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UNITED STATES
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
OCTOBER 21, 1999
MAIL-WELL, INC.
(Exact Name of Registrant as Specified in its Charter)
COLORADO
(State or Other Jurisdiction of Incorporation)
1-12551 84-1250533
(Commission File Number) (IRS Employer Identification Number)
23 INVERNESS WAY EAST, ENGLEWOOD, CO 80112
(Address of principal executive offices) (Zip Code)
303-790-8023
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
MAIL-WELL ANNOUNCES RECORD THIRD QUARTER SALES AND EARNINGS - EPS
INCREASES 28%
ENGLEWOOD, CO - Mail-Well, Inc (NYSE: MWL) today announced record sales
and earnings for the fourteenth consecutive quarter.
Sales, for the quarter ended September 30, 1999, increased 22% to $492.8
million versus the same period a year ago. Third quarter net income of
$17.5 million increased 38% from the same quarter last year, while
earnings per diluted share of $0.32 increased 28% compared to the $0.25
per diluted share in the prior year.
For the recent nine-month period, sales increased 28% to $1,372.3
million while net income increased 41% to $47.3 million. Earnings per
diluted share for the nine months ended September 30, 1999, increased
31% to $0.88.
"This represents our fourteenth consecutive quarter of record sales and
earnings," said Gerald F. Mahoney, Chairman and CEO of Mail-Well. "We
continue to be pleased with the progress that each of our businesses has
made in improving margins. Operating margins increased to 9% from 8% as
a result of our efforts to improve the efficiency of all of our
operations. The restructuring within the Envelope business and the
integration of our acquisitions have been responsible for the margin
improvement. During the quarter, we acquired a New York based
commercial printer and a mid-west direct mail printer. Our focus as we
approach 2000 is to enhance shareholder value through continued internal
growth, margin improvement and strategic acquisitions."
Mail-Well is a leading consolidator in the highly fragmented printing
industry, specializing in four fast-growing multibillion dollar market
segments: commercial printing, envelopes, labels and printing for
distributors. Mail-Well currently has more than 13,000 employees and
120 manufacturing facilities throughout North America. Reporting 1998
sales of $1.5 billion, Mail-Well currently has a revenue run rate of
$2.0 billion.
This press release may contain forward-looking statements that are
subject to various uncertainties and risks that could affect their
outcome. Factors that could cause or contribute to such differences
include, but are not limited to, product demand and sales, ability to
obtain assumed productivity savings, availability of acquisition
opportunities and interest rates.
Note: News releases and other information on Mail-Well can be accessed
at www.mail-well.com
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MAIL-WELL, INC.
FINANCIAL SUMMARY
THREE AND NINE MONTHS ENDED SEPTEMBER 30
(MILLIONS, EXCEPT PER SHARE AMOUNTS)
<CAPTION>
THREE MONTHS ENDED SEPT. 30, NINE MONTHS ENDED SEPT. 30,
---------------------------- ---------------------------
CONDENSED INCOME STATEMENT 1999 1998 1999 1998<F1>
------ ------ -------- --------
<S> <C> <C> <C> <C>
Net sales $492.8 $404.1 $1,372.3 $1,072.9
Gross profit 113.0 85.6 320.0 225.1
Selling, administrative and other 68.5 53.5 199.0 144.5
Operating income 44.5 32.1 121.0 80.6
Interest and other expense 14.8 10.9 40.9 25.0
Income before income taxes 29.7 21.2 80.1 55.6
Income taxes 12.2 8.5 32.8 22.0
------ ------ -------- --------
Net income $17.5 $12.7 $47.3 $33.6
====== ====== ======== ========
ADDITIONAL INFORMATION
Depreciation $11.4 $8.1 $31.7 $22.6
Amortization $3.4 $2.4 $9.4 $6.3
EBITDA $59.3 $42.6 $162.1 $109.5
EARNINGS PER SHARE INFORMATION
Weighted average shares [basic] 49.0 47.0 48.9 45.8
Earnings per basic share $0.36 $0.27 $0.97 $0.73
Weighted average shares [diluted] 58.4 56.8 58.3 55.8
Earnings per diluted share $0.32 $0.25 $0.88 $0.67
<CAPTION>
BALANCE SHEET DATA 30-SEPT-99 30-JUNE-99 31-DEC-98
---------- ---------- ---------
<S> <C> <C> <C>
Cash $5.1 $10.6 $1.4
Long-term debt, excluding current
portion $672.6 $673.2 $583.4
Stockholders' equity $354.6 $337.3 $299.4
<FN>
<F1> Restatement of previously reported financial statements to
retroactively reflect the May 30, 1998 mergers of the Commercial
Printing Group accounted for as poolings of interests.
</TABLE>
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<TABLE>
MAIL-WELL, INC.
SEGMENT INFORMATION
THREE AND NINE MONTHS ENDED SEPTEMBER 30
(MILLIONS)
<CAPTION>
THREE MONTHS ENDED SEPT. 30, NINE MONTHS ENDED SEPT. 30,
---------------------------- ---------------------------
NET SALES 1999 1998 1999 1998<F1>
------ ------ -------- --------
<S> <C> <C> <C> <C>
Commercial Printing $217.8 $163.1 $567.5 $378.3
Envelopes 180.5 189.3 560.4 564.4
Printing for Distributors 38.5 28.7 110.4 81.9
Labels 56.0 23.0 134.0 48.3
------ ------ -------- --------
Total net sales $492.8 $404.1 $1,372.3 $1,072.9
====== ====== ======== ========
OPERATING INCOME
Commercial Printing $19.7 $13.4 $46.9 $24.0
Envelopes 22.6 20.6 71.3 62.0
Printing for Distributors 3.3 2.1 9.9 6.3
Labels 4.6 1.7 10.2 3.6
------ ------ -------- --------
Total from operating segments 50.2 37.8 138.3 95.9
Corporate and other Expenses 5.7 5.4 17.3 12.0
Merger expenses - 0.3 - 3.3
------ ------ -------- --------
Total operating income $44.5 $32.1 $121.0 $80.6
====== ====== ======== ========
<FN>
<F1> Restatement of previously reported financial statements to
retroactively reflect the May 30, 1998 mergers of the Commercial
Printing Group accounted for as poolings of interests.
</TABLE>
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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
Mail-Well, Inc.
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(Registrant)
By: /s/Gary Ritondaro
--------------------------------
Gary H. Ritondaro
Sr. Vice President and CFO
Date: October 21, 1999
