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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 July 22, 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></P>
<P align=center><B><FONT size=3>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>&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 July 21, 2004.<BR>99.2&nbsp; Tables to press release of Registrant dated
July 21, 2004.
<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 July 21, 2004, which reports Registrant's second quarter 2004
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; July 22, 2004</P></FONT>
<P align=center>&nbsp;</P>
<P align=center><FONT size=3>2</FONT></P>
<P align=center>&nbsp;</P>
<P align=center><b>Exhibit 99.1</b> </P>
<FONT size=2>
<b>
<p ALIGN="CENTER">GBC REPORTS 2<sup>nd</sup> QUARTER 2004 RESULTS<br>
Improved Earnings on Stable Revenues</p>
</b>
<p>Northbrook, IL, July 21, 2004 -- General Binding Corporation (Nasdaq: GBND)
today announced results for the second quarter of 2004. The company achieved net
income of $2.6 million for the quarter, or diluted earnings per share of $0.15,
an improvement from the loss per share of ($0.32) for the second quarter of
2003, which included $8.4 million of pre-tax restructuring charges. Total
company sales for the quarter were $174.4 million, a 1.9% increase over the same
period of the prior year.</p>
<p>&quot;The improvements in top line revenue, segment operating income and net
income on a year over year basis are especially notable as several of our
businesses continue to be subject to pricing pressures,&quot; said Dennis
Martin, Chairman of the Board, President and Chief Executive Officer. &quot;GBC's
successful ongoing implementation of our Operational Excellence initiatives is
driving lower product and operating costs.&quot;</p>
<b><u>
<p>2<sup>nd</sup> Quarter Results<br>
</u></b>Financial results for the quarter included the following highlights:</p>
<ul>
  <li>Sales totaled $174.4 million, up 1.9%, or $3.2 million from the second
    quarter of 2003. A 12.7% increase in the Industrial &amp; Print Finishing
    Group (&quot;IPFG&quot;), mainly attributable to the domestic digital print
    finishing and European commercial films businesses, was partially offset by
    a sales decline in the Commercial &amp; Consumer Group's (&quot;CCG&quot;)
    domestic operations. Increased sales in the Europe Group were primarily due
    to favorable exchange rates. Exchange rate movements positively affected
    international sales within each of the Groups.</li>
  <li>The Company's gross profit margin for the quarter was down 1.1
    percentage points compared to the prior year due to continued pricing
    pressures, particularly in CCG's North American office products and IPFG's
    domestic commercial films businesses.</li>
  <li>Selling, service and administrative expenses decreased $0.6 million from
    the prior year, in spite of the adverse effect of exchange rate movements on
    international expenses.</li>
  <li>Segment Operating Income of $11.7 million for the quarter was 1.2% higher
    than for the same period of 2003. Reduced corporate operating expenses,
    along with improved performance in IPFG and Europe, offset lower earnings in
    CCG.</li>
  <li>Interest expense for the quarter totaled $6.6 million, $3.6 million lower
    than in 2003. Several factors contributed to the expense reduction including
    lower debt levels and lower interest rates resulting from the Company's
    June 2003 bank facility refinancing. Included in interest expense in 2003
    was $1.1 million related to the loss on extinguishment of the Company's
    prior credit facility.</li>
  <li>No restructuring expenses were recorded in the current period. In the
    second quarter of 2003, restructuring and other expenses totaled $8.4
    million related to manufacturing rationalization and workforce reduction
    programs.</li>
  <li>Income tax expense was $2.0 million for the quarter, compared to a $2.1
    million tax benefit reported for the same period last year.</li>
  <li>Earnings totaled $0.15 per share for the second quarter, compared to a net
    loss of ($0.32) reported in the second quarter 2003.</li>
  <li>Total net debt at the end of the quarter, adjusted for cash and
    equivalents, was $313.6 million, up $21.2 million from the beginning of the
    year but down $19.9 million from a year ago.</li>
</ul>
<b><u>
<p>Six-Month Results</p>
</u></b>
<p>For the first half of 2004, sales were $345.3 million, up 1.4% from the prior
year. Net income for the period was $0.18 per share, including pre-tax charges
totaling $0.8 million, compared to a net loss of ($0.32) per share last year,
including pre-tax charges of $9.8 million.</p>
<b><u>
<p>Conference Call</p>
</u></b>
<p>On July 22, 2004, at 10:00 a.m. Central Time, GBC's management will host a
conference call to discuss the Company's second 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>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>
<i>
<p>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 &quot;should,&quot;
&quot;believes,&quot; &quot;anticipates,&quot; &quot;plans,&quot;
&quot;may,&quot; &quot;expects&quot; 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>
</i>
<p>Contact: Tony Giuliano, Treasurer and Director, Investor Relations<br>
(847) 291-5451<br>
inv-rel@gbc.com (E-mail)<br>
www.gbc.com (GBC's website)</p>
<P>&nbsp;</P>
</FONT>
<P align="center"><b>Exhibit 99.2</b></P>
<div align="center">
  <center>
<div align="center">
  <center>
<TABLE borderColor=#000000 cellSpacing=0 cellPadding=0 width=660 border=0 height="805">
  <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 Q2 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 SIX MONTHS ENDED JUNE 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>Six 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>June 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>June 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>$ 174,375</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>$ 171,150</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>$ 345,306</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>$340,585</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Cost of sales:</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="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><FONT face=Arial size=2>
      <P align=right>106,787</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>102,958</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>212,393</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>204,923 </FONT></P></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><FONT face=Arial size=2>
      <P align=right>55,822</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>56,416</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>112,021</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>113,965 </FONT></P></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">41</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>189 </FONT></P></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">229</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>377 </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Restructuring&nbsp;</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
      <P align="right"><font face="Arial" size="2">-</font></P></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">8,384</font></P></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">823</font></P></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></P></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><FONT face=Arial size=2>
      <P align=right>6,599</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>10,247</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>13,391</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>19,545</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Other expense (income), net</FONT></P></TD>
    <TD vAlign=top width="80" height=21><FONT face=Arial size=2>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp;583</u></P> </FONT></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><u>&nbsp;&nbsp;&nbsp; 137</u></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><u>&nbsp;&nbsp;&nbsp;&nbsp;928</u></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><u>&nbsp;&nbsp;&nbsp;&nbsp;(188)</u></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><FONT face=Arial size=2>
      <P>Income (loss) before taxes</FONT></P></TD>
    <TD vAlign=top width="80" height=21><FONT face=Arial size=2>
      <P align=right>4,543 </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>(7,181)</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>5,521</FONT></P></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">(7,826)</font></P></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><FONT face=Arial size=2>
      <P align=right><u>&nbsp;1,957</u></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><u>&nbsp;(2,057)</u></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><u>&nbsp;2,485</u></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><u>&nbsp;(2,785)</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>$ 2,586<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>$ (5,124)<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>$&nbsp; 3,036<br>
      ======</FONT></P></TD>
    <TD vAlign=top width="10" height=34>
      <P></P></TD>
    <TD vAlign=top width="65" height=34><FONT face=Arial size=2>
      <P align=right>$&nbsp; (5,041)<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>$&nbsp;&nbsp; 0.16<br>
      =====</FONT></P></TD>
    <TD vAlign=top width="9" height=34>
      <P></P></TD>
    <TD vAlign=top width="78" height=34><FONT face=Arial size=2>
      <P align=right>$ (0.32)<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>$&nbsp; 0.19<br>
      =====</FONT></P></TD>
    <TD vAlign=top width="10" height=34>
      <P></P></TD>
    <TD vAlign=top width="65" height=34><FONT face=Arial size=2>
      <P align=right>$ (0.32)<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>$&nbsp;&nbsp; 0.15<br>
      =====</FONT></P></TD>
    <TD vAlign=top width="9" height=25>
      <P></P></TD>
    <TD vAlign=top width="78" height=25><FONT face=Arial size=2>
      <P align=right>$ (0.32)<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>$&nbsp; 0.18<br>
      =====</FONT></P></TD>
    <TD vAlign=top width="10" height=25>
      <P></P></TD>
    <TD vAlign=top width="65" height=25><FONT face=Arial size=2>
      <P align=right>$ (0.32)<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>16,180</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>15,961</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>16,143</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>15,956</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>16,837</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>15,961</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>16,887</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>15,956</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21></TD>
    <TD vAlign=top width="629" colSpan=9 height=21></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 Q2 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">Six 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>June 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>June 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">$ 108,897</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">$ 111,467</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">$ 214,325</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">$ 221,037</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><FONT face=Arial>
      <P align=right><font size="2">39,107</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">34,704</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">76,910</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">68,238</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">Europe</font></P></FONT></TD>
    <TD vAlign=top width="97" height=21><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;&nbsp;&nbsp;&nbsp; 26,371</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;&nbsp;&nbsp;&nbsp; 24,979</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;&nbsp;&nbsp; 54,071</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;&nbsp;&nbsp;&nbsp; 51,310</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">$ 174,375<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">$ 171,150<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">$ 345,306<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">$ 340,585<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">Six 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>June 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>June 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">$ 11,221</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">$ 12,867</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">$ 19,825</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">$ 24,493</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><FONT face=Arial>
      <P align=right><font size="2">4,987</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">4,806</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">9,782</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">9,360</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">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><FONT face=Arial>
      <P align=right><font size="2">1,444</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">1,206</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">3,594</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">2,494</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">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; (5,927)</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; (7,292)</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;(12,538)</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;(15,027)</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">$ 11,725<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">$ 11,587<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">$ 20,663<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">$ 21,320<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">Six 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>June 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>June 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">$ 11,725</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">$ 11,587</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">$ 20,663</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">$ 21,320</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><FONT face=Arial>
      <P align=right><font size="2">6,599</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">10,247</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">13,391</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">19,545</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">Restructuring and other expenses</font></P></FONT></TD>
    <TD vAlign=top width="97" height=21>
      <P align=right><font size="2" face="Arial">-</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">8,384</font></FONT></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21><P align=right><font size="2" face="Arial">823</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">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 expense (income)&nbsp;</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;&nbsp;&nbsp;&nbsp;&nbsp; 583</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;&nbsp;&nbsp;&nbsp; 137</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;&nbsp;&nbsp;&nbsp;&nbsp; 928</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;&nbsp;&nbsp;&nbsp;&nbsp;(188)</u></font> </FONT></P></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">$ 4,543<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">$ (7,181)<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">$ 5,521<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">$ (7,826)<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 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 Q2 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><B><FONT face=Arial>
      <P align=center><font size="2">June 30,</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">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">$ 3,948</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><FONT face=Arial>
      <P align=right><font size="2">130,359</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">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</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">104,729</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">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><FONT face=Arial>
      <P align=right><font size="2"><u>33,840</u></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"><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><FONT face=Arial>
      <P align=right><font size="2">272,876</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">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><FONT face=Arial>
      <P align=right><font size="2">87,864</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">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><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;&nbsp; 177,062</u></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"><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">$ 537,802<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">$ 51,722</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><FONT face=Arial>
      <P align=right><font size="2">74,933</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">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><FONT face=Arial>
      <P align=right><font size="2"><u>21,881</u></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"><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><FONT face=Arial>
      <P align=right><font size="2">148,536</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">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><FONT face=Arial>
      <P align=right><font size="2">295,671</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">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><FONT face=Arial>
      <P align=right><font size="2">36,517</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">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><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;&nbsp;&nbsp; 57,078</u></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"><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">$ 537,802<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">Six 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>June 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>June 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">$ 6,149<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">$ 6,852<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">$ 12,374<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">$ 13,715<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">$ 2,018<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">$ 2,583<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">$&nbsp; 3,594<br>
      ======</font></FONT></P></TD>
    <TD vAlign=top width="9" height=32>
      <P></P></TD>
    <TD vAlign=top width="66" height=32><FONT face=Arial>
      <P align=right><font size="2">$&nbsp; 4,006<br>
      ======</font></P></FONT></TD></TR>
</TABLE></center>
</div>
<p>&nbsp;</p>
  </center>
</div>
<div align="center">
  <center>
<p>&nbsp;</p>
  </center>
</div>
<div align="center">
  <center>
<p>&nbsp;</p>
  </center>
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<div align="center">
  <center>
<p>&nbsp;</p>
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</BODY></HTML>
[{"type": "8-K", "sequence": "1", "filename": "gbceightkq2.htm", "description": "GBC Q2 PRESSRELEASE", "secsgml_size_bytes": 91885}]
{"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": "04927195"}, "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 July 22, 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)
Item 7. Financial Statements and Exhibits.
(c)
Exhibits.
99.1  Press release of Registrant dated July 21, 2004.
99.2  Tables to press release of Registrant dated
July 21, 2004.
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 July 21, 2004, which reports Registrant's second quarter 2004
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
July 22, 2004
2
Exhibit 99.1
GBC REPORTS 2
nd
QUARTER 2004 RESULTS
Improved Earnings on Stable Revenues
Northbrook, IL, July 21, 2004 -- General Binding Corporation (Nasdaq: GBND)
today announced results for the second quarter of 2004. The company achieved net
income of $2.6 million for the quarter, or diluted earnings per share of $0.15,
an improvement from the loss per share of ($0.32) for the second quarter of
2003, which included $8.4 million of pre-tax restructuring charges. Total
company sales for the quarter were $174.4 million, a 1.9% increase over the same
period of the prior year.
"The improvements in top line revenue, segment operating income and net
income on a year over year basis are especially notable as several of our
businesses continue to be subject to pricing pressures," said Dennis
Martin, Chairman of the Board, President and Chief Executive Officer. "GBC's
successful ongoing implementation of our Operational Excellence initiatives is
driving lower product and operating costs."
2
nd
Quarter Results
Financial results for the quarter included the following highlights:
Sales totaled $174.4 million, up 1.9%, or $3.2 million from the second
    quarter of 2003. A 12.7% increase in the Industrial & Print Finishing
    Group ("IPFG"), mainly attributable to the domestic digital print
    finishing and European commercial films businesses, was partially offset by
    a sales decline in the Commercial & Consumer Group's ("CCG")
    domestic operations. Increased sales in the Europe Group were primarily due
    to favorable exchange rates. Exchange rate movements positively affected
    international sales within each of the Groups.
The Company's gross profit margin for the quarter was down 1.1
    percentage points compared to the prior year due to continued pricing
    pressures, particularly in CCG's North American office products and IPFG's
    domestic commercial films businesses.
Selling, service and administrative expenses decreased $0.6 million from
    the prior year, in spite of the adverse effect of exchange rate movements on
    international expenses.
Segment Operating Income of $11.7 million for the quarter was 1.2% higher
    than for the same period of 2003. Reduced corporate operating expenses,
    along with improved performance in IPFG and Europe, offset lower earnings in
    CCG.
Interest expense for the quarter totaled $6.6 million, $3.6 million lower
    than in 2003. Several factors contributed to the expense reduction including
    lower debt levels and lower interest rates resulting from the Company's
    June 2003 bank facility refinancing. Included in interest expense in 2003
    was $1.1 million related to the loss on extinguishment of the Company's
    prior credit facility.
No restructuring expenses were recorded in the current period. In the
    second quarter of 2003, restructuring and other expenses totaled $8.4
    million related to manufacturing rationalization and workforce reduction
    programs.
Income tax expense was $2.0 million for the quarter, compared to a $2.1
    million tax benefit reported for the same period last year.
Earnings totaled $0.15 per share for the second quarter, compared to a net
    loss of ($0.32) reported in the second quarter 2003.
Total net debt at the end of the quarter, adjusted for cash and
    equivalents, was $313.6 million, up $21.2 million from the beginning of the
    year but down $19.9 million from a year ago.
Six-Month Results
For the first half of 2004, sales were $345.3 million, up 1.4% from the prior
year. Net income for the period was $0.18 per share, including pre-tax charges
totaling $0.8 million, compared to a net loss of ($0.32) per share last year,
including pre-tax charges of $9.8 million.
Conference Call
On July 22, 2004, at 10:00 a.m. Central Time, GBC's management will host a
conference call to discuss the Company's second 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 99.2
Exhibit A to
2004 Q2 Earnings Release
GENERAL BINDING CORPORATION
THREE AND SIX MONTHS ENDED JUNE 30, 2004
(Amounts in Thousands except Per Share
    Amounts)
Three Months Ended
Six Months Ended
June 30,
June 30,
CONSOLIDATED SUMMARY OF INCOME
2004
2003
2004
2003
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net sales
$ 174,375
$ 171,150
$ 345,306
$340,585
Cost of sales:
Product cost of sales, including development
and engineering
106,787
102,958
212,393
204,923
Selling, service and administrative
55,822
56,416
112,021
113,965
Amortization of intangible assets
41
189
229
377
Restructuring
-
8,384
823
9,789
Interest expense
6,599
10,247
13,391
19,545
Other expense (income), net
583
137
928
(188)
Income (loss) before taxes
4,543
(7,181)
5,521
(7,826)
Income tax expense (benefit)
1,957
(2,057)
2,485
(2,785)
Net  income (loss)
$ 2,586
======
$ (5,124)
=====
$  3,036
======
$  (5,041)
=======
Earnings (loss) per share:
Basic
$   0.16
=====
$ (0.32)
====
$  0.19
=====
$ (0.32)
=====
Diluted
$   0.15
=====
$ (0.32)
====
$  0.18
=====
$ (0.32)
=====
Avg. common shares outstanding (basic)
16,180
15,961
16,143
15,956
Avg. common shares outstanding (diluted)
16,837
15,961
16,887
15,956
Exhibit B to
2004 Q2 Earnings Release
GENERAL BINDING CORPORATION
SEGMENT INFORMATION
(Amounts in Thousands)
Net Sales
Net Sales
Three Months Ended
Six Months Ended
June 30,
June 30,
2004
2003
2004
2003
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Commercial and Consumer Group
$ 108,897
$ 111,467
$ 214,325
$ 221,037
Industrial and Print Finishing Group
39,107
34,704
76,910
68,238
Europe
26,371
24,979
54,071
51,310
Total
$ 174,375
=======
$ 171,150
=======
$ 345,306
=======
$ 340,585
=======
Segment
Segment
Operating Income (1)
Operating Income (1)
Three Months Ended
Six Months Ended
June 30,
June 30,
2004
2003
2004
2003
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Commercial and Consumer Group
$ 11,221
$ 12,867
$ 19,825
$ 24,493
Industrial and Print Finishing Group
4,987
4,806
9,782
9,360
Europe
1,444
1,206
3,594
2,494
Unallocated corporate items
(5,927)
(7,292)
(12,538)
(15,027)
Total
$ 11,725
======
$ 11,587
======
$ 20,663
======
$ 21,320
======
Reconciliation of Segment Operating
    Income
Three Months Ended
Six Months Ended
June 30,
June 30,
2004
2003
2004
2003
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Total segment operating income
$ 11,725
$ 11,587
$ 20,663
$ 21,320
Interest expense
6,599
10,247
13,391
19,545
Restructuring and other expenses
-
8,384
823
9,789
Other expense (income)
583
137
928
(188)
Income
      (loss) before taxes
$ 4,543
=====
$ (7,181)
=====
$ 5,521
=====
$ (7,826)
=====
Notes:
(1)
Segment operating income is defined as net sales less product cost of
      sales, selling, service and administrative expenses 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 Q2 Earnings Release
GENERAL BINDING CORPORATION
BALANCE SHEET
(Amounts in Thousands)
June 30,
December 31,
CONDENSED BALANCE SHEET
2004
2003
Assets
(Unaudited)
Current assets:
Cash and equivalents
$ 3,948
$   9,568
Receivables, net
130,359
128,391
Inventories
104,729
86,240
Other
33,840
33,914
Total current assets
272,876
258,113
Capital assets, net
87,864
94,986
Other assets
177,062
176,251
Total Assets
$ 537,802
=======
$ 529,350
=======
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$ 51,722
$ 51,253
Accrued liabilities
74,933
85,119
Notes payable and current maturities
21,881
19,995
Total current liabilities
148,536
156,367
Long-term debt less current maturities
295,671
282,019
Other long-term liabilities
36,517
36,755
Total stockholders' equity
57,078
54,209
Total Liabilities and Stockholders' Equity
$ 537,802
=======
$ 529,350
=======
SELECTED FINANCIAL INFORMATION
(Amounts in Thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2004
2003
2004
2003
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Depreciation and amortization expense
$ 6,149
=====
$ 6,852
=====
$ 12,374
======
$ 13,715
======
Capital expenditures
$ 2,018
=====
$ 2,583
=====
$  3,594
======
$  4,006
======