|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: MERRIMAC MASTER PORTFOLIO, DEF 14A, 1998-11-19 |
Next: NORWEST INTEGRATED STRUCTURED ASSETS INC, 8-K, 1998-11-19 |
<PAGE>
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) November 19, 1998
-----------------------------
UNISOURCE WORLDWIDE, INC.
- --------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE File No. 1-14482 13-5369500
- --------------------------------------------------------------------------------
(STATE OR OTHER (COMMISSION (I.R.S. EMPLOYER
JURISDICTION FILE NUMBER) IDENTIFICATION NO.)
OF INCORPORATION)
1100 Cassatt Road, Berwyn, Pennsylvania 19312
- --------------------------------------------------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (610) 296-4470
---------------------------
Not Applicable
- --------------------------------------------------------------------------------
(FORMER NAME, FORMER ADDRESS, AND FORMER FISCAL YEAR, IF CHANGED SINCE LAST
REPORT)
<PAGE>
Item 5. Other Events.
------------
The Registrant has attached hereto certain selected unaudited historical
financial information as of and for the fiscal years ended September 30,
1998 and 1997. This information is provided for analytical purposes and is
not intended to be a presentation in accordance with generally accepted
accounting principles. The Registrant's audited consolidated financial
statements (and the notes thereto) as of and for the fiscal years ended
September 30, 1998 and 1997 will be included in the Registrant's annual
report to stockholders.
Item 7. Financial Statements and Exhibits.
---------------------------------
(c) Exhibits.
---------
(99) Selected unaudited historical financial information as of
and for the fiscal years ended September 30, 1998 and 1997.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
UNISOURCE WORLDWIDE, INC.
(Registrant)
By: /s/ Robert M. McLaughlin
----------------------------------
Robert M. McLaughlin
Vice President, Assistant Treasurer
and Controller
Dated: November 19, 1998
<PAGE>
Exhibit Index
-------------
(99) Selected unaudited historical financial information as of and for
the fiscal years ended September 30, 1998 and 1997.
<PAGE>
Exhibit 99
UNISOURCE WORLDWIDE, INC.
SELECTED UNAUDITED
HISTORICAL FINANCIAL INFORMATION
<PAGE>
<TABLE>
<CAPTION>
UNISOURCE WORLDWIDE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Fiscal Year Ended September 30 (in thousands, except per share data)
- ------------------------------------------------------------------------------------------------------------
1998 1997
---------- ----------
<S> <C> <C>
Revenues
Printing and Imaging $ 4,715,287 $ 4,590,944
Supply Systems 2,701,989 2,517,411
- ------------------------------------------------------------------------------------------------------------
Total Revenues 7,417,276 7,108,355
- ------------------------------------------------------------------------------------------------------------
Cost of Goods Sold
Printing and Imaging 4,100,078 3,943,245
Supply Systems 2,049,208 1,968,468
Inventory Write-down 23,000 -
- ------------------------------------------------------------------------------------------------------------
Total Cost of Goods Sold 6,172,286 5,911,713
- ------------------------------------------------------------------------------------------------------------
Gross Profit 1,244,990 1,196,642
Expenses:
Selling and Administrative 1,155,941 1,051,947
Special Charges:
Information Technology Write-Off 168,000 -
Restructuring and Implementation Costs 108,515 -
Mexico Valuation Charge 70,000 -
- ------------------------------------------------------------------------------------------------------------
Total Expenses 1,502,456 1,051,947
- ------------------------------------------------------------------------------------------------------------
Income (Loss) from Operations (257,466) 144,695
Interest Expense 45,534 41,637
- ------------------------------------------------------------------------------------------------------------
Income (Loss) Before Income Taxes (303,000) 103,058
Income Tax Expense (Benefit) (71,200) 44,372
- ------------------------------------------------------------------------------------------------------------
Net Income (Loss) $ (231,800) $ 58,686
========= =========
Basic Earnings (Loss) Per Share $ (3.36) $ 0.88
========= =========
Diluted Earnings (Loss) Per Share $ (3.36) $ 0.87
========= =========
Weighted Average Shares Outstanding - Basic 68,908 67,004
========= =========
Weighted Average Shares Outstanding - Diluted 68,908 67,648
========= =========
</TABLE>
<PAGE>
UNISOURCE WORLDWIDE, INC.
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS, EXCEPT PAR VALUE PER SHARE)
(UNAUDITED)
<TABLE>
<CAPTION>
SEPTEMBER 30, SEPTEMBER 30,
ASSETS 1998 1997
- ------ --------------------- --------------------
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 49,960 $ 45,384
Accounts receivable, less allowance for doubtful accounts:
1998 - $22,713; 1997 - $24,583 640,443 882,360
Inventories 353,270 495,330
Prepaid expenses and deferred taxes 87,746 49,875
--------------------- --------------------
Total current assets 1,131,419 1,472,949
--------------------- --------------------
LONG-TERM RECEIVABLES 5,723 7,790
PROPERTY AND EQUIPMENT, AT COST 428,884 434,762
Less accumulated depreciation 201,599 188,336
--------------------- --------------------
227,285 246,426
--------------------- --------------------
GOODWILL 580,932 668,575
DEFERRED COSTS AND OTHER ASSETS 21,292 163,092
--------------------- --------------------
Total Assets $1,966,651 $2,558,832
===================== ====================
LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
CURRENT LIABILITIES
Current portion of long-term debt $ 1,155 $ 638
Notes payable 3,651 144,882
Trade accounts payable 451,123 498,503
Accrued salaries, wages and commissions 40,520 33,906
Restructuring costs 61,588 8,172
Other accrued expenses 107,356 119,431
--------------------- --------------------
Total current liabilities 665,393 805,532
--------------------- --------------------
LONG-TERM DEBT 505,199 661,350
DEFERRED TAXES AND OTHER LIABILITIES
Deferred taxes 11,770 61,082
Restructuring costs 30,414 8,383
Other long-term liabilities 55,517 38,100
--------------------- --------------------
Total deferred taxes and other liabilities 97,701 107,565
--------------------- --------------------
STOCKHOLDERS' EQUITY
Preferred stock, 9/30/98 and 9/30/97 - par value $.001,
authorized - 10,000,000 shares, no shares issued and
outstanding --- ---
Common stock, par value $.001, authorized - 250,000,000
shares, issued; 9/30/98 - 70,302,036
and 9/30/97 - 68,857,369 shares 70 69
Additional paid-in capital 832,646 820,213
Unearned compensation (3,105) (5,845)
Retained earnings (deficit) (87,533) 199,828
Foreign currency translation adjustments (43,711) (29,320)
Cost of common shares in treasury; 9/30/98 - 1,205 and
9/30/97 - 32,027 shares (9) (560)
--------------------- --------------------
Total Stockholders' Equity 698,358 984,385
--------------------- --------------------
Total Liabilities and Stockholders' Equity $1,966,651 $2,558,832
===================== ====================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UNISOURCE WORLDWIDE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Fiscal Year Ended September 30 (in thousands)
- --------------------------------------------------------------------------------------------------------
1998 1997
----------------------------
<S> <C> <C>
Operating Activities
Net income (loss) $ (231,800) $ 58,686
Additions (deductions) to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation 35,784 29,828
Amortization 22,374 17,013
Provision for losses on accounts receivable 12,686 15,232
Special charges 369,515 -
Provision (benefit) for deferred income taxes (92,501) 25,735
Payments for special charges (30,932) (12,344)
Changes in operating assets and liabilities, net
of effects from acquisitions and divestitures:
Sale of accounts receivable 150,000 -
Other changes in accounts receivable 61,862 (54,890)
Decrease in inventories 91,116 15,390
(Increase) decrease in prepaid expenses (4,147) 12,152
(Decrease) increase in accounts payable and
accrued expenses (37,181) 43,431
Miscellaneous 4,562 10,868
----------------------------
Net cash provided by operating activities 351,338 161,101
----------------------------
Investing Activities
Proceeds from the sale of property and equipment 24,547 11,204
Proceeds from divestitures 57,929 -
Cost of companies acquired, net of cash acquired (45,496) (223,236)
Expenditures for property and equipment (29,724) (25,271)
Collection of notes receivable 1,564 21,443
Deferred cost expenditures (14,810) (58,707)
----------------------------
Net cash used in investing activities (5,990) (274,567)
----------------------------
Financing Activities
Debt repayments (156,479) (37,216)
Proceeds from (repayment of) borrowings under
credit facilities, net (140,995) 625,857
Proceeds from other borrowings - 146,963
Repayment to IKON - (553,700)
Payment of dividends (55,561) (40,316)
Issuance of stock, net 15,725 1,431
Other (3,462) 1,235
----------------------------
Net cash (used in) provided by financing activities (340,772) 144,254
----------------------------
Net increase in cash 4,576 30,788
Cash and cash equivalents at beginning of year 45,384 14,596
----------------------------
Cash and cash equivalents at end of year $ 49,960 $ 45,384
============================
</TABLE>
|
|