<PAGE>
<PAGE> 1
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Washington, D.C. 20549
Washington, D.C. 20549
Washington, D.C. 20549
Form 10-Q
Form 10-Q
Form 10-Q
Form 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the period ended December 31, 1993
_________________
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
_______ ________
Commission File Number 1-8328
ANACOMP, INC.
ANACOMP, INC.
ANACOMP, INC.
ANACOMP, INC.
Indiana 35-1144230
11550 North Meridian Street
Post Office Box 40888
Indianapolis, Indiana 46240
Registrant's Telephone Number is (317) 844-9666
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 and 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
_______ _______
The number of shares outstanding of the Common Stock of the registrant on
December 31, 1993, the close of the period covered by this report, was
40,863,097.
<PAGE>
<PAGE> 2
ANACOMP, INC. AND SUBSIDIARIES
ANACOMP, INC. AND SUBSIDIARIES
ANACOMP, INC. AND SUBSIDIARIES
ANACOMP, INC. AND SUBSIDIARIES
Index
_____
<TABLE>
<CAPTION>
<S>
Page No.
________
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements:
<C>
Consolidated Balance Sheets
December 31, 1993 and September 30, 1993 ................ 2
Consolidated Statements of Operations
Three Months Ended December 31, 1993 and 1992............ 3
Consolidated Statements of Cash Flows
Three Months Ended December 31, 1993 and 1992............ 4
Consolidated Statements of Stockholders' Equity
Three Months Ended December 31, 1993 and 1992............ 5
Notes to Consolidated Financial Statements............... 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations ............. 9
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K........................... 10
SIGNATURES ............................................................ 11
</TABLE>
<PAGE>
<PAGE>3
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS
Anacomp, Inc., and Subsidiaries
<TABLE>
<CAPTION>
(Dollars in thousands, Dec. 31, Sept. 30,
except per share amounts) 1993 1993
____________________________________________________________________________________
<S> <C> <C>
ASSETS (Unaudited)
ASSETS
ASSETS
ASSETS
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . $ 27,897 $ 24,922
Accounts and notes receivable, less allowances for
doubtful accounts of $3,885 and $4,245, respectively . . 95,533 109,251
Current portion of long-term receivables . . . . . . . . . 16,174 7,489
Inventories . . . . . . . . . . . . . . . . . . . . . . . . 56,920 69,192
Prepaid expenses and other . . . . . . . . . . . . . . . . 9,965 7,157
________ ________
Total current assets . . . . . . . . . . . . . . . . . . . . 206,489 218,011
________ ________
Property and equipment, at cost less
accumulated depreciation and amortization . . . . . . . . . 59,228 66,399
Long-term receivables, net of current portion . . . . . . . . 19,704 17,619
Excess of purchase price over net assets of businesses
acquired and other intangibles, net. . . . . . . . . . . . . 268,804 296,426
Deferred tax benefit of net operating losses, net of
valuation allowance of $60,000 . . . . . . . . . . . . . . 34,667 --
Other assets . . . . . . . . . . . . . . . . . . . . . . . . 48,277 45,093
________ ________
$637,169 $643,548
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt . . . . . . . . . . . . . $ 36,850 $ 34,355
Accounts payable . . . . . . . . . . . . . . . . . . . . . 61,764 67,246
Accrued compensation, benefits and withholdings . . . . . . 13,089 16,452
Accrued income taxes . . . . . . . . . . . . . . . . . . . 12,837 11,502
Accrued interest. . . . . . . . . . . . . . . . . . . . . . 12,991 20,089
Other accrued liabilities . . . . . . . . . . . . . . . . . 33,465 37,438
________ ________
Total current liabilities . . . . . . . . . . . . . . . . . . 170,996 187,082
________ ________
Long-term debt, net of current portion. . . . . . . . . . . . 405,230 404,738
Other noncurrent liabilities. . . . . . . . . . . . . . . . . 12,625 13,546
________ ________
Total noncurrent liabilities. . . . . . . . . . . . . . . . . 417,855 418,284
________ ________
Redeemable preferred stock, $.01 par value,
issued and outstanding 500,000 shares
(aggregate preference value of $25,000). . . . . . . . . . . 24,407 24,383
________ ________
Stockholders' equity:
Common stock, $.01 par value, authorized 100,000,000
shares, 40,863,097 and 40,629,524 issued, respectively . . 409 406
Capital in excess of par value of common stock . . . . . . 163,765 163,209
Cumulative translation adjustment . . . . . . . . . . . . . (4,552) (4,744)
Accumulated deficit . . . . . . . . . . . . . . . . . . . . (135,711) (145,072)
________ ________
Total stockholders' equity. . . . . . . . . . . . . . . . . . 23,911 13,799
________ ________
$637,169 $643,548
======== ========
</TABLE>
See notes to consolidated financial statements.
<PAGE>
<PAGE>4
CONSOLIDATED STATEMENTS OF OPERATIONS
CONSOLIDATED STATEMENTS OF OPERATIONS
CONSOLIDATED STATEMENTS OF OPERATIONS
CONSOLIDATED STATEMENTS OF OPERATIONS
Anacomp, Inc., and Subsidiaries
<TABLE>
<CAPTION>
Three months ended
(Dollars in thousands, December 31,
_____________________
except per share amounts) 1993 1992
__________________________________________________________________________________
(Unaudited)
<S> <C> <C>
Revenues:
Services provided . . . . . . . . . . . . . . . . . . . . $ 54,424 $ 52,941
Equipment and supply sales . . . . . . . . . . . . . . . 84,359 88,211
________ ________
138,783 141,152
________ ________
Operating costs and expenses:
Costs of services provided . . . . . . . . . . . . . . . 37,274 36,628
Costs of equipment and supplies sold. . . . . . . . . . . 59,018 62,485
Selling, general and administrative expenses . . . . . . 21,848 21,874
________ ________
118,140 120,987
________ ________
Income from continuing operations before interest, other
income, income taxes, extraordinary credit, and
cumulative effect of accounting change . . . . . . . . . 20,643 20,165
________ ________
Interest income . . . . . . . . . . . . . . . . . . . . . . 777 609
Interest expense and fee amortization . . . . . . . . . . . (16,610) (16,592)
Other income (expense). . . . . . . . . . . . . . . . . . . (270) (958)
________ ________
(16,103) (16,941)
________ ________
Income from continuing operations before
income taxes, extraordinary credit, and
cumulative effect of accounting change. . . . . . . . . . 4,540 3,224
Provision for income taxes . . . . . . . . . . . . . . . . 2,400 1,550
________ ________
Income from continuing operations before
extraordinary credit and cumulative effect of
accounting change . . . . . . . . . . . . . . . . . . . . 2,140 1,674
Loss from discontinued operations, net of
income tax benefits . . . . . . . . . . . . . . . . . . . (239) (362)
Extraordinary credit resulting from utilization
of tax loss carryforwards . . . . . . . . . . . . . . . . -- 700
Cumulative effect on prior years of a change in
accounting for income taxes . . . . . . . . . . . . . . . 8,000 --
________ ________
Net income. . . . . . . . . . . . . . . . . . . . . . . . . 9,901 2,012
Preferred stock dividends and discount accretion . . . . . 540 540
________ _______
Net income available to common stockholders . . . . . . . . $ 9,361 $ 1,472
======== ========
Earnings per common and common equivalent share:
Continuing operations (net of preferred stock
dividends and discount accretion) . . . . . . . . . . $ .04 $ .03
Discontinued operations . . . . . . . . . . . . . . . . . (.01) (.01)
Extraordinary credit . . . . . . . . . . . . . . . . . . -- .02
Cumulative effect on prior years of a change in
accounting for income taxes . . . . . . . . . . . . . . .18 --
________ ________
Net income. . . . . . . . . . . . . . . . . . . . . . . . $ .21 $ .04
======== ========
</TABLE>
See notes to consolidated financial statements.
<PAGE>
<PAGE>5
CONSOLIDATED STATEMENTS OF CASH FLOWS
CONSOLIDATED STATEMENTS OF CASH FLOWS
CONSOLIDATED STATEMENTS OF CASH FLOWS
CONSOLIDATED STATEMENTS OF CASH FLOWS
Anacomp, Inc., and Subsidiaries
<TABLE>
<CAPTION>
Three months ended
December 31,
______________________
(Dollars in thousands) 1993 1992
_________________________________________________________________________________________
(Unaudited)
<S> <C> <C>
Cash flows from operating activities:
Net income.................................................... $ 9,901 $ 2,012
Adjustments to reconcile net income to net
cash provided by operating activities:
Cumulative effect of a change in accounting for income taxes (8,000) --
Depreciation and amortization............................... 9,278 9,478
Provision (benefit) for losses on accounts receivable....... -- (365)
Non-cash compensation expense............................... 65 46
Loss on disposition of assets............................... 69 4
Change in assets and liabilities, net of acquisitions:
Decrease in accounts and long-term receivables............ 10,980 10,934
Decrease (increase) in inventories and prepaid expenses... 459 (2,027)
Increase in other assets.................................. (3,153) (3,113)
Decrease in accounts payable and accrued expenses......... (19,974) (25,199)
Decrease in other noncurrent liabilities.................. (921) (421)
________ ________
Net cash used in operating activities................... (1,296) (8,651)
________ ________
Cash flows from investing activities:
Proceeds from sale of assets.................................. 7,018 8,094
Purchases of property, plant and equipment.................... (3,039) (4,708)
Payments to acquire companies and customer rights............. (2,600) (150)
________ ________
Net cash provided by investing activities............... 1,379 3,236
________ ________
Cash flows from financing activities:
Proceeds from issuance of common stock ....................... 559 582
Proceeds from revolving line of credit and
long-term borrowings........................................ 22,628 10,000
Principal payments on long-term debt.......................... (19,771) (29,434)
Preferred dividends paid...................................... (516) (516)
________ ________
Net cash provided by, (used in) financing activities.... 2,900 (19,368)
________ ________
Effect of exchange rate changes on cash......................... (8) 1,788
1
1
1
________ ________
Increase (decrease) in cash and cash equivalents................ 2,975 (22,995)
Cash and cash equivalents at beginning of period................ 24,922 29,881
________ ________
Cash and cash equivalents at end of period...................... $ 27,897 $ 6,886
======== ========
Supplemental disclosures of cash flow information
Cash paid during the period for:
Interest...................................................... $ 21,775 $ 22,154
Income taxes.................................................. $ 460 $ 442
See notes to consolidated financial statements.
</TABLE>
<PAGE>
<PAGE>6
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Anacomp, Inc., and Subsidiaries
<TABLE>
<CAPTION>
THREE MONTHS ENDED DECEMBER 31, 1993 Capital in
_______________________________________
excess of
par value Cumulative Retained
Common of Common Translation earnings
(In thousands) Stock Stock Adjustment (deficit) Total
______________________________________ _________ _________ __________ __________ __________
(Unaudited)
<S> <C> <C> <C> <C> <C>
BALANCE AT SEPTEMBER 30, 1993 ........ $ 406 $ 163,209 $ (4,744) $(145,072) $ 13,799
BALANCE AT SEPTEMBER 30, 1993
BALANCE AT SEPTEMBER 30, 1993
BALANCE AT SEPTEMBER 30, 1993
Exercise of stock options ............ 2 300 -- -- 302
Shares issued for purchases under the
Employee Stock Purchase Plan........ 1 256 -- -- 257
Preferred stock dividends ............ -- -- -- (516) (516)
Accretion of redeemable preferred
stock discount ..................... -- -- -- (24) (24)
Translation adjustments for period ... -- -- 192 -- 192
Net income for the period ............ -- -- -- 9,901 9,901
________ _________ _________ _________ _________
BALANCE AT DECEMBER 31, 1993.......... $ 409 $ 163,765 $ (4,552) $(135,711) $ 23,911
BALANCE AT DECEMBER 31, 1993
BALANCE AT DECEMBER 31, 1993
BALANCE AT DECEMBER 31, 1993
======== ========= ========= ========= =========
THREE MONTHS ENDED DECEMBER 31, 1992 Capital in
_______________________________________
excess of
par value Cumulative Retained
Common of Common Translation earnings
(In thousands) Stock Stock Adjustment (deficit) Total
______________________________________ _________ _________ __________ __________ __________
(Unaudited)
BALANCE AT SEPTEMBER 30, 1992 ........ $ 397 $161,198 $ 8,200 $(161,505) $ 8,290
BALANCE AT SEPTEMBER 30, 1992
BALANCE AT SEPTEMBER 30, 1992
BALANCE AT SEPTEMBER 30, 1992
Exercise of stock options ............ 1 216 -- -- 217
Shares issued for purchases under the
Employee Stock Purchase Plan........ 1 360 -- -- 361
Preferred stock dividends ............ -- -- -- (516) (516)
Accretion of redeemable preferred
stock discount ..................... -- -- -- (24) (24)
Translation adjustments for period ... -- -- (9,253) -- (9,253)
Net income for the period ............ -- -- -- 2,012 2,012
________ ________ _________ _________ _________
BALANCE AT DECEMBER 31, 1992.......... $ 399 $161,774 $ (1,053) $(160,033) $ 1,087
BALANCE AT DECEMBER 31, 1992
BALANCE AT DECEMBER 31, 1992
BALANCE AT DECEMBER 31, 1992
======== ======== ========= ========= =========
See notes to consolidated financial statements.
</TABLE>
<PAGE>
<PAGE>7
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
ANACOMP, INC. AND SUBSIDIARIES
ANACOMP, INC. AND SUBSIDIARIES
ANACOMP, INC. AND SUBSIDIARIES
ANACOMP, INC. AND SUBSIDIARIES
1. During interim periods, Anacomp follows the accounting policies set
forth in its Annual Report to Stockholders and its Report on Form 10-K
filed with the Securities and Exchange Commission. Users of financial
information produced for interim periods are encouraged to refer to the
footnotes contained in the Annual Report to Stockholders when reviewing
interim financial results.
In the opinion of management, the accompanying interim financial
statements contain all material adjustments, consisting only of normal
recurring adjustments necessary to present fairly the consolidated
financial condition, results of operations, and changes in financial
position and stockholders' equity of Anacomp and its subsidiaries for
interim periods. Certain amounts in the prior period financial
statements have been reclassified to conform to the current period
presentation.
2. Inventories are stated at the lower of cost or market, cost being
determined by methods approximating the first-in, first-out basis.
The cost of inventories is distributed as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
Dec. 31, Sept. 30,
(In thousands) 1993 1993
____________________________________________________________________
Finished goods . . . . . . . . . . . . . . . $ 33,402 $ 38,289
Work in process. . . . . . . . . . . . . . . 6,083 7,105
Raw materials and supplies . . . . . . . . . 17,435 23,798
________ ________
$ 56,920 $ 69,192
======== ========
</TABLE>
3. In February 1992, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 109, "Accounting for Income Taxes"
(FAS 109). Under FAS 109, the Company recognizes income taxes under the
liability method of accounting for income taxes. The liability method
measures the expected tax impact of future taxable income or deductions
resulting from differences in the tax and financial reporting bases of
assets and liabilities reflected in the consolidated balance sheet and the
expected tax impact of carryforwards for tax purposes. A valuation
allowance is to be recorded against those tax assets when it is "more
likely than not" that the benefit will not be realized.
FAS 109 was adopted in the first quarter of fiscal 1994. The Company
recorded a deferred tax asset of $95 million representing the federal and
state tax NOLs and tax credits. The Company also recorded a valuation
allowance of $60 million reducing the deferred tax asset to a net $35
million.
Recognition of the deferred tax asset and valuation allowance caused
adjustments to the following financial statement components:
Capital Accrued
Net in excess Income
(In thousands) Income Goodwill of par value Taxes Total
______________ ______ ________ ____________ _______ ________
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Deferred tax asset $8,000 $66,000 $6,000 $15,000 $95,000
Valuation allowance -- (39,000) (6,000) (15,000) (60,000)
------ ------- ------ ------- -------
<PAGE>
Net deferred tax asset $8,000 $27,000 -- -- $35,000
====== ======= ====== ======= =======
</TABLE>
<PAGE>
<PAGE>8
In the future, the federal provision for income taxes reflected in the
consolidated statement of operations will generally not require a cash
payout to the extent the Company has NOLs. The cash savings from the
utilization of NOLs will be reported as a reduction of the deferred tax
asset recorded under the guidelines of FAS 109.
The components of deferred tax assets and liabilities at December 31 and
October 1, 1993 are as follows:
Dec. 31 Oct. 1
Net Deferred Tax Asset (In thousands) 1993 1993
______________________ ________ ________
<TABLE>
<CAPTION>
<S> <C> <C>
Tax effects of future tax deductible
differences related to:
Inventory reserves....................... $ 2,800 $ 2,900
Depreciation............................. 1,500 1,400
Building reserves........................ 6,800 7,400
EPA reserve.............................. 3,400 3,400
Sale/leaseback of assets................. 1,700 1,800
Other net deductible differences......... 4,800 4,300
Tax effects of future taxable differences
related to:
Leases................................... (4,400) (4,600)
Capitalized software..................... (4,400) (4,600)
________ ________
Net tax effects of future differences...... 12,200 12,000
________ ________
Tax effects of carryforward benefits:
Federal net operating loss carryforwards. 79,500 80,000
Federal general business tax credits..... 3,000 3,000
________ ________
Tax effects of carryforwards............... 82,500 83,000
________ ________
Tax effects of future differences
and carryforwards........................ 94,700 95,000
Less valuation allowance................... (60,000) (60,000)
________ ________
Net deferred tax asset..................... $ 34,700 $ 35,000
======== ========
</TABLE>
At December 31, 1993 the Company had NOLs of approximately $220 million
available to offset future taxable income. An additional $34 million is
available in future periods as accrued expenses become deductible. The
Company also has tax credit carryforwards of $3 million available to reduce
future tax liabilities, including $1 million of preacquisition tax credits.
The NOLs expire commencing in 1995 ($15 million) with remaining amounts in
various periods through 2007. The tax credit carryforwards expire
substantially in 1997.
The adoption of FAS 109 reduced goodwill amortization expense by
$193 thousand during the three month period ended December 31, 1993.
Accordingly, income from continuing operations and net income were
increased by the same amount. There was no effect on earnings per common
and common equivalent share.
<PAGE>
<PAGE>9
If FAS 109 had been adopted beginning October 1, 1992, the following
proforma results would have been reported for the three month period ended
(In thousands) except per share amounts:
Dec. 31 Dec. 31
1993 1992
________ ________
<TABLE>
<CAPTION>
<S> <C> <C>
Income from continuing operations.......... $ 2,135 $ 1,862
Net Income................................. 1,896 9,500
Earnings per common and common
equivalent share......................... .03 .21
</TABLE>
4. The computation of earnings per common and common equivalent share is based
upon the weighted average number of common shares outstanding during the
period plus (in periods in which they have a dilutive effect) the effect of
common shares contingently issuable, primarily from stock options and
exercise of warrants.
The fully diluted per share computation reflects the effect of common
shares contingently issuable upon the exercise of warrants in periods in
which such exercise would cause dilution. Fully diluted earnings per share
also reflect additional dilution related to stock options due to the use of
the market price at the end of the period, when higher than the average
price for the period.
Fully diluted earnings per share are the same as primary earnings per share
for the periods presented.
5. Effective January 3, 1994, the Company purchased the computer output
micrographics business of 14 data centers operated by National Business
Systems for $14.8 million using equal amounts of common stock and cash.
<PAGE>
<PAGE> 10
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations
Results of Operations
Results of Operations
Results of Operations
_____________________
Total revenues for the first quarter of fiscal year 1994 were essentially level
with the first quarter of fiscal year 1993 after consideration of the foreign
exchange translation impact of approximately $2 million. COM systems revenues,
however, were up $2.3 million, or 16%, over the prior year on strong XFP
shipments. Micrographics service and maintenance service revenues were each up
3%. Micrographic supplies revenues were off $6.8 million, or 13% principally
due to decreased duplicate film and reader printer sales in the OEM channels.
Service revenues generated a gross profit margin of 32% in the first quarter up
from 31% in the prior year first quarter. Equipment and supply sales generated
a gross profit margin of 30% compared to 29% in the prior year. The improved
margins result largely from the cost reduction efforts launched in the third
quarter of fiscal year 1993.
Selling, general, and administrative expenses amounted to 16% of total revenues
in both periods.
The first quarter financial statements reflect the Company's adoption of the
Financial Accounting Standards Board Statement No. 109, "Accounting for Income
Taxes", as discussed in Note 3 to the Consolidated Financial Statements. The
December 31, 1993 Balance Sheet includes a $34,667,000 deferred tax asset and
the Consolidated Statements of Operations include a $8,000,000 one time
adjustment reflecting the cumulative effect on prior years.
Liquidity and Capital Resources
Liquidity and Capital Resources
Liquidity and Capital Resources
Liquidity and Capital Resources
_______________________________
Working capital amounted to $35.5 million at December 31, 1993 compared to
$30.9 million at September 30, 1993. As disclosed in the Consolidated
Statements of Cash Flows, net cash used in operating activities improved $7.4
in the first quarter of fiscal year 1994 compared to the first quarter of
fiscal 1993, primarily due to reductions in working capital. Net cash used in
financing activities was reduced $22.3 million dollars reflecting lower
paydowns on the Company's revolving line of credit and resulting in the year to
year increase in cash balances of $21.0 million. The Company believes that
operating cash flow in 1994 will be sufficient to meet cash requirements for
capital expenditures, debt repayments, and other obligations.
<PAGE>
<PAGE> 11
ANACOMP, INC. AND SUBSIDIARIES
ANACOMP, INC. AND SUBSIDIARIES
ANACOMP, INC. AND SUBSIDIARIES
ANACOMP, INC. AND SUBSIDIARIES
PART II: OTHER INFORMATION
PART II: OTHER INFORMATION
PART II: OTHER INFORMATION
PART II: OTHER INFORMATION
PAGE NUMBER
PAGE NUMBER
PAGE NUMBER
PAGE NUMBER
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
<TABLE>
<CAPTION>
<S> <C>
(a) Exhibits
________
(11) Computation of Earnings per Common Share. 11
(b) Reports on Form 8-K
___________________
There were no reports on Form 8-K filed during the
quarter ended December 31, 1993.
</TABLE>
<PAGE>
<PAGE>12
SIGNATURES
__________
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
ANACOMP, INC.
/s/ Donald L. Viles
_______________________________
Donald L. Viles
Vice President and
Chief Accounting Officer
Dated this 14th day of February, 1994.
<PAGE>
<PAGE>1
EXHIBIT 11
Anacomp, Inc. and Subsidiaries
COMPUTATION OF EARNINGS PER COMMON SHARE
<TABLE>
<CAPTION>
Three months ended
December 31,
_____________________
(In thousands, except per share amounts) 1993 1992
_________________________________________________________________________
< (Unaudited)
<S> <C> <C>
Earnings per Common Share:
Net income available to common stockholders.... $ 9,361 $ 1,472
======= =======
Shares:
Weighted average number of shares
outstanding .................................. 40,799 39,769
Adjustments:
Assumed issuances under stock option
and stock purchase plans..................... 2,783 2,839
_______ _______
Total shares ..................................... 43,582 42,608
======= =======
Earnings per common share......................... $ .21 $ .04
======= =======
</TABLE>
<PAGE>
<PAGE> 2
EXHIBIT 11
Anacomp, Inc. and Subsidiaries
COMPUTATION OF EARNINGS PER COMMON SHARE
ASSUMING FULL DILUTION
<TABLE>
<CAPTION>
Three months ended
December 31,
_____________________
(In thousands, except per share amounts) 1993 1992
_________________________________________________________________________
(Unaudited)
<S> <C> <C>
Earnings per Common Share:
Net income available to common stockholders.... $ 9,361 $ 1,472
======= =======
Shares:
Weighted average number of shares
outstanding .................................. 40,799 39,769
Adjustments:
Assumed issuances under stock option
and stock purchase plans..................... 3,656 4,209
_______ _______
Total shares ..................................... 44,455 43,978
======= =======
Earnings per common share......................... $ .21 $ .04
======= =======
</TABLE>
