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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): June 14, 1996
JOSTENS, INC.
(Exact name of registrant as specified in its charter)
MINNESOTA 1-5064 41-0343440
(State of Incorporation) (Commission File (I.R.S. Employer
File Number) Identification No.)
5501 NORMAN CENTER DRIVE, MINNEAPOLIS, MINNESOTA 55437
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(612) 830-3300
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Item 5. Other Events. On June 14, 1996, the Company issued a press release. The
Company also indicated that it is examining the possibility of changing its
fiscal year end from June 30 to December 31.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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a. Financial statements of businesses acquired. Not applicable.
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b. Pro forma financial information. Not applicable.
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c. Exhibits.
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28.1 Press Release dated June 14, 1996.
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SIGNATURES
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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.
JOSTENS, INC.
(Registrant)
By:
Robert C. Buhrmaster
President and Chief Executive Officer
Dated: June __, 1996
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INDEX TO EXHIBITS
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Exhibit Page
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28.1 Press release dated June 14, 1996.
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Exhibit 28.1
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Kevin Whalen
612/830-3251
FOR IMMEDIATE RELEASE
JOSTENS ISSUES EARNINGS ESTIMATE
MINNEAPOLIS (June 14, 1996) -- Jostens Inc. (NYSE: JOS) said today that,
based on information currently available for May, it expects earnings from
operations in the quarter ending June 30 to be below analysts' estimates.
The company said it currently estimates earnings in its fiscal fourth
quarter to range from 74 cents to 79 cents per share, compared with year-earlier
earnings of 67 cents per share from continuing operations. Analysts' estimates
for the quarter average 81 cents per share. The company's quarterly estimate
range would put fiscal year 1996 earnings per share in an estimated range of
$1.24 to $1.29, compared with $1.23 last year. Analyst estimates average $1.35
per share for the year.
The estimated shortfall in earnings is due primarily to two issues in the
school yearbook business, the company said.
First, the business incurred higher than expected manufacturing costs in
May in order to handle record page volume and meet yearbook delivery commitments
to customers. The company generally is unable to pass through to the consumer
costs associated with unanticipated overtime work to meet delivery deadlines.
Second, revenue and profits declined as a result of decisions made by
schools late in the year to substitute a lower-margin pre-printed supplement for
school-designed pages in their yearbooks.
In a separate and unrelated development, the company said it has been
approached by a group of independent sales representatives primarily associated
with the company's Jewelry and Graduation Products businesses seeking changes in
their agreements and arrangements with Jostens.
-more-
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JOSTENS ISSUES EARNINGS ESTIMATE -- 2
"Our sales reps are under contract through fiscal 1997," said Robert C.
Buhrmaster, president and chief executive officer of Jostens. "We will study
the agreements and will consider changes that are in the long-term best
interests of customers, shareholders and representatives."
Jostens is a leading provider of products and services that help people
recognize achievement and affiliation throughout their lives. The company,
whose products include yearbooks, class rings, graduation products, school
photography, and service and achievement awards for businesses, had fiscal 1995
sales of $665 million.
