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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q/A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarterly Period Ended March 31, 1997 Commission file number 17088
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AMERICAN BUSINESS PRODUCTS, INC.
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(Exact name of registrant as specified in its charter)
Georgia 58-1030529
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(State of Incorporation) (IRS Employer
Identification No.
2100 RiverEdge Parkway, Suite 1200, Atlanta, Georgia 30328
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (770) 953-8300
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Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
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Common Stock, $2.00 par value 16,408,617 shares
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(Class) (Outstanding at March 31, 1997)
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(3)(4) Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
3. Pro Forma Financial Information
The accompanying unaudited pro forma condensed consolidated financial
statements give effect to the Vanier Sale as if the transaction
occurred on December 31, 1995. The pro forma condensed consolidated
financial statements of the Company are presented for informational
purposes only and their inclusion in this report is not intended to
intimate that the pro forma information is a more meaningful indicator
of the results of operations than the Company's reported financial
results. Further, the pro forma information may not reflect the
Company's future results of operations or what the results of
operations of the Company would have been had the Vanier Sale occurred
at the date indicated.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED INCOME STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
1997 1996
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<S> <C> <C>
NET SALES $ 127,048 $ 123,370
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COST AND EXPENSES
Cost of goods sold 89,807 87,286
Selling and administrative
expenses 28,403 26,837
Restructuring expenses -- 3,013
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118,210 117,136
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OPERATING INCOME 8,838 6,234
OTHER INCOME (EXPENSES)
Interest expense (1,725) (1,817)
Miscellaneous-net 4,706 744 (1)
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INCOME BEFORE INCOME TAXES 11,819 5,161
PROVISION FOR INCOME TAXES 4,444 1,910
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NET INCOME $ 7,375 $ 3,251
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EARNINGS PER COMMON SHARE $ 0.45 $ 0.20
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</TABLE>
(1) Does not include interest income of approximately $526 which
the Company would have received had the net proceeds of the
Vanier Sale been invested in money market instruments
throughout the first quarter of 1996.
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Results for the first quarter of 1997 include after tax gains of $1.4
million, or $0.09 per share, on the disposal of realty rendered
redundant to operating needs by the Company's plant consolidation
program which commenced in the first quarter of 1996 and concluded with
the final planned plant closing in the first quarter of 1997. Without
the realty gains, the Company would have shown net income of $6.0
million, or $0.36 per share, for the quarter.
Actual results for the first quarter of 1996 included a restructuring
charge of $2.2 million after tax, or $0.13 per share, related to the
plant consolidation program. Also, from the Company's former business
forms manufacturing business which the Company sold on December 31,
1996, were revenues of $33.6 million and after tax earnings (expressed
net of that part of the restructuring charge that related to Vanier and
interest income that would have been earned had the sale proceeds
instead been invested in money market instruments throughout the
quarter) of $0.6 million, or $0.04 per share, for the first quarter of
1996. Without the restructuring charge and the business forms
manufacturing business' revenues and earnings contribution, the first
quarter of 1996 would have shown revenues of $123.4 million and net
income of $5.5 million or $0.33 per share.
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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.
AMERICAN BUSINESS PRODUCTS, INC.
(Registrant)
Date: July 23, 1997 \S\ Richard G. Smith
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Richard G. Smith
Vice President-Finance
and Chief Financial Officer
[duly authorized officer
and principal financial officer]
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