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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): July 9, 1998
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STAPLES, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or Other Jurisdiction of Incorporation)
0-17586 04-2896127
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(Commission File Number) (I.R.S. Employer
Identification No.)
One Research Drive, Westborough, MA 01581
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(Address of principal executive office and zip code)
508-370-8500
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
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Post-Merger Financial Results
Staples, Inc. (the "Company") is filing summary statement of operations data for
the two months ended July 4, 1998, and summary balance sheet data at July 4,
1998. All figures reflect the merger between the Company and Quill Corporation
and certain related entities (collectively referred to as "Quill") on May 21,
1998, which was accounted for as a pooling of interests. The Company expects to
incur a charge to earnings of approximately $39 million in the quarter ended
August 1, 1998 in connection with this merger. The statement of operations data
for the two months ended July 4, 1998, and the balance sheet data at July 4,
1998, are derived from the Company's unaudited consolidated financial
statements. Earnings per share data have not been provided since such amounts
are calculated on a quarterly and annual weighted average basis.
Staples, Inc. Condensed Financial Data (Unaudited) in thousands:
<TABLE>
<CAPTION>
For the two
months ended
July 4, 1998
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<S> <C>
Sales $1,013,593
Net income 26,958
July 4, 1998
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Total assets $2,558,211
Total liabilities 1,435,113
Total shareholders' equity 1,123,098
</TABLE>
Because of rules pertaining to pooling of interests accounting, at least 30 days
of post-merger financial results for the combined Company and Quill must be
published before the former stockholders of Quill may sell the shares acquired
in the merger. This is the first time that the Company has published two month
results. Because this is so unusual, the Company cautions that monthly results
may reflect trends or variations that would not necessarily be evident in
quarterly results, just as the seasonal variation inherent in quarterly results
are not apparent in annual results. For example, the Company's results can be
affected by the timing of store openings and closings, the amount of sales
contributed by new and existing stores and the timing of certain holidays. The
operating results for the two months ended July 4, 1998 are not necessarily
indicative of the results that may be expected for the second quarter ending
August 1, 1998 or for the fiscal year ending January 30, 1999.
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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 thereunto duly authorized.
Date: July 9, 1998 /s/ John J. Mahoney
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John J. Mahoney
Executive Vice President and
Chief Administrative Officer
