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): June 26, 1998
PAGES, INC.
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Commission File Number 0-107475
Incorporated - Delaware IRS Identification Number 34-1297143
801 94th Avenue North, St. Petersburg, Florida 37702
Registrant's telephone number, including area code (813) 578-3300
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Item 2. DISPOSITION OF ASSETS
Pages Book Fairs Sells Certain Assets to Scholastic Inc.
St. Petersburg, Fla., June 25 /PRNewswire/ -- PAGES, Inc. (Nasdaq: PAGZ)
today announced a sale of assets of PAGES Book Fairs, a wholly-owned
subsidiary, to Scholastic Inc. for $10.5 million in cash. Scholastic Inc.
will receive PAGES Book Fairs' customer list, inventory, and book fair
cases. PAGES intends to use the proceeds to retire outstanding bank debt.
PAGES, Inc. will continue to operate its book publishing business and
Junior Library Guild, which has over $2.6 million in annual sales and has
been historically profitable. Junior Library Guild has been providing high-
quality, award-winning books to libraries for nearly seventy years. Junior
Library Guild works as a review and subscription service, providing
libraries with nine reading levels of the very best in children's books,
from the world's foremost publishers.
PAGES, Inc. is vigorously pursuing litigation filed on December 27, 1996
concerning the Company's former auditors. It is the result of a final
outcome of IRS assessments and representations made by the auditors to
management during purchase of the Company in 1992. The case is expected to
go to trial within the next 90 days.
S. Robert Davis, Chairman, PAGES, Inc. stated "These significant decisions
were made in the best interests of shareholders. It was imperative to
strengthen our balance sheet. We are now focused solely on building Junior
Library Guild."
The preceding contains a "Safe Harbor" statement under the Private
Securities Litigation Reform Act of 1995. The statements contained in this
release that are not historical facts are forward-looking statements.
Actual results may differ from those projected in the forward-looking
statements. These forward-looking statements involve risks and
uncertainties. Investors are also directed to other risks discussed in
documents filed by the Company with the Securities and Exchange Commission.
The Company assumes no obligation to update the information included in
this presentation.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: June 26, 1998 Pages, Inc.
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(Registrant)
By: /s/ Steven L. Canan
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Vice President, Treasurer
and Chief Financial Offer
(Principal Financial Officer
and Accounting Officer)
