy volume. Margins declined to 7.1 percent this quarter from 7.6 percent in last year's first quarter, due primarily to the short-term dilutive impact of IKON's rapid acquisition of technology services companies and transformation expenses in Europe. -more- "IKON's outstanding results continue to reflect our ability to achieve significant internal growth, while also expanding our business through an aggressive acquisition effort," said John E. Stuart, Alco's chairman and chief executive officer. "While posting internal revenue growth of 15 percent for the quarter, IKON acquired 23 companies with annualized revenue of approximately $170 million." Stuart said that of the 23 acquired companies 10 were systems integrators, seven were outsourcing companies, and six were traditional copier dealers. The increasing number of systems integration and outsourcing companies in the acquisition mix reflects IKON's intention to strengthen its ability to offer customers a complete office technology solution, from traditional copier systems to computer networking and outsourced imaging and duplicating services. Including discontinued operations, Alco reported $53 million in net income and $.36 earnings per share for the fiscal 1997 first quarter. Discontinued operations represent Unisource Worldwide Inc. (UWW), which began operating as a separate public company on January 1, 1997. "With the continued growth in IKON's traditional copier business, and increasing contributions from our outsourcing and technology services businesses, we expect earnings per share for fiscal 1997 will be 35 to 40 percent ahead of last year," commented Stuart. "Our goal is to reach $10 billion in revenue by the year 2000, and we are well on our way." -more Alco Standard Corporation, headquartered in Valley Forge, Pennsylvania, operates IKON Office Solutions, one of the world's leading office technology companies, with operations in the U.S., Canada, Mexico, United Kingdom, Germany, France and Denmark. On January 23, 1997, shareholders will vote on changing Alco's name to IKON Office Solutions. With approval, IKON Office Solutions will begin trading on the NYSE January 27, 1997 under the ticker symbol "IKN". ###
Alco Standard Corporation - ------------------------- FINANCIAL SUMMARY (in thousands, except earnings per share) Three Months Ended December 31 ---------------------------------------- 1996 1995 % Change ------------ ------------ --------- Revenues Net sales $ 638,828 $ 515,012 24.0 % Service and rentals 453,860 353,772 28.3 Finance income 47,746 31,795 50.2 - ---------------------------------------------------------------------- 1,140,434 900,579 26.6 - ---------------------------------------------------------------------- Costs and Expenses Cost of goods sold 404,934 333,226 21.5 Service and rental costs 216,107 169,335 27.6 Finance interest expense 20,011 14,809 35.1 Selling and administrative 417,970 314,534 32.9 - ---------------------------------------------------------------------- 1,059,022 831,904 27.3 - ---------------------------------------------------------------------- Operating income 81,412 68,675 18.5 Interest expense 8,201 7,340 - ---------------------------------------------------------------------- Income from continuing operations before taxes and extraordinary loss 73,211 61,335 19.4 Taxes on income 28,552 24,398 17.0 - ---------------------------------------------------------------------- Income from continuing operations before extraordinary loss 44,659 36,937 20.9 Discontinued operations 20,151 26,229 - ---------------------------------------------------------------------- Income before extraordinary loss 64,810 63,166 Extraordinary loss from early extinguishment of debt, net of tax benefit (12,156) - ---------------------------------------------------------------------- Net income 52,654 63,166 - ---------------------------------------------------------------------- Less preferred dividends 4,885 7,664 - ---------------------------------------------------------------------- Available to common shareholders $ 47,769 $ 55,502 ============ ========== Earnings (Loss) Per Share Continuing operations $0.30 $0.25 20.0 % Discontinued operations $0.15 $0.22 Extraordinary loss ($0.09) - ----------------------------------------------------------------------
$0.36 $0.47 ============ ========== Average Shares Outstanding 134,346 118,544 13.3 % ============ ========== Continuing Operations Analysis: Gross profit %, net sales 36.6% 35.3% Gross profit %, service and rentals 52.4% 52.1% Gross profit %, finance subsidiaries 58.1% 53.4% Total gross profit 43.8% 42.6% SG&A as a % of revenue 36.7% 34.9% Operating income % of revenue 7.1% 7.6%
EX-99.A 3 NAME CHANGE & QUARTERLY DIVIDEND ANNOUNCED Exhibit 99a Contacts: Michael N. Kilpatric Suzanne C. Shenk Director, Communications Manager, Investor Relations 610-993-3662 610-993-3526 Alco Standard Changes Name To IKON Office Solutions and Declares Quarterly Dividend New York, January 23, 1997--At their annual meeting today, shareholders of Alco Standard Corporation (NYSE:ASN) voted to change the name of the company to IKON Office Solutions Inc., the name previously held by its sole operating unit. On January 27, 1997, the company will begin trading under its new name on the New York Stock Exchange using the ticker symbol "IKN." "Changing our name to IKON Office Solutions reflects our commitment to build and expand the office technology business," said John E. Stuart, chairman and chief executive officer of Alco and now IKON. "We will continue to grow shareholder value by helping customers win in their marketplaces using IKON's broad range of office solutions, from copier systems and business document services to integrated computer networking and electronic imaging services." At the annual meeting the shareholders also reelected the company's seven- member board of directors. -more- In addition, the IKON board of directors approved the regular quarterly cash dividend of $.04 per common share. The dividend is payable March 10, 1997, to shareholders of record February 24, 1997. Regular dividends to holders of depository shares of Series BB serial preferred stock of record March 13, 1997, will be paid April 1, 1997, at $1.26 per share. With revenues of more than $4 billion, IKON Office Solutions is one of the world's leading office technology companies with operations in the U.S., Canada, Mexico, the United Kingdom, Germany, France and Denmark. With 35,000 employees, the company expects revenues to reach $10 billion in the year 2000. ### -----END PRIVACY-ENHANCED MESSAGE-----