FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 4, 2001
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-8044
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HUNT CORPORATION.
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(Exact name of registrant as specified in its charter)
Pennsylvania 21-0481254
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Commerce Square 2005 Market Street, Philadelphia, PA 19103
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(Address of principal executive offices) (Zip Code)
Registrant's telephone no., including area code (215) 656-0300
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Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
As of April 2, 2001, there were outstanding 8,886,099, shares of the
registrant's common stock.
Page 2
HUNT CORPORATION
INDEX
Page
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PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements
Condensed Consolidated Balance Sheets as of
March 4, 2001 and December 3, 2000 3
Condensed Consolidated Statements of Income -
Three Months Ended March 4, 2001
and February 27, 2000 4
Consolidated Statements of Comprehensive Income -
Three Months Ended March 4, 2001
and February 27, 2000 5
Condensed Consolidated Statements of Cash Flows -
Three Months Ended March 4, 2001
and February 27, 2000 6
Notes to Condensed Consolidated Financial
Statements 7-9
Item 2 - Management's Discussion and Analysis of
Financial Condition and Results of Operations 10-15
Item 3 - Quantitative and Qualitative Disclosures about Market Risk 16
PART II - OTHER INFORMATION
Item 1 - Legal Proceedings 17
Item 6 - Exhibits and Reports on Form 8-K 17
Signatures 18
Page 3
Part I - FINANCIAL INFORMATION
Item 1. Financial Statements
Hunt Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands except share and per share amounts)
March 4, December 3,
ASSETS 2001 2000
------------- -------------
Current assets:
Cash and cash equivalents $ 18,408 $ 23,878
Accounts receivable, less allowance for doubtful
accounts: 2001, $1,227; 2000, $873 32,202 35,058
Inventories:
Raw materials 10,358 8,446
Work in process 2,900 2,784
Finished goods 11,910 10,593
------------- -------------
Total inventories 25,168 21,823
Deferred income taxes 5,122 4,966
Prepaid expenses and other current assets 2,986 2,590
------------- -------------
Total current assets 83,886 88,315
Property, plant and equipment, at cost, less accumulated depreciation and
amortization:
2001, $47,897; 2000, $46,007 40,842 41,216
Excess of acquisition costs over net assets acquired, net 22,586 22,117
Other assets 11,750 11,884
------------- -------------
Total assets $ 159,064 $ 163,532
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 7,692 $ 7,876
Accrued expenses:
Salaries, wages and commissions 1,932 2,460
Income taxes 2,409 1,297
Other 16,263 20,274
------------- -------------
Total current liabilities 28,296 31,907
Long-term debt, less current portion 54,956 54,682
Deferred income taxes 2,671 2,434
Other non-current liabilities 12,823 12,539
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.10 par value, authorized 1,000,000
shares; none issued - -
Common stock, $.10 par value, 40,000,000 shares
authorized; issued: 2001 and 2000 -16,152,322 shares 1,615 1,615
Capital in excess of par value 7,412 7,412
Accumulated other comprehensive loss (5,579) (6,840)
Retained earnings 158,811 158,044
------------- -------------
162,259 160,231
Less cost of treasury stock:
2001 - 7,266,223 shares; 2000 - 6,324,933 shares; (101,941) (98,261)
------------- -------------
Total stockholders' equity 60,318 61,970
------------- -------------
Total liabilities and stockholders' equity $ 159,064 $ 163,532
============= =============
See accompanying notes to condensed consolidated financial statements.
Page 4
Hunt Corporation
Condensed Consolidated Statements of Income
(Unaudited)
(In thousands except per share amounts)
Three Months Ended
---------------------------
March 4, February 27,
2001 2000
-------- ------------
Net sales $55,865 $60,633
Cost of sales 34,446 38,716
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Gross profit 21,419 21,917
Selling, administrative and general expenses 17,565 17,881
Restructuring and other 41 -
------- -------
Income from operations 3,813 4,036
Interest expense 1,127 1,144
Other income, net (208) (496)
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Income before income taxes 2,894 3,388
Provision for income taxes 1,215 1,186
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Net income $1,679 $2,202
======= =======
Net income per share - Basic $0.19 $0.22
======= =======
Net income per share - Diluted $0.18 $0.22
======= =======
Dividends per common share $ 0.103 $ 0.103
======= =======
See accompanying notes to condensed consolidated financial statements.
Page 5
Hunt Corporation
Consolidated Statements of Comprehensive Income
(Unaudited)
(In thousands)
Three Months Ended
--------------------------
March 4, February 27,
2001 2000
-------- ------------
Net income $ 1,679 $ 2,202
Other comprehensive income (loss):
Foreign currency translation adjustments,
net of income tax expense (benefit) of $913
and ($263) in 2001 and 2000, respectively 1,261 (489)
------- -------
Other comprehensive income (loss) 1,261 (489)
------- -------
Comprehensive income $ 2,940 $ 1,713
======= =======
See accompanying notes to condensed consolidated financial statements.
Page 6
Hunt Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Three Months Ended
------------------------------------
March 4, February 27,
2001 2000
------------- ------------
Cash flows from operating activities:
Net income $ 1,679 $ 2,202
Adjustments to reconcile net income to net cash
provided by (used for) operating activities:
Depreciation and amortization 1,987 2,366
Deferred income taxes 71 47
Gain on disposals of property, plant and equipment (10) -
Provision for patent infringement litigation 52 -
Payments/credits for special charges (119) (801)
Changes in operating assets and liabilities (1,378) (8,614)
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Net cash provided by (used for) operating activities 2,282 (4,800)
------------- ------------
Cash flows from investing activities:
Additions to property, plant and equipment (1,028) (1,242)
Acquisition of business (92) (8)
Other, net 10 -
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Net cash used for investing activities (1,110) (1,250)
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Cash flows from financing activities:
Proceeds from issuance of long-term debt 2,106 2,501
Payments on long-term debt, including current maturities (1,984) (3,405)
Book overdrafts (2,213) (573)
Purchases of treasury stock (3,680) (1,673)
Dividends paid (912) (1,030)
Other, net (12) (153)
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Net cash used for financing activities (6,695) (4,333)
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Effect of exchange rate changes on cash 53 (66)
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Net decrease in cash and cash equivalents (5,470) (10,449)
Cash and cash equivalents, beginning of period 23,878 36,897
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Cash and cash equivalents, end of period $ 18,408 $ 26,448
============= ============
See accompanying notes to condensed consolidated financial statements.
Page 7
Hunt Corporation
Notes to Condensed Consolidated Financial Statements
(Unaudited)
1. The accompanying condensed consolidated financial statements and related
notes are unaudited; however, in management's opinion all adjustments
(consisting of normal recurring accruals) necessary for a fair presentation of
the financial position at March 4, 2001 and the results of operations and cash
flows for the periods shown have been made. Such statements are presented in
accordance with the requirements of Form 10-Q and do not include all disclosures
normally required by generally accepted accounting principles or those normally
made in Form 10-K.
2. A reconciliation of weighted average common shares outstanding to weighted
average common shares outstanding assuming dilution in calculating the earnings
per share is shown below (in thousands):
Three Months Ended
----------------------
March 4, February 27,
2001 2000
------- ------------
Average common shares outstanding - basic 9,062 10,024
Add: common equivalent shares representing
shares issuable upon exercise of stock options
and vesting of stock grants 26 17
------ ------
Average common shares and dilutive
securities outstanding 9,088 10,041
===== ======
3. The following table sets forth the details and the cumulative activity in the
various accruals and reserves associated with the Company's 1999 restructuring
plan in the Condensed Consolidated Balance Sheet at March 4, 2001 (in
thousands):
Balance at Cash Non-Cash Balance at
December 3, 2000 Credits Activity Activity March 4, 2001
----------------- ------- -------- -------- -------------
Severance $ 790 - $(121) $ 7 $ 676
Lease Obligations 72 - - 1 73
Fixed Assets 197 - - 5 202
------- ---- ----- ------ ------
Total $ 1,059 - $(121) $ 13 $ 951
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Page 8
4. Several years ago, the Company was sued for patent infringement with respect
to one of its minor products. After a jury trial in 1998, the U. S. District
Court for the Western District of Wisconsin entered judgement against the
Company in this matter and awarded damages to the plaintiffs in the amount of
$3.3 million, plus interest and costs. The verdict was appealed, and, contrary
to the expectations of the Company and its patent counsel, a three-judge panel
of the U. S. Court of Appeals affirmed the judgement in July 2000. Subsequently,
a request, filed with the Court of Appeals by the Company to have the case
reconsidered by all twelve judges of the Court of Appeals, was denied in October
2000. As a result, the Company recorded a liability of $3.8 million pre-tax
(including interest and costs) in fiscal 2000. The Company recorded an
additional liability of $.1 million pre-tax for interest costs in the first
quarter of fiscal 2001, which is included in the accompanying fiscal 2001 first
quarter Condensed Consolidated Statements of Operations under Restructuring and
other. However, the Company and its patent counsel continue to believe that the
verdict against the Company was incorrect and are seeking a review of the
decision by the Supreme Court of the United States and are considering other
possible courses to challenge the verdict.
5. The following table presents information about the Company's reportable
segments. Intersegment sales are not significant. Operating income includes all
revenues and expenses of the reportable segment except for amounts related to
the 1997 strategic and 1999 restructuring plans, net gain on divestitures, costs
incurred in connection with the implementation of the 1999 restructuring plan,
costs incurred in connection with the patent infringement litigation described
in Note 4, interest expense, interest income, other expenses, other income, and
income taxes, which are excluded from the measure of segment profitability
reviewed by Company's management. Identifiable assets are those assets used in
the operations of each business segment. Corporate assets include cash and
miscellaneous other assets not identifiable with any particular segment.
Three Months Ended Consumer Graphics
March 4, 2001 Products Products Corporate Consolidated
- ----------------------- -------- -------- --------- ------------
Net external sales $ 24,789 $ 31,076 $ 55,865
======== ======== ========
Operating income $ 4,321 $ 1,569 $ (1,842) $ 4,048
======== ======== ========
Patent infringement
litigation costs $ (51) $ - $ - (51)
======== ======== ========
Implementation costs $ (82) $ (102) $ - (184)
========= ======== ======== --------
Income from operations $ 3,813
Interest expense (1,127)
Interest income 290
Other income, net
(82)
Income from continuing
operations before
income taxes $ 2,894
========
Identifiable assets $ 33,176 $ 90,201 $ 35,687 $ 159,064
======== ======== ======== =========
Page 9
Three Months Ended Consumer Graphics
February 27, 2000 Products Products Corporate Consolidated
- ------------------ -------- -------- --------- ------------
Net external sales $ 25,375 $ 35,258 $ 60,633
======== ======== ========
Operating income $ 4,224 $ 1,688 $ (1,624) $ 4,288
======== ========= ========= ========
Implementation costs $ (34) $ (217) $ (1) (252)
======== ========= ======== --------
Income from operations $ 4,036
Interest expense (1,144)
Interest income 397
Other income, net 99
Income from continuing
operations before
income taxes $ 3,388
========
Identifiable assets $ 33,475 $ 95,992 $ 42,446 $171,913
======== ======== ======== ========
Page 10
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
The following discussion includes certain forward-looking statements within the
meaning of the Private Securities Litigation Act of 1995. Such forward-looking
statements represent management's assessment based upon information currently
available, but are subject to risks and uncertainties which could cause actual
results to differ materially from those set forth in the forward-looking
statements. These risks and uncertainties include, but are not limited to, the
Company's ability to successfully complete the implementation, and realize the
anticipated growth and other benefits, of its restructuring and strategic plans
on a timely basis; the effect of, and changes in, worldwide general economic
conditions including the severity of any economic slowdown; price and
availability of raw materials; foreign exchange rates; technological and other
changes affecting the manufacture of and demand for the Company's products;
competitive and other pressures in the market place; and other risks and
uncertainties set forth herein and in the Company's 2000 Form 10-K and as may be
set forth in the Company's subsequent press releases and/or Forms 10-Q, 8-K and
other filings with the Securities and Exchange Commission.
In October 1999, the Company initiated a comprehensive reorganization and
restructuring plan (the "1999 restructuring plan"). The major components of the
1999 restructuring plan include (with principal emphasis on the Company's
Graphics Products business) creating manufacturing centers of excellence,
outsourcing the Company's European distribution activities and consolidating its
U. S. distribution activities, and focusing its product offering and marketing
efforts. The Company completed the consolidation of its operations and
distribution activities in the U.S. and the outsourcing of its European
distribution activities contemplated by the 1999 restructuring plan during
fiscal 2000. In addition, the Company has substantially completed the planned
consolidation of its European manufacturing operations and expects completion in
fiscal 2001. The Company has spent approximately $5.5 million pre-tax for
implementation costs of this plan through fiscal 2000 and expects to spend an
additional $.4 million pre-tax in fiscal 2001 (to be recorded as period costs as
incurred). During the first quarters of fiscal 2001 and fiscal 2000, the Company
recorded $.2 million and $.3 million, respectively, of such implementation
costs. These implementation costs consisted primarily of employee retention
bonuses, severance, relocation, outplacement and other costs and are included in
the Condensed Statements of Income for the three months ended March 4, 2001 and
February 27, 2000 as follows (in millions except per share data):
Three Months Three Months
Ended Ended
March 4, 2001 February 27, 2000
--------------------- --------------------
Per Share Per Share
$ Amount $ Amount
----- --------- ----- ----------
Cost of sales - - $0.1 $.01
Selling, administrative
& general expenses $0.1 $.01 0.1 .01
---- --- --- ----
Total $0.1 $.01 $0.2 $.02
==== ==== ==== ====
Page 11
The Company has downwardly revised its pre-tax cost savings to be generated from
the 1999 restructuring plan and now expects the savings to be approximately $4.9
million in fiscal 2001, of which $1.0 million was realized during the first
quarter, and are expected to grow to $5.5 million per year thereafter. Although
the Company expects realization of such future costs savings, there can be no
assurance that they will be achieved. (Note: All earnings per share amounts
included in Management's Discussion and Analysis are presented on an after-tax,
diluted basis.)
The following tables provide a comparison of the Company's
reported results and the results excluding restructuring related items and other
special items for the three months ended March 4, 2001 and February 27, 2000:
2001
Dollars in millions --------------------------------------------------------
except per share Gross Income from Net Per Share
amounts) Profit Operations Income Amount
--------------------------------------------------------
Reported results $21.4 $3.8 $1.7 $.18
Implementation costs - .2 .1 .02
Patent infringement litigation
interest - .1 - -
----- ---- ---- ---
Results excluding special items $21.4 $4.1 $1.8 $.20
===== ==== ==== ====
2000
Dollars in millions --------------------------------------------------------
except per share Gross Income from Net Per Share
amounts) Profit Operations Income Amount
--------------------------------------------------------
Reported results $21.9 $4.0 $2.2 $.22
Implementation costs - .3 .2 .02
----- ---- ------- ----
Results excluding special items $21.9 $4.3 $2.4 $.24
===== ==== ==== ====
Page 12
Results of Operations
Net Sales
Net sales of $55.9 million for the fiscal 2001 first quarter decreased 7.9% from
the first quarter of fiscal 2000, due to lower sales of graphics products (down
11.9%) and consumer products (down 2.3%). The decrease in graphics products
sales was largely the result of lower laminates and adhesives sales (down 21%),
finishing equipment sales (down 18%) and board products sales (down 3%). The
decrease in consumer products sales was due to lower sales of X-Acto products
(down 12%), trimmer products sales (down 4%) and stapler products sales (down
4%), partially offset by higher sharpener products sales (up 2%). Export sales
decreased 7% in the fiscal 2001 first quarter compared to the same prior year
period due to lower sales in Canada and Latin America. Foreign sales, which are
principally sales of graphics products, decreased 6% in the first quarter of
fiscal 2001 compared to the prior year first quarter. This sales decrease was
due principally to the unfavorable exchange rates for the Euro (the functional
currency of the Company's Netherlands operations) and the British pound sterling
(the function currency of the Company's UK operations). Excluding the impact of
currency exchange rates, foreign sales would have increased 3% over the
comparable prior year period.
Management believes that the decrease in sales was largely due to a general
economic slowdown in the U.S., as well as to a saturated wide format digital
market, lower sales to certain large graphics customers, and generally to
increased competition in the graphics products business. Further, there have
been recent announcements of planned closings of certain office products
superstores which may have an adverse effect on future consumer and graphics
products sales. Thus far in the second fiscal 2001 quarter, the Company is
experiencing a general softness in demand for some of its products, particularly
graphics products business both domestically and foreign. Management is
uncertain how long this trend will continue.
Gross Profit
The Company's gross profit percentage increased to 38.3% of net sales in the
first quarter of fiscal 2001 from 36.1% in the first quarter of fiscal 2000;
however, gross margin dollars decreased $.5 million from the same prior year
period. The increase in the gross profit percentage relative to the prior year
period was primarily the result of cost savings resulting from the 1999
restructuring plan, favorable product and customer mix and higher implementation
costs incurred in the fiscal 2000 quarter related to the 1999 restructuring
plan, partially offset by higher raw material costs, such as styrene plastic,
and to unfavorable fixed overhead absorption in the fiscal 2001 first quarter.
Excluding the effects of the implementation costs recorded in the fiscal 2000
first quarter, the gross profit percentage for that quarter would have been
36.3%. The decrease in gross margin dollars in the fiscal 2001 first quarter was
due largely to lower sales volume compared to the same prior year period. Since
the end of fiscal 2000, the Company has experienced some cost reductions for
certain raw materials. Management is uncertain if this trend will continue.
Page 13
Selling, Administrative and General Expenses
Selling, administrative and general expenses decreased $.3 million, or 1.8%, in
the first quarter of fiscal 2001 compared to prior year first quarter. This
decrease was the net result of lower marketing and selling expenses (e.g., lower
promotional advertising and discretionary spending and lower sales volume),
partially offset by higher general and administrative expenses. The increase in
general and administrative expenses was due principally to a decrease in the
cash surrender value of officers' life insurance policies and higher deferred
compensation account expenses, partially offset by lower salaries and benefits
attributable to the costs savings resulting from the implementation of the 1999
restructuring plan.
Selling, administrative and general expenses, as a percentage of net sales,
totaled 31.4% and 29.5%, in the first quarter of fiscal 2001 and 2000,
respectively.
Restructuring and Other
In the first quarter of fiscal 2001, the Company recorded interest of $52,000 in
connection with a patent infringement suit with respect to one of the Company's
minor products for which the Company had recorded a liability of $3.8 million in
fiscal 2000. In addition, the Company recorded a net gain on disposals of
property, plant and equipment of $10,000.
Provision for Income Taxes
The Company's effective income tax rate increased to 42% for the first quarter
of fiscal 2001 from 35% for the first quarter of fiscal 2000 due principally to
the impact of items not deductible for income tax purposes (primarily
amortization of goodwill) in relation to pre-tax income.
Net Income and Earnings Per Share
Net income of $1.7 million for the first quarter of fiscal 2001 decreased $.5
million from the first quarter of fiscal 2000. Excluding the effects of special
items recorded during the first quarter of fiscal 2001 and 2000 in connection
with the implementation of the 1999 restructuring plan and the interest recorded
in connection with the patent infringement litigation, earnings per share would
have been $.20 per share during the first quarter of fiscal 2001 compared to
$.24 per share for the same period last year. The earnings per share for the
first quarter of fiscal 2001 were favorably impacted by lower average common
shares outstanding as a result of the Company's stock repurchase program
(average diluted common shares outstanding were 9,087,909 and 10,040,692 in the
first quarter of fiscal 2001 and 2000, respectively), offset by a higher
effective income tax in the first quarter of fiscal 2001 compared to the same
period last year.
Page 14
Financial Condition
The Company's working capital decreased to $55.6 million from $56.4 million, and
its current ratio increased to 3.0 from 2.8, at the end of the first quarter of
fiscal 2001 from the end of fiscal 2000. The Company's debt/capitalization
percentage was 48% at the end of the fiscal 2001 first quarter compared to 47%
at the end of fiscal 2000. Funds from operations and available cash balances
were sufficient during the first three months of fiscal 2001 to fund the
repurchase of $3.7 million of the Company's common shares, to fund additions to
property, plant and equipment of $1.0 million, to pay cash dividends of $.9
million, to make payments related to the implementation of the 1999
restructuring plan of $.2 million, and to make cash payments related to the 1999
restructuring of $.1 million.
Current assets decreased to $83.9 million at the end of the first quarter of
fiscal 2001 from $88.3 million at the end of fiscal 2000 largely as a result of
lower cash and cash equivalents and lower accounts receivable balances,
partially offset by higher inventory balances. The decrease in cash and cash
equivalents was primarily due to items discussed in the preceding paragraph.
Accounts receivable decreased $2.9 million from the $35.1 million balance at the
end of fiscal 2000 due to increased collections and timing of customer dating
promotions and to lower sales in the last month of the fiscal 2001 first quarter
compared to the last month of fiscal 2000. Inventories increased to $25.2
million at the end of the fiscal 2001 first quarter from $21.8 million at the
end of fiscal 2000 due primarily to inventory build-up in connection with the
Company's back-to-school programs and to lower than planned sales in the fiscal
2001 first quarter.
Current liabilities decreased to $28.3 million at the end of the first quarter
of fiscal 2001 from $31.9 million at the end of fiscal 2000. This decrease was
largely attributable to the timing of interest payments ($.9 million) and other
liabilities payments ($4.0 million), and the payment of a $.8 million special
performance award to Company employees which had been accrued for at the end of
fiscal 2000.
The effect of favorable currency exchange rates for the Euro and the British
pound sterling was the principal cause for the $1.3 million decrease in the
accumulated other comprehensive loss account in stockholders' equity.
The Company has a revolving credit agreement of $50 million and lines of credit
facilities at its foreign operations of 1.5 million British pound sterling
(approximately $2.2 million) and 1.1 million Euros (approximately $1.0 million).
There were outstanding borrowings totaling $3.0 million under these credit
facilities at March 4, 2001. Management believes that funds generated from
operations, combined with the existing credit facilities, will be sufficient to
meet currently anticipated working capital and other capital and debt service
requirements. Should the Company require additional funds, management believes
that the Company could obtain them at competitive costs. While subject to
change, management currently expects that total fiscal 2001 expenditures for
additions to property, plant and equipment to increase capacity and productivity
will be approximately $5.0 million, of which approximately $1.0 million has been
expended through the first three months of fiscal 2001.
Page 15
New Accounting Standards
In March 2001, the Emerging Issues Task Force reached a final consensus on Issue
No. 00-22, "Accounting for `Points' and Certain Other Time-Based or Volume-Based
Sales Incentive Offers, and Offers for Free Products or Services to be Delivered
in the Future" that addresses, among other issues, the accounting requirements
of a vendor for an offer to a customer to rebate or refund a specified amount of
cash that is redeemable only if the customer completes a specified cumulative
level of revenue transactions or remains a customer for a specified period of
time. This Issue was effective for quarters ending after February 15, 2001. The
adoption of this Issue did not have any impact on the Company's financial
position or results of operations.
Page 16
Item 3 - Quantitative and Qualitative Disclosures about Market Risk
There have been no material changes in the Company's market risk from that set
forth in the Company's fiscal 2000 Form 10-K.
Page 17
PART II - OTHER INFORMATION
Item 1 - Legal Proceedings
Reference is made to Part I, Item 3 of the Company's fiscal 2000 Form 10-K and
to Note 4 to the Condensed Consolidated Financial Statements herein.
Item 6 - Exhibits and Reports on Form 8-K
(b) Reports on Form 8-K
During the first quarter of fiscal 2001, the Company filed a Report on
Form 8-K with the Securities and Exchange Commission reporting the amendment and
restatement of the Company's Articles of Incorporation and amendments to its
By-laws.
Page 18
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 thereunto duly authorized.
HUNT CORPORATION
Date April 17, 2001 By /s/ William E. Chandler
------------------------- -----------------------------------------------
William E. Chandler
Senior Vice President, Finance
(Principal Financial Officer)
Date April 17, 2001 By /s/ Donald L. Thompson
------------------------- -----------------------------------------------
Donald L. Thompson
Chairman of the Board
and Chief Executive Officer
Date April 17, 2001 By /s/ John Fanelli III
------------------------- -----------------------------------------------
John Fanelli III
Vice President, Corporate Controller
(Principal Accounting Officer)