Charges drive GBC into red

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28 April 2005 – Northbrook (IL): General Binding Corporation (GBC) has reported a rise in Q1 sales although its pending merger with Acco had a negative impact on the bottom line.

The company revealed sales up 5 per cent to $180.2 million, but reported a Q1 loss of $3.4 million, or $0.21 per share, as a result of $2.5 million of special charges related to the merger, and $1.1 million of restructuring charges.

Chairman and president/CEO Dennis Martin said: "GBC has started 2005 with good sales momentum. Driven by strong end-user demand, the Commercial and Consumer Group improved sales to several of its large office products reseller customers"