<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
NOVEMBER 20, 1997
--------------------------------------
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
U.S. OFFICE PRODUCTS COMPANY
--------------------------------------
(EXACT NAME OF REGISTRANT SPECIFIED IN ITS CHARTER)
DELAWARE
--------------------------------------
(STATE OR OTHER JURISDICTION OF INCORPORATION)
0-25372
--------------------------------------
(COMMISSION FILE NO.)
52-1906050
--------------------------------------
(I.R.S. EMPLOYER IDENTIFICATION NUMBER)
1025 THOMAS JEFFERSON STREET, N.W., SUITE 600 EAST, WASHINGTON, D.C. 20007
--------------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(202) 339-6700
--------------------------------------
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
<PAGE>
ITEM 5--OTHER EVENTS
INTRODUCTION
U.S. Office Products Company ("USOP" or the "Company") has prepared this
Current Report on Form 8-K/A to file updated financial information with respect
to Mail Boxes Etc. ("MBE"), which the Company acquired in November 1997.
Financial information with respect to MBE was originally incorporated by
reference by filings on Form 8-K filed by the Company on April 26, 1997 and July
21, 1997. The Information filed today includes (i) unaudited interim financial
data for the six months ended October 31, 1997; and (ii) pro forma financial
information as of October 25, 1997, for the six months ended October 25, 1997
and for the fiscal year ended April 26, 1997, which have not previously been
filed or incorporated by reference.
ITEM 7--FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements. See Index to Financial Statements at page F-1 for a
list of financial statements included herein.
(c) Exhibits
23.1 Consent of Ernst & Young LLP, Independent auditors
<PAGE>
INDEX TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
PAGE
---------
<S> <C>
Financial Statements:
Introduction to Pro Forma Financial Information.......................................................... F-2
Pro Forma Combined Balance Sheet as of October 25, 1997 (unaudited)...................................... F-3
Pro Forma Combined Statement of Income for the six months ended October 25, 1997 (unaudited)............. F-4
Pro Forma Combined Statement of Income for the fiscal year ended April 25, 1997 (unaudited).............. F-5
Notes to Pro Forma Combined Financial Statements (unaudited)............................................. F-6
Report of Ernst & Young LLP, Independent Auditors........................................................ F-7
Consolidated Balance Sheets as of April 30, 1997 and 1996................................................ F-8
Consolidated Statements of Income for the fiscal years ended April 30, 1997, 1996 and 1995............... F-10
Consolidated Statement of Stockholders' Equity for the fiscal years ended April 30, 1997, 1996 and
1995................................................................................................... F-11
Consolidated Statements of Cash Flows for fiscal years ended April 30, 1997, 1996 and 1995............... F-12
Notes to Consolidated Financial Statements............................................................... F-14
Condensed Consolidated Balance Sheet as of October 31, 1997 (unaudited).................................. F-24
Condensed Consolidated Statements of Operations for three months and six months ended October 31, 1997
and October 31, 1996 (unaudited)....................................................................... F-25
Condensed Consolidated Statements of Cash Flows for the six months ended October 31, 1997 and October 31,
1996 (unaudited)....................................................................................... F-26
Notes to Condensed Consolidated Financial Statements (unaudited)......................................... F-27
</TABLE>
F-1
<PAGE>
U.S. OFFICE PRODUCTS COMPANY
PRO FORMA COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
The unaudited pro forma financial statements give effect to the acquisition
of Mail Boxes Etc. ("MBE") on November 20, 1997. The pro forma combined balance
sheet gives effect to the acquisition of MBE as if the acquisition had been
completed as of October 25, 1997. The pro forma combined statements of income
give effect to the acquisition of MBE as if the acquisition had been completed
on April 27, 1996.
The pro forma combined statement of income for the year ended April 26, 1997
includes the audited financial information of the Company for the year ended
April 26, 1997 and the audited financial information of MBE for the year ended
April 30, 1997.
The pro forma combined statement of income for the six months ended October
25, 1997 includes the unaudited financial information of the Company for the six
months ended October 25, 1997 and the unaudited financial information of MBE for
the six months ended October 31, 1997.
The pro forma adjustments are based upon preliminary estimates, available
information and certain assumptions that management deems appropriate. The
unaudited pro forma combined financial data presented herein does not purport to
represent the results that the Company would have obtained had the transactions
which are the subject of pro forma adjustments occurred at the beginning of the
period, as assumed, or the future results of the Company. The pro forma combined
financial statements should be read in conjunction with the Company's and MBE's
audited consolidated financial statements.
F-2
<PAGE>
U.S. OFFICE PRODUCTS COMPANY
PRO FORMA COMBINED BALANCE SHEET
OCTOBER 25, 1997
(IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
U.S. OFFICE
PRODUCTS MAIL BOXES PRO FORMA PRO FORMA
COMPANY ETC. ADJUSTMENTS COMBINED
------------ ----------- ----------- ------------
<S> <C> <C> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents............................. $ 43,300 $ 34,336 $ $ 77,636
Accounts receivable, net.............................. 311,682 7,806 319,488
Inventory, net........................................ 240,986 533 241,519
Prepaid and other current assets...................... 85,778 15,907 101,685
------------ ----------- ----------- ------------
Total current assets................................ 681,746 58,582 740,328
Property and equipment, net............................. 211,721 6,686 218,407
Intangible assets, net.................................. 647,939 268 255,064(a) 903,271
Other assets............................................ 108,793 26,628 135,421
Net assets of discontinued operations:
Amounts to become receivable upon the Distributions... 107,442 107,442
All other net assets.................................. 331,325 331,325
------------ ----------- ----------- ------------
Total assets........................................ $ 2,088,966 $ 92,164 $ 255,064 $ 2,436,194
------------ ----------- ----------- ------------
------------ ----------- ----------- ------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short term debt....................................... $ 285,060 $ 274 $ $ 285,334
Accounts payable...................................... 161,614 1,952 163,566
Accrued compensation.................................. 36,119 4,849 40,968
Other accrued liabilities............................. 76,657 5,956 82,613
------------ ----------- ----------- ------------
Total current liabilities........................... 559,450 13,031 572,481
Long-term debt.......................................... 381,427 2,448 383,875
Deferred income taxes................................... 4,600 4,600
Other long-term liabilities and minority interests...... 7,369 7,369
------------ ----------- ----------- ------------
Total liabilities................................... 952,846 15,479 968,325
Stockholders' equity:
Common stock.......................................... 116 15(a) 131
Paid-in capital....................................... 1,052,661 331,734(a) 1,384,395
Cumulative translation adjustment..................... (78,068) (78,068)
Retained earnings..................................... 161,411 161,411
Equity of purchased companies......................... 76,685 (76,685)(a)
------------ ----------- ----------- ------------
Total stockholders' equity.......................... 1,136,120 76,685 255,064 1,467,869
------------ ----------- ----------- ------------
Total liabilities and stockholders' equity.......... $ 2,088,966 $ 92,164 $ 255,064 $ 2,436,194
------------ ----------- ----------- ------------
------------ ----------- ----------- ------------
</TABLE>
See accompanying notes to pro forma combined financial statements.
F-3
<PAGE>
U.S. OFFICE PRODUCTS COMPANY
PRO FORMA COMBINED STATEMENT OF INCOME
FOR THE YEAR ENDED APRIL 26, 1997
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
U.S. OFFICE
PRODUCTS MAIL BOXES, PRO FORMA PRO FORMA
COMPANY ETC. ADJUSTMENTS COMBINED
------------ ----------- ----------- ------------
<S> <C> <C> <C> <C>
Revenues................................................ $ 2,115,954 $ 67,837 $ $ 2,183,791
Cost of revenues........................................ 1,518,287 34,431 1,552,718
------------ ----------- ----------- ------------
Gross profit........................................ 597,667 33,406 631,073
Selling, general and administrative expenses............ 488,215 16,544 504,759
Amortization expense.................................... 12,416 6,377(b) 18,793
Non-recurring acquisition costs......................... 8,001 8,001
Restructuring costs..................................... 4,201 4,201
Litigation settlement................................... 5,000 5,000
------------ ----------- ----------- ------------
Operating income.................................... 84,834 11,862 (6,377) 90,319
Other (income) expense:
Interest expense...................................... 36,047 36,047
Interest income....................................... (6,857) (963) (7,820)
Other................................................. (4,233) (4,233)
------------ ----------- ----------- ------------
Income from continuing operations before provision for
income taxes and extraordinary items.................. 59,877 12,825 (6,377) 66,325
Provision for income taxes.............................. 27,939 4,834 32,773
------------ ----------- ----------- ------------
Income from continuing operations before extraordinary
items................................................. $ 31,938 $ 7,991 $ (6,377) $ 33,552
------------ ----------- ----------- ------------
------------ ----------- ----------- ------------
Weighted average shares outstanding:.................... 91,761 11,780 107,189(c)
Income per share from continuting operations:........... $ 0.35 $ 0.68 $ 0.31
</TABLE>
See accompanying notes to pro forma combined financial statements.
F-5
<PAGE>
MAIL BOXES ETC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<TABLE>
<CAPTION>
FISCAL YEARS ENDED
APRIL 30,
--------------------
1997 1996
--------- ---------
<S> <C> <C>
ASSETS
Current Assets:
Cash and cash equivalents................................................................................. $ 3,992 $ 1,416
Restricted cash--franchisee deposits...................................................................... 1,613 2,073
Short-term investments.................................................................................... 27,342 21,825
Accounts receivable, net of allowance for doubtful accounts of $1,334 and $1,507, at April 30, 1997 and
1996, respectively...................................................................................... 6,547 6,799
Receivable from National Media Fund....................................................................... 250 770
Inventories............................................................................................... 447 544
Current portion of notes receivable....................................................................... 6,048 6,756
Current portion of net investment in sales-type leases.................................................... 2,322 2,414
Deferred income taxes..................................................................................... 1,272 1,846
Re-acquired area and center rights held for resale........................................................ 629 638
Other..................................................................................................... 1,394 1,063
--------- ---------
Total current assets.................................................................................. 51,856 46,144
Notes receivable, net..................................................................................... 12,977 10,831
Net investment in sales-type leases....................................................................... 6,067 7,518
Property and equipment:
Land.................................................................................................... 1,200 1,200
Building and improvements............................................................................... 5,076 4,201
Office furniture and equipment.......................................................................... 4,307 4,018
Vehicles................................................................................................ 209 209
--------- ---------
Total property and equipment.......................................................................... 10,792 9,628
Less accumulated depreciation and amortization.......................................................... 4,831 4,247
--------- ---------
Net property and equipment.............................................................................. 5,961 5,381
Excess of cost over assets acquired, net of accumulated amortization of $607 and $549 at April 30, 1997
and 1996, respectively.................................................................................. 383 441
Re-acquired area rights, net of accumulated amortization of $511 and $240 at April 30, 1997 and 1996,
respectively............................................................................................ 6,443 3,240
Deferred income taxes..................................................................................... 1,249 1,307
Other assets.............................................................................................. 739 904
--------- ---------
Total Assets.......................................................................................... $ 85,675 $ 75,766
--------- ---------
--------- ---------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable.......................................................................................... $ 1,363 $ 2,096
Franchisee deposits....................................................................................... 2,097 2,619
Royalties, referrals and commissions payable.............................................................. 1,760 2,515
Accrued employee expenses and related taxes............................................................... 2,390 1,963
Other accrued expenses.................................................................................... 1,550 2,012
Income taxes payable...................................................................................... 769 838
Current maturities of long term debt...................................................................... 692 958
--------- ---------
Total current liabilities............................................................................. 10,621 13,001
Long-term debt, net of current maturities................................................................... 3,916 1,402
Commitments and contingencies............................................................................... -- --
Shareholders' equity:
Preferred stock, no par value, 10,000,000 shares authorized, with none issued and outstanding............. -- --
Common stock, no par value, 40,000,000 shares authorized, with 11,300,273 and 11,139,698 shares issued and
outstanding at April 30, 1997 and 1996, respectively.................................................... 16,728 14,944
Retained earnings......................................................................................... 54,410 46,419
--------- ---------
Total shareholders' equity............................................................................ 71,138 61,363
--------- ---------
Total liabilities and shareholders' equity............................................................ $ 85,675 $ 75,766
--------- ---------
--------- ---------
</TABLE>
See accompanying notes.
F-8
<PAGE>
MAIL BOXES ETC.
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
FISCAL YEARS ENDED APRIL 30,
-------------------------------
<S> <C> <C> <C>
1997 1996 1995
--------- --------- ---------
Revenues:
Royalty and marketing fees..................................................... $ 35,254 $ 30,947 $ 24,673
Franchise fees................................................................. 9,915 8,557 8,670
Sales of supplies and equipment................................................ 12,775 10,839 10,020
Interest income on leases and other............................................ 8,687 6,975 5,424
Company centers................................................................ 1,206 1,789 1,564
--------- --------- ---------
Total Revenues............................................................... 67,837 59,107 50,351
Cost and expenses:
Franchise operations........................................................... 18,463 14,881 12,506
Franchise development.......................................................... 6,383 5,883 5,090
Cost of supplies and equipment sold............................................ 9,585 8,465 7,915
Marketing...................................................................... 6,219 4,068 4,630
General and administrative..................................................... 9,060 10,293 7,878
Company centers................................................................ 1,265 1,842 1,598
Litigation settlement expenses................................................. 5,000 -- --
--------- --------- ---------
Total cost and expenses...................................................... 55,975 45,432 39,617
--------- --------- ---------
Operating income................................................................. 11,862 13,675 10,734
Interest on investments and other................................................ 963 674 447
Income before provision for income taxes......................................... 12,825 14,349 11,181
Provision for income taxes....................................................... 4,834 5,620 4,411
--------- --------- ---------
Net income................................................................... $ 7,991 $ 8,729 $ 6,770
--------- --------- ---------
--------- --------- ---------
Net income per common share...................................................... $ 0.68 $ 0.77 $ 0.60
--------- --------- ---------
--------- --------- ---------
Weighted average common and common equivalent shares outstanding................. 11,780 11,403 11,357
--------- --------- ---------
--------- --------- ---------
</TABLE>
See accompanying notes.
F-9
<PAGE>
MAIL BOXES ETC.
CONDENSED CONSOLIDATED BALANCE SHEET
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<TABLE>
<CAPTION>
OCTOBER 31,
1997
------------
<S> <C>
(UNAUDITED)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents......................................................................... $ 1,059
Restricted cash--franchisee deposits.............................................................. 1,923
Short-term investments............................................................................ 31,354
Accounts receivable, net.......................................................................... 7,806
Receivable from National Media Fund............................................................... --
Inventories....................................................................................... 533
Current portion of notes receivable............................................................... 8,998
Current portion of net investment in sales-type leases............................................ 3,388
Deferred income taxes............................................................................. 1,272
Re-acquired area and center rights held for resale................................................ 612
Other............................................................................................. 1,637
------------
TOTAL CURRENT ASSETS............................................................................ 58,582
Notes receivable, net............................................................................. 18,131
Net investment in sales-type leases............................................................... 5,133
Property and equipment, net....................................................................... 6,686
Excess of cost over assets acquired, net.......................................................... 268
Re-acquired area rights........................................................................... 1,157
Deferred income taxes............................................................................. 1,249
Other assets...................................................................................... 958
------------
TOTAL ASSETS.................................................................................... $ 92,164
------------
------------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable.................................................................................. $ 1,952
Franchisee deposits............................................................................... 2,395
Royalties, referrals and commissions payable...................................................... 2,760
Accrued employee expenses and related taxes....................................................... 2,089
Other accrued expenses............................................................................ 2,038
Income taxes payable.............................................................................. 1,523
Current maturities of debt and notes payable...................................................... 274
------------
TOTAL CURRENT LIABILITIES....................................................................... 13,031
Long-term debt, net of current maturities........................................................... 2,448
SHAREHOLDERS' EQUITY:
Preferred stock, no par value, 10,000,000 shares authorized, with none issued and outstanding..... --
Common stock, no par value, 40,000,000 shares authorized, with 11,422,091 shares issued
outstanding at October 31, 1997................................................................. 18,340
Retained earnings................................................................................. 58,345
------------
TOTAL SHAREHOLDERS' EQUITY...................................................................... 76,685
------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY.................................................... $ 92,164
------------
------------
</TABLE>
See accompanying notes.
F-24
<PAGE>
MAIL BOXES ETC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
-------------------- --------------------
<S> <C> <C> <C> <C>
10/31/97 10/31/96 10/31/97 10/31/96
--------- --------- --------- ---------
REVENUE:
Royalty and marketing fees........................................ $ 8,466 $ 7,985 $ 17,161 $ 15,586
Franchise fees.................................................... 3,802 2,736 6,144 4,531
Sales of supplies and equipment................................... 3,537 3,899 6,049 6,929
Interest income on leases and other............................... 2,537 2,163 4,413 4,151
Company centers................................................... 204 264 458 630
--------- --------- --------- ---------
TOTAL REVENUES................................................ 18,546 17,047 34,225 31,827
COST AND EXPENSES:
Franchise operations.............................................. 4,515 4,328 8,598 8,488
Franchise development............................................. 1,840 1,742 3,316 2,954
Cost of supplies and equipment sold............................... 2,552 2,912 4,396 5,189
Marketing......................................................... 1,773 1,713 3,048 3,061
General and administrative........................................ 3,251 2,099 5,591 4,341
Company centers................................................... 197 284 459 680
Litigation settlement expenses.................................... -- 5,000 -- 5,000
Non recurring charges............................................. -- -- 2,510 --
--------- --------- --------- ---------
TOTAL COST AND EXPENSES....................................... 14,128 18,078 27,918 29,713
Operating Income (loss)............................................... 4,418 (1,031) 6,307 2,114
Interest on investments and other..................................... 309 220 631 476
--------- --------- --------- ---------
Income (loss) before provision (benefit) for income taxes............. 4,727 (811) 6,938 2,590
Provision for income taxes............................................ 1,881 (341) 3,003 990
--------- --------- --------- ---------
NET INCOME (LOSS)............................................. $ 2,846 $ (470) $ 3,935 $ 1,600
--------- --------- --------- ---------
--------- --------- --------- ---------
NET INCOME (LOSS) PER COMMON SHARE:................................... $ .24 $ (.04) $ .33 $ .14
--------- --------- --------- ---------
--------- --------- --------- ---------
Weighted average common and common equivalent shares outstanding...... 12,101 11,198 12,088 11,774
--------- --------- --------- ---------
</TABLE>
See accompanying notes.
F-25
<PAGE>
MAIL BOXES ETC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
OCTOBER 31,
--------------------
<S> <C> <C>
1997 1996
--------- ---------
OPERATING ACTIVITIES:
Net income................................................................................. $ 3,935 $ 1,600
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation and amortization............................................................ 556 523
Gain on sale of re-acquired area rights.................................................. (2,644) (339)
Gain on sale of equipment under sales-type lease agreements.............................. (166) (241)
Changes in assets and liabilities:
Restricted cash.......................................................................... (310) 80
Accounts and notes receivable............................................................ (1,792) 461
Receivable from National Media Fund...................................................... 250 770
Assets leased to franchisees and inventories............................................. (675) (1,032)
Re-acquired area and center rights (held for resale)..................................... (143) (86)
Other current assets..................................................................... (243) (1,447)
Other assets............................................................................. (127) (191)
Accounts payable......................................................................... 589 288
Franchisee deposits...................................................................... 298 89
Royalties, referrals and commissions payable............................................. 1,000 (26)
Accrued employee expenses and related taxes.............................................. (301) (929)
Other accrued expenses................................................................... 488 4,806
Income taxes payable..................................................................... 754 (838)
--------- ---------
Net cash flows provided from operating activities...................................... 1,469 3,488
INVESTING ACTIVITIES:
Net change in short-term investments..................................................... (4,012) (2.840)
Additions to property and equipment...................................................... (1,106) (215)
Principal payments received on sales-type leases......................................... 624 1,777
--------- ---------
Net cash flows (used in) investment activities......................................... (4,494) (1,278)
FINANCING ACTIVITIES:
Borrowings under revolving loan.......................................................... -- 930
Repayments under revolving loan.......................................................... (250) (1,700)
Repayments on notes payable.............................................................. (1,270) (136)
Repurchase of common stock............................................................... (112) (283)
Proceeds from the issuance of common stock............................................... 1,724 945
--------- ---------
Net cash flows provided from (used in) financing activities............................ 92 (244)
INCREASE IN CASH AND CASH EQUIVALENTS........................................................ (2,933) 1,966
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD............................................. 3,992 1,416
--------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD................................................... $ 1,059 $ 3,382
--------- ---------
--------- ---------
SUPPLEMENTAL DISCLOSURE FOR CASH FLOW INFORMATION:
Cash paid during the period for income taxes............................................. $ 2,240 $ 3,270
Interest................................................................................. 164 85
SUPPLEMENTAL SCHEDULE WITH NON-CASH INVESTMENT AND FINANCING ACTIVITIES:
Equipment sold under sales-type agreements............................................... $ 755 $ 1,048
Additions to debt for acquisition of Area rights......................................... 597 1,780
</TABLE>
See accompanying notes.
F-26
<PAGE>
MAIL BOXES ETC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
ITEM 1. BASIS OF PRESENTATION:
NOTE 1. PRESENTATION
The condensed consolidated balance sheet as of October 31, 1997, the
condensed consolidated statements of operations for the three-month periods and
six-month periods ended October 31, 1997 and 1996, and the condensed
consolidated statements of cash flows for the six-month periods then ended have
been prepared by the Company without audit. In the opinion of management, all
adjustments (which include only normal recurring adjustments) necessary to
present fairly the financial position, results of operations, and cash flows
have been made.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted. In addition, certain Risk Factors may also
impact future financial reports. It is suggested that the condensed consolidated
financial statements contained in this report be read in conjunction with the
financial statements and notes thereto included in the 1997 Annual Report on
Form 10-K, as well as the Risk Factors discussed in the Form 10-K Report. The
results of operations for the quarter ended October 31, 1997 are not necessarily
indicative of the operating results for the full year.
NOTE 2. SUBSEQUENT EVENT
During November 1997, Mail Boxes Etc. was acquired by U.S. Office Products.
U.S. Office Products issued approximately 15.4 million shares of its common
stock in exchange for all the outstanding shares of Mail Boxes Etc.,
representing an exchange ratio of 1.349 shares of U.S. Office Products common
stock for each share of Mail Boxes Etc. common stock.
F-27
<PAGE>
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.
U.S. OFFICE PRODUCTS COMPANY
By: /s/ DONALD H. PLATT
-----------------------------------------
Donald H. Platt
Dated: April 7, 1998 CHIEF FINANCIAL OFFICER
<PAGE>
EXHIBIT INDEX
<TABLE>
<S> <C>
23.1 Consent of Ernst & Young LLP, Independent auditors
</TABLE>
<PAGE>
EXHIBIT 23.1
CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statements
on Form S-8 (333-01574, 333-12789 and 333-24581); Form S-3 (333-10383 and
333-14025); Form S-4 (333-13133); and Post-Effective Amendment No. 1 to Form S-4
on Form S-8 (333-36463) of U.S. Office Products Company of our report dated June
6, 1997, with respect to the consolidated financial statements of Mail Boxes
Etc. included in this Current Report on Form 8-K of U.S. Office Products
Company.
San Diego, California
April 21, 1998.
