<PAGE>
As filed with the Securities and Exchange Commission on September 29, 1997
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------------
FORM 11-K
[x] ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended March 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transaction period from __________ to ____________
Commission file number: 0-20287 (formerly 33-69708)
-------------------------
NU-KOTE INTERNATIONAL, INC. EMPLOYEES SAVINGS PLAN
(Full title of the Plan)
NU-KOTE HOLDING, INC.
(Exact name of issuer as specified in its charter)
17950 Preston Road
Suite 690, LB 21
Dallas, Texas 75252
(Address of Principal Executive Office
including Zip Code)
This report contains 19 pages.
The exhibit index is on page 2.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<PAGE>
REQUIRED INFORMATION
Item 1. Not applicable.
Item 2. Not applicable.
Item 3. Not applicable.
Item 4. Plan financial statements and schedules prepared in accordance with
the financial reporting requirements of ERISA have been included as
Exhibit 1 hereto.
EXHIBITS
1. Audited financial statements for the Nu-kote International, Inc. Employees
Savings Plan including statements of net assets available for plan
benefits as of March 31, 1997 and 1996 and related statements of changes
in net assets available for plan benefits for the years then ended,
together with notes and schedules thereto.
2. Consent of Coopers & Lybrand L.L.P.
2
<PAGE>
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of
1934, the Nu-kote International, Inc. Employees Savings Plan has duly caused
this annual report to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Dallas, State of Texas, on the 29th day of
September, 1997.
Nu-kote International, Inc.
Employees Savings Plan
By: /s/ Steven J. DiPasquale
-----------------------------------
Steven J. DiPasquale
Senior Vice President & Treasurer
3
<PAGE>
EXHIBIT 1
<PAGE>
I N D E X
Pages
-----
Report of Independent Accountants 2
Financial Statements:
Statements of Net Assets Available for Benefits, March 31, 1997
and 1996 3
Statements of Changes in Net Assets Available for Benefits for
the years ended March 31, 1997 and 1996 4
Notes to Financial Statements 5-12
Supplemental Schedules:
Item 27a--Schedule of Assets Held for Investment Purposes,
March 31, 1997 13
Item 27d--Schedule of Reportable Transactions for the year
ended March 31, 1997 14
1
<PAGE>
[LETTERHEAD]
REPORT OF INDEPENDENT ACCOUNTANTS
To the Plan Participants and Administrator
of the Nu-kote International, Inc.
Employees Savings Plan:
We have audited the accompanying statements of net assets available for
benefits of the Nu-kote International, Inc. Employees Savings Plan (the "Plan")
as of March 31, 1997 and 1996, and the related statements of changes in net
assets available for benefits for the years then ended. These financial
statements are the responsibility of the Plan's administrator. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Nu-kote
International, Inc. Employees Savings Plan as of March 31, 1997 and 1996, and
the changes in net assets available for benefits for the years then ended in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental Schedule of Assets Held for
Investment Purposes at March 31, 1997 and Schedule of Reportable Transactions
for the year then ended are presented for the purpose of additional analysis
and are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental schedules have been subjected to the
auditing procedures applied in the audits of the basic financial statements
and, in our opinion, are fairly stated, in all material respects, in relation
to the basic financial statements taken as a whole.
COOPERS & LYBRAND L.L.P.
Dallas, Texas
September 25, 1997
2
<PAGE>
NU-KOTE INTERNATIONAL, INC. EMPLOYEES SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
MARCH 31, 1997 AND 1996
ASSETS
1997 1996
---------- ----------
Investments at fair value:
Mutual funds $7,002,750 $6,335,381
Nu-kote stock fund 420,175 1,358,606
Participant loans 302,198 274,571
---------- ----------
Total investments 7,725,123 7,968,558
Receivables:
Employee contributions 70,695 65,589
Employer contributions 25,853 23,510
---------- ----------
Total assets 7,821,671 8,057,657
---------- ----------
LIABILITIES
Administrative fees payable 15,000 7,500
Other 60,159
---------- ----------
Total liabilities 75,159 7,500
---------- ----------
Net assets available for benefits $7,746,512 $8,050,157
---------- ----------
---------- ----------
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
NU-KOTE INTERNATIONAL, INC. EMPLOYEES SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED MARCH 31, 1997 AND 1996
1997 1996
----------- ----------
Additions:
Employee contributions (net of refunds of
$60,159 in 1997) $ 919,085 $ 928,877
Employer contributions 363,692 346,649
Rollover contributions 48,366 1,275,866
Net increase in fair value of mutual funds 675,500 860,627
Net appreciation (depreciation) in fair value of
Nu-kote stock fund (1,321,383) 320,622
Interest income 19,330 13,511
----------- ----------
Total additions 704,590 3,746,152
----------- ----------
Deductions:
Benefits paid to participants 944,785 851,073
Administrative expenses 63,450 18,995
----------- ----------
Total deductions 1,008,235 870,068
----------- ----------
Net increase/(decrease) (303,645) 2,876,084
Net assets available for benefits:
Beginning of year 8,050,157 5,174,073
----------- ----------
End of year $ 7,746,512 $8,050,157
----------- ----------
----------- ----------
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
NU-KOTE INTERNATIONAL, INC. EMPLOYEES SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF THE PLAN:
GENERAL
Nu-kote International, Inc. (the "Company" or "Employer"), is a
wholly-owned subsidiary of Nu-kote Holding, Inc. ("Nu-kote"). The Nu-kote
International, Inc. Employees Savings Plan (the "Plan") is a defined
contribution plan that became effective January 16, 1987. The Plan is
subject to the provisions of the Employee Retirement Income Security Act
of 1974 ("ERISA"). The following description of the Plan is provided for
general information purposes. Participants should refer to the Plan
document for more complete information.
PARTICIPATION
All U.S. domestic employees of the Company are eligible for
participation in the Plan at the next entry date after the completion of
one year of service.
The Plan allows participants to contribute an aggregate amount equal
to 1% to 6% of their base salary on a before-tax basis, not to exceed the
legal maximum amount. The Company will match, out of its current year's
earnings, up to 40% of the first 6% of each participant's wages
contributed. The participant is also allowed to contribute an additional
10% of their salary on an after-tax basis. The Company does not match
after-tax contributions. The Plan participants are allowed to direct the
investment of their contributions into five funds offered by NationsBank
(the "Trustee"). The participant has the option to invest, in multiples
of 1%, in the following funds: a stable capital fund, a strategic fixed
income fund, a capital growth fund, a Nu-kote stock fund and an equity
index fund. Earnings for each investment program are allocated based on
participant's daily balances within that investment program.
VESTING
Employee contributions vest immediately. Employer contributions vest
based on completed years of service. A participant fully vests with five
years of credited service (20% per year of service). Participants who
terminate due to death, normal retirement or disability are fully vested.
Upon termination of employment, the participants' nonvested benefits
are forfeited and are used to reinstate forfeitures for certain
re-employed participants and to reduce matching contributions of the
Company.
5
<PAGE>
NU-KOTE INTERNATIONAL, INC. EMPLOYEES SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
BENEFITS
Participants (or their beneficiaries) are eligible to receive vested
benefits upon retirement, death, disability or when they terminate
employment with the Company. If benefits are greater than $3,500, the
participants may choose to leave their balance in the Plan, elect payment
as a single lump-sum payment or receive their benefits in the form of an
annuity.
PARTICIPANT LOANS
Participants, after receiving approval from the Plan administrator, are
allowed to obtain a loan from the Plan based on 50% of the value of his or
her vested amount under the Plan, up to a maximum of $50,000. The minimum
loan available is $1,000.
ADMINISTRATION OF THE PLAN
The Plan is administered by a committee of employees of the Company. The
Committee members are selected by the Board of Directors of the Company.
TERMINATION
Although it has not expressed any intent to do so, the Employer has the
right, under the Plan, to terminate the Plan subject to ERISA. In the
event of the termination of the Plan, all participants would be fully
vested in their account balances and assets would be distributed in
accordance with the Plan.
2. SIGNIFICANT ACCOUNTING POLICIES:
BASIS OF ACCOUNTING
The financial statements of the Plan have been prepared on the accrual
basis of accounting in conformity with generally accepted accounting
principles.
6
<PAGE>
NU-KOTE INTERNATIONAL, INC. EMPLOYEES SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, Continued
INVESTMENT VALUATION AND INCOME RECOGNITION
The fair market value of investments in mutual funds are determined by the
Trustee, as each fund's investment manager, based on the fair value of each
underlying fund's investments principally using quoted market values.
Investments in the Nu-kote stock fund are valued at the quoted market value
of the underlying stock. Income and dividends from investments are accrued
as earned. Purchases and sales are reflected on a trade-date basis. The
Plan presents in the statement of changes in net assets available for
benefits the net appreciation (depreciation) in the fair value of the
Nu-kote stock fund which consists of the realized gains or losses and the
unrealized appreciation (depreciation) on those investments. Additionally,
the net increase (decrease) in fair value of mutual funds includes realized
and unrealized gains or losses and dividends and capital gain distributions
reinvested.
Participant loans are stated at face value which approximates market.
ADMINISTRATIVE EXPENSES
Administrative expenses of the Plan are primarily paid by the Plan.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of net assets available for
benefits at the date of the financial statements and the reported amounts
of changes in net assets available for benefits during the reporting
period. Actual results could differ from those estimates.
RISKS AND UNCERTAINTIES
The Plan provides for various investment options in any combination of
stocks, bonds, fixed income securities, mutual funds, and other investment
securities. Investment securities are exposed to various risks, such as
interest rate, market, and credit risks. Due to the level of risk
associated with certain investment securities, it is at least reasonably
possible that changes in the values of investment securities will occur
in the near term and that such changes could materially affect
participants' account balances and the amounts reported in the statement
of net assets available for plan benefits.
7
<PAGE>
NU-KOTE INTERNATIONAL, INC. EMPLOYEES SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, CONTINUED
RECLASSIFICATION
Certain reclassifications have been made to the prior year balances to
conform to the current year presentation. Certain line items have been
combined differently for financial statement presentation.
3. INVESTMENTS:
Participant contributions are invested in accordance with the
participant's election in one or more investment programs.
The investment program options are the same for all contributions made to
the Plan. Participants may change the composition of their share of net
assets and their allocation percentage in each program at any time during
the calendar year. The estimated number of participants with a share of
net assets at March 31, 1997 and 1996 of each investment program is as
follows:
1997 1996
---- ----
NationsBank Stable Capital Fund 363 381
NationsBank Strategic Fixed Income Fund 227 231
NationsBank Capital Growth Fund 373 361
NationsBank Equity Index Fund 381 361
Nu-kote Stock Fund 650 652
At March 31, 1997, 668 participants held assets in the Plan.
INVESTMENT PROGRAMS
Each of the investment options will vary in price and the return will
fluctuate as market conditions change. The current investment options
are described below.
NationsBank Stable Capital Fund seeks to maximize current income while
maintaining a fixed market value. It invests in a broad range of short-
term (one to three years) fixed-income securities including guaranteed
investment contracts, commercial paper, bank obligations, corporate paper
and money market instruments.
8
<PAGE>
NU-KOTE INTERNATIONAL, INC. EMPLOYEES SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, CONTINUED
NationsBank Strategic Fixed Income Fund seeks to maximize total investment
return through the active management of fixed income securities. It
invests primarily in a mix of investment grade (BBB or better) corporate,
government and mortgage-backed securities. The fund is structured to
generally have an average weighted maturity of ten years or less.
NationsBank Capital Growth Fund seeks long-term capital growth. It
invests in stocks with growth characteristics which NationsBank believes
should outperform the market over time. The fund focuses on companies
with:
- Large market capitalization--above $500,000,000
- Above average growth potential
- Above average return on equity and earnings growth relative to the
S&P 500
NationsBank Equity Index Fund seeks to closely approximate the total
return performance of the S&P 500 Index. Its portfolio holdings are structured
according to the S&P 500 Index.
Nu-kote Stock Fund consists of Nu-kote Holding, Inc.'s common stock and
the NationsBank Treasury Fund. Since the fund invests only in Nu-kote common
stock and money market investments of the NationsBank Treasury Fund, the value
of this fund should be expected to fluctuate more frequently than that of other
Plan investment options.
ASSET VALUES AND NUMBER OF UNITS
The total asset value, number of units and the asset value per unit by
investment within the investment program of the Plan at March 31, 1997 and 1996
are as follows:
<TABLE>
March 31, 1994
--------------------------------------------------------------------------
1997 1996
----------------------------------- -----------------------------------
Total Number Value Total Number Value
Asset Value of Units Per Unit Asset Value of Units Per Unit
----------- -------- -------- ----------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
NationsBank Stable Capital Fund $1,763,689 139,063 $12.68 $1,890,708 157,711 $11.99
NationsBank Strategic Fixed
Income Fund 917,890 95,415 9.62 944,602 95,126 9.93
NationsBank Capital Growth Fund 1,966,352 168,064 11.70 1,594,950 118,760 13.43
NationsBank Equity Index Fund 2,354,819 148,195 15.89 1,905,121 140,289 13.58
Nu-kote Stock Fund 420,175 79,854 5.26 1,358,606 60,900 22.31
---------- ----------
$7,422,925 $7,693,987
---------- ----------
---------- ----------
</TABLE>
9
<PAGE>
NU-KOTE INTERNATIONAL, INC. EMPLOYEES SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, CONTINUED
Each of the above investments comprises more than 5% of net assets
available for benefits at March 31, 1997 and 1996.
4. ROLLOVER CONTRIBUTIONS:
As a result of Nu-kote's acquisition during fiscal 1995 of the Hardcopy
Division of Pelikan Holding AG, acquired U.S. employees were offered the
option to transfer their accounts to the Plan. The rollover contributions
were made in fiscal 1996.
5. INCOME TAX STATUS:
The Internal Revenue Service has determined and informed the Company by a
letter dated January 11, 1996, that the Plan and related trust are designed
in accordance with applicable sections of the Internal Revenue Code.
6. PARTICIPANT INVESTMENT OPTIONS:
The following is a summary by investment program of changes in net assets
available for benefits for the years ended March 31, 1997 and 1996 and net
assets available for benefits as of March 31, 1997 and 1996:
10
<PAGE>
NU-KOTE INTERNATIONAL, INC. EMPLOYEES SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, CONTINUED
<TABLE>
Stable Strategic Capital Company
1997 Capital Fixed Income Growth Stock
- ------------------------------- ---------- ------------ ---------- -----------
<S> <C> <C> <C> <C>
Balance, March 31, 1996 $1,890,708 $944,602 $1,594,950 $ 1,358,606
---------- -------- ---------- -----------
Additions:
Employee contributions 204,309 94,466 255,664 142,493
Employer contributions 361,349
Rollover contribution 5,194 7,171 6,655 15,582
Net increase in fair value of
mutual funds 82,938 24,459 202,474
Net appreciation in the fair
value of Nu-kote stock fund (1,321,383)
Interest income
Deductions:
Benefits paid to participants (257,297) (79,966) (213,474) (137,670)
Administrative expenses (24,209) (7,089) (6,739) (6,432)
Interfund transfers, net (137,954) (65,753) 126,822 7,630
---------- -------- ---------- -----------
Net additions (deductions) (127,019) (26,712) 371,402 (938,431)
---------- -------- ---------- -----------
Balance, March 31, 1997 $1,763,689 $917,890 $1,966,352 $ 420,175
---------- -------- ---------- -----------
---------- -------- ---------- -----------
Assets:
Investments at fair value:
Mutual funds $1,763,689 $917,890 $1,966,352
Nu-kote stock funds $ 420,175
Participant loans
---------- -------- ---------- -----------
Total investments 1,763,689 917,890 1,966,352 420,175
Receivables:
Employee contributions
Employer contributions
---------- -------- ---------- -----------
Total assets 1,763,689 917,890 1,966,352 420,175
---------- -------- ---------- -----------
Liabilities:
Administrative expenses payable
Other
---------- -------- ---------- -----------
Total liabilities 0 0 0 0
---------- -------- ---------- -----------
Net assets available for benefits $1,763,689 $917,890 $1,966,352 $ 420,175
---------- -------- ---------- -----------
---------- -------- ---------- -----------
<CAPTION>
Equity Loan
1997 Index Fund Other Total
- ------------------------------- ---------- -------- -------- -----------
<S> <C> <C> <C> <C>
Balance, March 31, 1996 $1,905,121 $274,571 $ 81,599 $ 8,050,157
---------- -------- -------- -----------
Additions:
Employee contributions 277,206 (55,053) 919,085
Employer contributions 2,343 363,692
Rollover contribution 13,764 48,366
Net increase in fair value of
mutual funds 365,629 675,500
Net appreciation in the fair
value of Nu-kote stock fund (1,321,383)
Interest income 19,330 19,330
Deductions:
Benefits paid to participants (241,250) (15,128) (944,785)
Administrative expenses (11,481) (7,500) (63,450)
Interfund transfers, net 45,830 23,425 0
---------- -------- -------- -----------
Net additions (deductions) 449,698 27,627 (60,210) (303,645)
---------- -------- -------- -----------
Balance, March 31, 1997 $2,354,819 $302,198 $ 21,389 $ 7,746,512
---------- -------- -------- -----------
---------- -------- -------- -----------
Assets:
Investments at fair value:
Mutual funds $2,354,819 $ 7,002,750
Nu-kote stock funds 420,175
Participant loans $302,198 302,198
---------- -------- -------- -----------
Total investments 2,354,819 302,198 7,725,123
Receivables:
Employee contributions $ 70,695 70,695
Employer contributions 25,853 25,853
---------- -------- -------- -----------
Total assets 2,354,819 302,198 96,548 7,821,671
---------- -------- -------- -----------
Liabilities:
Administrative expenses payable (15,000) (15,000)
Other (60,159) (60,159)
---------- -------- -------- -----------
Total liabilities 0 0 (75,159) (75,159)
---------- -------- -------- -----------
Net assets available for benefits $2,354,819 $302,198 $ 21,389 $ 7,746,512
---------- -------- -------- -----------
---------- -------- -------- -----------
</TABLE>
11
<PAGE>
NU-KOTE INTERNATIONAL, INC. EMPLOYEES SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS, CONTINUED
<TABLE>
Stable Strategic Capital Capital Equity Loan
1996 Capital Fixed Income Growth Stock Index Fund Other Total
- ---------------------------------- ---------- ------------ ---------- ---------- ---------- -------- ------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Balance, March 31, 1995 $1,440,488 $723,157 $ 987,805 $ 834,604 $1,037,714 $150,305 $5,174,073
---------- -------- ---------- ---------- ---------- -------- ------- ----------
Additions:
Employee contributions 201,568 91,658 223,600 128,585 217,877 $65,689 928,877
Employer contributions 323,139 23,510 346,649
Rollover contribution 312,706 189,964 257,368 146,804 369,024 1,275,866
Net increase in fair value of
mutual funds 104,471 77,831 286,384 391,941 860,627
Net appreciation in the fair
value of Nu-kote stock fund 320,622 320,622
Interest income 13,511 13,511
Deductions:
Benefits paid to participants (273,823) (41,324) (185,474) (134,245) (183,373) (32,834) (851,073)
Administrative expenses (8,773) (775) (1,955) 2,626 (2,618) (7,500) (18,995)
Interfund transfers, net 114,071 (95,909) 27,222 (263,529) 74,556 143,589 -
---------- -------- ---------- ---------- ---------- -------- ------- ----------
Net additions (deductions) 450,220 221,445 607,145 524,002 867,407 124,266 81,599 2,876,084
---------- -------- ---------- ---------- ---------- -------- ------- ----------
Balance, March 31, 1997 $1,890,708 $944,602 $1,594,950 $1,358,606 $1,905,121 $274,571 $81,599 $8,050,157
---------- -------- ---------- ---------- ---------- -------- ------- ----------
---------- -------- ---------- ---------- ---------- -------- ------- ----------
Assets:
Investments at fair value:
Mutual funds $1,890,708 $944,602 $1,594,950 $1,905,121 $6,335,381
Nu-kote stock funds $1,358,606 1,358,606
Participant loans $274,571 274,571
---------- -------- ---------- ---------- ---------- -------- ----------
Total investments 1,890,708 944,602 1,594,950 1,358,606 1,905,121 274,571 7,968,558
Receivables:
Employee contributions $65,589 65,589
Employer contributions 23,510 23,510
---------- -------- ---------- ---------- ---------- -------- ------- ----------
Total assets 1,890,708 944,602 1,594,950 1,358,606 1,905,121 274,571 89,099 8,057,657
Liabilities:
Administrative expenses payable 7,500 7,500
---------- -------- ---------- ---------- ---------- -------- ------- ----------
Net assets available for benefits $1,890,708 $944,602 $1,594,950 $1,358,606 $1,905,121 $274,571 $81,599 $8,050,157
---------- -------- ---------- ---------- ---------- -------- ------- ----------
---------- -------- ---------- ---------- ---------- -------- ------- ----------
</TABLE>
12
<PAGE>
NU-KOTE INTERNATIONAL, INC. EMPLOYEES SAVINGS PLAN
ITEM 27a--SCHEDULE OF ASSETS HELD FOR
INVESTMENT PURPOSES
MARCH 31, 1997
<TABLE>
Interest Number Current
Identity of Issue and Description of Investments Rate of Shares Cost Value
- ------------------------------------------------ -------- --------- ----------- -----------
<S> <C> <C> <C> <C>
NationsBank Stable Capital Fund 139,063 $ 1,556,807 $ 1,763,689
NationsBank Strategic Fixed Income Fund 95,415 959,121 917,890
NationsBank Capital Growth Fund 168,064 2,086,453 1,966,352
NationsBank Equity Index Fund 148,195 1,744,775 2,354,819
Nu-kote Stock Fund 79,854 1,338,762 420,175
Participant loans 6-9% 0 302,198
----------- -----------
$ 7,685,918 $ 7,725,123
----------- -----------
----------- -----------
</TABLE>
13
<PAGE>
NU-KOTE INTERNATIONAL, INC. EMPLOYEES SAVINGS PLAN
ITEM 27d--SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED MARCH 31, 1997
<TABLE>
Number of Number of
Purchase Selling Purchase Sales Current Net Gain
Transactions Transactions Price Price Cost Value or Loss
------------ ------------ -------- ----- ---- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Single transactions:
NationsBank Capital Growth Fund 1 $ 460,210 $ 460,210 $ 460,210
Series of transactions:
NationsBank Equity Index Fund 200 600,392 600,392 600,392
NationsBank Equity Index Fund 163 $ 487,923 446,794 $ 41,129
NationsBank Capital Growth Fund 207 1,127,648 1,127,648 1,127,648
NationsBank Capital Growth Fund 180 496,477 501,639 (5,162)
NationsBank Strategic Fixed Income Fund 156 267,342 267,342 267,342
NationsBank Strategic Fixed Income Fund 140 263,278 267,046 (3,768)
Nu-kote Stock Fund 146 994,728 994,728 994,728
Nu-kote Stock Fund 239 667,578 434,539 233,039
NationsBank Stable Capital Fund 177 387,652 387,652 387,652
NationsBank Stable Capital Fund 192 624,431 611,499 12,932
</TABLE>
14
<PAGE>
[LETTERHEAD]
CONSENT OF INDEPENDENT ACCOUNTANTS
Re: Nu-kote International, Inc. Employees Savings Plan Registration Statement
No. 33-69708
We consent to the incorporation by reference in the above Registration
Statement on Form S-8 of our report dated September 25, 1997 to the Plan
Participants and Administrator of Nu-kote International, Inc. Employee
Savings Plan which is included in this Annual Report on Form 11-K.
COOPERS & LYBRAND L.L.P.
Dallas, Texas
September 25, 1997
