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) September 26, 1995
NEW ENGLAND BUSINESS SERVICE, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-11427 04-2942374
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
500 Main Street 01471
Groton, Massachusetts -----
--------------------- (Zip Code)
(Address of principal executive offices)
(508) 448-6111
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(Registrant's telephone number,
including area code)
N/A
---
(Former name or former address, if changed since last report)
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Items 1-4. Not Applicable.
Item 5. Cost Reduction Program Announced, First Quarter Charge to be Taken
New England Business Service, Inc. announced the decision to
implement an cost reduction program over the course of fiscal 1996.
The program's total cost of $12,164,000 is expected to reduce first
quarter earnings by $ .32 per share and earnings for the remainder
of the year by $.15 per share.
As part of the program, the Company will incur a one-time charge of
$3,034,000 in the first quarter and expense of $3,575,000 during the
year associated with a plan to restructure operations. In addition,
the Company will incur a one-time charge of $4,225,000 in the first
quarter and expense of $1,330,000 during the year associated with
the revaluation of certain software-related assets including its
investment in GST Software, plc. The program's cost savings are
expected to be fully offset during fiscal 1996 by the investment
requirements of the Company's new product and channel development
initiatives.
The operational restructuring includes plans to improve
manufacturing efficiency, to outsource non-critical corporate
functions and to reduce fixed costs. The restructuring will result
in a reduction of approximately 5% of the Company's 2,055 full and
part-time positions and the closure of the Company's Flagstaff,
Arizona manufacturing facility.
Item 6. Not Applicable.
Item 7. Exhibits.
Exhibit No. Description
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(99) Press release, dated September 26, 1995,
issued by the Company.
Item 8. Not Applicable.
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SIGNATURES
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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.
NEW ENGLAND BUSINESS SERVICE, INC.
(Registrant)
By: /s/Russell V. Corsini, Jr.
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Russell V. Corsini, Jr.
Vice President, Chief Financial
Officer
Dated: September 26, 1995