-----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, KIeUmao/yZTW8Ly8FHjY4/F3lyPVFzE36y2qWRpXsBZxMStfINt0vMYucHEjLl/e 4qQpPAxVlJicxL0SAYwrOw== 0000950131-96-005808.txt : 19961118 0000950131-96-005808.hdr.sgml : 19961118 ACCESSION NUMBER: 0000950131-96-005808 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961114 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: JOSTENS INC CENTRAL INDEX KEY: 0000054050 STANDARD INDUSTRIAL CLASSIFICATION: JEWELRY, PRECIOUS METAL [3911] IRS NUMBER: 410343440 STATE OF INCORPORATION: MN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05064 FILM NUMBER: 96663145 BUSINESS ADDRESS: STREET 1: 5501 NORMAN CTR DR CITY: MINNEAPOLIS STATE: MN ZIP: 55437 BUSINESS PHONE: 6128303300 MAIL ADDRESS: STREET 1: 5501 NORMAN CENTER DRIVE CITY: MINNEAPOLIS STATE: MN ZIP: 55437 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1996 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO ------ -------- Commission file number 1-5064 ------ JOSTENS, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Minnesota 41-0343440 - ------------------------------- -------------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification Number) incorporation or organization) 5501 Norman Center Drive, Minneapolis, Minnesota 55437 - ---------------------------------------------------- -------------------- (Address of principal executive offices) (Zip Code) 612-830-3300 - -------------------------------------------------------------------------------- (Registrant's telephone number including area code) - -------------------------------------------------------------------------------- (Former name, address and fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- THE NUMBER OF SHARES OUTSTANDING OF THE REGISTRANT'S ONLY CLASS OF COMMON STOCK ON NOVEMBER 7, 1996 WAS 38,665,294. 1 JOSTENS, INC. INDEX Part I. Financial Information - ------------------------------ Item 1. Financial Statements (Unaudited): Condensed Consolidated Balance Sheets as of September 30, 1996 and 1995 and June 30, 1996 Condensed Consolidated Statements of Income for the Three Months Ended September 30, 1996 and 1995 Condensed Consolidated Statements of Cash Flows for the Three Months Ended September 30, 1996 and 1995 Notes to Condensed Consolidated Financial Statements Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Part II. Other Information - --------------------------- Item 6. Exhibits and Reports on Form 8-K Signatures - ---------- 2 CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per-share data)
(Unaudited) September 30, June 30, ---------------------- --------- 1996 1995 1996 --------- --------- --------- CURRENT ASSETS: Cash and short-term investments $ 859 $ 2,356 $ 13,307 Accounts receivable 109,151 103,547 130,159 Inventories: Finished products 28,411 24,315 20,147 Work-in-process 15,770 39,085 29,175 Materials and supplies 49,912 35,438 29,646 --------- --------- --------- 94,093 98,838 78,968 Deferred income taxes 14,832 17,845 14,832 Prepaid expenses 2,223 3,245 1,833 Other receivables 23,980 24,709 12,241 --------- --------- --------- 245,138 250,540 251,340 OTHER ASSETS: Intangibles 27,861 30,558 28,332 Note receivable 12,925 18,969 12,925 Deferred income taxes 11,374 15,590 11,374 Other 15,054 25,707 12,966 --------- --------- --------- 67,214 90,824 65,597 PROPERTY AND EQUIPMENT 190,176 188,794 188,251 Accumulated depreciation (124,210) (120,873) (121,214) --------- --------- --------- 65,966 67,921 67,037 --------- --------- --------- $ 378,318 $ 409,285 $ 383,974 ========= ========= ========= CURRENT LIABILITIES: Notes payable $ 165,441 $ 125,001 $ 27,587 Current maturities on long-term debt 25 355 50,025 Accounts payable 14,836 18,694 16,276 Salary, wages, and commissions 22,802 17,797 54,303 Customer deposits 22,075 22,826 37,608 Other liabilities 12,753 34,040 29,342 Income taxes 3,558 12,864 27,322 --------- --------- --------- 241,490 231,577 242,463 LONG-TERM DEBT 3,864 53,890 3,874 OTHER NON-CURRENT LIABILITIES 16,089 18,966 15,836 SHAREHOLDERS' INVESTMENT: Preferred shares, $1.00 par value: Authorized 4,000 shares, none issued - - - Common shares, $.33 1/3 par value: Authorized 100,000 shares Issued - 38,662, 38,563 and 38,653 shares, respectively 12,887 12,854 12,884 Capital surplus 1,409 38 1,316 Retained earnings 105,850 95,880 110,872 Foreign currency translation (3,271) (3,920) (3,271) --------- --------- --------- 116,875 104,852 121,801 --------- --------- --------- $ 378,318 $ 409,285 $ 383,974 ========= ========= =========
See notes to condensed consolidated financial statements 3 JOSTENS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per-share data)
Three Months Ended September 30, ----------------------- 1996 1995 -------- -------- NET SALES $105,399 $97,754 Cost of products sold 60,847 45,800 -------- ------- 44,552 51,954 Selling and administrative expenses 51,155 47,892 -------- ------- OPERATING INCOME (LOSS) (6,603) 4,062 Net interest expense (income) 1,917 (198) -------- ------- (8,520) 4,260 Income taxes (3,493) 1,747 -------- ------- NET INCOME (LOSS) $ (5,027) $ 2,513 ======== ======= EARNINGS (LOSS) PER COMMON SHARE $ (0.13) $ 0.06 ======== ======= Average shares outstanding 38,656 43,760 ======== ======= Dividends declared per common share $ - $ - ======== =======
See notes to condensed consolidated financial statements 4 JOSTENS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
Three Months Ended September 30, ------------------------ 1996 1995 -------- --------- OPERATING ACTIVITIES Net income (loss) $ (5,027) $ 2,513 Depreciation and amortization 4,576 4,395 Changes in assets and liabilities (88,138) (121,302) -------- --------- (88,589) (114,394) -------- --------- INVESTING ACTIVITIES Capital expenditures (3,299) (4,124) -------- --------- FINANCING ACTIVITIES Short-term borrowing 137,854 125,001 Payment of notes (50,010) (9) Share repurchase - (169,332) Cash dividends (8,500) (10,025) Other 96 1,770 -------- --------- 79,440 (52,595) -------- --------- DECREASE IN CASH AND SHORT-TERM INVESTMENTS $(12,448) $(171,113) ======== =========
See notes to condensed consolidated financial statements 5 JOSTENS, INC. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Because of the seasonal nature of the Company's business, the results of operations for the three months ended September 30, 1996, are not necessarily indicative of the results for the entire year ending June 30, 1997. Certain fiscal 1996 balances have been reclassified to conform to the fiscal 1997 presentation. For further information, refer to the consolidated financial statements and footnotes in the Company's annual report on Form 10-K for the year ended June 30, 1996. INVENTORIES AND COST OF PRODUCTS SOLD The Company implemented a new inventory cost accounting system in July 1996 which provides more precise, detailed performance information by product within each line. The new system results in a more accurate valuation of inventories and recording of cost of products sold during interim quarters consistent with the manner used to value inventory at year end. The use of this more precise interim information will have no effect on annual results. However, gross profits reported during the first two quarters of the year are anticipated to be lower than those that would have been reported using the prior method, with an equivalent positive effect in the third and fourth quarters. The new inventory cost accounting system contributed to an estimated 9.3% decline in gross profits, as a percentage of sales, and an estimated $.15 decline in earnings per share in the first quarter of fiscal 1997. FISCAL YEAR In October 1996, the Company's board of directors authorized a change in the Company's fiscal year from a June 30 year-end to a calendar year-end effective January 1, 1997, provided all regulatory approvals are obtained. The Company believes that a calendar year-end will enable better planning and internal management of its businesses. If regulatory approval is received, the Company intends to file a Form 10-K for the six month transition period beginning July 1, 1996, and ending December 31, 1996. 6 INCOME TAXES The Company provides for income taxes in interim periods based on the effective income tax rate for the complete fiscal year. The effect of the October approval to change the Company's fiscal year combined with the implementation of a new inventory cost accounting system will cause the effective tax rate for the entire six-month transition period to substantially increase above the first quarter rate of 41%. A reasonable estimate of this rate cannot be made at this time because of the significant impact that permanent differences have on the seasonally-low levels of pre-tax earnings for the six months ending December 31, 1996. The effective income tax rate for the entire twelve-month period beginning January 1, 1997, is expected to return to a rate comparable with previous twelve-month periods. SHARE REPURCHASE In September 1995, the Company repurchased 7,011,108 shares of its common stock, the maximum number of shares available for purchase, for $24 per share, or $169.3 million, through a Modified Dutch Auction tender offer. The repurchase was funded from the Company's cash and short-term investment balance, as well as short-term borrowings. EARNINGS PER COMMON SHARE Earnings per common share have been computed by dividing net income by the average number of common shares outstanding. The impact of any additional shares issuable upon exercise of dilutive stock options is not material. DIVIDENDS The first quarter dividend, declared in October, was $.22 for fiscal 1997 and 1996. Cash dividends paid in the first quarter of fiscal 1997 relate to the fourth quarter of fiscal 1996. SUBSEQUENT EVENT In conjunction with JLC's efforts to raise additional equity capital for ongoing cash requirements, JLC requested that the Company restructure its interests in JLC. On November 8, 1996, the Company restructured terms of its $36 million, unsecured, subordinated note from JLC in conjunction with a third party equity infusion into JLC. Terms of the restructuring resulted in the exchange of the $36 million unsecured, subordinated note and accrued interest for a new $57.2 million unsecured, subordinated note maturing on June 29, 2003, with a stated interest rate of 6 percent and rights to early redemption discounts. The early redemption discounts, exercisable only in whole at JLC's option, adjust periodically and range from a 70 percent discount on the face value if redeemed by December 31, 1996, to 40 percent if redeemed by March 31, 2003. This restructuring has no impact on the net carrying value of Jostens' investment in JLC. The Company believes that such carrying value is not impaired based on current facts and circumstances. 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FINANCIAL CONDITION Accounts receivable were down $21.0 million from June 30, 1996, due to collections of June balances and seasonally lower sales in the 1997 first quarter, which historically has the smallest sales volume of the year. Accounts receivable were up $5.6 million from September 30, 1995, primarily due to an increase in sales, partially offset by the timing of collections. Inventories increased $15.1 million from June 30, 1996, due to the seasonality of the business. The decrease in inventories of $4.7 million from September 30, 1995, is primarily attributable to the new inventory cost accounting system and the earlier shipment of fall yearbooks in the first quarter, partially offset by inventory buildups in the Graduation Products line of business (see further discussion regarding the impact of the new inventory cost accounting system in the "Results of Operations" section). Other receivables increased from $12.2 million at June 30, 1996, to $24.0 million at September 30, 1996, due to the Company's seasonality of sales. The balance represents receivables from sales representatives, who historically are in overdraft positions in the first quarter due to the payment of draws, prior to commissions being earned. Other, under the "Other Assets" category, decreased from $25.7 million at September 30, 1995, to $15.1 million at September 30, 1996, primarily due to the collection of a $13.9 million receivable from JLC related to payments made by Jostens on behalf of JLC as part of an administrative service agreement. JLC had been reimbursing Jostens for continuing to provide certain administrative services such as payroll and benefits processing through December 31, 1995. The current maturities on long-term debt balance of $50 million at June 30, 1996 was paid in August, 1996, with proceeds generated from short-term borrowings. Salaries, wages and commissions payable decreased from $54.3 million at June 30, 1996, to $22.8 million at September 30, 1996. The majority of the decrease was attributable to the seasonality of the business and the timing of commission payments. Commissions accrued at year end were paid in the first quarter while fewer commissions were earned in the first quarter to replenish the balance. The $5 million increase from the September 30, 1995 balance was primarily attributable to increased commissions in the school products businesses related to increased sales volumes versus the comparable prior-year period. Customer deposits decreased $15.5 million from June 30, 1996, primarily due to shipments of fall yearbooks ordered the previous spring. Other, under the "Current Liabilities" category, decreased $16.6 million and $21.3 million from the June 30, 1996 and September 30, 1995, balances, respectively. The $16.6 million decline from June 30, 1996, primarily relates to dividends accrued in fiscal 1996 and paid in the first quarter of fiscal 1997 ($8.5 million) and scheduled payments made against accruals established for the JLC transaction and previous years' restructurings ($3.4 million). The decrease from the previous year of $21.3 million is attributable to scheduled payments made against accruals established for the JLC transaction and prior years' restructuring accruals. Income taxes payable decreased $23.8 million from June 30, 1996, due to fiscal 1996 tax payments made in the first quarter of fiscal 1997. Capital expenditures through September 30, 1996, were $3.3 million, approximately $.8 million lower than the comparable period in fiscal 1996. Major projects in process include upgrading certain printing and photography technology and replacing school products, recognition and corporate management information systems. 8 Net proceeds from the sale of discontinued operations generated a strong cash position and eliminated the need for short-term borrowings in fiscal 1995 and early fiscal 1996. However, the Company returned to its typical need for seasonal short-term borrowings in fiscal years 1996 and 1997 following the September 1995 share repurchase. Because most of the Company's sales volume occurs in the second and fourth quarters, Jostens usually requires interim financing of inventories and receivables. To provide the necessary financing, the Company entered into a $150 million, five-year bank credit agreement in fiscal 1996. In addition, the Company continues to maintain unsecured demand facilities with three banks totaling $80 million. Credit available at September 30, 1996, under the bank credit agreement and unsecured demand facilities was $4.6 million and $60 million, respectively. Management believes that the cash expected to be generated from operating activities, together with credit available under the bank credit agreement and unsecured demand facilities will be sufficient to fund planned capital expenditures, dividends and buildups of inventories and accounts receivable in fiscal 1997. 9 RESULTS OF OPERATIONS Net sales for the three months ended September 30, 1996, were $105.4 million representing an increase of $7.6 million, or 7.8%, over the comparable prior- year period. The sales improvement primarily related to increased yearbook and graduation product sales in the Company's school products businesses where efficiency gains enabled plants to more quickly produce and deliver product in the first quarter. Cost of products sold was $60.8 million for the current quarter compared with $45.8 million for the year-earlier period. Costs as a percentage of sales were 57.7%, compared with 46.9% in the same period last year. The higher costs were attributable to the July 1996 implementation of a new inventory cost accounting system, which provides more precise, detailed performance information by product within each line. The new system enables a more accurate valuation of inventories and permits the recording of cost of products sold during interim quarters consistent with the manner used to value inventory at year end. Although the new cost accounting system will not have an effect on annual results, it did contribute to an estimated 9.3% decline in gross profits, as a percentage of sales, and an estimated $.15 decline in earnings per share in the first quarter of fiscal 1997. Since a significant percentage of the Company's sales are in the school business, and with schools not in session for most of the quarter, the first three months have the smallest sales volume of the year. Therefore, amounts reported for the three months ended September 30, 1996, vary significantly from the results for the fourth quarter of the previous fiscal year. While the first quarter typically has low volume, selling and administrative expenses are not reduced correspondingly since they are geared toward future sales. Selling and administrative expenses were $51.2 million for the quarter, a 6.8% increase over the same period last year. The higher costs reflect increased commission expense in the school products businesses due to increased sales. Net interest expense in the first quarter of fiscal 1997 approximated $1.9 million compared with $200,000 of net interest income in the comparable prior- year period. The increase in net interest expense correlates with the Company's return to interim financing of operations and inventories through the issuance of short-term commercial paper included in the condensed consolidated balance sheets as "notes payable." SALE OF JOSTENS LEARNING CORPORATION In June 1995, the Company sold its JLC curriculum software subsidiary to a group led by Bain Capital, Inc. for $50 million in cash; a $36 million unsecured, subordinated note maturing in eight years with a stated interest rate of 11 percent; and a separate $4 million note with a stated interest rate of 8.3 percent convertible into 19 percent of the equity of Jostens Learning, subject to dilution in certain events. The notes were recorded at fair value, using an estimated 20 percent discount rate on the $36 million note, resulting in a discount of $9.9 million. As part of the transaction, the Company also agreed to pay $13 million over two years to fund certain JLC existing liabilities; $11.7 million has been paid through September 30, 1996. The remaining $1.3 million is accrued as part of other accrued liabilities and is expected to be paid in the current fiscal year. In October 1995, the Company sold its Wicat Systems business to Wicat Acquisition Corp., a private investment group. Wicat Systems was the small, computer-based aviation training subsidiary of JLC that was retained in the sale of JLC, but held for sale. The Company received $1.5 million in cash plus a promissory note for $150,000 from the sale. The Company treated Wicat Systems as a discontinued operation in June 1995, pending the sale of the business. 10 A transaction gain of $11.1 million ($5.8 million after tax) was originally recorded at the time of the JLC sale and deferred in accordance with accounting rules relating to the sale of a business to a highly leveraged entity. In the second quarter of fiscal 1996 the deferred gain increased as a result of the sale of Wicat ($5.3 million) and some accrual settlements ($.8 million). The adjusted $17.2 million gain ($9.7 million after tax) will be deferred until cash flows from the operating activities of JLC are sufficient to fund debt service, dividend or any other covenant requirements. The deferred gain is presented in the condensed consolidated balance sheets as an offset to notes receivable. The note receivable balance represents amounts owed by JLC related to the sale of JLC net of a $9.9 million discount and the deferred gain. In conjunction with JLC's efforts to raise additional equity capital for ongoing cash requirements, JLC requested that the Company restructure its interests in JLC. On November 8, 1996, the Company restructured terms of its $36 million, unsecured, subordinated note from JLC in conjunction with a third party equity infusion into JLC. Terms of the restructuring resulted in the exchange of the $36 million unsecured, subordinated note and accrued interest for a new $57.2 million unsecured, subordinated note maturing on June 29, 2003, with a stated interest rate of 6 percent and rights to early redemption discounts. The early redemption discounts, exercisable only in whole at JLC's option, adjust periodically and range from a 70 percent discount on the face value if redeemed by December 31, 1996, to 40 percent if redeemed by March 31, 2003. This restructuring has no impact on the net carrying value of Jostens' investment in JLC. The Company believes that such carrying value is not impaired based on current facts and circumstances. FISCAL YEAR In October 1996, the Company's board of directors authorized a change in the Company's fiscal year from a June 30 year-end to a calendar year-end effective January 1, 1997, provided all regulatory approvals are obtained. The Company believes that a calendar year-end will enable better planning and internal management of its businesses. If regulatory approval is received, the Company intends to file a Form 10-K for the six month transition period beginning July 1, 1996, and ending December 31, 1996. INCOME TAXES The effect of the October approval to change the Company's fiscal year combined with the implementation of a new inventory cost accounting system will cause the effective tax rate for the entire six-month transition period to substantially increase above the first quarter rate of 41%. A reasonable estimate of this rate cannot be made at this time because of the significant impact that permanent differences have on the seasonally-low levels of pre-tax earnings for the six months ending December 31, 1996. The effective income tax rate for the entire twelve-month period beginning January 1, 1997, is expected to return to a rate comparable with previous twelve-month periods. SHARE REPURCHASE In September 1995, the Company repurchased 7,011,108 shares of its common stock, the maximum number of shares available for purchase, for $24 per share, or $169.3 million in total, through a Modified Dutch Auction tender offer. The repurchase was funded from the Company's cash and short-term investment balance, as well as short-term borrowings. RESTRUCTURING UPDATE The Company's restructuring accruals decreased by $700,000 in the first quarter of fiscal 1997 to $2.0 million at September 30, 1996 due to cash payments of $400,000 and noncash items of $300,000. The restructuring accruals are expected to be reduced by $300,000 of noncash items for the remainder of fiscal 1997 while the future cash outlay is estimated to be $1.4 million for the remainder of 1997 and $300,000 in 1998 and beyond. 11 ENVIRONMENTAL As part of its continuing environmental management program, the Company is involved in various environmental improvement activities. As sites are identified and assessed in this program, the Company determines potential environmental liability. Factors considered in assessing this liability include, among others, the following: whether the Company has been designated as a potentially responsible party, the number of other potentially responsible parties designated at the site, the stage of the proceedings, and available environmental technology. When the potential liability amounts are probable and reasonably estimable, the Company accrues the best estimate available. For specific sites where only a range of liability is probable and reasonably estimable and no amount in the range is a better estimate than another, the Company would accrue the low end of that range. While the Company may have a right of contribution or reimbursement under insurance policies, amounts that may be recoverable from other entities by the Company with respect to a particular site are not considered until recoveries are deemed to be probable. No assets for potential recoveries have been established as of September 30, 1996. The Company also assesses reasonably possible environmental liability beyond that which has been accrued. This liability is not probable, but is more likely than remote. The Company systematically reviews all sites and identifies those requiring further investigation. As of September 30, 1996, three sites remained under investigation. The potential liability cannot be fully assessed since the sites are still in various stages of investigation. In addition, the Company has one other site nearing completion that did not require any accruals as of September 30, 1996. As of September 30, 1996, the Company has not been designated as a potentially responsibly party at any site. The amount of environmental liability that is reasonably possible is in the range of $600,000 to $4.6 million. The amount accrued as of September 30, 1996 with respect to potential liability is $600,000 and is recorded as part of "other accrued liabilities." The Company does not expect to incur liabilities at the higher end of the range based on the limited information currently available. 12 PART II. OTHER INFORMATION Item 6. Exhibits and reports on Form 8-K (a) Exhibit 27 Financial Data Schedule (b) Reports on Form 8-K: Reports on Form 8-K, dated July 8 and August 8, 1996, were filed during the first quarter of the year ended June 30, 1997. The July 8, 1996 report was filed under Item 5 of Form 8-K to discuss the fiscal 1996 earnings estimate and independent sales force. The August 9, 1996 report was also filed under Item 5 of Form 8-K to discuss 1996 earnings and the independent sales force. 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 thereunto duly authorized. JOSTENS, INC. Date November 13, 1996 /s/ Robert C. Buhrmaster ---------------------------- -------------------------------------- Robert C. Buhrmaster President and Chief Executive Officer /s/ Trudy A. Rautio -------------------------------------- Trudy A. Rautio Senior Vice President and Chief Financial Officer 13 EX-27 2 FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from Jostens, Inc. condensed consolidated financial statements as of and for the period ended September 30, 1996, and is qualified in its entirety by reference to such financial statements. 1,000 3-MOS JUN-30-1996 JUL-01-1996 SEP-30-1996 0 859 115,280 (6,129) 94,093 245,138 190,176 (124,210) 378,318 241,490 3,864 12,887 0 0 103,988 378,318 105,399 105,399 60,847 60,847 51,155 221 1,917 (8,520) (3,493) (5,027) 0 0 0 (5,027) (0.13) (0.13)
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