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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
Date of Report (Date of earliest event reported) June 7, 1994
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MERISEL, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE
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(State or other jurisdiction of incorporation)
0-17156 95-4172359
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(Commission File Number) (IRS Employer Identification No.)
200 Continental Boulevard, El Segundo, California 90245-0984
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (310) 615-3080
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N/A
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
Merisel, Inc. (the "Company") expects its earnings for the quarter ending
June 30, 1994 to be significantly below analysts' expectations, because of lower
gross profits in its wholesale distribution businesses in the U.S. and the U.K.
Attached hereto as Exhibit 99.1 is the Press Release issued by the Company on
June 7, 1994 regarding this matter.
1.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
Exhibit 99.1: Company Press Release dated June 7, 1994.
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2.
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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.
MERISEL, INC.
/s/ James L. Brill
By: ____________________________________
James L. Brill
Senior Vice President-Finance, Chief
Financial Officer and Secretary
Date: June 16, 1994
3.
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Exhibit 99.1
MERISEL NEWS
Australia * Austria * Canada * France * Germany * Latin America
Mexico * Russia * Switzerland * United Kingdom * United States
200 Continental Blvd., El Segundo, CA 90245
(310) 615-3080 Fax (310) 615-1263
Contact: James L. Brill
Chief Financial Officer
(310) 615-1259
Susan T. Stillings
Director, Investor Relations
(310) 615-6868
FOR IMMEDIATE RELEASE
MERISEL ANNOUNCES REDUCED SECOND QUARTER EARNINGS EXPECTATIONS
El Segundo, Calif. (June 7, 1994)--Merisel, Inc.'s Co-Chairman and Chief
Executive Officer, Michael D. Pickett, announced today that the Company expects
its earnings for the quarter ending June 30, 1994 to be significantly below
analysts' expectations. Mr. Pickett said that preliminary data for the early
portion of the current quarter indicates that the Company has generated lower
gross profits than previously expected in its wholesale distribution businesses
in the U.S. and U.K. Mr. Pickett indicated that Merisel's U.S. sales growth has
been slower than previously expected, partially as a result of higher than
normal sales returns. In addition, Mr. Pickett noted that pricing decisions
made by the Company for its U.S. distribution business in the first quarter
increased its sales growth rates, but decreased gross margin percentages more
than anticipated. "We took actions in late April to improve our gross margin
percentages," Mr. Pickett said, "and as a result, our estimated gross margins
have increased since that time. However, we do not expect second quarter
results to reflect the full effect of these improvements." Based on such
information, the Company currently believes that earnings will be in the range
of $0.09 to $0.12 per share for the second quarter.
Merisel, Inc. (NASDAQ:MSEL) is the world's largest publicly held wholesale
distributor of computer hardware and software products. The Company sells a
full-line of 25,000 products from more than 900 manufacturers to 65,000
resellers worldwide, including over 750 ComputerLand franchisees and Datago
affiliates. Merisel operates 10 international subsidiaries, 33 sales offices
and 20 distribution centers serving the United States, Canada, Europe, Latin
America and the Pacific Rim.
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