-----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, SF9semXeF4SYFZRzLFyJLb+LjH6FzZj3E4PBFUHEg8F46SmNrQbUe2I7d4b8nMt1 Igyq4Hj52DnKdHer2zlEgg== 0001045969-00-000316.txt : 20000501 0001045969-00-000316.hdr.sgml : 20000501 ACCESSION NUMBER: 0001045969-00-000316 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000427 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000428 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: 0102 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-05064 FILM NUMBER: 611180 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 8-K 1 FORM 8-K UNITED STATES 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): April 27, 2000 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) Registrant's telephone number, including area code: (952) 830-3300 Item 5. Other Events In a press release dated April 20, 2000, we announced earnings for the three months ended April 1, 2000. The news release is attached as Exhibit 99.1 and is incorporated herein by reference. Item 7. Financial Statements and Exhibits (c) Exhibits Exhibit No. Description ----------- ----------- 99.1 Press release issued by Jostens on April 20, 2000 announcing earnings for the three months ended April 1, 2000. 2 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. Registrant Date: April 27, 2000 By /s/ William J. George -------------------------------------- William J. George Vice President, General Counsel and Corporate Secretary 3 EXHIBIT INDEX Exhibit Description - ------- ------------ 99.1 Press release issued by Jostens on April 20, 2000 announcing earnings for the three months ended April 1, 2000. EX-99.1 2 PRESS RELEASE Exhibit 99.1 Contact: Lynda Nordeen (Media) 952-830-3361 Heide Erickson (Investors) 952-830-3332 JOSTENS REPORTS FIRST-QUARTER NET INCOME OF $11.3 MILLION, OR 34 CENTS PER DILUTED SHARE MINNEAPOLIS, April 20, 2000 - Jostens, Inc. (NYSE: JOS) today reported first-quarter net income of $11.3 million, or 34 cents per diluted share, compared with net income of $8.0 million, or 23 cents per diluted share, in the year-earlier period. Sales in the quarter were $174.6 million, compared with $166.4 million in the same period last year. Gross profit margin improved to 61.9 percent in the quarter, compared with 58.8 percent last year. School Products Segment The School Products segment - composed of Printing & Publishing, Jewelry, Graduation Products and North American Photography - had first-quarter sales of $151.4 million, compared to $142.8 million last year. Operating income in the quarter was $28.4 million, versus $24.5 million last year. First quarter 1999 included a $1.5 million charge to close a facility in Mexico and realign all Jewelry operations in the United States. Sales improvements during the quarter were primarily related to earlier delivery of graduation products. Recognition Segment Sales in the quarter were $21.1 million, compared to $21.6 million last year. Operating loss was $300,000, versus an operating income of $100,000 in the year-earlier period. The company is continuing its efforts to restore the Recognition business to its historical performance levels. Other Segment The Other segment - which includes primarily corporate expenses - reported first-quarter sales of $2.1 million, up from $2.0 million last year, and an operating loss of $7.4 million, compared to $10.0 million last year. -more- JOSTENS REPORTS FIRST QUARTER RESULTS/page 2 Pending Transaction During the fourth quarter of last year, Jostens announced that it had entered into a definitive agreement providing for the acquisition of Jostens by a company controlled by Investcorp, a global investment group, and its co-investors. The transaction is subject to approval by Jostens' shareholders at a meeting scheduled to be held May 9, 2000, and is expected to close shortly thereafter. Jostens is a provider of products, programs and services that help people celebrate important moments, recognize achievements and build affiliations. Jostens' products include yearbooks, class rings, graduation products and school photographs, as well as sports and employee achievement awards. Certain information in this news release does not relate to historical financial information and may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause the company's actual future results to differ materially from its historical results and those presently anticipated or projected. The factors that could cause the company's results to differ materially from those contained in its forward-looking statements are included in the Jostens Annual Report on Form 10-K for 1999 and other documents recently filed by the company with the Securities and Exchange Commission. -30- JOSTENS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three months ended -------------------------- April 1 April 3 In thousands, except per-share data 2000 1999 - ------------------------------------------------------------------------------ Net sales 174,589 $166,358 Cost of products sold 66,586 68,499 - ------------------------------------------------------------------------------ Gross profit 108,003 97,859 Selling and administrative expenses 87,253 83,302 - ------------------------------------------------------------------------------ Operating income 20,750 14,557 Net interest expense 1,727 1,039 - ------------------------------------------------------------------------------ Income before income taxes 19,023 13,518 Income taxes 7,704 5,475 - ------------------------------------------------------------------------------ Net income $11,319 $8,043 ============================================================================== Earnings per common share Basic $0.34 $0.23 Diluted $0.34 $0.23 Weighted average common shares outstanding Basic 33,263 34,816 Diluted 33,451 34,950 Cash dividends declared per common share $0.22 $0.22 JOSTENS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) -------------------------- April 1 April 3 January 1 In thousands 2000 1999 2000 - ------------------------------------------------------------------------------------------------------------------- ASSETS Current assets Cash and cash equivalents $ 14,278 $ 5,206 $ 38,517 Accounts receivable, net 132,253 128,852 107,638 Inventories 109,619 122,962 87,839 Other current assets 51,468 41,963 52,315 - ------------------------------------------------------------------------------------------------------------------- Total current assets 307,618 298,983 286,309 Other Assets 37,547 37,076 36,767 Property and equipment, net 80,750 90,091 84,640 - ------------------------------------------------------------------------------------------------------------------- $425,915 $426,150 $407,716 =================================================================================================================== LIABILITIES AND SHAREHOLDERS' INVESTMENT Current liabilities Short-term borrowings $ 74,960 $ 96,910 $117,608 Accounts payable and accrued expenses 297,516 263,728 239,534 - ------------------------------------------------------------------------------------------------------------------- Total current liabilities 372,476 360,638 357,142 Other noncurrent liabilities 12,578 19,871 14,064 Shareholders' investment 40,861 45,641 36,510 - ------------------------------------------------------------------------------------------------------------------- $425,915 $426,150 $407,716 ===================================================================================================================
JOSTENS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Three months ended ---------------------- April 1 April 3 In thousands 2000 1999 - -------------------------------------------------------------------------------- Operating activities Net income $11,319 $ 8,043 Depreciation and amortization 6,581 6,372 Changes in assets and liabilities 6,382 14,205 - -------------------------------------------------------------------------------- Net cash provided by operating activities 24,282 28,620 - -------------------------------------------------------------------------------- Investing activities Purchases of property and equipment (2,711) (7,267) Equity investments (1,103) -- Other 395 13 - -------------------------------------------------------------------------------- Net cash used for investing activities (3,419) (7,254) - -------------------------------------------------------------------------------- Financing activities Net short-term borrowings (repayments) (38,134) 2,450 Dividends paid (7,331) (7,716) Proceeds from exercise of stock options 363 1,527 Repurchases of common stock -- (15,016) - -------------------------------------------------------------------------------- Net cash used for financing activities (45,102) (18,755) - -------------------------------------------------------------------------------- Change in cash and cash equivalents (24,239) 2,611 Cash and cash equivalents, beginning of period 38,517 2,595 - -------------------------------------------------------------------------------- Cash and cash equivalents, end of period $14,278 $ 5,206 ================================================================================ JOSTENS, INC. AND SUBSIDIARIES FINANCIAL INFORMATION BY REPORTABLE BUSINESS SEGMENT (UNAUDITED) Three months ended ---------------------------- April 1 April 3 In thousands 2000 1999 - ---------------------------------------------------------------------------- Net Sales From External Customers School Products $151,442 $142,788 Recognition 21,071 21,598 Other 2,076 1,972 - ---------------------------------------------------------------------------- Consolidated $174,589 $166,358 ============================================================================ Operating Income School Products $ 28,411 $ 24,458 Recognition (308) 129 Other (7,353) (10,030) - ---------------------------------------------------------------------------- Consolidated 20,750 14,557 Net interest expense 1,727 1,039 - ---------------------------------------------------------------------------- Income before income taxes $ 19,023 $ 13,518 ============================================================================ -----END PRIVACY-ENHANCED MESSAGE-----