FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest
Event Reported): November 23, 1994
GIBSON GREETINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware 2-82990 52-1242761
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
2100 Section Road, Cincinnati, Ohio 45237
(Address of principal executive offices)
Registrant's telephone number, including area code:(513) 841-6600
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INFORMATION TO BE INCLUDED IN THE REPORT
Items 1, 2, 3, 4, 6 and 8 are not applicable and are omitted from
this report.
Item 5. Other Events
The press release of Gibson Greetings, Inc., dated
November 23, 1994, is filed as an exhibit to and incorporated by
reference in this Current Report on Form 8-K.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
(a) Financial Statements of Business Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits
Number Description
1 Press Release dated November 23, 1994
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SIGNATURES
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.
Date: November 23, 1994 GIBSON GREETINGS, INC.
By /s/ Anthony L. Forcellini
Anthony L. Forcellini
Vice President, Controller and
Treasurer
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CONTACTS: William L. Flaherty RELEASE DATE: November 23, 1994
Vice President, Finance
(513) 841-6675
Karen Durand
Director, Investor Relations
(513) 841-6986
FOR IMMEDIATE RELEASE
GIBSON SETTLES DERIVATIVES LITIGATION WITH BANKERS TRUST
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COMPANY TO RECORD $14.5 MILLION GAIN IN CURRENT QUARTER
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Gibson Greetings, Inc. (NASDAQ: GIBG) announced that it has
settled its claim against Bankers Trust Company for losses
arising from interest rate derivative transactions. As a
result of the settlement, Gibson will record a net pretax gain
of $14.5 million in the current quarter of its fiscal year
ending December 31, 1994.
Gibson first announced derivative losses on March 4, 1994 and
had recorded cumulative losses of $20.7 million on its two
remaining transactions at September 30, 1994. As part of the
settlement, the Company has paid Bankers Trust $6.18 million
which includes the reimbursement of approximately $3.4 million
of cash payments made to Gibson which had been recorded as gains
with respect to a number of earlier transactions. In return,
the remaining transactions will be terminated with no further
liability to Gibson.
"We are delighted with the settlement, which resolves all matters
in dispute with Bankers Trust and eliminates management distraction
and ongoing legal expenses," said Benjamin J. Sottile, Chairman,
President and Chief Executive Officer of Gibson.
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