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): May 10, 2004 (May 10, 2004)
M & F Worldwide Corp.
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(Exact name of Registrant as specified in its charter)
Delaware 001-13780 02-0423416
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
35 East 62nd Street
New York, New York 10021
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 572-8600
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N/A
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(Former name or former address, if changed since last report.)
Item 12. Results of Operations and Financial Condition.
The following disclosure is being furnished pursuant to Item 12 of this
Form 8-K:
On May 10, 2004, M & F Worldwide Corp. issued a press release
announcing its results for the first quarter ended March 31, 2004. A copy of the
press release is attached to this report as Exhibit 99.1 and is being furnished
pursuant to Item 12 of this Form 8-K.
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.
M & F WORLDWIDE CORP.
Date: May 10, 2004 By: /s/ Barry F. Schwartz, Esq.
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Name: Barry F. Schwartz, Esq.
Title: Executive Vice President and
General Counsel
EXHIBIT INDEX
Exhibit No. Document
99.1 Press Release, dated May 10, 2004
EXHIBIT 99.1
Contact: Mark Baker
(212)-484-7780
M & F WORLDWIDE CORPORATION
REPORTS INCOME FOR 2004 FIRST QUARTER
New York, NY - May 10, 2004 - M & F Worldwide Corp. (NYSE: MFW - News), today
reported results for the first quarter ended March 31, 2004.
Revenues for the first quarter were $25.7 million as compared to $24.9 million
in the prior year quarter. The Company's revenues were higher in the 2004
quarter primarily due to increased domestic sales to the tobacco industry
worldwide and a favorable foreign exchange translation effect on its Euro
revenues, while sales to the Company's other licorice and non-licorice customers
remained stable. Net income was $5.3 million for the 2004 quarter compared to
$4.4 million for the 2003 quarter. The increase in net income in the 2004 period
was due to the increase in sales, lower cost of sales due to a favorable mix of
products sold and lower interest expense. Basic earnings per common share were
$0.29 in the 2004 quarter and $0.25 per common share in the 2003 quarter.
Diluted earnings per common share were $0.27 in the 2004 quarter and $0.24 per
common share in the 2003 quarter.
M & F Worldwide is the world's largest producer of licorice extract.
This press release contains forward-looking statements which involve risks and
uncertainties. The Company's actual results may differ materially from those
discussed in such forward-looking statements. In addition to factors described
in the Company's Securities and Exchange Commission filings and others, the
following factors could cause the Company's actual results to differ materially
from those expressed in any forward-looking statements made by the Company: (a)
economic, climatic or political conditions in countries in which the Company
sources licorice root; (b) economic, climatic or political conditions that have
an impact on the worldwide tobacco industry or on the consumption of tobacco
products in which licorice flavorings are used; (c) additional governmental
regulation of tobacco products, tobacco industry litigation or enactment of new
or increased taxes on cigarettes or other tobacco products, to the extent any of
the foregoing curtail growth in or actually reduce consumption of tobacco
products in which licorice flavorings are used; (d) the failure of third parties
to make full and timely payment to the Company for environmental, asbestos, tax
and other matters for which the Company is entitled to indemnification; (e) any
inability to obtain indemnification for any significant group of
asbestos-related claims pending against the Company; (f) lower than expected
cash flow from operations; (g) significant increases in interest rates; and (h)
unfavorable foreign currency fluctuations. The Company assumes no responsibility
to update the forward-looking statements contained in this release.
- table to follow -
M & F Worldwide Corp. and Subsidiaries
Consolidated Statements of Income
(in millions, except per share data)
Three Months Ended
March 31,
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2004 2003
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Net revenues $ 25.7 $ 24.9
Cost of revenues 12.4 12.6
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Gross profit 13.3 12.3
Selling, general and administrative expenses 4.5 4.3
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Operating income 8.8 8.0
Interest income 0.2 0.3
Interest expense (0.5) (0.9)
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Income before income taxes 8.5 7.4
Provision for income taxes (3.2) (3.0)
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Net income $ 5.3 $ 4.4
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Earnings per common share:
Basic $ 0.29 $ 0.25
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Diluted $ 0.27 $ 0.24
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