GBC Reports Flat Sales in 2000, But 30% Increase in EBITDA
Press release from the issuing company
NORTHBROOK, Ill.--Feb. 1, 2001--General Binding Corporation (Nasdaq: GBND) today reported preliminary results for 2000 reflecting significant improvements in cash flow and debt reduction resulting from the substantially-complete efforts of its previously-announced restructuring and cost reduction programs. The Company expects to release final results for the quarter and year on February 13, 2001.
Sales were $911 million, compared to $912 million reported in 1999. However, after adjusting for currency effects, changes in 1999 fiscal reporting periods for certain international subsidiaries, and for lines of business exited in 2000, sales in 2000 were up almost 5% over last year.
Cash flow, as measured by EBITDA, was $95.3 million, up sharply from the $71.1 million posted in 1999.
Net income was $4.3 million, or $0.27 per diluted share, excluding expenses totaling $5.1 million before taxes, or $0.12 per diluted share, for special charges related to restructuring programs, consulting projects, and non-cash losses on asset dispositions.
For the prior year 1999, the Company reported a loss of $13.0 million, or $(0.83) per diluted share, excluding $50.2 million of similar special charges.
Total debt at year-end was $407 million, down almost $63 million from the $470 million balance at year-end 1999.
Fourth Quarter Results:
Sales for the fourth quarter were $218 million, down about 8% from the $238 million reported in 1999. After adjusting for currency effects, changes in 1999 fiscal reporting periods for certain international subsidiaries, and for lines of business exited in 2000, sales in 2000 were down about 2.5% from the same quarter last year.
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