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 25, 2001
Daisytek International Corporation
(Exact Name of Registrant as Specified in Charter)
Delaware 0-25400 75-2421746
--------------- ------------ -------------------
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
1025 Central Expressway South, Suite 200
Allen, Texas 75013
(Address of Principal Executive Offices, including zip code)
(972) 881-4700
(Registrant's Telephone Number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
ITEM 5. OTHER EVENTS
During June 2001, Daisytek International Corporation ("the Company")
announced its decision to exit the IBM master distribution agreements, under
which the Company's subsidiary Business Supplies Distributors ("BSD") provided
financing to enable the Company's former subsidiary PFSweb, Inc. to
service logistics contracts with IBM. As part of the Company's plan to
completely exit this business, Daisytek completed the sale of BSD during
September 2001 for net proceeds of approximately $0.9 million.
The Company adopted Statement of Financial Accounting Standards ("SFAS")
No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets,
effective as of April 1, 2001. Under the provisions of SFAS No. 144, the results
of operations of BSD, which were previously included in the Company's computer
and office supplies segment, were presented as discontinued operations in the
Company's quarterly report on Form 10-Q for the three and six month period ended
September 30, 2001. Restated historical consolidated financial statements
reflecting the operations of BSD as discontinued operations as of March 31, 2001
and 2000 and for the fiscal years ended March 31, 2001, 2000 and 1999 are
attached as Exhibit 99.1 to this Form 8-K.
This Form 8-K is filed with respect to the Company's fiscal year ended
March 31, 2001. No attempt has been made in this Form 8-K to update our
disclosures for events subsequent to the initial filing date of June 27, 2001,
except as otherwise noted.
This Form 8-K should be read in conjunction with the Company's other public
filings with the Securities and Exchange Commission including the Company's Form
10-Q for the quarterly periods ended June 30, 2001 and September 30, 2001.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial statements of business acquired
Not applicable
(b) Pro forma financial information
Not applicable
(c) Exhibits
23.1 Consent of Ernst & Young LLP
23.2 Consent of Arthur Andersen LLP
99.1 Restated financial information as of March 31, 2001 and
2000, and for the fiscal years ended March 31, 2001, 2000
and 1999
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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 hereunto duly authorized.
DAISYTEK INTERNATIONAL CORPORATION
By: /s/ RALPH MITCHELL
-------------------------------------
Ralph Mitchell
Chief Financial Officer,
Executive Vice President - Finance
Dated: January 7, 2002
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INDEX TO EXHIBITS
<Table>
<Caption>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
23.1 Consent of Ernst & Young LLP
23.2 Consent of Arthur Andersen LLP
99.1 Restated financial information as of March 31, 2001 and
2000, and for the fiscal years ended March 31, 2001,
2000 and 1999
</Table>