-----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, F0neFUZnvtGqUOq29DQRT/EBN+lBVr88qkO3hbbby+/+eN19mvwR55TbBgoj6/Mq EnopBUoljOEcexa6tMsc5w== 0000887403-96-000002.txt : 19961028 0000887403-96-000002.hdr.sgml : 19961028 ACCESSION NUMBER: 0000887403-96-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961023 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961025 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: DAISYTEK INTERNATIONAL CORPORATION /DE/ CENTRAL INDEX KEY: 0000887403 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-PAPER AND PAPER PRODUCTS [5110] IRS NUMBER: 752421746 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25400 FILM NUMBER: 96647698 BUSINESS ADDRESS: STREET 1: 500 N CENTRAL EXPRWY CITY: PLANO STATE: TX ZIP: 75074 BUSINESS PHONE: 2148814700 MAIL ADDRESS: STREET 1: 500 N CENTRAL EXPWY CITY: PLANO STATE: TX ZIP: 75074 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): October 23, 1996 DAISYTEK INTERNATIONAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 0-25400 75-2421746 (State or other (Commission (I.R.S. Employer jurisdiction of File Number) Identification incorporation) Number) 500 North Central Expressway, Plano, TX 75074 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (972) 881-4700 None (Former name or former address, if changed since last report) 2 Item 5. Other Events On October 23, 1996, the Registrant issued the press release filed herewith as Exhibit 99. Item 7. Financial Statements and Exhibits (a) Financial statements of business acquired Not applicable (b) Pro forma financial information Not applicable (c) Exhibits 99. Press Release dated October 23, 1996. -2- 3 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. DAISYTEK INTERNATIONAL CORPORATION Dated: October 23, 1996 By: /s/ MARK C. LAYTON Mark C. Layton President, Chief Operating Officer, Chief Financial Officer -3- 4 INDEX TO EXHIBITS Exhibit Page No. Exhibit Number 99. Press Release dated October 23, 1996 5 -4- EX-99 2 5 Daisytek International Corporation Page 1 Daisytek Reports Record Second Quarter Results For Immediate Release Contact: Mark C. Layton Michael Ares President, Chief Operating Edelman Financial Officer and Chief Financial Officer (214) 520-3555 Daisytek International Corporation mares@dal.edelman.com (972) 881-4700 mlayton@daisytek.com or Thomas J. Madden Vice President, Finance Daisytek International Corporation (972) 881-4700 tmadden@daisytek.com Dallas, Texas (October 23, 1996) - Daisytek International Corporation (NASDAQ: DZTK) today reported record second quarter results for its quarter ended September 30, 1996. Net sales for the second quarter of fiscal 1997 increased 31.0% to $138.1 million, as compared to $105.4 million for the same period of fiscal 1996. Net income for the second quarter of fiscal year 1997 was $3.0 million. Earnings per share for the second quarter of fiscal 1997 were $0.43, an increase of approximately 26% versus the prior year, as adjusted to exclude the impact of certain one-time inventory purchase actions. Last year's second quarter results were enhanced by approximately $0.05 per share resulting from these one-time inventory purchase actions which positively impacted the Company's second and third quarters of fiscal year 1996. Net sales for the six months ended September 30, 1996 increased 30.7% to $275.0 million, as compared to $210.4 million for the same period of fiscal 1996. Net income for the first six months of fiscal year 1997 increased to $6.0 million. Earnings per share for the first six months of fiscal 1997 were $0.87, an increase of approximately 28% versus the prior year, as adjusted to exclude the impact of the one-time inventory purchase actions. 6 Daisytek International Corporation Page 2 Mark C. Layton, President, Chief Operating Officer and Chief Financial Officer of Daisytek stated, "Our second quarter ended September 30, 1996 was very successful. Revenue and profit growth continues to be solid as we continue to earn an increasing market share in our industry. Our retail superstore business growth was strong compared to last year, but slower than our aggressive plan for this area. This shortfall versus our plan was more than offset by overages in other business divisions. Growth continues to come from the larger industry players who are drawn to our ability to partner with them to help make their computer supplies business more successful. Our vast product range, distribution capabilities and call center features continue to provide us competitive advantages. Additionally, improved productivity and efficiency in our operations have reduced our SG&A costs as a percentage of net sales for the quarter, combating continuing declines in our gross profit margin percentage." Layton added, "Our four primary growth strategies continue to prove successful. These consist of 1) continued focus on the rapidly expanding computer and office automation consumables industry, 2) the use of technology to drive efficiency and customer service, 3) international expansion, and 4) promotion of our distribution and telemarketing expertise as products in themselves. Daisytek's Priority Fulfillment Services subsidiary, our business unit which offers third party logistics outsourcing, continues to present exciting opportunities for the future. Additionally, the addition of Lasercharge Australia to the Daisytek family marks our first step into expanding into the promising Pacific Rim computer and office automation supplies market." Daisytek is a leading wholesale distributor of computer and office automation supplies and accessories, serving approximately 20,000 customer locations in North America and overseas. Through its strategic alliance with Federal Express, Daisytek distributes in excess of 6,000 products from more than 145 manufacturers via next business day delivery throughout North America. Leading manufacturers Daisytek represents include Hewlett-Packard, Kodak, Okidata, Lexmark, IBM, 3M, Apple, Xerox, Sony, Panasonic, Canon, Epson and Digital Equipment Corporation. You can find more information about Daisytek at http://www.daisytek.com. - financial statements follow - The matters discussed in this press release, and, in particular, information regarding future revenues and business growth, consist of forward-looking information under the Private Securities Litigation Reform Act of 1995, and are subject to and involve risks and uncertainties which could cause actual results to differ materially from the forward-looking information. These risks and uncertainties include, but are not limited to, general economic conditions, industry trends, integration of business units, the dependence upon and/or loss of key suppliers or customers, the loss of strategic product shipping relationships, customer demand, product availability, competition (including pricing and availability), concentrations of credit risk, distribution efficiencies, capacity constraints, technological difficulties, risk of international operations including exchange rate fluctuations, and the regulatory and trade environment (both domestic and foreign). A complete description of these factors, as well as other factors which could affect the Company's business, is set forth in the Company's Prospectus dated January 24, 1996, and the Company's 10-K for the fiscal year ended March 31, 1996. 7 Daisytek International Corporation Page 3 Daisytek International Corporation and Subsidiaries Interim Unaudited Consolidated Statements of Operations (In Thousands, Except Per Share Data) Three Months Ended Six Months Ended September 30, September 30, ------------------------------- -------------------------------- 1996 1995 %Change 1996 1995 %Change --------- --------- ------- --------- --------- -------
NET SALES $ 138,148 $ 105,421 31.0% $ 275,042 $ 210,387 30.7% COST OF SALES 124,559 94,086 32.4% 247,783 188,418 31.5% --------- --------- ---- --------- --------- ---- Gross profit 13,589 11,335 19.9% 27,259 21,969 24.1% SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 8,397 6,685 25.6% 16,703 13,280 25.8% --------- --------- ---- --------- --------- ---- Income from operations 5,192 4,650 11.7% 10,556 8,689 21.5% INTEREST EXPENSE 413 417 (1.0)% 845 766 10.3% --------- --------- ---- --------- --------- ---- Income before income taxes 4,779 4,233 12.9% 9,711 7,923 22.6% PROVISION FOR INCOME TAXES 1,824 1,617 12.8% 3,715 3,039 22.2% --------- --------- ---- --------- --------- ---- NET INCOME $ 2,955 $ 2,616 13.0% $ 5,996 $ 4,884 22.8% ========= ========= ==== ========= ========= ==== NET INCOME PER COMMON SHARE $ 0.43 $ 0.39(A) 10.3% $ 0.87 $ 0.73(A) 19.2% ========= ========= ==== ========= ========= ==== WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 6,921 6,733 6,915 6,731 ========= ========= ========= =========
(A) Reflects approximately $.05 per share related to certain one-time inventory purchase actions. 8 Daisytek International Corporation Page 4 Daisytek International Corporation and Subsidiaries Interim Consolidated Balance Sheet Data (In Thousands) September 30, March 31, 1996 1996 (Unaudited) Trade accounts receivable, net $ 71,385 $ 69,169 Inventories, net of Priority Fulfillment Services Division $ 39,398 $ 44,358 Inventories, Priority Fulfillment Services Division $ 5,293 $ -- Long-term debt, less current portion $ 20,644 $ 16,419 Shareholders' equity $ 59,008 $ 51,661 -###- -----END PRIVACY-ENHANCED MESSAGE-----