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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</P></B>
<P align=center><FONT size=2>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934</FONT></P>
<P align=center><FONT size=2>
Report as of April 22, 2003</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)</P>
<P align=center>Commission File Number 0-2604</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>&nbsp;</P><B><FONT size=2>
<P>Item 7. Financial Statements and Exhibits.</FONT></B><FONT size=2><br>
<br>
(c) Exhibits.</P>
99.1&nbsp; Press release of Registrant dated April 22, 2003.<br>
99.2&nbsp; Tables to press release of Registrant dated April 22,
2003.
<p><B>Item 9. Regulation FD Disclosure (Information furnished in this Item 9 is
furnished pursuant to Item 12).</p>
</B>
<P>Registrant is furnishing its press release and related tables to the press
release dated April 22, 2003, which reports Registrant's first quarter 2003
results, pursuant to Item 12, "Results of Operations and Financial Condition",
of Form 8-K. The press release and related tables are included herewith as
Exhibits 99.1 and 99.2, respectively, and are incorporated herein by
reference.</P>
</FONT>
<P align="center"><font size="3">1</font></P>
<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<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;
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;
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;
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;
April 22, 2003</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
</FONT>
<P align="center"><font size="3">2</font></P>
<P align="center"><B>EXHIBIT 99.1</B>
</P><B>
<P align=center>GBC REPORTS 1<SUP>st</SUP> QUARTER 2003 RESULTS<br>
Sales Off Slightly; Gross Profit Margin Up 1.5 Percentage
Points</P>
</B><I>
<P>&nbsp;&nbsp;&nbsp;</I> Northbrook, IL, April 22, 2003 -- General Binding Corporation (Nasdaq:
GBND) today announced results for the first quarter of 2003. Sales were 1.6%
below the level of sales in the first quarter of 2002, reflecting the weak
economy. The gross profit margin increased significantly by 1.5 percentage
points, principally resulting from ongoing success in the implementation of the
Company's Operational Excellence Program. Net income for the quarter was $0.01
per share, compared to a loss last year of $(0.37) per share, before the
cumulative effect of accounting changes.</P>
<P>&nbsp;&nbsp;&nbsp; "The wide-ranging Operational Excellence initiatives we undertook throughout
the organization last year to generate cost savings and increases in our
productivity levels account for much of the significant improvement we continue
to see in our gross profit margin," said Dennis Martin, Chairman of the Board,
President and CEO. Although we did not get any lift in sales during the quarter
due to the difficult economic climate, we continue to expect further cost
savings from Operational Excellence during the year, and we believe that we are
well-positioned to leverage this improved profitability as the economy improves.
In addition, the recent strategic realignment of the Commercial and Consumer and
the Industrial and Print Finishing Groups will help us improve our focus and
penetration into existing markets. And, we continue to fund investments related
to new sales, marketing and product development initiatives which will provide a
solid foundation for revenue growth in years ahead, particularly in some of the
new markets that we are focusing on, such as the home and school
markets."</P><B><FONT size=3>
<P>1<SUP>st</SUP> Quarter Results</P></B></FONT>
<P>Financial results for the quarter included the following highlights:</P>
<UL>
  <LI>Sales in the quarter totaled $169.4 million, down $2.8 million or 1.6%
  from the first quarter of 2002. International sales within the Groups were
  positively affected by exchange rate movements. The Document Finishing Group
  reported a sales increase of 3.9% in the quarter over the prior year, and
  sales in the Films and Europe Groups were flat. Sales in the Office Products
  Group were down 7.4%, due to lower demand in most of its channels.
  <LI>The Company's gross profit for the quarter increased by $1.5 million, or
  1.5 points over the prior year, related primarily to pricing initiatives and
  savings resulting from the Company's Operational Excellence Program.
  <LI>Selling, service and administrative expenses were up $2.1 million in the
  quarter compared to prior year, primarily due to the adverse effect of
  exchange rate movements on international expenses as well as planned spending
  on certain new initiatives.</UL>
<p align="center">1</p>
<UL>
  <LI>Operating income for the quarter was down slightly by $0.5 million. Income
  in the Films Group was stable, and lower sales in the Office Products Group
  and a lower gross profit margin in the Document Finishing Group were partially
  offset by income improvement in the Europe Group and lower corporate expenses.

  <LI>Interest expense in the quarter totaled $9.3 million, down $1.0 million
  due primarily to a lower average debt level.
  <LI>Restructuring expense in the quarter totaled $1.4 million. This expense
  was incurred as a result of subleasing a manufacturing facility as part of a
  previously-announced rationalization. In 2002, restructuring and other
  expenses totaled $4.8 million.
  <LI>Total net debt at the end of the quarter, adjusted for cash and
  equivalents, was $324 million, roughly flat to the amount outstanding at the
  beginning of the quarter.</LI></UL><B><U>
<P>Conference Call</P></B></U>
<P>&nbsp;&nbsp;&nbsp; On April 23, 2003, at 10:00 a.m. Central Time, GBC's management will host a
conference call to discuss the Company's first quarter 2003 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
http://www.gbc.com or at www.streetevents.com.</P>
<P>&nbsp;&nbsp;&nbsp; GBC is a world leader in products that bind, laminate, and display
information so people can accomplish more at work, school and home. GBC's
products are marketed in over 100 countries under the GBC, Quartet, and Ibico
brands, and they help people organize and communicate ideas and enhance printed
materials.</P><FONT size=2>
<P>&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," "believe,"
"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: Paul J. Bors, Corporate Treasurer<br>
</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2>
(847) 291-6187<br>
</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2>inv-rel@gbc.com (E-mail)<br>
</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2>
www.gbc.com (GBC's web site)
</FONT></P>
<P align="center"><font size="3">2</font></P>
<B>
<P align=center>EXHIBIT 99.2<br>
GBC PRESS RELEASE AND TABLES</P>
</B>
<div align="center">
  <center>
<TABLE borderColor=#000000 cellSpacing=0 cellPadding=0 width=618 border=0 height="872">
  <TR>
    <TD vAlign=top colSpan=6 height=21 width="583"><B>
      <P align=center>GENERAL BINDING CORPORATION</B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=6 height=21 width="583"><B>
      <P align=center>THREE MONTHS ENDED MARCH 31, 2003</B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=6 height=20 width="583">
      <P align=center>(Amounts in Thousands except Per Share
    Amounts)</P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=21>
      <P></P></TD>
    <TD vAlign=top width="51" height=21>
      <P></P></TD>
    <TD vAlign=top width="350" height=21>
      <P></P></TD>
    <TD vAlign=top width="174" colSpan=3 height=21><B>
      <P align=center>Three Months Ended<br>
      March 31, 2003</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21><B><U>
      <P>CONSOLIDATED SUMMARY OF INCOME</U></B></P></TD>
    <TD vAlign=top width="75" height=21><B>
      <P align=center><u>&nbsp;&nbsp; 2003&nbsp;&nbsp;&nbsp;</u> </B></P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21><B>
      <P align=center><u>&nbsp;&nbsp;&nbsp; 2002&nbsp;&nbsp;&nbsp;</u> </B></P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=15>
      <P></P></TD>
    <TD vAlign=top width="51" height=15>
      <P></P></TD>
    <TD vAlign=top width="350" height=15>
      <P></P></TD>
    <TD vAlign=top width="75" height=15>
      <P align=center><FONT size=1>
      (Unaudited)</FONT></P></TD>
    <TD vAlign=top width="13" height=15>
      <P></P></TD>
    <TD vAlign=top width="92" height=15>
      <P align=center><FONT size=1>
      (Unaudited)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="78" colSpan=2 height=21>
      <P>Net sales</P></TD>
    <TD vAlign=top width="350" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>$ 169,435</P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right>$172,262</P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Cost of sales:</P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=18>
      <P></P></TD>
    <TD vAlign=top width="403" colSpan=2 height=18>
      <P>Product cost of sales, including development and
    engineering</P></TD>
    <TD vAlign=top width="75" height=18>
      <P align=right>
      101,965</P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="92" height=18>
      <P align=right>
      106,322</P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Selling, service and administrative</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>57,549</P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right>55,485</P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Amortization of intangible assets</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>188</P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right>263</P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Restructuring and other:</P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=21>
      <P></P></TD>
    <TD vAlign=top width="403" colSpan=2 height=21>
      <P>Restructuring</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>1,405</P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right>4,169</P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=21>
      <P></P></TD>
    <TD vAlign=top width="403" colSpan=2 height=21>
      <P>Other</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>-</P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right>625</P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Interest expense</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>9,298</P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right>10,292</P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Other (income) expense, net</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right><u>(325)</u></P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right><u>758</u> </P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=42>
      <P></P></TD>
    <TD vAlign=top width="51" height=42>
      <P></P></TD>
    <TD vAlign=top width="350" height=42>
      <P>Income (loss) before taxes and cumulative&nbsp;effect of accounting
      change</P></TD>
    <TD vAlign=top width="75" height=42>
      <P align=right><br>
      (645)</P></TD>
    <TD vAlign=top width="13" height=42>
      <P></P></TD>
    <TD vAlign=top width="92" height=42>
      <P align=right><br>
      (5,652)</P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Income taxes</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>(728)</P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right>217</P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=19>
      <P>Cumulative effect of accounting change, net of taxes (1)</P></TD>
    <TD vAlign=top width="75" height=19>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; &nbsp; -&nbsp;</u> </P></TD>
    <TD vAlign=top width="13" height=19>
      <P></P></TD>
    <TD vAlign=top width="92" height=19>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp; 79,024&nbsp;</u> </P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=21>
      <P></P></TD>
    <TD vAlign=top width="51" height=21>
      <P></P></TD>
    <TD vAlign=top width="350" height=21>
      <P>Net income (loss)</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83<br>
      =======</P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align="right">$&nbsp; (84,893)<br>
      ========</P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Earnings per share:</P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=21>
      <P></P></TD>
    <TD vAlign=top width="403" colSpan=2 height=21>
      <P>Basic and diluted</P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=18>
      <P></P></TD>
    <TD vAlign=top width="51" height=18>
      <P></P></TD>
    <TD vAlign=top width="350" height=18>
      <P>Before cumulative effect of accounting change&nbsp;</P></TD>
    <TD vAlign=top width="75" height=18>
      <P align=right>$ 0.01</P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="92" height=18>
      <P align=right>$ (0.37)</P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=18>
      <P></P></TD>
    <TD vAlign=top width="51" height=18>
      <P></P></TD>
    <TD vAlign=top width="350" height=18>
      <P>Cumulative effect of accounting change</P></TD>
    <TD vAlign=top width="75" height=18>
      <P align=right>&nbsp;&nbsp;<u>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      -</u></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="92" height=18>
      <P align=right><u>&nbsp;&nbsp;&nbsp; (5.00)</u></P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=21>
      <P></P></TD>
    <TD vAlign=top width="51" height=21>
      <P></P></TD>
    <TD vAlign=top width="350" height=21>
      <P>Net income (loss) per share</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>$ 0.01<br>
      =====</P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right>$ (5.37)<br>
      ======</P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Avg. common shares outs. (basic)</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right><FONT color=#ff0000>
      15,951 </FONT></P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right><FONT color=#ff0000>
      15,806 </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Avg. common shares outs. (diluted)</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right><FONT color=#ff0000>
      16,206 </FONT></P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right><FONT color=#ff0000>
      15,806 </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=21>
      <P></P></TD>
    <TD vAlign=top width="51" height=21>
      <P></P></TD>
    <TD vAlign=top width="350" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=128>
      <P>(1)</P></TD>
    <TD vAlign=top width="556" colSpan=5 height=128>
      <P>GBC implemented SFAS No. 142, "Goodwill and other Intangible Assets,"
      in the first quarter of 2002. SFAS No. 142 subjects goodwill to a
      fair-value based impairment test. As a result of applying the impairment
      tests, GBC recorded a gross goodwill impairment of $110.0 million and an
      offsetting tax benefit of $31.0 million. These impairment charges were
      recorded as of January 1, 2002. This charge is non-cash and had no impact
      on the Company's operations.</P></TD></TR></TABLE>
  </center>
</div>
<P align="center"><font size="3">1</font></P>
<div align="center">
  <center>
<TABLE borderColor=#000000 cellSpacing=0 cellPadding=0 width=618 border=0 height="1177">
  <TR>
    <TD vAlign=top colSpan=10 height=21 width="587"><B>
      <P align=center>GENERAL BINDING CORPORATION</B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=21 width="587"><B>
      <P align=center>SEGMENT INFORMATION</B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=20 width="587">
      <P align=center>(Amounts in Thousands)</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=23>
      <P></P></TD>
    <TD vAlign=top width="224" height=23>
      <P></P></TD>
    <TD vAlign=top width="188" height=23 colspan="3"><B>
      <P align=center><br>
      Net</B> <B>Sales</B></P></TD>
    <TD vAlign=top width="2" height=23>
      <P></P></TD>
    <TD vAlign=top width="3" height=23>
      <P></P></TD>
    <TD vAlign=top width="166" colSpan=3 height=23><B>
      <P align=center>Segment&nbsp;<br>
      Operating Income (1)</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=40>
      <P></P></TD>
    <TD vAlign=top width="224" height=40>
      <P></P></TD>
    <TD vAlign=top width="191" colSpan=3 height=40><B>
      <P align=center>Three Months Ended<br>
      March 31,</B></P></TD>
    <TD vAlign=top width="2" height=40>
      <P></P></TD>
    <TD vAlign=top width="3" height=40>
      <P></P></TD>
    <TD vAlign=top width="166" colSpan=3 height=40><B>
      <P align=center>Three Months&nbsp;Ended&nbsp;<br>
      March 31,</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="224" height=21>
      <P></P></TD>
    <TD vAlign=top width="76" height=21><B>
      <P align=center><u>&nbsp;&nbsp; 2003&nbsp;&nbsp;</u> </B></P></TD>
    <TD vAlign=top width="5" height=21>
      <P></P></TD>
    <TD vAlign=top width="107" height=21><B>
      <P align=center><u>&nbsp;&nbsp; 2002&nbsp;&nbsp;&nbsp;</u> </B></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21><B>
      <P align=center><u>&nbsp;&nbsp; 2003&nbsp;&nbsp;</u></B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" height=21><B>
      <P align=center><u>&nbsp;&nbsp; 2002&nbsp;&nbsp;</u></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="224" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" colSpan=2 height=21>
      <P align=center><FONT size=1>
      (Unaudited)</FONT></P></TD>
    <TD vAlign=top width="115" colSpan=3 height=21>
      <P align=center><FONT size=1>
      (Unaudited)</FONT></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=center><FONT size=1>
      (Unaudited)</FONT></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" height=21>
      <P align=center><FONT size=1>
      (Unaudited)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="224" height=21>
      <P>Office Products</P></TD>
    <TD vAlign=top width="76" height=21>
      <P align=right>$ 50,758</P></TD>
    <TD vAlign=top width="5" height=21>
      <P></P></TD>
    <TD vAlign=top width="107" height=21>
      <P align=right>$54,788</P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align="right">$ 4,718</P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" height=21>
      <P align=right>$ 5,710</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="224" height=21>
      <P>Document Finishing</P></TD>
    <TD vAlign=top width="76" height=21>
      <P align=right>46,776</P></TD>
    <TD vAlign=top width="5" height=21>
      <P></P></TD>
    <TD vAlign=top width="107" height=21>
      <P align=right>45,022</P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>4,537</P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" height=21>
      <P align=right>5,299</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="224" height=21>
      <P>Films</P></TD>
    <TD vAlign=top width="76" height=21>
      <P align=right>35,194</P></TD>
    <TD vAlign=top width="5" height=21>
      <P></P></TD>
    <TD vAlign=top width="107" height=21>
      <P align=right>35,037</P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>5,942</P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" height=21>
      <P align=right>6,019</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="224" height=21>
      <P>Europe</P></TD>
    <TD vAlign=top width="76" height=21>
      <P align=right>26,331</P></TD>
    <TD vAlign=top width="5" height=21>
      <P></P></TD>
    <TD vAlign=top width="107" height=21>
      <P align=right>26,512</P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>1,288</P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" height=21>
      <P align=right>846</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="224" height=21>
      <P>Other</P></TD>
    <TD vAlign=top width="76" height=21>
      <P align=right>10,376</P></TD>
    <TD vAlign=top width="5" height=21>
      <P></P></TD>
    <TD vAlign=top width="107" height=21>
      <P align=right>10,903</P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>383</P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" height=21>
      <P align=right>144</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="224" height=21>
      <P>Unallocated corporate items</P></TD>
    <TD vAlign=top width="76" height=21>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      -&nbsp;</u></P></TD>
    <TD vAlign=top width="5" height=21>
      <P></P></TD>
    <TD vAlign=top width="107" height=21>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      -&nbsp;</u></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right><u>&nbsp;(7,135)</u></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" height=21>
      <P align=right><u>&nbsp;&nbsp; (7,826)</u></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="224" height=21>
      <P>&nbsp;&nbsp;&nbsp;&nbsp; Total</P></TD>
    <TD vAlign=top width="76" height=21>
      <P align=right>$169,435<br>
      =======</P></TD>
    <TD vAlign=top width="5" height=21>
      <P></P></TD>
    <TD vAlign=top width="107" height=21>
      <P align="right">$172,262<br>
      =======</P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align="right">$ 9,733<br>
      ======</P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" height=21>
      <P align=right>$10,192<br>
      =======</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=34>
      <P></P></TD>
    <TD vAlign=top width="563" colSpan=9 height=34>
      <P>The following is a reconciliation of segment operating income to income
      before taxes and cumulative effect of accounting change:</P></TD>
  </TR>
  <TR>
    <TD vAlign=top width="20" height=40>
      <P></P></TD>
    <TD vAlign=top width="224" height=40>
      <P></P></TD>
    <TD vAlign=top width="76" height=40>
      <P></P></TD>
    <TD vAlign=top width="5" height=40>
      <P></P></TD>
    <TD vAlign=top width="107" height=40>
      <P></P></TD>
    <TD vAlign=top width="2" height=40>
      <P></P></TD>
    <TD vAlign=top width="3" height=40>
      <P></P></TD>
    <TD vAlign=top width="166" colSpan=3 height=40><B>
      <P align=center>Three Months Ended<br>
      March 31,</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="224" height=21>
      <P></P></TD>
    <TD vAlign=top width="76" height=21>
      <P></P></TD>
    <TD vAlign=top width="5" height=21>
      <P></P></TD>
    <TD vAlign=top width="107" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21><B>
      <P align=center><u>&nbsp;&nbsp;&nbsp; 2003&nbsp;&nbsp;&nbsp;</u> </B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" height=21><B>
      <P align=center><u>&nbsp;&nbsp;&nbsp; 2002&nbsp;&nbsp;&nbsp;</u> </B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="224" height=21>
      <P></P></TD>
    <TD vAlign=top width="76" height=21>
      <P></P></TD>
    <TD vAlign=top width="5" height=21>
      <P></P></TD>
    <TD vAlign=top width="107" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=center><FONT size=1>
      (Unaudited)</FONT></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" height=21>
      <P align=center><FONT size=1>
      (Unaudited)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="224" height=21>
      <P>Total segment operating income</P></TD>
    <TD vAlign=top width="76" height=21>
      <P></P></TD>
    <TD vAlign=top width="5" height=21>
      <P></P></TD>
    <TD vAlign=top width="107" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align="right">$&nbsp; 9,733</P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" height=21>
      <P align=right>$ 10,192</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="224" height=21>
      <P>Interest expense</P></TD>
    <TD vAlign=top width="76" height=21>
      <P></P></TD>
    <TD vAlign=top width="5" height=21>
      <P></P></TD>
    <TD vAlign=top width="107" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>9,298</P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" height=21>
      <P align=right>10,292</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="274" colSpan=2 height=18>
      <P>Restructuring and other expenses</P></TD>
    <TD vAlign=top width="5" height=18>
      <P></P></TD>
    <TD vAlign=top width="107" height=18>
      <P></P></TD>
    <TD vAlign=top width="2" height=18>
      <P></P></TD>
    <TD vAlign=top width="3" height=18>
      <P></P></TD>
    <TD vAlign=top width="75" height=18>
      <P align=right>1,405</P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="83" height=18>
      <P align=right>4,794</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="224" height=21>
      <P>Other (income) expense</P></TD>
    <TD vAlign=top width="76" height=21>
      <P></P></TD>
    <TD vAlign=top width="5" height=21>
      <P></P></TD>
    <TD vAlign=top width="107" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp; (325)</u></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" height=21>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758</u></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=38>
      <P></P></TD>
    <TD vAlign=top width="386" colSpan=4 height=38>
      <P>Income before taxes and cumulative effect of accounting change</P></TD>
    <TD vAlign=top width="2" height=38>
      <P></P></TD>
    <TD vAlign=top width="3" height=38>
      <P></P></TD>
    <TD vAlign=top width="75" height=38 align="right">
      <P>
      $&nbsp;&nbsp; (645)<br>
      ======</P></TD>
    <TD vAlign=top width="4" height=38 align="right">
      <P></P></TD>
    <TD vAlign=top width="83" height=38 align="right">
      <P>
      $ (5,652)<br>
      =======</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="224" height=21>
      <P></P></TD>
    <TD vAlign=top width="76" height=21>
      <P></P></TD>
    <TD vAlign=top width="5" height=21>
      <P></P></TD>
    <TD vAlign=top width="107" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" height=21>
      <P align=right></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=21 width="587"><B>
      <P align=center>SELECTED FINANCIAL INFORMATION</B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=20 width="587">
      <P align=center>(Amounts in Thousands)</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=40>
      <P></P></TD>
    <TD vAlign=top width="224" height=40>
      <P></P></TD>
    <TD vAlign=top width="76" height=40>
      <P></P></TD>
    <TD vAlign=top width="5" height=40>
      <P></P></TD>
    <TD vAlign=top width="107" height=40>
      <P></P></TD>
    <TD vAlign=top width="2" height=40>
      <P></P></TD>
    <TD vAlign=top width="3" height=40>
      <P></P></TD>
    <TD vAlign=top width="166" colSpan=3 height=40><B>
      <P align=center>Three Months Ended<br>
      March 31,</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="224" height=21>
      <P></P></TD>
    <TD vAlign=top width="76" height=21>
      <P></P></TD>
    <TD vAlign=top width="5" height=21>
      <P></P></TD>
    <TD vAlign=top width="107" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21><B>
      <P align=center><u>&nbsp;&nbsp; 2003&nbsp;&nbsp;&nbsp;</u> </B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" height=21><B>
      <P align=center><u>&nbsp;&nbsp;&nbsp; 2002&nbsp;&nbsp;&nbsp;</u> </B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="224" height=21>
      <P></P></TD>
    <TD vAlign=top width="76" height=21>
      <P></P></TD>
    <TD vAlign=top width="5" height=21>
      <P></P></TD>
    <TD vAlign=top width="107" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=center><FONT size=1>
      (Unaudited)</FONT></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" height=21>
      <P align=center><FONT size=1>
      (Unaudited)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=20>
      <P></P></TD>
    <TD vAlign=top width="386" colSpan=4 height=20>
      <P>Depreciation and amortization expense&nbsp;</P></TD>
    <TD vAlign=top width="2" height=20>
      <P></P></TD>
    <TD vAlign=top width="3" height=20>
      <P></P></TD>
    <TD vAlign=top width="75" height=20>
      <P align=right>$6,863<br>
      =====</P></TD>
    <TD vAlign=top width="4" height=20>
      <P></P></TD>
    <TD vAlign=top width="83" height=20>
      <P align=right>$7,366<br>
      =====</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="412" height=21 colspan="4">
      <P>Capital expenditures</P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>$1,423<br>
      =====</P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" height=21>
      <P align=right>$1,688<br>
      =====</P></TD></TR>
  <TR>
    <TD vAlign=top width="246" colSpan=2 height=21><U>
      <P>Notes:</U></P></TD>
    <TD vAlign=top width="76" height=21>
      <P></P></TD>
    <TD vAlign=top width="5" height=21>
      <P></P></TD>
    <TD vAlign=top width="107" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="83" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=128>
      <P>(1)</P></TD>
    <TD vAlign=top width="565" colSpan=9 height=128>
      <P>Segment operating income is defined as net sales less product cost of
      sales, selling, service and administrative expenses and amortization of
      intangibles. Inventory rationalization and write-down charges,
      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.</P>
      <P align="center"><font size="3">2</font></P></TD></TR>
  </TABLE></center>
</div>
<P align="center">&nbsp;</P>
<div align="center">
  <center>
<TABLE borderColor=#000000 cellSpacing=0 cellPadding=0 width=617 border=0>
  <TR>
    <TD vAlign=top colSpan=6 height=21 width="615"><B>
      <P align=center>GENERAL BINDING CORPORATION</B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=6 height=21 width="615"><B>
      <P align=center>BALANCE SHEET </B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=6 height=17 width="615">
      <P align=center>(Amounts in Thousands)</P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=18><B><U>
      <P>BALANCE SHEET SUMMARY</U></B></P></TD>
    <TD vAlign=top width="110" height=18><B>
      <P align=center>&nbsp;&nbsp;&nbsp; March 31,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2003&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;</B></P></TD>
    <TD vAlign=top width="5" height=18>
      <P></P></TD>
    <TD vAlign=top width="114" height=18><B>
      <P align=center>&nbsp;&nbsp;December 31,&nbsp;&nbsp;&nbsp;<u><br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2002&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</u> </B></P></TD></TR>
  <TR>
    <TD vAlign=top width="56" colSpan=2 height=17><B><U>
      <P>Assets</U></B></P></TD>
    <TD vAlign=top width="322" height=17>
      <P></P></TD>
    <TD vAlign=top width="110" height=17>
      <P></P></TD>
    <TD vAlign=top width="5" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=17>
      <P>Current assets:</P></TD>
    <TD vAlign=top width="110" height=17>
      <P></P></TD>
    <TD vAlign=top width="5" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=17>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=17>
      <P>Cash and equivalents</P></TD>
    <TD vAlign=top width="110" height=17>
      <P align=right>$ 12,080</P></TD>
    <TD vAlign=top width="5" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P align=right>$ 18,251</P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=17>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=17>
      <P>Receivables, net</P></TD>
    <TD vAlign=top width="110" height=17>
      <P align=right>125,140</P></TD>
    <TD vAlign=top width="5" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P align=right>121,709</P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=17>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=17>
      <P>Inventories</P></TD>
    <TD vAlign=top width="110" height=17>
      <P align=right>89,542</P></TD>
    <TD vAlign=top width="5" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P align=right>91,920</P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=17>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=17>
      <P>Other</P></TD>
    <TD vAlign=top width="110" height=17>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp; 38,397</u></P></TD>
    <TD vAlign=top width="5" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp; 34,913</u></P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=17>
      <P></P></TD>
    <TD vAlign=top width="23" height=17>
      <P></P></TD>
    <TD vAlign=top width="322" height=17>
      <P>Total current assets</P></TD>
    <TD vAlign=top width="110" height=17>
      <P align=right>265,159</P></TD>
    <TD vAlign=top width="5" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P align=right>266,793</P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=17>
      <P>Capital assets, net</P></TD>
    <TD vAlign=top width="110" height=17>
      <P align=right>104,360</P></TD>
    <TD vAlign=top width="5" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P align=right>106,877</P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=17>
      <P>Other assets</P></TD>
    <TD vAlign=top width="110" height=17>
      <P align=right><u>&nbsp;&nbsp; 182,510</u></P></TD>
    <TD vAlign=top width="5" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P align=right><u>&nbsp;&nbsp; 180,839</u></P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=18>
      <P></P></TD>
    <TD vAlign=top width="23" height=18>
      <P></P></TD>
    <TD vAlign=top width="322" height=18><B>
      <P>Total Assets</B></P></TD>
    <TD vAlign=top width="110" height=18>
      <P align=right>$ 552,029<br>
      ========</P></TD>
    <TD vAlign=top width="5" height=18>
      <P></P></TD>
    <TD vAlign=top width="114" height=18>
      <P align=right>$ 554,509<br>
      ========</P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=18>
      <P></P></TD>
    <TD vAlign=top width="23" height=18>
      <P></P></TD>
    <TD vAlign=top width="322" height=18>
      <P></P></TD>
    <TD vAlign=top width="110" height=18>
      <P></P></TD>
    <TD vAlign=top width="5" height=18>
      <P></P></TD>
    <TD vAlign=top width="114" height=18>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=17><B><U>
      <P>Liabilities and Stockholders' Equity</U></B></P></TD>
    <TD vAlign=top width="110" height=17>
      <P></P></TD>
    <TD vAlign=top width="5" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=17>
      <P>Current liabilities:</P></TD>
    <TD vAlign=top width="110" height=17>
      <P></P></TD>
    <TD vAlign=top width="5" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=17>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=17>
      <P>Accounts payable</P></TD>
    <TD vAlign=top width="110" height=17>
      <P align=right>$ 48,937</P></TD>
    <TD vAlign=top width="5" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P align=right>$ 50,459</P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=17>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=17>
      <P>Accrued liabilities</P></TD>
    <TD vAlign=top width="110" height=17>
      <P align=right>83,096</P></TD>
    <TD vAlign=top width="5" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P align=right>86,579</P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=17>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=17>
      <P>Notes payable and current maturities</P></TD>
    <TD vAlign=top width="110" height=17>
      <P align=right><u>&nbsp;&nbsp; 123,526</u></P></TD>
    <TD vAlign=top width="5" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp; 26,654</u></P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=17>
      <P></P></TD>
    <TD vAlign=top width="23" height=17>
      <P></P></TD>
    <TD vAlign=top width="322" height=17>
      <P>Total current liabilities</P></TD>
    <TD vAlign=top width="110" height=17>
      <P align=right>255,559</P></TD>
    <TD vAlign=top width="5" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P align=right>163,692</P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=17>
      <P>Long-term debt less current maturities</P></TD>
    <TD vAlign=top width="110" height=17>
      <P align=right>212,549</P></TD>
    <TD vAlign=top width="5" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P align=right>314,766</P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=17>
      <P>Other long-term liabilities</P></TD>
    <TD vAlign=top width="110" height=17>
      <P align=right>35,968</P></TD>
    <TD vAlign=top width="5" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P align=right>33,920</P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=17>
      <P>Total stockholders' equity</P></TD>
    <TD vAlign=top width="110" height=17>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp; 47,953</u></P></TD>
    <TD vAlign=top width="5" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp; 42,131</u></P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=18>
      <P></P></TD>
    <TD vAlign=top width="23" height=18>
      <P></P></TD>
    <TD vAlign=top width="322" height=18><B>
      <P>Total Liabilities and Stockholders' Equity</B></P></TD>
    <TD vAlign=top width="110" height=18>
      <P align=right>$ 552,029<br>
      ========</P></TD>
    <TD vAlign=top width="5" height=18>
      <P></P></TD>
    <TD vAlign=top width="114" height=18>
      <P align=right>$ 554,509<br>
      ========</P></TD></TR></TABLE>
  </center>
</div>
<p align="center">3</p>
</BODY>
[{"type": "8-K", "sequence": "1", "filename": "gbceightk.htm", "description": "GBC 1ST QUARTER PRESS RELEASE", "secsgml_size_bytes": 52298}]
{"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": "03658859"}, "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"}}
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 April 22, 2003
GENERAL BINDING CORPORATION
(Exact name of
registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or
organization)
Commission File Number 0-2604
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)
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1  Press release of Registrant dated April 22, 2003.
99.2  Tables to press release of Registrant dated April 22,
2003.
Item 9. Regulation FD Disclosure (Information furnished in this Item 9 is
furnished pursuant to Item 12).
Registrant is furnishing its press release and related tables to the press
release dated April 22, 2003, which reports Registrant's first quarter 2003
results, pursuant to Item 12, "Results of Operations and Financial Condition",
of Form 8-K. The press release and related tables are included herewith as
Exhibits 99.1 and 99.2, respectively, and are incorporated herein by
reference.
1
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
April 22, 2003
2
EXHIBIT 99.1
GBC REPORTS 1
st
QUARTER 2003 RESULTS
Sales Off Slightly; Gross Profit Margin Up 1.5 Percentage
Points
Northbrook, IL, April 22, 2003 -- General Binding Corporation (Nasdaq:
GBND) today announced results for the first quarter of 2003. Sales were 1.6%
below the level of sales in the first quarter of 2002, reflecting the weak
economy. The gross profit margin increased significantly by 1.5 percentage
points, principally resulting from ongoing success in the implementation of the
Company's Operational Excellence Program. Net income for the quarter was $0.01
per share, compared to a loss last year of $(0.37) per share, before the
cumulative effect of accounting changes.
"The wide-ranging Operational Excellence initiatives we undertook throughout
the organization last year to generate cost savings and increases in our
productivity levels account for much of the significant improvement we continue
to see in our gross profit margin," said Dennis Martin, Chairman of the Board,
President and CEO. Although we did not get any lift in sales during the quarter
due to the difficult economic climate, we continue to expect further cost
savings from Operational Excellence during the year, and we believe that we are
well-positioned to leverage this improved profitability as the economy improves.
In addition, the recent strategic realignment of the Commercial and Consumer and
the Industrial and Print Finishing Groups will help us improve our focus and
penetration into existing markets. And, we continue to fund investments related
to new sales, marketing and product development initiatives which will provide a
solid foundation for revenue growth in years ahead, particularly in some of the
new markets that we are focusing on, such as the home and school
markets."
1
st
Quarter Results
Financial results for the quarter included the following highlights:
Sales in the quarter totaled $169.4 million, down $2.8 million or 1.6%
  from the first quarter of 2002. International sales within the Groups were
  positively affected by exchange rate movements. The Document Finishing Group
  reported a sales increase of 3.9% in the quarter over the prior year, and
  sales in the Films and Europe Groups were flat. Sales in the Office Products
  Group were down 7.4%, due to lower demand in most of its channels.
The Company's gross profit for the quarter increased by $1.5 million, or
  1.5 points over the prior year, related primarily to pricing initiatives and
  savings resulting from the Company's Operational Excellence Program.
Selling, service and administrative expenses were up $2.1 million in the
  quarter compared to prior year, primarily due to the adverse effect of
  exchange rate movements on international expenses as well as planned spending
  on certain new initiatives.
1
Operating income for the quarter was down slightly by $0.5 million. Income
  in the Films Group was stable, and lower sales in the Office Products Group
  and a lower gross profit margin in the Document Finishing Group were partially
  offset by income improvement in the Europe Group and lower corporate expenses.
Interest expense in the quarter totaled $9.3 million, down $1.0 million
  due primarily to a lower average debt level.
Restructuring expense in the quarter totaled $1.4 million. This expense
  was incurred as a result of subleasing a manufacturing facility as part of a
  previously-announced rationalization. In 2002, restructuring and other
  expenses totaled $4.8 million.
Total net debt at the end of the quarter, adjusted for cash and
  equivalents, was $324 million, roughly flat to the amount outstanding at the
  beginning of the quarter.
Conference Call
On April 23, 2003, at 10:00 a.m. Central Time, GBC's management will host a
conference call to discuss the Company's first quarter 2003 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
http://www.gbc.com or at www.streetevents.com.
GBC is a world leader in products that bind, laminate, and display
information so people can accomplish more at work, school and home. GBC's
products are marketed in over 100 countries under the GBC, Quartet, and Ibico
brands, and they help people organize and communicate ideas and enhance printed
materials.
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," "believe,"
"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: Paul J. Bors, Corporate Treasurer
(847) 291-6187
inv-rel@gbc.com (E-mail)
www.gbc.com (GBC's web site)
2
EXHIBIT 99.2
GBC PRESS RELEASE AND TABLES
GENERAL BINDING CORPORATION
THREE MONTHS ENDED MARCH 31, 2003
(Amounts in Thousands except Per Share
    Amounts)
Three Months Ended
March 31, 2003
CONSOLIDATED SUMMARY OF INCOME
2003
2002
(Unaudited)
(Unaudited)
Net sales
$ 169,435
$172,262
Cost of sales:
Product cost of sales, including development and
    engineering
101,965
106,322
Selling, service and administrative
57,549
55,485
Amortization of intangible assets
188
263
Restructuring and other:
Restructuring
1,405
4,169
Other
-
625
Interest expense
9,298
10,292
Other (income) expense, net
(325)
758
Income (loss) before taxes and cumulative effect of accounting
      change
(645)
(5,652)
Income taxes
(728)
217
Cumulative effect of accounting change, net of taxes (1)
-
79,024
Net income (loss)
$         83
=======
$  (84,893)
========
Earnings per share:
Basic and diluted
Before cumulative effect of accounting change
$ 0.01
$ (0.37)
Cumulative effect of accounting change
-
(5.00)
Net income (loss) per share
$ 0.01
=====
$ (5.37)
======
Avg. common shares outs. (basic)
15,951
15,806
Avg. common shares outs. (diluted)
16,206
15,806
(1)
GBC implemented SFAS No. 142, "Goodwill and other Intangible Assets,"
      in the first quarter of 2002. SFAS No. 142 subjects goodwill to a
      fair-value based impairment test. As a result of applying the impairment
      tests, GBC recorded a gross goodwill impairment of $110.0 million and an
      offsetting tax benefit of $31.0 million. These impairment charges were
      recorded as of January 1, 2002. This charge is non-cash and had no impact
      on the Company's operations.
1
GENERAL BINDING CORPORATION
SEGMENT INFORMATION
(Amounts in Thousands)
Net
Sales
Segment
Operating Income (1)
Three Months Ended
March 31,
Three Months Ended
March 31,
2003
2002
2003
2002
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Office Products
$ 50,758
$54,788
$ 4,718
$ 5,710
Document Finishing
46,776
45,022
4,537
5,299
Films
35,194
35,037
5,942
6,019
Europe
26,331
26,512
1,288
846
Other
10,376
10,903
383
144
Unallocated corporate items
-
-
(7,135)
(7,826)
Total
$169,435
=======
$172,262
=======
$ 9,733
======
$10,192
=======
The following is a reconciliation of segment operating income to income
      before taxes and cumulative effect of accounting change:
Three Months Ended
March 31,
2003
2002
(Unaudited)
(Unaudited)
Total segment operating income
$  9,733
$ 10,192
Interest expense
9,298
10,292
Restructuring and other expenses
1,405
4,794
Other (income) expense
(325)
758
Income before taxes and cumulative effect of accounting change
$   (645)
======
$ (5,652)
=======
SELECTED FINANCIAL INFORMATION
(Amounts in Thousands)
Three Months Ended
March 31,
2003
2002
(Unaudited)
(Unaudited)
Depreciation and amortization expense
$6,863
=====
$7,366
=====
Capital expenditures
$1,423
=====
$1,688
=====
Notes:
(1)
Segment operating income is defined as net sales less product cost of
      sales, selling, service and administrative expenses and amortization of
      intangibles. Inventory rationalization and write-down charges,
      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.
2
GENERAL BINDING CORPORATION
BALANCE SHEET
(Amounts in Thousands)
BALANCE SHEET SUMMARY
March 31,
2003
December 31,
2002
Assets
Current assets:
Cash and equivalents
$ 12,080
$ 18,251
Receivables, net
125,140
121,709
Inventories
89,542
91,920
Other
38,397
34,913
Total current assets
265,159
266,793
Capital assets, net
104,360
106,877
Other assets
182,510
180,839
Total Assets
$ 552,029
========
$ 554,509
========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$ 48,937
$ 50,459
Accrued liabilities
83,096
86,579
Notes payable and current maturities
123,526
26,654
Total current liabilities
255,559
163,692
Long-term debt less current maturities
212,549
314,766
Other long-term liabilities
35,968
33,920
Total stockholders' equity
47,953
42,131
Total Liabilities and Stockholders' Equity
$ 552,029
========
$ 554,509
========
3