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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of Earliest Event Reported): January 9, 1998
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AMERICAN BANKNOTE CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
DELAWARE
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(State or Other Jurisdiction of Incorporation)
1-3410 13-0460520
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(Commission File Number) (I.R.S. Employer Identification No.)
200 PARK AVENUE, NEW YORK, N.Y. 10166-4999
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(Address of Principal Executive Offices) (Zip Code)
(212) 557-9100
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
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The information set forth in the press release issued by American
Banknote Corporation, attached hereto as Exhibit 99.1, is incorporated herein by
reference.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
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(c) Exhibits
99.1 Press release of American Banknote Corporation dated
January 9, 1998.
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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.
AMERICAN BANKNOTE CORPORATION
By: /s/ Harvey J. Kesner
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Harvey J. Kesner,
Executive Vice President and
General Counsel
Date: January 9, 1998
2
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EXHIBIT INDEX
Item No.
99.1 Press release of American Banknote Corporation dated
January 9, 1998.
EXHIBIT 99.1
American Banknote Corporation
200 Park Avenue
New York, New York 10166-4999
Contact: Jean Marie Young
Director - Investor Relations
(212) 557-9100
FOR IMMEDIATE RELEASE
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AMERICAN BANKNOTE ANNOUNCES PRELIMINARY FOURTH QUARTER RESULTS
NEW YORK, NY, January 9, 1998 - American Banknote Corporation (NYSE:ABN) today
announced that it expects a decline in the fourth quarter 1997 earnings per
share of between $0.08 - $0.10 compared to the fourth quarter of 1996. The
comparison of earnings per share does not include the previously disclosed early
extinguishment of debt and certain treasury interest rate agreements relating to
the recent refinancing of approximately $0.32 per share, nor does it include the
provision for litigation in 1996 of $0.07 per share. These amounts are
preliminary and subject to final audit by the Company's independent auditors.
The significant factors contributing to the decrease in 1997 fourth quarter
earnings compared to the fourth quarter of 1996 are the reduction in phone card
volumes in Brazil, lower than expected sales in Australia and the weakening of
the Australian dollar. These factors also contributed to a decline of
approximately 2% in 1997 fourth quarter revenues compared to the 1996 fourth
quarter.
Morris Weissman, American Banknote's Chairman and Chief Executive Officer, said,
"While the reduction in phone card volumes was expected, certain large equipment
orders anticipated in Australia were suspended while two bank customers
considered alternatives for production including possible outsourcing
arrangements. Although we are disappointed in the result, we believe that our
businesses continue to be well-positioned as the trend toward outsourcing
continues."
Weissman concluded, "The large outsourcing contracts won during the fourth
quarter of 1997, Banco Itau and Commonwealth Bank, will favorably impact
revenues and earnings in 1998."
American Banknote Corporation is a leading global provider of secure transaction
documents and systems in strategically selected markets along three major
product groups: Transaction Cards & Systems, Printing Services & Document
Management, and Security Printing Solutions. A combined strategy of operating
along product lines and constant expansion of transaction activities worldwide
reflects the rapidly changing field of electronic commerce. Additionally,
American Banknote, via its Holographics subsidiary, is the world leader in
security for financial transaction cards, including VISA, MasterCard, Discover,
Diners Club International, and Europay.
This release contains forward-looking statements relating to future financial
results. Actual results may differ materially as a result of factors over which
the Company has no control. These risk factors and additional information are
included in the Company's annual report on Form 10-K and quarterly reports on
Form 10-Q on file with the Securities and Exchange Commission.
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