-----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, P/naZ+5AhV5Jmhv5HtyuvK0+AJJ8HOTIDg6K/1ARZftfuyVHFPj1Z5mJUBRAEwd5 /aQ0+0kS4/e96YtKZ6IN2w== 0000887403-97-000009.txt : 19970730 0000887403-97-000009.hdr.sgml : 19970730 ACCESSION NUMBER: 0000887403-97-000009 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970723 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970729 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: 97646850 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): July 23, 1997 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 July 23, 1997, 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 July 23, 1997. 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: July 23, 1997 By: /s/ THOMAS J. MADDEN Thomas J. Madden Chief Financial Officer, Chief Accounting Officer, Vice President - Finance 4 INDEX TO EXHIBITS Exhibit Page No. Exhibit Number 99. Press Release dated July 23, 1997 5 EX-99 2 5 Daisytek Reports Record First Quarter Results For Immediate Release Contact: Mark C. Layton Laurie Pennino President, Chief Executive Officer and Edelman Financial Chief Operating Officer (713) 623-2666 Daisytek International Corporation pennino@hou.edelman.com (972) 881-4700 mlayton@daisytek.com or Thomas J. Madden Vice President - Finance, Chief Financial Officer Daisytek International Corporation (972) 881-4700 tmadden@daisytek.com Dallas, Texas (July 23, 1997) - Daisytek International Corporation (NASDAQ: DZTK) today reported record first quarter results for its first quarter ended June 30, 1997. Net sales for the first quarter of fiscal year 1998 increased 26.2 percent to $172.8 million, as compared to $136.9 million for the first quarter of fiscal year 1997. Net income for the first quarter of fiscal year 1998 was $3.8 million, up 25.9 percent over last fiscal year's first quarter net income of $3.0 million. Earnings per share for the first quarter of fiscal year 1998 was $0.55 per share on 7.0 million shares, an increase of 25.0 percent versus prior fiscal year's first quarter of $0.44 per share on 6.9 million shares. Mark C. Layton, President, Chief Executive Officer and Chief Operating Officer stated, "Daisytek once again had a very successful quarter, delivering very solid first quarter financial results. Both revenue and earnings growth exceeded our internal growth targets of 20 percent for the fiscal year. We continue to see strong revenue and earnings growth in the foreign geographic markets we serve. Daisytek's international businesses in Canada, Mexico, Australia and Latin America had great success this quarter and continue to exceed our expectations. We are also pleased to report that our gross profit margin as a percentage of net sales, at 10.0 percent for the first quarter, remained flat compared to both the prior fiscal quarter and as compared to the first quarter of last year. The competitive environment and consolidation of our customers continue to apply gross profit pressure in the computer supplies business. We have been able to offset some of these pressures through higher gross profit business in our Priority Fulfillment Services subsidiary. We were also able to maintain our SG&A expenses steady 6 Daisytek International Corporation Page 2 at 6.1 percent of net sales, despite the investments we are making in the growth areas of our business. As a result, we were able to report operating margin of 3.9 percent of net sales." Layton added, "Daisytek's Priority Fulfillment Services subsidiary (PFS) turned in a solid performance and continues to position itself to provide significant contributions to our financial results. PFS's prior focus and success providing call center and logistics services in the computer consumables supplies industry is laying the groundwork for future expansion to clients outside that industry. We remain very excited about the opportunities in this area of our business, and continue to make investments in order to successfully operate this business and provide the foundation for future growth." Daisytek is a leading wholesale distributor of computer and office automation supplies and accessories, serving approximately 24,000 customer locations in North America and overseas. Through its strategic alliance with Federal Express, Daisytek distributes in excess of 8,000 products from more than 150 manufacturers via next business day delivery throughout North America. Leading manufacturers Daisytek represents include Hewlett-Packard, Kodak, Okidata, Lexmark, IBM, Imation, 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 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, 1997. 7 Daisytek International Corporation Page 3 Daisytek International Corporation and Subsidiaries Unaudited Consolidated Statements of Operations (In Thousands, Except Per Share Data) Three Months Ended June 30, ------------------------------- 1997 1996 %Change --------- --------- -------
NET SALES $ 172,812 $ 136,894 26.2% COST OF SALES 155,506 123,224 26.2% --------- --------- Gross profit 17,306 13,670 26.6% SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 10,583 8,306 27.4% --------- --------- Income from operations 6,723 5,364 25.3% INTEREST EXPENSE 519 432 20.1% --------- --------- Income before income taxes 6,204 4,932 25.8% PROVISION FOR INCOME TAXES 2,375 1,891 25.6% --------- --------- NET INCOME $ 3,829 $ 3,041 25.9% ========= ========= NET INCOME PER COMMON SHARE $ 0.55 $ 0.44 25.0% ========= ========= WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 7,004 6,907 ========= =========
8 Daisytek International Corporation Page 4 Daisytek International Corporation and Subsidiaries Consolidated Balance Sheet Data (In Thousands) June 30, March 31, 1997 1997 ------------- --------- (Unaudited) Trade accounts receivable, net $ 90,175 $ 90,446 Inventories, net of Priority Fulfillment Services Division $ 60,431 $ 54,426 Inventories, Priority Fulfillment Services Division $ 12,703 $ 10,354 Long-term debt, less current portion $ 30,209 $ 30,454 Shareholders' equity $ 73,630 $ 67,193 -###- -----END PRIVACY-ENHANCED MESSAGE-----