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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) October 10, 1995
ALCO STANDARD CORPORATION
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(Exact name of registrant as specified in its charter)
OHIO File No. 1-5964 23-0334400
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(State or other (Commission File (IRS Employer
jurisdiction of Number) (Identification
incorporation) Number)
P.O. Box 834, Valley Forge, Pennsylvania 19482
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Registrant's telephone number, including area code: (610) 296-8000
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
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On October 10, 1995, the Registrant announced that it will take a charge of
approximately $24 million for environmental claims associated with discontinued
manufacturing businesses divested by the Registrant in fiscal 1991 and prior.
This will result in an after tax charge to earnings of approximately $17
million, or approximately $0.29 per share in the fourth quarter of fiscal year
1995. The Registrant plans to release its fourth quarter earnings on October 17,
1995 and still expects to meet its earning objective for continuing operations
for the quarter and the year.
The Registrant also announced that, since most environmental claims are
paid over a period of years, the impact on overall cash flow of the $24 million
charge is expected to be minimal. The Registrant does not expect that additional
environmental charges for these claims will be required in the future.
Item 7. Financial Statements, Pro Forma Financial Information
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and Exhibits.
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(c) Exhibits.
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Press Release dated October 10, 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 thereunto duly authorized.
ALCO STANDARD CORPORATION
By: /s/ Michael J. Dillon
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Michael J. Dillon
Controller
Dated: October 10, 1995
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Exhibit 28
NEWS RELEASE
Contacts: Rip Tilden Marty Buckley
Vice President, Corporate Affairs Director, Corporate Communications
(610) 993-3608 (610) 993-3609
ALCO STANDARD TAKES CHARGE FOR ENVIRONMENTAL CLAIM RELATING
TO DISCONTINUED OPERATIONS
VALLEY FORGE, PENNSYLVANIA--OCTOBER 10, 1995--Alco Standard Corporation
(NYSE:ASN) today announced that it will take a charge of approximately $24
million for environmental claims associated with discontinued manufacturing
operations. This will result in an after tax charge to earnings of approximately
$17 million, or approximately $0.29 per share in the fourth quarter of fiscal
year 1995. These claims primarily relate to businesses divested by Alco Standard
in fiscal year 1991 and prior.
The company plans to release its fourth quarter earnings on October 17, and
still expects to meet its earnings objective for continuing operations for the
quarter and the year.
During its 30-year history, Alco has owned a wide range of manufacturing
and industrial businesses, all of which have been sold. There are currently
environmental remediation claims pending for manufacturing or landfill sites in
the United States which relate to these former operations.
Several recent claims associated with the discontinued manufacturing
operations and increased estimated costs associated with existing environmental
remediation sites resulted in Alco's decision to take this charge. Since most
environmental claims are paid over a period of years, the impact on annual cash
flow is expected to be minimal. The company does not expect that additional
environmental charges for these sites will be required in the future.
Today, Alco Standard operates the largest independent network of copier
dealers in North America and the United Kingdom through Alco Office Products and
is the largest marketer and distributor of paper and supply systems in North
America through Unisource.
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