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<P align=center>UNITED STATES <BR>SECURITIES AND EXCHANGE
COMMISSION<BR>Washington, D.C. 20549</P>
<P align=center>FORM 8-K</P>
<P align=center>CURRENT REPORT</B><FONT size=2><br>
<b>Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</b></FONT></P>
<P align=center><FONT size=2>Report as of October 22, 2004<br>
(Events as of October 20,2004)</FONT></P><B>
<P align=center>GENERAL BINDING CORPORATION</B><FONT size=2><BR>(Exact name of
registrant as specified in its charter)</FONT></P><B>
<P align=center>Delaware</B><FONT size=2><BR>(State or other jurisdiction of
incorporation or organization)<B><BR></B></FONT><B><FONT size=3><br>
0-2604</FONT></B><FONT size=2><BR></FONT>(<FONT
size=2>Commission File Number)&nbsp;<BR></P>
</FONT><B>
<P align=center>36-0887470</B><FONT size=2><BR>(I.R.S. employer identification
No.)</P></FONT><B>
<P align=center>One GBC Plaza,<BR>Northbrook, Illinois 60062</B><FONT
size=2><BR>(Address of principal executive offices, including zip
code)</P></FONT><B>
<P align=center>(847) 272-3700</B><FONT size=2><BR>(Registrant's telephone
number, including area code)</FONT></P>
<P align=center><b>Not Applicable<br>
</b><font size="2">(Former name or former address, if changed since last report)</font></P>
<P align=left><font size="2">Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:</font></P>
<P align=left><font size="2">[ ] Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)</font></P>
<P align=left><font size="2">[ ] Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)</font></P>
<P align=left><font size="2">[ ] Pre-commencement communicaitons pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.140d-2(b))</font></P>
<P align=left><font size="2">[ ] Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></P><FONT size=2>
<P><B>Item 2.02. Results of Operations and Financial Conditions.</P></B>
<p>On October 20, 2004, General Binding Corporation issued a press release
announcing its earnings for the three months ended September 30, 2004.&nbsp; A
copy of that release is furnished as Exhibit 99.1 to this report.</p>
<p>The information in this Current Report on Form-8K is being furnished and
shall not be deemed &quot;filed&quot; for the purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to the liabilities of
that Section.&nbsp; The information in this Current Report shall not be
incorporated by reference into any registration statement or other document
pursuant to the Securities Act of 1933, as amended, except as shall be expressly
set forth by specific referrence in such filing.</p>
</FONT>
<B><FONT size=2>
<P>Item 9.01 Financial Statements and Exhibits.</FONT></B><FONT size=2><BR><BR>(c)
Exhibits.</P>99.1&nbsp; Press release dated October 20, 2004 of the Registrant.<BR>&nbsp;</FONT><P align=center>&nbsp;</P><FONT size=2>
<P align=center><B>SIGNATURES</P></B>
<P>Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.</P>
<P><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
GENERAL BINDING CORPORATION</B></P>
<P><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>By: <U>/s/ Steven
Rubin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Steven
Rubin<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; Vice President, Secretary
&amp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
General
Counsel<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; October 22, 2004</P></FONT>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<p align="center">&nbsp;</p>
<P align=center><b>Exhibit 99.1</b> </P>
<FONT size=2>
<p align="center"><b>GBC REPORTS 3rd QUARTER 2004 RESULTS <br>
Modestly Improved Earnings on Stable Revenues </b></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northbrook, IL, October 20, 2004
-- General Binding Corporation (Nasdaq: GBND) today announced results for the
third quarter of 2004. The Company's third quarter 2004 earnings were $5.2
million, or $0.31 per share (diluted), compared to $4.9 million or $0.30 per
share for the same period last year. Sales for the quarter were approximately
flat with the prior year at $175.8 million. </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "We have achieved double-digit
growth in several of the Industrial and Print Finishing Group's ("IPFG")
businesses, gained market share in the domestic commercial films market and have
continued to make progress under our Operational Excellence Program," said
Dennis Martin, Chairman of the Board, President and Chief Executive Officer.
"These successes, however, have been masked by pricing pressures in the office
products and commercial films industries. We believe that we can mitigate these
pressures by offering innovative, quality products and value-added services to
our customers at competitive prices. Our recent alignment of the product
development, sourcing and marketing functions within the Commercial and Consumer
Group ("CCG") should facilitate top-line and margin growth by accelerating our
ability to cost-effectively bring new products to our target markets."</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "In spite of the challenging
market conditions," continued Mr. Martin, "we modestly improved earnings in the
third quarter compared to last year. In addition, our focus on generating cash
flow enabled us to reduce net debt by more than $21 million during the quarter."
</p>
<p><u><b>3rd Quarter Results <br>
</b></u>Financial results for the quarter included the following highlights: </p>
<blockquote>
  <p> Sales totaled $175.8 million, approximately flat with the prior year.
  Significant growth in IPFG, mainly in its European films and digital print
  finishing businesses, was more than offset by a sales decline in CCG's
  domestic operations. Favorable exchange rates were responsible for the Europe
  Group's increased sales. Exchange rates also positively affected international
  sales within both CCG and IPFG. </p>
  <p> The Company's gross profit margin for the quarter was 39.8%,
  little-changed from the prior year, but an improvement over each of the prior
  two quarters. </p>
  <p> Selling, service and administrative expenses increased $2.2 million from
  2003, in large part due to the adverse effect of exchange rate movements on
  international expenses. </p>
  <p> Segment Operating Income for the quarter was $14.5 million, 3.9% lower
  than the prior year due to lower earnings in CCG and the Europe Group,
  partially offset by improved profitability in IPFG and reduced corporate
  overhead expense. </p>
  <p> Equity in earnings of joint ventures was $1.4 million in the third
  quarter of 2004 compared to minimal equity in losses of joint ventures in
  2003. The primary reason for the increase was stronger results from the
  Company's joint venture in Australia. </p>
  <p> Restructuring and other expenses totaling $0.9 million pre-tax related to
  the CCG alignment were recorded in the third quarter. No restructuring and
  other expenses were recorded in the third quarter of 2003. </p>
  <p> Interest expense for the quarter totaled $6.7 million, $0.9 million lower
  than in 2003, the decrease resulting principally from lower average debt
  levels. </p>
  <p> Other income totaled $1.1 million in the third quarter of 2004, including
  a gain of approximately $0.7 million related to the sale of an idle factory.
  </p>
  <p> Income tax expense was $2.8 million for the quarter, slightly higher than
  the $2.6 million for the same period last year, reflecting higher levels of
  pre-tax income. </p>
  <p> Earnings totaled $0.31 per share for the third quarter, compared to net
  earnings of $0.30 per share reported in the third quarter of 2003. </p>
  <p> Total net debt at the end of the quarter, adjusted for cash and
  equivalents, was $292.1 million, down $21.5 million from the amount
  outstanding at the end of the second quarter and down $18.7 million from a
  year ago. </p>
</blockquote>
<p></p>
<p><u><b>Nine-Month Results </b></u></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the first nine months of 2004,
sales were $521.2 million, up slightly from the prior year. Net income for the
period was $0.49 per share, including pre-tax charges totaling $1.7 million,
compared to a net loss of ($0.01) per share last year, which included pre-tax
charges of $9.8 million. </p>
<p><u><b>Conference Call </b></u></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On October 21, 2004, at 10:00 a.m.
Central Time, GBC's management will host a conference call to discuss the
Company's third quarter 2004 results. The live presentation and an archived
replay will be available via an internet webcast and can be accessed from the
investor relations section of GBC's website at www.gbc.com or from
www.streetevents.com. </p>
<p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GBC is a world leader
in products that bind, laminate, and display information enabling people to
accomplish more at work, school and home. GBC's products are marketed in over
100 countries under the GBC, Quartet, and Ibico brands. These products are
designed to help people enhance printed materials and organize and communicate
ideas. </p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This press release includes
forward-looking statements involving uncertainties and risks, and there can be
no assurance that actual results will not differ from the Company's
expectations. The words "should," "believes," "anticipates," "plans," "may,"
"expects" and other expressions that indicate future events and trends identify
forward-looking statements. Factors that could cause materially-different
results include, among other things, competition within the office products and
lamination film products markets, effects of general economic conditions, the
restructuring activities associated with the integration and go-to-market
strategies of the Company's business units, the ability of the Company's
distributors to successfully market the Company's products and other risks
described in the Company's filings with the S.E.C. The Company assumes no
obligation to update its forward-looking statements. </p>
<p>Contact: Tony Giuliano, Treasurer and Director, Investor Relations <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(847) 291-5451 <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
inv-rel@gbc.com (E-mail) <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
www.gbc.com (GBC's website) </p>
<p></p>
<P>&nbsp;</P>
</FONT>
<div align="center">
  <center>
<div align="center">
  <center>
<TABLE borderColor=#000000 cellSpacing=0 cellPadding=0 width=660 border=0 height="806">
  <TR>
    <TD vAlign=top width="24" height=1>
      <P></P></TD>
    <TD vAlign=top width="18" height=1>
      <P></P></TD>
    <TD vAlign=top width="277" height=1>
      <P></P></TD>
    <TD vAlign=top width="80" height=1>
      <P></P></TD>
    <TD vAlign=top width="9" height=1>
      <P></P></TD>
    <TD vAlign=top width="78" height=1>
      <P></P></TD>
    <TD vAlign=top width="6" height=1>
      <P></P></TD>
  </center>
    <TD vAlign=top width="152" colSpan=3 height=1>
      <p align="right"><b>Exhibit A to</b></TD></TR>
  <center>
  <TR>
    <TD vAlign=top width="24" height=21>
      <P></P></TD>
    <TD vAlign=top width="18" height=21>
      <P></P></TD>
    <TD vAlign=top width="277" height=21>
      <P></P></TD>
    <TD vAlign=top width="80" height=21>
      <P></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="240" colSpan=5 height=21><FONT face=Arial size=2>
      <B>
      <P align=right>2004 Q3 Earnings Release</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=29>
      <P></P></TD>
    <TD vAlign=top width="18" height=29>
      <P></P></TD>
    <TD vAlign=top width="277" height=29>
      <P></P></TD>
    <TD vAlign=top width="80" height=29>
      <P></P></TD>
    <TD vAlign=top width="9" height=29>
      <P></P></TD>
    <TD vAlign=top width="78" height=29>
      <P></P></TD>
    <TD vAlign=top width="6" height=29>
      <P></P></TD>
    <TD vAlign=top width="73" height=29>
      <P></P></TD>
    <TD vAlign=top width="10" height=29>
      <P></P></TD>
    <TD vAlign=top width="65" height=29>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=18 width="655"><FONT face=Arial size=2>
      <B>
      <P align=center>GENERAL BINDING CORPORATION</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=18 width="655"><B><FONT face=Arial size=2>
      <P align=center>THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2004</FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=18 width="655"><FONT face=Arial size=2>
      <P align=center>(Amounts in Thousands except Per Share
    Amounts)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21>
      <P></P></TD>
    <TD vAlign=top width="18" height=21>
      <P></P></TD>
    <TD vAlign=top width="277" height=21>
      <P></P></TD>
    <TD vAlign=top width="80" height=21>
      <P></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
      <P></P></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21>
      <P></P></TD>
    <TD vAlign=top width="18" height=21>
      <P></P></TD>
    <TD vAlign=top width="277" height=21>
      <P></P></TD>
    <TD vAlign=top width="170" colSpan=3 height=21><FONT face=Arial size=2>
      <B>
      <P align=center>Three Months Ended</B></FONT></P></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="152" colSpan=3 height=21><FONT face=Arial size=2>
      <B>
      <P align=center>Nine Months Ended</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21>
      <P></P></TD>
    <TD vAlign=top width="18" height=21>
      <P></P></TD>
    <TD vAlign=top width="277" height=21>
      <P></P></TD>
    <TD vAlign=top width="170" colSpan=3 height=21>
      <p align="center"><b><u>September 30,</u></b></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="152" colSpan=3 height=21><B><FONT face=Arial size=2>
      <P align=center><u>September 30,</u></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial
      size=2>
      <U><B>
      <P>CONSOLIDATED SUMMARY OF INCOME</B></U></FONT></P></TD>
    <TD vAlign=top width="80" height=21><B><FONT face=Arial size=2>
      <P align=center><u>2004</u></FONT></B></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21><B><FONT face=Arial size=2>
      <P align=center><u>2003</u></FONT></B></P></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><B><FONT face=Arial size=2>
      <P align=center><u>2004</u></FONT></B></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21><B><FONT face=Arial size=2>
      <P align=center><u>2003</u></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21>
      <P></P></TD>
    <TD vAlign=top width="18" height=21>
      <P></P></TD>
    <TD vAlign=top width="277" height=21>
      <P></P></TD>
    <TD vAlign=top width="80" height=21><FONT face=Arial size=2>
      <P align=center>(Unaudited)</FONT></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21><FONT face=Arial size=2>
      <P align=center>(Unaudited)</FONT></P></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P><FONT face=Arial size=2>
      (Unaudited)</FONT></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
      <P><FONT face=Arial size=2>
      (Unaudited)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21>
      <P></P></TD>
    <TD vAlign=top width="18" height=21>
      <P></P></TD>
    <TD vAlign=top width="277" height=21>
      <P></P></TD>
    <TD vAlign=top width="80" height=21>
      <P></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
      <P></P></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Net sales</FONT></P></TD>
    <TD vAlign=top width="80" height=21><FONT face=Arial size=2>
      <P align=right>$ 175,848</FONT></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><font size="2" face="Arial">$&nbsp;175,092</font></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><FONT face=Arial size=2>
      <P align=right>$ 521,154</FONT></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21><FONT face=Arial size=2>
      <P align=right>$515,677</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=22><FONT face=Arial size=2>
      <P>Cost of sales:</FONT></P></TD>
    <TD vAlign=top width="80" height=22>
      <P></P></TD>
    <TD vAlign=top width="9" height=22>
      <P></P></TD>
    <TD vAlign=top width="78" height=22>
      <P></P></TD>
    <TD vAlign=top width="6" height=22>
      <P></P></TD>
    <TD vAlign=top width="73" height=22>
      <P></P></TD>
    <TD vAlign=top width="10" height=22>
      <P></P></TD>
    <TD vAlign=top width="65" height=22>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21>
      <P></P></TD>
    <TD vAlign=top width="297" colSpan=2 height=21><FONT face=Arial size=2>
      <P>Product cost of sales, including development</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
      <P></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
      <P></P></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21>
      <P></P></TD>
    <TD vAlign=top width="18" height=21>
      <P></P></TD>
    <TD vAlign=top width="277" height=21><FONT face=Arial size=2>
      <P>and engineering</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
    <p align="right"><font face="Arial" size="2">105,894</font></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><font face="Arial" size="2">105,263</font></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><font face="Arial" size="2">318,287</font></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
    <p align="right"><font face="Arial" size="2">310,186</font></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Selling, service and administrative</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
    <p align="right"><font face="Arial" size="2">56,723</font></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><font face="Arial" size="2">54,497</font></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><font face="Arial" size="2">169,100</font></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
    <p align="right"><font face="Arial" size="2">169,115</font></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><font face="Arial" size="2">
    Equity (earnings) losses from joint ventures</font></TD>
    <TD vAlign=top width="80" height=21>
      <p align="right"><font face="Arial" size="2">(1,394)</font></TD>
    <TD vAlign=top width="9" height=21>
      &nbsp;</TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><font face="Arial" size="2">48</font></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <p align="right"><font face="Arial" size="2">(1,750)</font></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
    <p align="right"><font face="Arial" size="2">(605)</font></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Amortization of intangible assets</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
      <p align="right"><font face="Arial" size="2">114</font></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><font face="Arial" size="2">188</font></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <p align="right"><font face="Arial" size="2">343</font></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
    <p align="right"><font face="Arial" size="2">565</font></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Restructuring&nbsp;and other:</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
      <p align="right"><font face="Arial" size="2">&nbsp;</font></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
      <p align="right"><font face="Arial" size="2">&nbsp;</font></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <p align="right"><font face="Arial" size="2">&nbsp;</font></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
      <p align="right"><font face="Arial" size="2">&nbsp;</font></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Restructuring</font></TD>
    <TD vAlign=top width="80" height=21>
      <p align="right"><font face="Arial" size="2">28</font></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><font face="Arial" size="2">-</font></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <p align="right"><font face="Arial" size="2">851</font></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
    <p align="right"><font face="Arial" size="2">9,789</font></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other</TD>
    <TD vAlign=top width="80" height=21>
      <p align="right"><font face="Arial" size="2">840</font></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><font face="Arial" size="2">-</font></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <p align="right"><font face="Arial" size="2">840</font></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
    <p align="right"><font face="Arial" size="2">-</font></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Interest expense</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
    <p align="right"><font face="Arial" size="2">6,684</font></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><font face="Arial" size="2">7,546</font></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><font face="Arial" size="2">20,075</font></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
    <p align="right"><font face="Arial" size="2">27,091</font></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Other (income) expense, net</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
    <p align="right"><u><font face="Arial" size="2">(1,056)</font></u></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><u><font face="Arial" size="2">69</font></u></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><u><font face="Arial" size="2">(128)</font></u></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
    <p align="right"><u><font face="Arial" size="2">(119)</font></u></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21>
      <P></P></TD>
    <TD vAlign=top width="18" height=21>
      <P></P></TD>
    <TD vAlign=top width="277" height=21><FONT face=Arial size=2>
      <P>Income (loss) before taxes</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
    <p align="right"><font face="Arial" size="2">8,015</font></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><font face="Arial" size="2">7,481</font></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><font face="Arial" size="2">13,536</font></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
      <p align="right"><font face="Arial" size="2">(345)</font></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Income tax expense (benefit)&nbsp;</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
    <p align="right"><u><font face="Arial" size="2">2,841</font></u></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><u><font face="Arial" size="2">2,595</font></u></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><u><font face="Arial" size="2">5,326</font></u></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21><FONT face=Arial size=2>
      <P align=right><u>&nbsp;(190)</u> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=34>
      <P></P></TD>
    <TD vAlign=top width="18" height=34>
      <P></P></TD>
    <TD vAlign=top width="277" height=34><FONT face=Arial size=2>
      <P>Net  income (loss) </FONT></P></TD>
    <TD vAlign=top width="80" height=34><FONT face=Arial size=2>
      <P align=right>$ 5,174<br>
      ======</FONT></P></TD>
    <TD vAlign=top width="9" height=34>
      <P></P></TD>
    <TD vAlign=top width="78" height=34><FONT face=Arial size=2>
      <P align=right>$ 4,886<br>
      ===== </FONT></P></TD>
    <TD vAlign=top width="6" height=34>
      <P></P></TD>
    <TD vAlign=top width="73" height=34><FONT face=Arial size=2>
      <P align=right>$&nbsp; 8,210<br>
      ======</FONT></P></TD>
    <TD vAlign=top width="10" height=34>
      <P></P></TD>
    <TD vAlign=top width="65" height=34><FONT face=Arial size=2>
      <P align=right>$&nbsp; (155)<br>
      =======</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Earnings (loss) per share:</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
      <P></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
      <P></P></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=34>
    </TD>
    <TD vAlign=top width="297" colSpan=2 height=34>Basic</TD>
    <TD vAlign=top width="80" height=34><FONT face=Arial size=2>
      <P align=right>$&nbsp;&nbsp; 0.32<br>
      =====</FONT></P></TD>
    <TD vAlign=top width="9" height=34>
      <P></P></TD>
    <TD vAlign=top width="78" height=34><FONT face=Arial size=2>
      <P align=right>$&nbsp; 0.31<br>
      ====</FONT></P></TD>
    <TD vAlign=top width="6" height=34>
      <P></P></TD>
    <TD vAlign=top width="73" height=34><FONT face=Arial size=2>
      <P align=right>$&nbsp; 0.51<br>
      =====</FONT></P></TD>
    <TD vAlign=top width="10" height=34>
      <P></P></TD>
    <TD vAlign=top width="65" height=34><FONT face=Arial size=2>
      <P align=right>$ (0.01)<br>
      =====</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=25>
      <P></P></TD>
    <TD vAlign=top width="297" colSpan=2 height=25><font face="Arial" size="2">Diluted</font></TD>
    <TD vAlign=top width="80" height=25><FONT face=Arial size=2>
      <P align=right>$&nbsp;&nbsp; 0.31<br>
      =====</FONT></P></TD>
    <TD vAlign=top width="9" height=25>
      <P></P></TD>
    <TD vAlign=top width="78" height=25><FONT face=Arial size=2>
      <P align=right>$&nbsp; 0.30<br>
      ====</FONT></P></TD>
    <TD vAlign=top width="6" height=25>
      <P></P></TD>
    <TD vAlign=top width="73" height=25><FONT face=Arial size=2>
      <P align=right>$&nbsp; 0.49<br>
      =====</FONT></P></TD>
    <TD vAlign=top width="10" height=25>
      <P></P></TD>
    <TD vAlign=top width="65" height=25><FONT face=Arial size=2>
      <P align=right>$ (0.01)<br>
      =====</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=12>
    </TD>
    <TD vAlign=top width="18" height=12>
    </TD>
    <TD vAlign=top width="277" height=12></TD>
    <TD vAlign=top width="80" height=12></TD>
    <TD vAlign=top width="9" height=12>
    </TD>
    <TD vAlign=top width="78" height=12></TD>
    <TD vAlign=top width="6" height=12>
    </TD>
    <TD vAlign=top width="73" height=12></TD>
    <TD vAlign=top width="10" height=12>
    </TD>
    <TD vAlign=top width="65" height=12></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Avg. common shares outstanding (basic)</FONT></P></TD>
    <TD vAlign=top width="80" height=21><FONT face=Arial size=2>
      <P align=right>16,193</FONT></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21><FONT face=Arial size=2>
      <P align=right>15,984</FONT></P></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><FONT face=Arial size=2>
      <P align=right>16,159</FONT></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21><FONT face=Arial size=2>
      <P align=right>15,966</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Avg. common shares outstanding (diluted)</FONT></P></TD>
    <TD vAlign=top width="80" height=21><FONT face=Arial size=2>
      <P align=right>16,782</FONT></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21><FONT face=Arial size=2>
      <P align=right>16,553</FONT></P></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><FONT face=Arial size=2>
      <P align=right>16,851</FONT></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21><FONT face=Arial size=2>
      <P align=right>15,966</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21></TD>
    <TD vAlign=top width="629" colSpan=9 height=21></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21>&nbsp;</TD>
    <TD vAlign=top width="629" colSpan=9 height=21>&nbsp;</TD></TR>
 </TABLE></center>
</div>
<P align="center">&nbsp;</P>
  </center>
</div>
<div align="center">
  <center>
<TABLE cellSpacing=0 cellPadding=0 width=634 border=0 height="943">
  <TR>
    <TD vAlign=top width="20" height=1>
      <P></P></TD>
    <TD vAlign=top width="197" height=1>
      <P></P></TD>
    <TD vAlign=top width="1" height=1>
      <P></P></TD>
    <TD vAlign=top width="15" height=1>
      <P></P></TD>
    <TD vAlign=top width="97" height=1>
      <P></P></TD>
    <TD vAlign=top width="15" height=1>
      <P></P></TD>
    <TD vAlign=top width="81" height=1>
      <P></P></TD>
    <TD vAlign=top width="4" height=1>
      <P></P></TD>
    <TD vAlign=top width="186" height=1 colspan="3">
      <FONT face=Arial>
      <P align=right><b><font size="2">Exhibit B to</font></b></FONT></P></TD>
  </TR>
  <TR>
    <TD vAlign=top width="20" height=16>
      <P></P></TD>
    <TD vAlign=top width="197" height=16>
      <P></P></TD>
    <TD vAlign=top width="1" height=16>
      <P></P></TD>
    <TD vAlign=top width="15" height=16>
      <P></P></TD>
    <TD vAlign=top width="97" height=16>
      <P></P></TD>
    <TD vAlign=top width="15" height=16>
      <P></P></TD>
    <TD vAlign=top width="275" height=16 colspan="5">
      <FONT face=Arial>
      <P align=right><b><font size="2">2004 Q3 Earnings Release</font></b></FONT></P></TD>
  </TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=11 height=19 width="632"><B><FONT face=Arial>
      <P align=center><font size="2">GENERAL BINDING CORPORATION</font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=11 height=19 width="632"><B><FONT face=Arial>
      <P align=center><font size="2">SEGMENT INFORMATION</font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=11 height=18 width="632"><FONT face=Arial>
      <P align=center><font size="2">(Amounts in Thousands)</font></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21 align="center" colspan="3"><B><FONT face=Arial>
      <P align=center><font size="2">Net Sales</font></P></FONT></B></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="186" height=21 colspan="3"><B><FONT face=Arial>
      <P align=center><font size="2">Net Sales</font></P></FONT></B></TD>
  </TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Three Months Ended</font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Nine Months Ended</font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><u><font size="2">September</font></u><font size="2"><u>
      30,</u></font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>September 30,</u></font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2004</u></font></FONT></B></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2004</u></font></FONT></B></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="213" height=21 colspan="3"><FONT face=Arial>
      <P><font size="2">Commercial and Consumer Group</font></P></FONT></TD>
    <TD vAlign=top width="97" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 114,011</font></FONT></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 118,818</font></FONT></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 328,336</font></FONT></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 339,855</font></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="213" height=21 colspan="3"><FONT face=Arial>
      <P><font size="2">Industrial and Print Finishing Group</font></P></FONT></TD>
    <TD vAlign=top width="97" height=21>
    <p align="right"><font face="Arial" size="2">38,066</font></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
    <p align="right"><font face="Arial" size="2">`33,853</font></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
    <p align="right"><font face="Arial" size="2">114,976</font></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><font face="Arial" size="2">102,091</font></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="213" height=21 colspan="3"><FONT face=Arial>
      <P><font size="2">Europe</font></P></FONT></TD>
    <TD vAlign=top width="97" height=21>
    <p align="right"><u><font face="Arial" size="2">23,771</font></u></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
    <p align="right"><u><font face="Arial" size="2">22,421</font></u></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
    <p align="right"><u><font face="Arial" size="2">77,842</font></u></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><u><font face="Arial" size="2">73,731</font></u></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=34>
      <P></P></TD>
    <TD vAlign=top width="197" height=34><FONT face=Arial>
      <P><font size="2">Total</font></FONT></P></TD>
    <TD vAlign=top width="1" height=34>
      <P></P></TD>
    <TD vAlign=top width="15" height=34>
      <P></P></TD>
    <TD vAlign=top width="97" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 175,848<br>
      =======</font> </FONT></P></TD>
    <TD vAlign=top width="15" height=34>
      <P></P></TD>
    <TD vAlign=top width="81" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 175,092<br>
      =======</font> </FONT></P></TD>
    <TD vAlign=top width="4" height=34>
      <P></P></TD>
    <TD vAlign=top width="93" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 521,154<br>
      =======</font> </FONT></P></TD>
    <TD vAlign=top width="16" height=34>
      <P></P></TD>
    <TD vAlign=top width="73" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 515,677<br>
      =======</font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Segment</font></FONT> </B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Segment</font></FONT> </B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Operating Income (1)</font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="184" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Operating Income (1)</font></P></FONT></B></TD>
  </TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Three Months Ended</font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Nine Months Ended</font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>September 30,</u></font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>September 30,</u></font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2004</u></font></FONT></B></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2004</u></font></FONT></B></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="213" height=21 colspan="3"><FONT face=Arial>
      <P><font size="2">Commercial and Consumer Group</font></P></FONT></TD>
    <TD vAlign=top width="97" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 14,495</font></FONT></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 16,940</font></FONT></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 34,320</font></FONT></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 41,433</font></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="213" height=21 colspan="3"><FONT face=Arial>
      <P><font size="2">Industrial and Print Finishing Group</font></P></FONT></TD>
    <TD vAlign=top width="97" height=21>
    <p align="right"><font face="Arial" size="2">5,966</font></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
    <p align="right"><font face="Arial" size="2">4,637</font></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
    <p align="right"><font face="Arial" size="2">15,748</font></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><font face="Arial" size="2">13,997</font></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21><FONT face=Arial>
      <P><font size="2">Europe</font></FONT></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
    <p align="right"><font face="Arial" size="2">(352)</font></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
    <p align="right"><font face="Arial" size="2">185</font></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
    <p align="right"><font face="Arial" size="2">3,242</font></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><font face="Arial" size="2">2,679</font></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21><FONT face=Arial>
      <P><font size="2">Unallocated corporate items</font></FONT></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp; (5,598)</u></font></FONT></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp; (6,666)</u></font></FONT></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;(18,136)</u></font></FONT></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;(21,693)</u></font></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=34>
      <P></P></TD>
    <TD vAlign=top width="197" height=34><FONT face=Arial>
      <P><font size="2">Total</font></FONT></P></TD>
    <TD vAlign=top width="1" height=34>
      <P></P></TD>
    <TD vAlign=top width="15" height=34>
      <P></P></TD>
    <TD vAlign=top width="97" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 14,511<br>
      ======</font> </FONT></P></TD>
    <TD vAlign=top width="15" height=34>
      <P></P></TD>
    <TD vAlign=top width="81" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 15,096<br>
      ======</font> </FONT></P></TD>
    <TD vAlign=top width="4" height=34>
      <P></P></TD>
    <TD vAlign=top width="93" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 35,174<br>
      ======</font> </FONT></P></TD>
    <TD vAlign=top width="16" height=34>
      <P></P></TD>
    <TD vAlign=top width="73" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 36,416<br>
      ======</font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="391" colSpan=7 height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>Reconciliation of Segment Operating
    Income</u></font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Three Months Ended</font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Nine Months Ended</font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>September 30,</u></font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>September 30,</u></font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2004</u></font></FONT></B></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2004</u></font></FONT></B></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21><FONT face=Arial>
      <P><font size="2">Total segment operating income</font></FONT></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 14,511</font></FONT></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 15,096</font></FONT></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 35,174</font> </FONT></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 36,416</font></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21><FONT face=Arial>
      <P><font size="2">Interest expense</font></FONT></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
    <p align="right"><font face="Arial" size="2">6,684</font></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
    <p align="right"><font face="Arial" size="2">7,546</font></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
    <p align="right"><font face="Arial" size="2">20,075</font></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><font face="Arial" size="2">27,091</font></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="213" height=21 colspan="3"><FONT face=Arial>
      <P><font size="2">Restructuring and other expenses</font></P></FONT></TD>
    <TD vAlign=top width="97" height=21>
      <p align="right"><font face="Arial" size="2">868</font></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
    <p align="right"><font face="Arial" size="2">-</font></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
    <p align="right"><font face="Arial" size="2">1,691</font></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><FONT face=Arial>
      <P align=right><font size="2">9,789</font></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21><FONT face=Arial>
      <P><font size="2">Other (income)&nbsp;expense</font></FONT></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
    <p align="right"><u><font face="Arial" size="2">(1,056)</font></u></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
    <p align="right"><u><font face="Arial" size="2">69</font></u></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
    <p align="right"><u><font face="Arial" size="2">(128)</font></u></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><u><font face="Arial" size="2">(119)</font></u></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=34>
      <P></P></TD>
    <TD vAlign=top width="197" height=34><P><font size="2" face="Arial">Income
      (loss) before taxes</font></P></TD>
    <TD vAlign=top width="1" height=34>
      <P></P></TD>
    <TD vAlign=top width="15" height=34>
      <P></P></TD>
    <TD vAlign=top width="97" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 8,015<br>
      =====</font></FONT></P></TD>
    <TD vAlign=top width="15" height=34>
      <P></P></TD>
    <TD vAlign=top width="81" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 7,481<br>
      =====</font> </FONT></P></TD>
    <TD vAlign=top width="4" height=34>
      <P></P></TD>
    <TD vAlign=top width="93" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 13,536<br>
      =====</font> </FONT></P></TD>
    <TD vAlign=top width="16" height=34>
      <P></P></TD>
    <TD vAlign=top width="73" height=34><FONT face=Arial>
      <P align=right><font size="2">$ (345)<br>
      =====</font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="219" colSpan=2 height=21><U><FONT face=Arial>
      <P><font size="2">Notes:</font></FONT></U></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=66><FONT face=Arial>
      <P><font size="2">(1)</font></FONT></P></TD>
    <TD vAlign=top width="610" colSpan=10 height=66><FONT face=Arial>
      <P><font size="2">Segment operating income is defined as net sales less product cost of
      sales, selling, service and administrative expenses, equity in earnings of
      joint ventures and amortization of
      intangibles.&nbsp; Restructuring and other expenses are not included in segment results.
      Additionally, certain expenses of a corporate nature and certain shared
      expenses are not allocated to the business groups.</font></FONT></P></TD></TR>
  </TABLE></center>
</div>
<div align="center">
  <center>
<p>&nbsp;</p>
  </center>
</div>
<div align="center">
  <center>
<div align="center">
  <center>
<TABLE borderColor=#000000 cellSpacing=0 cellPadding=0 width=642 border=0 height="732">
  <TR>
    <TD vAlign=top width="647" height=16 colspan="10">
      <P></P>
      <P></P>
      <P></P>
      <P></P>
      <P></P>
      <P></P>
      <P></P>
      <FONT face=Arial>
      <P align=right><font size="2"><b>Exhibit C to</b></font></FONT></P></TD>
  </TR>
  <TR>
    <TD vAlign=top width="649" height=16 colspan="10">
      <P></P>
      <P></P>
      <P></P>
      <P></P>
      <P></P>
      <P></P>
      <FONT face=Arial>
      <P align=right><font size="2"><b>2004 Q3 Earnings Release</b></font></FONT></P></TD>
  </TR>
  <TR>
    <TD vAlign=top width="17" height=28>
      <P></P></TD>
    <TD vAlign=top width="17" height=28>
      <P></P></TD>
    <TD vAlign=top width="244" height=28>
      <P></P></TD>
    <TD vAlign=top width="78" height=28>
      <P></P></TD>
    <TD vAlign=top width="18" height=28>
      <P></P></TD>
    <TD vAlign=top width="112" height=28>
      <P></P></TD>
    <TD vAlign=top width="13" height=28>
      <P></P></TD>
    <TD vAlign=top width="114" height=28>
      <P></P></TD>
    <TD vAlign=top width="9" height=28>
      <P></P></TD>
    <TD vAlign=top width="66" height=28>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=18 width="661"><B><FONT face=Arial>
      <P align=center><font size="2">GENERAL BINDING CORPORATION</font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=19 width="661"><B><FONT face=Arial>
      <P align=center><font size="2">BALANCE SHEET</font></FONT> </B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=16 width="661"><FONT face=Arial>
      <P align=center><font size="2">(Amounts in Thousands)</font></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="244" height=16>
      <P></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="center"><b><font face="Arial" size="2">September 30</font></b></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><B><FONT face=Arial>
      <P align=center><font size="2">December 31,</font></FONT></B></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=16><B><U><FONT face=Arial>
      <P><font size="2">CONDENSED BALANCE SHEET</font></FONT></U></B></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16><B><FONT face=Arial>
      <P align=center><font size="2"><u>2004</u></font></FONT></B></P></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=19><B><U><FONT face=Arial>
      <P><font size="2">Assets</font></FONT></U></B></P></TD>
    <TD vAlign=top width="78" height=19>
      <P></P></TD>
    <TD vAlign=top width="18" height=19 align="center">
      <P></P></TD>
    <TD vAlign=top width="112" height=19 align="center">
      <P>(Unaudited)</P></TD>
    <TD vAlign=top width="13" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P></P></TD>
    <TD vAlign=top width="9" height=19>
      <P></P></TD>
    <TD vAlign=top width="66" height=19>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=16><FONT face=Arial>
      <P><font size="2">Current assets:</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
      <P></P></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16>
      <P></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=18>
      <P></P></TD>
    <TD vAlign=top width="263" colSpan=2 height=18><FONT face=Arial>
      <P><font size="2">Cash and equivalents</font></FONT></P></TD>
    <TD vAlign=top width="78" height=18>
      <P></P></TD>
    <TD vAlign=top width="18" height=18>
      <P></P></TD>
    <TD vAlign=top width="112" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 7,924</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="114" height=18><FONT face=Arial>
      <P align=right><font size="2">$&nbsp;&nbsp; 9,568</font></FONT></P></TD>
    <TD vAlign=top width="9" height=18>
      <P></P></TD>
    <TD vAlign=top width="66" height=18>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="263" colSpan=2 height=16><FONT face=Arial>
      <P><font size="2">Receivables, net</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><font face="Arial" size="2">123,774</font></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2">128,391</font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=18>
      <P></P></TD>
    <TD vAlign=top width="263" colSpan=2 height=18><FONT face=Arial>
      <P><font size="2">Inventories, net</font></FONT></P></TD>
    <TD vAlign=top width="78" height=18>
      <P></P></TD>
    <TD vAlign=top width="18" height=18>
      <P></P></TD>
    <TD vAlign=top width="112" height=18>
    <p align="right"><font face="Arial" size="2">106,184</font></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="114" height=18><FONT face=Arial>
      <P align=right><font size="2">86,240</font> </FONT></P></TD>
    <TD vAlign=top width="9" height=18>
      <P></P></TD>
    <TD vAlign=top width="66" height=18>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="263" colSpan=2 height=16><FONT face=Arial>
      <P><font size="2">Other</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><u><font face="Arial" size="2">34,842</font></u></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2"><u>33,914</u></font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="244" height=16><FONT face=Arial>
      <P><font size="2">Total current assets</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><font face="Arial" size="2">272,724</font></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2">258,113</font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=16><FONT face=Arial>
      <P><font size="2">Capital assets, net</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><font face="Arial" size="2">86,160</font></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2">94,986</font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=16><FONT face=Arial>
      <P><font size="2">Other assets</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><u><font face="Arial" size="2">178,699</font></u></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;&nbsp; 176,251</u></font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=34>
      <P></P></TD>
    <TD vAlign=top width="17" height=34>
      <P></P></TD>
    <TD vAlign=top width="244" height=34><B><FONT face=Arial>
      <P><font size="2">Total Assets</font></FONT></B></P></TD>
    <TD vAlign=top width="78" height=34>
      <P></P></TD>
    <TD vAlign=top width="18" height=34>
      <P></P></TD>
    <TD vAlign=top width="112" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 537,583<br>
      =======</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=34>
      <P></P></TD>
    <TD vAlign=top width="114" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 529,350<br>
      =======</font> </FONT></P></TD>
    <TD vAlign=top width="9" height=34>
      <P></P></TD>
    <TD vAlign=top width="66" height=34>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=15>
      <P></P></TD>
    <TD vAlign=top width="17" height=15>
      <P></P></TD>
    <TD vAlign=top width="244" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15>
      <P></P></TD>
    <TD vAlign=top width="18" height=15>
      <P></P></TD>
    <TD vAlign=top width="112" height=15>
      <P></P></TD>
    <TD vAlign=top width="13" height=15>
      <P></P></TD>
    <TD vAlign=top width="114" height=15>
      <P></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="66" height=15>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=16><B><U><FONT face=Arial>
      <P><font size="2">Liabilities and Stockholders' Equity</font></FONT></U></B></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
      <P></P></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16>
      <P></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=16><FONT face=Arial>
      <P><font size="2">Current liabilities:</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
      <P></P></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16>
      <P></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="263" colSpan=2 height=16><FONT face=Arial>
      <P><font size="2">Accounts payable</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16><FONT face=Arial>
      <P align=right><font size="2">$ 47,414</font></FONT></P></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2">$ 51,253</font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="263" colSpan=2 height=16><FONT face=Arial>
      <P><font size="2">Accrued liabilities</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><font face="Arial" size="2">86,433</font></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2">85,119</font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="263" colSpan=2 height=16><FONT face=Arial>
      <P><font size="2">Notes payable and current maturities</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><u><font face="Arial" size="2">22,625</font></u></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2"><u>19,995</u></font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="244" height=16><FONT face=Arial>
      <P><font size="2">Total current liabilities</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><font face="Arial" size="2">156,472</font></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2">156,367</font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=16><FONT face=Arial>
      <P><font size="2">Long-term debt less current maturities</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><font face="Arial" size="2">277,393</font></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2">282,019</font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=16><FONT face=Arial>
      <P><font size="2">Other long-term liabilities</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><font face="Arial" size="2">39,029</font></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2">36,755</font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=16><FONT face=Arial>
      <P><font size="2">Total stockholders' equity</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><u><font face="Arial" size="2">64,689</font></u></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;&nbsp;&nbsp; 54,209</u></font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=34>
      <P></P></TD>
    <TD vAlign=top width="17" height=34>
      <P></P></TD>
    <TD vAlign=top width="340" height=34 colspan="3"><B><FONT face=Arial>
      <P><font size="2">Total Liabilities and Stockholders' Equity</font></P></FONT></B></TD>
    <TD vAlign=top width="112" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 537,583<br>
      =======</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=34>
      <P></P></TD>
    <TD vAlign=top width="114" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 529,350<br>
      =======</font> </FONT></P></TD>
    <TD vAlign=top width="9" height=34>
      <P></P></TD>
    <TD vAlign=top width="66" height=34>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=15>
      <P></P></TD>
    <TD vAlign=top width="17" height=15>
      <P></P></TD>
    <TD vAlign=top width="244" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15>
      <P></P></TD>
    <TD vAlign=top width="18" height=15>
      <P></P></TD>
    <TD vAlign=top width="112" height=15>
      <P></P></TD>
    <TD vAlign=top width="13" height=15>
      <P></P></TD>
    <TD vAlign=top width="114" height=15>
      <P></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="66" height=15>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=14>
      <P></P></TD>
    <TD vAlign=top width="17" height=14>
      <P></P></TD>
    <TD vAlign=top width="244" height=14>
      <P></P></TD>
    <TD vAlign=top width="78" height=14>
      <P></P></TD>
    <TD vAlign=top width="18" height=14>
      <P></P></TD>
    <TD vAlign=top width="112" height=14>
      <P></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14>
      <P></P></TD>
    <TD vAlign=top width="9" height=14>
      <P></P></TD>
    <TD vAlign=top width="66" height=14>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=14>
      <P></P></TD>
    <TD vAlign=top width="17" height=14>
      <P></P></TD>
    <TD vAlign=top width="244" height=14>
      <P></P></TD>
    <TD vAlign=top width="78" height=14>
      <P></P></TD>
    <TD vAlign=top width="18" height=14>
      <P></P></TD>
    <TD vAlign=top width="112" height=14>
      <P></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14>
      <P></P></TD>
    <TD vAlign=top width="9" height=14>
      <P></P></TD>
    <TD vAlign=top width="66" height=14>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=18 width="661"><B><FONT face=Arial>
      <P align=center><font size="2">SELECTED FINANCIAL INFORMATION</font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=16 width="661"><FONT face=Arial>
      <P align=center><font size="2">(Amounts in Thousands)</font></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=17>
      <P></P></TD>
    <TD vAlign=top width="17" height=17>
      <P></P></TD>
    <TD vAlign=top width="244" height=17>
      <P></P></TD>
    <TD vAlign=top width="212" colSpan=3 height=17><B><FONT face=Arial>
      <P align=center><font size="2">Three Months Ended</font></FONT></B></P></TD>
    <TD vAlign=top width="13" height=17>
      <P></P></TD>
    <TD vAlign=top width="148" colSpan=3 height=17><B><FONT face=Arial>
      <P align=center><font size="2">Nine Months Ended</font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=17>
      <P></P></TD>
    <TD vAlign=top width="17" height=17>
      <P></P></TD>
    <TD vAlign=top width="244" height=17>
      <P></P></TD>
    <TD vAlign=top width="212" colSpan=3 height=17><B><FONT face=Arial>
      <P align=center><font size="2"><u>September 30,</u></font></FONT></B></P></TD>
    <TD vAlign=top width="13" height=17>
      <P></P></TD>
    <TD vAlign=top width="148" colSpan=3 height=17><B><FONT face=Arial>
      <P align=center><font size="2"><u>September 30,</u></font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=17>
      <P></P></TD>
    <TD vAlign=top width="17" height=17>
      <P></P></TD>
    <TD vAlign=top width="244" height=17>
      <P></P></TD>
    <TD vAlign=top width="78" height=17><B><FONT face=Arial>
      <P align=center><font size="2"><u>2004</u></font></FONT></B></P></TD>
    <TD vAlign=top width="18" height=17>
      <P></P></TD>
    <TD vAlign=top width="112" height=17><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD>
    <TD vAlign=top width="13" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17><B><FONT face=Arial>
      <P align=center><font size="2"><u>2004</u></font></FONT></B></P></TD>
    <TD vAlign=top width="9" height=17>
      <P></P></TD>
    <TD vAlign=top width="66" height=17><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=17>
      <P></P></TD>
    <TD vAlign=top width="17" height=17>
      <P></P></TD>
    <TD vAlign=top width="244" height=17>
      <P></P></TD>
    <TD vAlign=top width="78" height=17>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="18" height=17>
      <P></P></TD>
    <TD vAlign=top width="112" height=17>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="13" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="9" height=17>
      <P></P></TD>
    <TD vAlign=top width="66" height=17>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=32><FONT face=Arial>
      <P><font size="2">Depreciation and amortization expense</font></FONT></P></TD>
    <TD vAlign=top width="78" height=32><FONT face=Arial>
      <P align=right><font size="2">$ 4,991<br>
      =====</font></FONT></P></TD>
    <TD vAlign=top width="18" height=32>
      <P></P></TD>
    <TD vAlign=top width="112" height=32><FONT face=Arial>
      <P align=right><font size="2">$ 6,191<br>
      =====</font></FONT></P></TD>
    <TD vAlign=top width="13" height=32>
      <P></P></TD>
    <TD vAlign=top width="114" height=32><FONT face=Arial>
      <P align=right><font size="2">$ 17,102<br>
      ======</font></FONT></P></TD>
    <TD vAlign=top width="9" height=32>
      <P></P></TD>
    <TD vAlign=top width="66" height=32><FONT face=Arial>
      <P align=right><font size="2">$ 19,906<br>
      ======</font></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=32><FONT face=Arial>
      <P><font size="2">Capital expenditures</font></FONT></P></TD>
    <TD vAlign=top width="78" height=32><FONT face=Arial>
      <P align=right><font size="2">$ 2,178<br>
      =====</font></FONT></P></TD>
    <TD vAlign=top width="18" height=32>
      <P></P></TD>
    <TD vAlign=top width="112" height=32><FONT face=Arial>
      <P align=right><font size="2">$ 1,944<br>
      =====</font></FONT></P></TD>
    <TD vAlign=top width="13" height=32>
      <P></P></TD>
    <TD vAlign=top width="114" height=32><FONT face=Arial>
      <P align=right><font size="2">$&nbsp; 5,772<br>
      ======</font></FONT></P></TD>
    <TD vAlign=top width="9" height=32>
      <P></P></TD>
    <TD vAlign=top width="66" height=32><FONT face=Arial>
      <P align=right><font size="2">$&nbsp; 5,950<br>
      ======</font></P></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=32>&nbsp;</TD>
    <TD vAlign=top width="78" height=32>&nbsp;</TD>
    <TD vAlign=top width="18" height=32>
      &nbsp;</TD>
    <TD vAlign=top width="112" height=32>&nbsp;</TD>
    <TD vAlign=top width="13" height=32>
      &nbsp;</TD>
    <TD vAlign=top width="114" height=32>&nbsp;</TD>
    <TD vAlign=top width="9" height=32>
      &nbsp;</TD>
    <TD vAlign=top width="66" height=32>&nbsp;</TD></TR>
</TABLE></center>
</div>
  </center>
</div>

</BODY></HTML>
[{"type": "8-K", "sequence": "1", "filename": "press_release.htm", "description": "GBC Q3 PRESS RELEASE", "secsgml_size_bytes": 95904}]
{"company-data": {"conformed-name": "GENERAL BINDING CORP", "cik": "0000040461", "assigned-sic": "3579", "irs-number": "360887470", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-02604", "film-number": "041090410"}, "business-address": {"street1": "ONE GBC PLZ", "city": "NORTHBROOK", "state": "IL", "zip": "60062", "phone": "8472723700"}, "mail-address": {"street1": "ONE GBC PLZ", "city": "NORHBROOK", "state": "IL", "zip": "60062"}}
GBC ANNOUNCES ORGANIZATION CHANGES
UNITED STATES
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
Report as of October 22, 2004
(Events as of October 20,2004)
GENERAL BINDING CORPORATION
(Exact name of
registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
0-2604
(
Commission File Number)
36-0887470
(I.R.S. employer identification
No.)
One GBC Plaza,
Northbrook, Illinois 60062
(Address of principal executive offices, including zip
code)
(847) 272-3700
(Registrant's telephone
number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communicaitons pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.140d-2(b))
[ ] Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Conditions.
On October 20, 2004, General Binding Corporation issued a press release
announcing its earnings for the three months ended September 30, 2004.  A
copy of that release is furnished as Exhibit 99.1 to this report.
The information in this Current Report on Form-8K is being furnished and
shall not be deemed "filed" for the purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to the liabilities of
that Section.  The information in this Current Report shall not be
incorporated by reference into any registration statement or other document
pursuant to the Securities Act of 1933, as amended, except as shall be expressly
set forth by specific referrence in such filing.
Item 9.01 Financial Statements and Exhibits.
(c)
Exhibits.
99.1  Press release dated October 20, 2004 of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.
GENERAL BINDING CORPORATION
By:
/s/ Steven
Rubin
Steven
Rubin
Vice President, Secretary
&
General
Counsel
October 22, 2004
Exhibit 99.1
GBC REPORTS 3rd QUARTER 2004 RESULTS
Modestly Improved Earnings on Stable Revenues
Northbrook, IL, October 20, 2004
-- General Binding Corporation (Nasdaq: GBND) today announced results for the
third quarter of 2004. The Company's third quarter 2004 earnings were $5.2
million, or $0.31 per share (diluted), compared to $4.9 million or $0.30 per
share for the same period last year. Sales for the quarter were approximately
flat with the prior year at $175.8 million.
"We have achieved double-digit
growth in several of the Industrial and Print Finishing Group's ("IPFG")
businesses, gained market share in the domestic commercial films market and have
continued to make progress under our Operational Excellence Program," said
Dennis Martin, Chairman of the Board, President and Chief Executive Officer.
"These successes, however, have been masked by pricing pressures in the office
products and commercial films industries. We believe that we can mitigate these
pressures by offering innovative, quality products and value-added services to
our customers at competitive prices. Our recent alignment of the product
development, sourcing and marketing functions within the Commercial and Consumer
Group ("CCG") should facilitate top-line and margin growth by accelerating our
ability to cost-effectively bring new products to our target markets."
"In spite of the challenging
market conditions," continued Mr. Martin, "we modestly improved earnings in the
third quarter compared to last year. In addition, our focus on generating cash
flow enabled us to reduce net debt by more than $21 million during the quarter."
3rd Quarter Results
Financial results for the quarter included the following highlights:
Sales totaled $175.8 million, approximately flat with the prior year.
  Significant growth in IPFG, mainly in its European films and digital print
  finishing businesses, was more than offset by a sales decline in CCG's
  domestic operations. Favorable exchange rates were responsible for the Europe
  Group's increased sales. Exchange rates also positively affected international
  sales within both CCG and IPFG.
The Company's gross profit margin for the quarter was 39.8%,
  little-changed from the prior year, but an improvement over each of the prior
  two quarters.
Selling, service and administrative expenses increased $2.2 million from
  2003, in large part due to the adverse effect of exchange rate movements on
  international expenses.
Segment Operating Income for the quarter was $14.5 million, 3.9% lower
  than the prior year due to lower earnings in CCG and the Europe Group,
  partially offset by improved profitability in IPFG and reduced corporate
  overhead expense.
Equity in earnings of joint ventures was $1.4 million in the third
  quarter of 2004 compared to minimal equity in losses of joint ventures in
  2003. The primary reason for the increase was stronger results from the
  Company's joint venture in Australia.
Restructuring and other expenses totaling $0.9 million pre-tax related to
  the CCG alignment were recorded in the third quarter. No restructuring and
  other expenses were recorded in the third quarter of 2003.
Interest expense for the quarter totaled $6.7 million, $0.9 million lower
  than in 2003, the decrease resulting principally from lower average debt
  levels.
Other income totaled $1.1 million in the third quarter of 2004, including
  a gain of approximately $0.7 million related to the sale of an idle factory.
Income tax expense was $2.8 million for the quarter, slightly higher than
  the $2.6 million for the same period last year, reflecting higher levels of
  pre-tax income.
Earnings totaled $0.31 per share for the third quarter, compared to net
  earnings of $0.30 per share reported in the third quarter of 2003.
Total net debt at the end of the quarter, adjusted for cash and
  equivalents, was $292.1 million, down $21.5 million from the amount
  outstanding at the end of the second quarter and down $18.7 million from a
  year ago.
Nine-Month Results
For the first nine months of 2004,
sales were $521.2 million, up slightly from the prior year. Net income for the
period was $0.49 per share, including pre-tax charges totaling $1.7 million,
compared to a net loss of ($0.01) per share last year, which included pre-tax
charges of $9.8 million.
Conference Call
On October 21, 2004, at 10:00 a.m.
Central Time, GBC's management will host a conference call to discuss the
Company's third quarter 2004 results. The live presentation and an archived
replay will be available via an internet webcast and can be accessed from the
investor relations section of GBC's website at www.gbc.com or from
www.streetevents.com.
GBC is a world leader
in products that bind, laminate, and display information enabling people to
accomplish more at work, school and home. GBC's products are marketed in over
100 countries under the GBC, Quartet, and Ibico brands. These products are
designed to help people enhance printed materials and organize and communicate
ideas.
This press release includes
forward-looking statements involving uncertainties and risks, and there can be
no assurance that actual results will not differ from the Company's
expectations. The words "should," "believes," "anticipates," "plans," "may,"
"expects" and other expressions that indicate future events and trends identify
forward-looking statements. Factors that could cause materially-different
results include, among other things, competition within the office products and
lamination film products markets, effects of general economic conditions, the
restructuring activities associated with the integration and go-to-market
strategies of the Company's business units, the ability of the Company's
distributors to successfully market the Company's products and other risks
described in the Company's filings with the S.E.C. The Company assumes no
obligation to update its forward-looking statements.
Contact: Tony Giuliano, Treasurer and Director, Investor Relations
(847) 291-5451
inv-rel@gbc.com (E-mail)
www.gbc.com (GBC's website)
Exhibit A to
2004 Q3 Earnings Release
GENERAL BINDING CORPORATION
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2004
(Amounts in Thousands except Per Share
    Amounts)
Three Months Ended
Nine Months Ended
September 30,
September 30,
CONSOLIDATED SUMMARY OF INCOME
2004
2003
2004
2003
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net sales
$ 175,848
$ 175,092
$ 521,154
$515,677
Cost of sales:
Product cost of sales, including development
and engineering
105,894
105,263
318,287
310,186
Selling, service and administrative
56,723
54,497
169,100
169,115
Equity (earnings) losses from joint ventures
(1,394)
48
(1,750)
(605)
Amortization of intangible assets
114
188
343
565
Restructuring and other:
Restructuring
28
-
851
9,789
Other
840
-
840
-
Interest expense
6,684
7,546
20,075
27,091
Other (income) expense, net
(1,056)
69
(128)
(119)
Income (loss) before taxes
8,015
7,481
13,536
(345)
Income tax expense (benefit)
2,841
2,595
5,326
(190)
Net  income (loss)
$ 5,174
======
$ 4,886
=====
$  8,210
======
$  (155)
=======
Earnings (loss) per share:
Basic
$   0.32
=====
$  0.31
====
$  0.51
=====
$ (0.01)
=====
Diluted
$   0.31
=====
$  0.30
====
$  0.49
=====
$ (0.01)
=====
Avg. common shares outstanding (basic)
16,193
15,984
16,159
15,966
Avg. common shares outstanding (diluted)
16,782
16,553
16,851
15,966
Exhibit B to
2004 Q3 Earnings Release
GENERAL BINDING CORPORATION
SEGMENT INFORMATION
(Amounts in Thousands)
Net Sales
Net Sales
Three Months Ended
Nine Months Ended
September
30,
September 30,
2004
2003
2004
2003
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Commercial and Consumer Group
$ 114,011
$ 118,818
$ 328,336
$ 339,855
Industrial and Print Finishing Group
38,066
`33,853
114,976
102,091
Europe
23,771
22,421
77,842
73,731
Total
$ 175,848
=======
$ 175,092
=======
$ 521,154
=======
$ 515,677
=======
Segment
Segment
Operating Income (1)
Operating Income (1)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2004
2003
2004
2003
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Commercial and Consumer Group
$ 14,495
$ 16,940
$ 34,320
$ 41,433
Industrial and Print Finishing Group
5,966
4,637
15,748
13,997
Europe
(352)
185
3,242
2,679
Unallocated corporate items
(5,598)
(6,666)
(18,136)
(21,693)
Total
$ 14,511
======
$ 15,096
======
$ 35,174
======
$ 36,416
======
Reconciliation of Segment Operating
    Income
Three Months Ended
Nine Months Ended
September 30,
September 30,
2004
2003
2004
2003
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Total segment operating income
$ 14,511
$ 15,096
$ 35,174
$ 36,416
Interest expense
6,684
7,546
20,075
27,091
Restructuring and other expenses
868
-
1,691
9,789
Other (income) expense
(1,056)
69
(128)
(119)
Income
      (loss) before taxes
$ 8,015
=====
$ 7,481
=====
$ 13,536
=====
$ (345)
=====
Notes:
(1)
Segment operating income is defined as net sales less product cost of
      sales, selling, service and administrative expenses, equity in earnings of
      joint ventures and amortization of
      intangibles.  Restructuring and other expenses are not included in segment results.
      Additionally, certain expenses of a corporate nature and certain shared
      expenses are not allocated to the business groups.
Exhibit C to
2004 Q3 Earnings Release
GENERAL BINDING CORPORATION
BALANCE SHEET
(Amounts in Thousands)
September 30
December 31,
CONDENSED BALANCE SHEET
2004
2003
Assets
(Unaudited)
Current assets:
Cash and equivalents
$ 7,924
$   9,568
Receivables, net
123,774
128,391
Inventories, net
106,184
86,240
Other
34,842
33,914
Total current assets
272,724
258,113
Capital assets, net
86,160
94,986
Other assets
178,699
176,251
Total Assets
$ 537,583
=======
$ 529,350
=======
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$ 47,414
$ 51,253
Accrued liabilities
86,433
85,119
Notes payable and current maturities
22,625
19,995
Total current liabilities
156,472
156,367
Long-term debt less current maturities
277,393
282,019
Other long-term liabilities
39,029
36,755
Total stockholders' equity
64,689
54,209
Total Liabilities and Stockholders' Equity
$ 537,583
=======
$ 529,350
=======
SELECTED FINANCIAL INFORMATION
(Amounts in Thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2004
2003
2004
2003
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Depreciation and amortization expense
$ 4,991
=====
$ 6,191
=====
$ 17,102
======
$ 19,906
======
Capital expenditures
$ 2,178
=====
$ 1,944
=====
$  5,772
======
$  5,950
======