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): July 1, 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 July
1, 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 July 1, 1994
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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.
Date: July 1, 1994 GIBSON GREETINGS, INC.
By /s/ William L. Flaherty
William L. Flaherty
Vice President - Finance
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Exhibit 1
NEWS
Gibson RELEASE
Gibson Greetings, Inc. 2100 Section Road Cincinnati OH 45237
CONTACT: W. L. Flaherty RELEASE DATE:
Vice President - Finance July 1, 1994
(513) 841-6675
Gibson Greetings, Inc. (NASDAQ) announced today that it has
determined that its Cleo, Inc. subsidiary overstated its finished
goods inventory at December 31, 1993, resulting in a
corresponding overstatement of net income for the year ended
December 31, 1993. The Company believes that the overstatement
resulted from an allocation of overhead variances in a manner
inconsistent with generally accepted accounting principles.
Based on currently available information, the Company believes
that its actual 1993 consolidated net income was approximately
20% less than the $25.8 million ($1.61 per share) previously
reported. The Company and its independent accountants are
continuing to pursue a vigorous investigation of this matter, and
the Company expects to release further information and to restate
its 1993 financial statements based on the results of its
investigation.
END
