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UNITED STATES
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):
January 22, 1999 (January 8, 1999)
AMERICAN PAD & PAPER COMPANY
(Exact name of registrant as specified in its charter)
Commission file number 1-11803
Delaware 04-3164298
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
17304 Preston Road, Suite 700, Dallas, TX 75252-5613
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (972) 733-6200
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Item 5. Other Events.
On January 8, 1999 American Pad & Paper Company (NYSE:AGP) (AP&P) announced
today that the New York Stock Exchange (NYSE) intends to apply for delisting of
the Company's common stock because it does not meet the NYSE's continued listing
criteria.
This press release is incorporated herein as Exhibit 99.019.
Exhibit
99.19 Press release by the Company dated January 8, 1999.
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 Pad & Paper Company
January 22, 1999 /s/ David N. Pilotte
Date David N. Pilotte
Vice President and Corporate Controller
Principal Accounting Officer
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Exhibit 99.019
FOR IMMEDIATE RELEASE CONTACT: Mark Lipscomb
(972) 733-5415
AMERICAN PAD & PAPER ANNOUNCES PENDING PENDING DELISTING OF COMPANY'S
SECURITIES BY NEW YORK STOCK EXCHANGE
DALLAS, Texas, January 8, 1999, -- American Pad & Paper Company
(NYSE:AGP) (AP&P) announced today that the New York Stock Exchange (NYSE)
intends to apply for delisting of the Company's common stock because it does not
meet the NYSE's continued listing criteria.
American Pad & Paper CEO James W. Swent III said, " The Company is
currently in discussions to transfer the listing to another securities exchange.
We are disappointed with the NYSE's decision because, while on a reported basis
the Company has never met all of the Exchange's criteria for continued listing,
we have continued to make financial progress and are diligently executing our
business and plant rationalization plans as we strive to return the Company to
sustained profitability." Additionally Swent commented, "During the third
quarter of 1998, AP&P demonstrated its continuing financial improvement by
putting in place an amended banking agreement, exceeding all the financial
covenants of that agreement, reducing debt levels, producing positive cash flow
from operations, significantly reducing inventory levels and announcing a
comprehensive plant rationalization plan."
The NYSE indicated in a separate press release that it intends to
suspend trading of AP&P common stock prior to the opening on Tuesday, January
26, 1999 or such earlier date as AP&P commences trading in another securities
marketplace.
American Pad & Paper Company is a leading manufacturer and marketer of
paper-based office products in North America. Product offerings include
envelopes, writing pads, file folders, machine papers, greeting cards and other
office products. The key operating divisions of the Company are Williamhouse,
AMPAD, and Creative Card which market principally under the following Brand
Names: AMPAD(R), Century(TM), Embassy(R), Evidence(R), Globe-Weis(R), Gold
Fibre(TM), Huxley(TM), Karolton(R), Kent(R), Peel & Seel(R), SCM(TM),
Williamhouse(TM) and World Fibre(TM). Company revenues in 1997 were $687
million.
This release contains forward-looking statements relating to future results.
Actual results may differ significantly as a result of factors over which the
Company has no control, including, but not limited to the following: changing
economic conditions, slower than anticipated sales growth, price and product
competition and changes in raw material costs. Additional information, which
could affect the Company's financial results, is included in the Company's
filings with the Securities and Exchange Commission.
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