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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
SEPTEMBER 28, 1995
Date of Report (Date of earliest event reported)
NASHUA CORPORATION
(Exact name of registrant as specified in its charter)
1-5492-1
(Commission File Number)
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DELAWARE 02-0170100
(State or other jurisdiction of incorporation) (I.R.S. Employer Identification No.)
44 FRANKLIN STREET, NASHUA, NEW HAMPSHIRE 03060
(Address of Principal Executive Offices) (Zip Code)
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(603) 880-2323
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
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ITEMS OF INFORMATION
Item 5. Other Events
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On September 28, 1995, Nashua Corporation issued the following press release:
NASHUA CORPORATION EXPECTS TO REPORT A
LOSS FOR THIRD QUARTER 1995
NASHUA, N.H., September 28, 1995 -- Nashua Corporation (NYSE:NSH) today
announced that it expects to report a loss of between $.3 million and $1.0
million, or $.05 and $.15 per share, before unusual charges, for the third
quarter ended September 29, 1995, compared with net income of $2.4 million, or
$.37 per share, in the same period one year ago. Nashua expects that the third
and fourth quarters' results also will include unusual pretax charges in the
range of $15 million to $18 million, or approximately $1.60 to $1.95 per share
after tax for the two quarters, providing for the write-off of certain
inventory, manufacturing consolidations, divisional and corporate realignments,
and other costs. The Company indicated that it expects total revenue in the
third quarter to be higher than one year ago.
The expected third-quarter loss will result in Nashua's being out of compliance
with certain financial covenants in its credit agreements with its lenders.
The Company expects to renegotiate the terms of its credit agreements.
Francis J. Lunger, who was recently appointed Nashua's president and chief
executive officer, stated, "The third quarter has been a challenging period for
Nashua Corporation, particularly for the Commercial Products Group and the
Photofinishing Group's domestic operations. Commercial Products' results
reflect lower volume in several major product lines and start-up costs
associated with the relocation of our cartridge remanufacturing facility to
Mexico. In addition, lower volume and higher marketing expenses in our
domestic photofinishing business are having a negative effect on our
performance. In contrast, Nashua Precision Technologies continues to build its
customer and product base and is showing significant year-over-year revenue and
profit growth."
Lunger concluded, "The past several weeks have been marked by a substantial
transition in Nashua's leadership. This team has been closely examining
Nashua's operations, cost structures and interfaces with our customers,
recognizing that swift actions must be taken to significantly improve our
performance. The initiatives that necessitate the unusual charge to earnings,
combined with our product development and marketing programs, will play an
integral role in determining our long-term success."
The company anticipates reporting results for the third quarter of 1995 during
the week of October 16, 1995.
Nashua Corporation offers a diverse mix of products including thermal papers,
pressure-sensitive labels, specialty papers and tapes, copier, ink jet and
laser printer supplies, aluminum substrates, and photofinishing services.
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SIGNATURES
Pursuant to the requirements of the Security Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NASHUA CORPORATION
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October 11, 1995 By /s/Daniel M. Junius
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Daniel M. Junius
Vice President-Finance and Treasurer
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