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<B>

<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 February 19, 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>
<p>99.1&nbsp; Press release of Registrant dated February 18, 2004.<BR>99.2&nbsp; Tables to press release of Registrant dated
February 18, 2004. </p>
<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 February 18, 2004, which reports Registrant's fourth quarter 2003
results, pursuant to Item 12, "Results of Operations and Financial Condition",
of Form 8-K. The press release and related tables are included herewith as
Exhibits 99.1 and 99.2, respectively, and are incorporated herein by
reference.</P></FONT>
<P align=center><FONT size=3>1</FONT></P>
<P align=center>&nbsp;</P><FONT size=2>
<P align=center><B>SIGNATURES</P></B>
<P>Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.</P>
<P><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
GENERAL BINDING CORPORATION</B></P>
<P><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>By: <U>/s/ Steven
Rubin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; February 19, 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>
<P align=center>&nbsp; </P>
<P align=center>GBC REPORTS HIGHER OPERATING INCOME AND CONTINUED DEBT
REDUCTIONS ON STABLE SALES FOR 4<SUP>th</SUP> QUARTER AND FULL YEAR </P>
<P>&nbsp;&nbsp;&nbsp;&nbsp; Northbrook, IL, February 18, 2004 -- General
Binding Corporation (Nasdaq: GBND) today announced results for the fourth
quarter and full year 2003, reflecting both stable revenues and improvements in
operating income and debt levels due to the ongoing success of its Operational
Excellence Program.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp; Sales in the fourth quarter totaled $182.2 million, up $3.0 million or 1.7%
from the fourth quarter of 2002. The gross profit margin of 39.8% for the
quarter was roughly flat with the third quarter of 2003 and down slightly from
last year. The Company's continued focus on improving cash flow resulted in an
$18.4 million reduction in net debt in the fourth quarter.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp; During the quarter, the Company recorded restructuring and other charges of
$6.0 million, which consisted of $1.3 million related to a plant closing and
reduction in force and a $4.7 million non-cash charge for impairment of GBC's
investment in a joint venture.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp; For the full year 2003, the Company reported sales of $697.9 million, down
$3.8 million, or 0.5%, from the prior year. The gross profit margin increased by
0.2 points to 39.9% from the 39.7% reported last year. Reduction in net debt for
the year was $30.7 million.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp; &quot;GBC posted another fairly solid year in 2003. The weak sales environment
throughout most of 2003 showed some signs of improvement in the fourth quarter,"
said Dennis Martin, GBC's Chairman, President and CEO. "Despite challenging
market conditions in 2003, we continue to manage the controllable areas of our
business. Through the Operational Excellence initiatives we have implemented, we
improved operating income for both the fourth quarter and full year."</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp; "One of GBC's strengths in recent periods has been its ability to
consistently generate cash to repay debt. In the fourth quarter, GBC generated
$18 million of cash to repay debt, which resulted in $31 million of net debt
repayment for the full year.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp; "Looking ahead, our primary challenge is to continue to identify and
capitalize on growth opportunities and to continue building a stronger, more
profitable company," continued Mr. Martin. "While the top line is not yet as
robust as we would like to see it, the combination of newly launched innovative
products, continued efforts to expand into new markets, and less volatile market
demand give us some optimism for 2004's revenue potential."</P>
<P align="center">&nbsp;</P>
<P><U><B>4th Quarter and Full Year 2003 Results</P>
<blockquote>
<P>4th Quarter 2003 Results</P></B></U>
<P>Financial results for the quarter include the following highlights:</P>
</blockquote>
<UL>
  <UL>
    <LI>Sales totaled $182.2 million, up $3 million or 1.7% from the fourth
    quarter of 2002. International sales within all of the Groups were
    positively affected by exchange rate movements. Sales in the Commercial and
    Consumer Group were flat with last year at $120 million. The Industrial and
    Print Finishing Group's sales were up $1.2 million and the Europe Group
    sales were up $1.6 million, primarily due to favorable exchange rates.
    <LI>The Company's gross profit margin decreased by 0.7 percentage points to
    39.8% compared to the prior year rate.
    <LI>Selling, service and administrative expenses were down $2.6 million, or
    4.6% lower than prior year, primarily due to lower spending in the
    Commercial and Consumer Group.
    <LI>Total segment operating income was $18.3 million, up $2.1 million, or
    12.8% compared to last year. Despite lower gross profit margins, operating
    income in the Commercial and Consumer Group increased $1.2 million. The
    increase was primarily a result of lower operating expenses, along with
    higher earnings from its Australian joint venture. Income in the Industrial
    and Print Finishing Group was down roughly $0.7 million primarily due to
    lower gross profit margin in U.S. Commercial Films business. The Europe
    Group's operating income was up $1.9 million due to an improved gross profit
    margin resulting from sourcing initiatives and favorable exchange rates. In
    Corporate, reduced operating expenses were offset by GBC's share
    (approximately $1.2 million) of the net loss of one of its equity method
    investments (GMP Co. Ltd).
    <LI>Restructuring and other charges consisted of $1.3 million related to a
    plant closing and reduction in force, and a $4.7 million non-cash charge for
    impairment of the Company's investment in GMP. As a result of GMP's fourth
    quarter loss and other business factors, GBC performed an evaluation and
    determined that its investment in GMP was impaired. In 2002, restructuring
    and other charges were $1.8 million.
    <LI>Interest expense totaled $7.3 million, down 24% from the $9.6 million
    recorded last year. The decrease was primarily due to lower interest rates
    on the Company's borrowings, resulting from the Company's refinancings
    completed in the second quarter, as well as lower average debt levels during
    the quarter.
    <LI>Income tax expense was $7.8 million for the quarter.&nbsp; Income taxes
    were negatively impacted by a non-cash write-off of deferred tax assets as a
    result of the reorganization of certain international subsidiaries ($4.4
    million).&nbsp; Also contributing was <A name=OLE_LINK1>the combined effect
    of the pre-tax impairment charge and GBC's share of the loss from GMP. These
    items were not tax deductible.</A>
    <LI>Net loss totaled $(0.19) per diluted share, compared to a net income
    last year of $0.20 per share.</UL>
  <UL>
    <LI>Total net debt at the end of the quarter, adjusted for cash and
    equivalents, was $292.4 million, down $18.4 million from the amount
    outstanding at the end of the third quarter and down a cumulative $30.7
    million from year-end 2002.</LI></UL></UL><U>
<B>
<P>Full Year 2003</P>
<UL>
  <UL></B></U>
    <LI>Sales totaled $697.9 million, down $3.8 million, or 0.5%, from the prior
    year. The bulk of the decline occurred in the Commercial and Consumer Group
    due to lower demand for visual communications equipment. The Industrial and
    Print Finishing Group posted a sales decline of $1.2 million primarily due
    to continued weakness in the U.S. Commercial Films business. Europe posted a
    $4.7 million increase, primarily as a result of favorable exchange rates.
    <LI>The Company's gross profit margin increased by 0.2 percentage points in
    2003 to 39.9% from the 39.7% in 2002.
    <LI>Selling, service and administrative expenses were down approximately
    $3.8 million in 2003 as a result of lower variable selling expenses and
    Operational Excellence improvements.
    <LI>Segment operating income for the year was up $3.3 million over 2002.
    This is primarily a result of second half reductions in Commercial and
    Consumer Group operating expenses and second half improvements in Europe
    Group gross profit margin.
    <LI>Interest expense for the year was $34.4 million, down $5.5 million from
    2002 due to lower interest rates on the Company's borrowings as a result of
    the debt refinancings completed in the second quarter and due to lower
    average borrowings during the year.
    <LI>Income tax expense was $7.6 million for the year. Income taxes were
    negatively impacted by a non-cash write-off of deferred tax assets as a
    result of the reorganization of certain international subsidiaries.&nbsp;
    Also contributing was the combined effect of the pre-tax impairment charge
    and GBC's share of the loss from GMP. These items were not tax deductible.
    <LI>The results for the year included restructuring and other charges of
    $15.8 million, compared to charges of $9.1 million in 2002. In addition, in
    2002 the Company adopted SFAS No. 142, "Goodwill and Other Intangible
    Assets", which resulted in a non-cash charge of $79.0 million.
    <LI>A net loss of $(0.20) per share was recorded in 2003, compared to a net
    loss of $(5.04) per share in 2002.
    <LI>Total net debt at the end of the year, adjusted for cash and
    equivalents, was $292.4 million, reflecting a reduction of $30.7 million
    from the prior year-end.</LI></UL></UL>
<P>&nbsp;</P><U>
<B>
<P>Conference Call</P></B></U>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February 19, 2004, at 10:00 a.m. Central
Time, GBC's management will host a conference call to discuss the Company's
fourth quarter and full year 2003 results. The live presentation, and an
archived replay, will be available via an internet webcast and can be accessed
from the investor relations section of GBC's website at
http://www.gbc.com or www.streetevents.com.</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp; GBC is a world leader in products that bind,
laminate, and display information enabling people to accomplish more at work,
school and home. GBC's products are marketed in over 100 countries under the
GBC, Quartet, and Ibico brands, and they help people enhance printed materials
and organize and communicate ideas.</P><I><FONT size=2>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This press release includes forward-looking
statements involving uncertainties and risks, and there can be no assurance that
actual results will not differ from the Company's expectations. The words
"should," "believe," "anticipates," "plans," "may," "expects" and other
expressions that indicate future events and trends identify forward-looking
statements. Factors that could cause materially-different results include, among
other things, competition within the office products and lamination film
products markets, effects of general economic conditions, the restructuring
activities associated with the integration and go-to-market strategies of the
Company's business units, the ability of the Company's distributors to
successfully market the Company's products and other risks described in the
Company's filings with the S.E.C. The Company assumes no obligation to update
its forward-looking statements.</P></FONT>
</I>
<FONT size=2>
<P>Contact:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
Tony Giuliano<br>
Assistant Treasurer<br>
&amp; Director of Investor Relations<br>
(847) 291-5451<br>
inv-rel@gbc.com (E-mail)<br>
www.gbc.com (GBC's web site)</P>
<P>&nbsp;</P>
</FONT>
<P align="center"><b>Exhibit 99.2</b></P>
<P align="right"><b>Exhibit A to<br>
2003 Q4 Earnings Release</b></P>
<TABLE borderColor=#000000 cellSpacing=0 cellPadding=0 width=660 border=0>
  <TR>
<FONT size=2>
    <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>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top colSpan=10 height=18 width="655"><FONT face=Arial size=2>
      <B>
      <P align=center>THREE AND TWELVE MONTHS ENDED DECEMBER 31,
      2003</B></FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top colSpan=10 height=15 width="655"><FONT face=Arial size=2>
      <P align=center>(Amounts in Thousands except Per Share
    Amounts)</FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=15>
      <P></P></TD>
    <TD vAlign=top width="18" height=15>
      <P></P></TD>
    <TD vAlign=top width="284" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15>
      <P></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15>
      <P></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15>
      <P></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15>
      <P></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=15>
      <P></P></TD>
    <TD vAlign=top width="18" height=15>
      <P></P></TD>
    <TD vAlign=top width="284" height=15>
      <P></P></TD>
    <TD vAlign=top width="163" colSpan=3 height=15><FONT face=Arial size=2>
      <B>
      <P align=center>Three Months Ended</B></FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="152" colSpan=3 height=15><FONT face=Arial size=2>
      <B>
      <P align=center>Twelve Months Ended</B></FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="284" height=16>
      <P></P></TD>
    <TD vAlign=top width="163" colSpan=3 height=16><B><FONT face=Arial size=2>
      <P align=center><u>December 31,</u></FONT></B></P></TD>
    <TD vAlign=top width="6" height=16>
      <P></P></TD>
    <TD vAlign=top width="152" colSpan=3 height=16><B><FONT face=Arial size=2>
      <P align=center><u>December 31,</u></FONT></B></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="330" colSpan=3 height=16><FONT face=Arial
      size=2>
      <U><B>
      <P>CONSOLIDATED SUMMARY OF INCOME</B></U></FONT></P></TD>
    <TD vAlign=top width="73" height=16><B><FONT face=Arial size=2>
      <P align=center><u>2003</u></FONT> </B></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="78" height=16><B><FONT face=Arial size=2>
      <P align=center><u>2002</u></FONT> </B></P></TD>
    <TD vAlign=top width="6" height=16>
      <P></P></TD>
    <TD vAlign=top width="73" height=16><B><FONT face=Arial size=2>
      <P align=center><u>2003</u></FONT> </B></P></TD>
    <TD vAlign=top width="10" height=16>
      <P></P></TD>
    <TD vAlign=top width="65" height=16><B><FONT face=Arial size=2>
      <P align=center><u>2002</u></FONT> </B></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=15>
      <P></P></TD>
    <TD vAlign=top width="18" height=15>
      <P></P></TD>
    <TD vAlign=top width="284" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=center>(Unaudited)</FONT></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=center>(Unaudited)</FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15>
      <P></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15>
      <P></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=9>
      <P></P></TD>
    <TD vAlign=top width="18" height=9>
      <P></P></TD>
    <TD vAlign=top width="284" height=9>
      <P></P></TD>
    <TD vAlign=top width="73" height=9>
      <P></P></TD>
    <TD vAlign=top width="9" height=9>
      <P></P></TD>
    <TD vAlign=top width="78" height=9>
      <P></P></TD>
    <TD vAlign=top width="6" height=9>
      <P></P></TD>
    <TD vAlign=top width="73" height=9>
      <P></P></TD>
    <TD vAlign=top width="10" height=9>
      <P></P></TD>
    <TD vAlign=top width="65" height=9>
      <P></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="330" colSpan=3 height=15><FONT face=Arial size=2>
      <P>Net sales</FONT></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>$ 182,231 </FONT></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=right>$ 179,219 </FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>$ 697,908 </FONT></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15><FONT face=Arial size=2>
      <P align=right>$701,728 </FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="330" colSpan=3 height=15><FONT face=Arial size=2>
      <P>Cost of sales:</FONT></P></TD>
    <TD vAlign=top width="73" height=15>
      <P></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15>
      <P></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15>
      <P></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15>
      <P></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=15>
      <P></P></TD>
    <TD vAlign=top width="304" colSpan=2 height=15><FONT face=Arial size=2>
      <P>Product cost of sales, including development</FONT></P></TD>
    <TD vAlign=top width="73" height=15>
      <P></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15>
      <P></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15>
      <P></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15>
      <P></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=15>
      <P></P></TD>
    <TD vAlign=top width="18" height=15>
      <P></P></TD>
    <TD vAlign=top width="284" height=15><FONT face=Arial size=2>
      <P>and engineering</FONT></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>109,637 </FONT></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=right>106,122 </FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>419,703 </FONT></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15><FONT face=Arial size=2>
      <P align=right>422,952 </FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=15>
      <P></P></TD>
    <TD vAlign=top width="304" colSpan=2 height=15><FONT face=Arial size=2>
      <P>Inventory rationalization and write-down charges</FONT></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>- </FONT></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=right>377 </FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>- </FONT></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15><FONT face=Arial size=2>
      <P align=right>1,049 </FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="330" colSpan=3 height=15><FONT face=Arial size=2>
      <P>Selling, service and administrative</FONT></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>54,108 </FONT></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=right>56,695 </FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>222,738 </FONT></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15><FONT face=Arial size=2>
      <P align=right>226,576 </FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="330" colSpan=3 height=15><FONT face=Arial size=2>
      <P>Amortization of intangible assets</FONT></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>189 </FONT></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=right>189 </FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>754 </FONT></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15><FONT face=Arial size=2>
      <P align=right>853 </FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="330" colSpan=3 height=15><FONT face=Arial size=2>
      <P>Restructuring and other:</FONT></P></TD>
    <TD vAlign=top width="73" height=15>
      <P></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15>
      <P></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15>
      <P></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15>
      <P></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=15>
      <P></P></TD>
    <TD vAlign=top width="304" colSpan=2 height=15><FONT face=Arial size=2>
      <P>Restructuring</FONT></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>1,313 </FONT></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=right>1,580 </FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>11,102 </FONT></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15><FONT face=Arial size=2>
      <P align=right>8,013 </FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=15>
      <P></P></TD>
    <TD vAlign=top width="304" colSpan=2 height=15><FONT face=Arial size=2>
      <P>Other (2)</FONT></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>4,679 </FONT></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=right>204 </FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>4,679 </FONT></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15><FONT face=Arial size=2>
      <P align=right>1,081 </FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="330" colSpan=3 height=15><FONT face=Arial size=2>
      <P>Interest expense</FONT></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>7,317 </FONT></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=right>9,600 </FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>34,408 </FONT></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15><FONT face=Arial size=2>
      <P align=right>39,898 </FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="330" colSpan=3 height=15><FONT face=Arial size=2>
      <P>Other expense (income), net</FONT></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp;275</u></P> </FONT></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=right><u>&nbsp;&nbsp;(173)</u></FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp;156</u> </FONT></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15><FONT face=Arial size=2>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp;247</u> </FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=15>
      <P></P></TD>
    <TD vAlign=top width="18" height=15>
      <P></P></TD>
    <TD vAlign=top width="284" height=15><FONT face=Arial size=2>
      <P>Income before taxes and cumulative effect of</FONT></P></TD>
    <TD vAlign=top width="73" height=15>
      <P></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15>
      <P></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15>
      <P></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15>
      <P></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=15>
      <P></P></TD>
    <TD vAlign=top width="18" height=15>
      <P></P></TD>
    <TD vAlign=top width="284" height=15><FONT face=Arial size=2>
      <P>accounting change</FONT></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>4,713 </FONT></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=right>4,625 </FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>4,368 </FONT></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15><FONT face=Arial size=2>
      <P align=right>1,059 </FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="330" colSpan=3 height=15><FONT face=Arial size=2>
      <P>Income tax expense (3)</FONT></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right><u>&nbsp;7,820</u> </FONT></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=right><u>&nbsp;1,418</u> </FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right><u>&nbsp;7,630</u> </FONT></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15><FONT face=Arial size=2>
      <P align=right><u>&nbsp;2,045</u> </FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="330" colSpan=3 height=15><FONT face=Arial size=2>
      <P>(Loss) income before cumulative effect of accounting</FONT></P></TD>
    <TD vAlign=top width="73" height=15>
      <P></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15>
      <P></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15>
      <P></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15>
      <P></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="44" colSpan=2 height=15>
      <P></P></TD>
    <TD vAlign=top width="284" height=15>
      <P><FONT face=Arial size=2>
      change</FONT></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>(3,107)</FONT></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=right>3,207 </FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>(3,262)</FONT></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15><FONT face=Arial size=2>
      <P align=right>(986)</FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="330" colSpan=3 height=15><FONT face=Arial size=2>
      <P>Cumulative effect of accounting change, net of taxes (1)</FONT></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      -</u> </FONT></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</u> </FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      -</u> </FONT></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15><FONT face=Arial size=2>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp; 79,024</u> </FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=15>
      <P></P></TD>
    <TD vAlign=top width="18" height=15>
      <P></P></TD>
    <TD vAlign=top width="284" height=15><FONT face=Arial size=2>
      <P>Net (loss) income</FONT></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>$ (3,107)<br>
      ======</FONT></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=right>$ 3,207<br>
      ===== </FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>$ (3,262)<br>
      ======</FONT></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15><FONT face=Arial size=2>
      <P align=right>$ (80,010)<br>
      =======</FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="330" colSpan=3 height=15><FONT face=Arial size=2>
      <P>Earnings per share:</FONT></P></TD>
    <TD vAlign=top width="73" height=15>
      <P></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15>
      <P></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15>
      <P></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15>
      <P></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=15>
      <P></P></TD>
    <TD vAlign=top width="304" colSpan=2 height=15><FONT face=Arial size=2>
      <P>Basic and diluted</FONT></P></TD>
    <TD vAlign=top width="73" height=15>
      <P></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15>
      <P></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15>
      <P></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15>
      <P></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=15>
      <P></P></TD>
    <TD vAlign=top width="18" height=15>
      <P></P></TD>
    <TD vAlign=top width="284" height=15><FONT face=Arial size=2>
      <P>Before cumulative effect of accounting change</FONT></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>$ (0.19)</FONT></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=right>$ 0.20 </FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>$ (0.20)</FONT></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15><FONT face=Arial size=2>
      <P align=right>$ (0.06)</FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=15>
      <P></P></TD>
    <TD vAlign=top width="18" height=15>
      <P></P></TD>
    <TD vAlign=top width="284" height=15><FONT face=Arial size=2>
      <P>Cumulative effect of accounting change</FONT></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</u> </FONT></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</u> </FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</u> </FONT></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15><FONT face=Arial size=2>
      <P align=right><u>&nbsp;&nbsp; (4.98)</u></FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=15>
      <P></P></TD>
    <TD vAlign=top width="18" height=15>
      <P></P></TD>
    <TD vAlign=top width="284" height=15><FONT face=Arial size=2>
      <P>Net income (loss) per share</FONT></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>$ (0.19)<br>
      =====</FONT></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=right>$ 0.20<br>
      ====</FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>$ (0.20)<br>
      =====</FONT></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15><FONT face=Arial size=2>
      <P align=right>$ (5.04)<br>
      =====</FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="330" colSpan=3 height=15><FONT face=Arial size=2>
      <P>Avg. common shares outs. (basic)</FONT></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>16,013 </FONT></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=right>15,927 </FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>15,978 </FONT></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15><FONT face=Arial size=2>
      <P align=right>15,883 </FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="330" colSpan=3 height=15><FONT face=Arial size=2>
      <P>Avg. common shares outs. (diluted)</FONT></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>16,013 </FONT></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15><FONT face=Arial size=2>
      <P align=right>16,231 </FONT></P></TD>
    <TD vAlign=top width="6" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15><FONT face=Arial size=2>
      <P align=right>15,978 </FONT></P></TD>
    <TD vAlign=top width="10" height=15>
      <P></P></TD>
    <TD vAlign=top width="65" height=15><FONT face=Arial size=2>
      <P align=right>15,883 </FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=15></TD>
    <TD vAlign=top width="629" colSpan=9 height=15></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=15><FONT face=Arial size=2>
      <P>(1)</FONT></P></TD>
    <TD vAlign=top width="629" colSpan=9 height=15><FONT face=Arial size=2>
      <P>GBC implemented SFAS No. 142, "Goodwill and other Intangible Assets,"
      in the first quarter of 2002. SFAS No. 142 subjects goodwill to a
      fair-value based impairment test. As a result of applying the impairment
      tests, GBC recorded a gross goodwill impairment of $110.0 million and an
      offsetting tax benefit of $31.0 million. These impairment charges were
      recorded as of January 1, 2002. This charge is non-cash and had no impact
      on the Company's operations. </FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=15><FONT face=Arial size=2>
      <P>(2)</FONT></P></TD>
    <TD vAlign=top width="629" colSpan=9 height=15><FONT face=Arial size=2>
      <P>In the fourth quarter, GBC recorded a loss of $4,679 on the impairment
      of its investment in a joint venture. This charge is non-cash and had no
      impact on the Company's operations.</FONT></P></TD>
</FONT>
  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="24" height=15><FONT face=Arial size=2>
      <P>(3)</FONT></P></TD>
    <TD vAlign=top width="629" colSpan=9 height=15><FONT face=Arial size=2>
      <P>Income tax expense was $7.8 million for the quarter.&nbsp; Income taxes
      were negatively impacted by a non-cash write-off of deferred tax assets as
      a result of the reorganization of certain international subsidiaries ($4.4
      million).&nbsp; Also contributing was the combined effect of the $4.7
      million pre-tax impairment charge and GBC's share of the loss from GMP.
      These items were not tax deductible.</FONT></P></TD>
</FONT>
  </TR>
  </TABLE>
<P align="right">&nbsp;</P>
<P align="right"><b>Exhibit B to<br>
2003 Q4 Earnings Release</b></P>
<TABLE cellSpacing=0 cellPadding=0 width=634 border=0>
  <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=15 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=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="197" height=18 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=18>
      <P></P></TD>
    <TD vAlign=top width="186" height=18 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=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=18><B><FONT face=Arial>
      <P align=center><font size="2">Three Months Ended</font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=18><B><FONT face=Arial>
      <P align=center><font size="2">Twelve Months Ended</font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=18><B><FONT face=Arial>
      <P align=center><font size="2"><u>December 31,</u></font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=18><B><FONT face=Arial>
      <P align=center><font size="2"><u>December 31,</u></font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="97" height=18><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT> </B></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18><B><FONT face=Arial>
      <P align=center><font size="2"><u>2002</u></font></FONT> </B></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT> </B></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18><B><FONT face=Arial>
      <P align=center><font size="2"><u>2002</u></font></FONT> </B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="97" height=18>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="97" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18>
      <P></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18>
      <P></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="213" height=18 colspan="3"><FONT face=Arial>
      <P><font size="2">Commercial and Consumer Group</font></P></FONT></TD>
    <TD vAlign=top width="97" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 120,388</font> </FONT></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 120,128</font> </FONT></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 460,243</font> </FONT></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 467,543</font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="213" height=18 colspan="3"><FONT face=Arial>
      <P><font size="2">Industrial and Print Finishing Group</font></P></FONT></TD>
    <TD vAlign=top width="97" height=18><FONT face=Arial>
      <P align=right><font size="2">34,973</font> </FONT></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18><FONT face=Arial>
      <P align=right><font size="2">33,792</font> </FONT></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18><FONT face=Arial>
      <P align=right><font size="2">137,064</font> </FONT></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18><FONT face=Arial>
      <P align=right><font size="2">138,299</font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="213" height=18 colspan="3"><FONT face=Arial>
      <P><font size="2">Europe</font></P></FONT></TD>
    <TD vAlign=top width="97" height=18><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;&nbsp;&nbsp;&nbsp; 26,870</u></font> </FONT></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;&nbsp;&nbsp;&nbsp; 25,299</u></font> </FONT></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;&nbsp; 100,601</u></font> </FONT></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;&nbsp;&nbsp;&nbsp; 95,886</u></font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18><FONT face=Arial>
      <P><font size="2">Total</font></FONT></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="97" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 182,231<br>
      =======</font> </FONT></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 179,219<br>
      =======</font> </FONT></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 697,908<br>
      =======</font> </FONT></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 701,728<br>
      =======</font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="97" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18>
      <P></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18>
      <P></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=18><B><FONT face=Arial>
      <P align=center><font size="2">Segment</font></FONT> </B></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=18><B><FONT face=Arial>
      <P align=center><font size="2">Segment</font></FONT> </B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=18><B><FONT face=Arial>
      <P align=center><font size="2">Operating Income (1)</font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="184" colSpan=3 height=18><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=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=18><B><FONT face=Arial>
      <P align=center><font size="2">Three Months Ended</font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=18><B><FONT face=Arial>
      <P align=center><font size="2">Twelve Months Ended</font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=18><B><FONT face=Arial>
      <P align=center><font size="2"><u>December 31,</u></font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=18><B><FONT face=Arial>
      <P align=center><font size="2"><u>December 31,</u></font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="97" height=18><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18><B><FONT face=Arial>
      <P align=center><font size="2"><u>2002</u></font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18><B><FONT face=Arial>
      <P align=center><font size="2"><u>2002</u></font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="97" height=18>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="97" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18>
      <P></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18>
      <P></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="213" height=18 colspan="3"><FONT face=Arial>
      <P><font size="2">Commercial and Consumer Group</font></P></FONT></TD>
    <TD vAlign=top width="97" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 17,252</font> </FONT></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 16,043</font> </FONT></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 56,573</font> </FONT></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 58,510</font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="213" height=18 colspan="3"><FONT face=Arial>
      <P><font size="2">Industrial and Print Finishing Group</font></P></FONT></TD>
    <TD vAlign=top width="97" height=18><FONT face=Arial>
      <P align=right><font size="2">3,744</font> </FONT></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18><FONT face=Arial>
      <P align=right><font size="2">4,485</font> </FONT></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18><FONT face=Arial>
      <P align=right><font size="2">17,204</font> </FONT></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18><FONT face=Arial>
      <P align=right><font size="2">18,301</font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18><FONT face=Arial>
      <P><font size="2">Europe</font></FONT></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="97" height=18><FONT face=Arial>
      <P align=right><font size="2">3,406</font> </FONT></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18><FONT face=Arial>
      <P align=right><font size="2">1,542</font> </FONT></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18><FONT face=Arial>
      <P align=right><font size="2">6,085</font> </FONT></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18><FONT face=Arial>
      <P align=right><font size="2">1,359</font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18><FONT face=Arial>
      <P><font size="2">Unallocated corporate items</font></FONT></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="97" height=18><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp; (6,105)</u></font></FONT></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp; (5,857)</u></font></FONT></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;(25,149)</u></font></FONT></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;(26,823)</u></font></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18><FONT face=Arial>
      <P><font size="2">Total</font></FONT></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="97" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 18,297<br>
      ======</font> </FONT></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 16,213<br>
      ======</font> </FONT></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 54,713<br>
      ======</font> </FONT></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 51,347<br>
      ======</font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="97" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18>
      <P></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18>
      <P></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=15>
      <P></P></TD>
    <TD vAlign=top width="185" height=15>
      <P></P></TD>
    <TD vAlign=top width="13" height=15>
      <P></P></TD>
    <TD vAlign=top width="15" height=15>
      <P></P></TD>
    <TD vAlign=top width="97" height=15>
      <P></P></TD>
    <TD vAlign=top width="15" height=15>
      <P></P></TD>
    <TD vAlign=top width="81" height=15>
      <P></P></TD>
    <TD vAlign=top width="4" height=15>
      <P></P></TD>
    <TD vAlign=top width="93" height=15>
      <P></P></TD>
    <TD vAlign=top width="16" height=15>
      <P></P></TD>
    <TD vAlign=top width="73" height=15>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="391" colSpan=7 height=18><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=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=18><B><FONT face=Arial>
      <P align=center><font size="2">Three Months Ended</font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=18><B><FONT face=Arial>
      <P align=center><font size="2">Twelve Months Ended</font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=18><B><FONT face=Arial>
      <P align=center><font size="2"><u>December 31,</u></font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=18><B><FONT face=Arial>
      <P align=center><font size="2"><u>December 31,</u></font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="97" height=18><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT> </B></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18><B><FONT face=Arial>
      <P align=center><font size="2"><u>2002</u></font></FONT> </B></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT> </B></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18><B><FONT face=Arial>
      <P align=center><font size="2"><u>2002</u></font></FONT> </B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18>
      <P></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="97" height=18>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18><FONT face=Arial>
      <P><font size="2">Total segment operating income</font></FONT></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="97" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 18,297</font> </FONT></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 16,213</font> </FONT></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 54,713</font> </FONT></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 51,347</font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18><FONT face=Arial>
      <P><font size="2">Interest expense</font></FONT></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="97" height=18><FONT face=Arial>
      <P align=right><font size="2">7,317</font> </FONT></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18><FONT face=Arial>
      <P align=right><font size="2">9,600</font> </FONT></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18><FONT face=Arial>
      <P align=right><font size="2">34,408</font> </FONT></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18><FONT face=Arial>
      <P align=right><font size="2">39,898</font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="213" height=18 colspan="3"><FONT face=Arial>
      <P><font size="2">Restructuring and other expenses</font></P></FONT></TD>
    <TD vAlign=top width="97" height=18><FONT face=Arial>
      <P align=right><font size="2">5,992</font> </FONT></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18><FONT face=Arial>
      <P align=right><font size="2">2,161</font> </FONT></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18><FONT face=Arial>
      <P align=right><font size="2">15,781</font> </FONT></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18><FONT face=Arial>
      <P align=right><font size="2">10,143</font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18><FONT face=Arial>
      <P><font size="2">Other (income) expense</font></FONT></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="97" height=18><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275</u></font> </FONT></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;&nbsp;&nbsp; (173)</u></font></FONT></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156</u></font> </FONT></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247</u></font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="312" colSpan=4 height=18><FONT face=Arial>
      <P><font size="2">Income before taxes and cumulative effect of</font> </FONT></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18>
      <P></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18>
      <P></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="185" height=18><FONT face=Arial>
      <P><font size="2">accounting change</font></FONT></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="97" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 4,713<br>
      =====</font></FONT></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 4,625<br>
      =====</font> </FONT></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 4,368<br>
      =====</font> </FONT></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 1,059<br>
      =====</font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="207" colSpan=2 height=18><U><FONT face=Arial>
      <P><font size="2">Notes:</font></FONT></U></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="97" height=18>
      <P></P></TD>
    <TD vAlign=top width="15" height=18>
      <P></P></TD>
    <TD vAlign=top width="81" height=18>
      <P></P></TD>
    <TD vAlign=top width="4" height=18>
      <P></P></TD>
    <TD vAlign=top width="93" height=18>
      <P></P></TD>
    <TD vAlign=top width="16" height=18>
      <P></P></TD>
    <TD vAlign=top width="73" height=18>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18><FONT face=Arial>
      <P><font size="2">(1)</font></FONT></P></TD>
    <TD vAlign=top width="610" colSpan=10 height=18><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. Inventory rationalization and write-down charges,
      restructuring and other expenses are not included in segment results.
      Additionally, certain expenses of a corporate nature and certain shared
      expenses are not allocated to the business groups.</font></FONT></P></TD></TR>
  </TABLE>
<P align="right">&nbsp;</P>
<p align="right"><b>Exhibit C to<br>
2003 Q4 Earnings Release</b></p>
<TABLE borderColor=#000000 cellSpacing=0 cellPadding=0 width=642 border=0>
  <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=18 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=14 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=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><B><FONT face=Arial>
      <P align=center><font size="2">December 31,</font></FONT></B></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14><B><FONT face=Arial>
      <P align=center><font size="2">December 31,</font></FONT></B></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="282" colSpan=3 height=15><B><U><FONT face=Arial>
      <P><font size="2">BALANCE SHEET SUMMARY</font></FONT></U></B></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><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT> </B></P></TD>
    <TD vAlign=top width="13" height=15>
      <P></P></TD>
    <TD vAlign=top width="114" height=15><B><FONT face=Arial>
      <P align=center><font size="2"><u>2002</u></font></FONT> </B></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=14><B><U><FONT face=Arial>
      <P><font size="2">Assets</font></FONT></U></B></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="282" colSpan=3 height=14><FONT face=Arial>
      <P><font size="2">Current assets:</font></FONT></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="263" colSpan=2 height=14><FONT face=Arial>
      <P><font size="2">Cash and equivalents</font></FONT></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><FONT face=Arial>
      <P align=right><font size="2">$ 9,568</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14><FONT face=Arial>
      <P align=right><font size="2">$ 18,251</font> </FONT></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="263" colSpan=2 height=14><FONT face=Arial>
      <P><font size="2">Receivables, net</font></FONT></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><FONT face=Arial>
      <P align=right><font size="2">128,391</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14><FONT face=Arial>
      <P align=right><font size="2">121,709</font> </FONT></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="263" colSpan=2 height=14><FONT face=Arial>
      <P><font size="2">Inventories</font></FONT></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><FONT face=Arial>
      <P align=right><font size="2">86,240</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14><FONT face=Arial>
      <P align=right><font size="2">91,920</font> </FONT></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="263" colSpan=2 height=14><FONT face=Arial>
      <P><font size="2">Other</font></FONT></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><FONT face=Arial>
      <P align=right><font size="2">33,914</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14><FONT face=Arial>
      <P align=right><font size="2">34,913</font> </FONT></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><FONT face=Arial>
      <P><font size="2">Total current assets</font></FONT></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><FONT face=Arial>
      <P align=right><u><font size="2">&nbsp;&nbsp; 258,113</font> </u> </FONT></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14><FONT face=Arial>
      <P align=right><u><font size="2">&nbsp;&nbsp; 266,793</font> </u> </FONT></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="282" colSpan=3 height=14><FONT face=Arial>
      <P><font size="2">Capital assets, net</font></FONT></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><FONT face=Arial>
      <P align=right><font size="2">94,986</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14><FONT face=Arial>
      <P align=right><font size="2">106,877</font> </FONT></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="282" colSpan=3 height=14><FONT face=Arial>
      <P><font size="2">Other assets</font></FONT></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><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;&nbsp; 177,484</u></font> </FONT></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;&nbsp; 180,839</u></font> </FONT></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=15>
      <P></P></TD>
    <TD vAlign=top width="17" height=15>
      <P></P></TD>
    <TD vAlign=top width="244" height=15><B><FONT face=Arial>
      <P><font size="2">Total Assets</font></FONT></B></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><FONT face=Arial>
      <P align=right><font size="2">$ 530,583<br>
      =======</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=15>
      <P></P></TD>
    <TD vAlign=top width="114" height=15><FONT face=Arial>
      <P align=right><font size="2">$ 554,509<br>
      =======</font> </FONT></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=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=14><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=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="282" colSpan=3 height=14><FONT face=Arial>
      <P><font size="2">Current liabilities:</font></FONT></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="263" colSpan=2 height=14><FONT face=Arial>
      <P><font size="2">Accounts payable</font></FONT></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><FONT face=Arial>
      <P align=right><font size="2">$ 51,253</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14><FONT face=Arial>
      <P align=right><font size="2">$ 50,459</font> </FONT></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="263" colSpan=2 height=14><FONT face=Arial>
      <P><font size="2">Accrued liabilities</font></FONT></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><FONT face=Arial>
      <P align=right><font size="2">85,119</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14><FONT face=Arial>
      <P align=right><font size="2">86,579</font> </FONT></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="263" colSpan=2 height=14><FONT face=Arial>
      <P><font size="2">Notes payable and current maturities</font></FONT></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><FONT face=Arial>
      <P align=right><font size="2">19,995</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14><FONT face=Arial>
      <P align=right><font size="2">26,654</font> </FONT></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><FONT face=Arial>
      <P><font size="2">Total current liabilities</font></FONT></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><FONT face=Arial>
      <P align=right><u><font size="2">&nbsp;&nbsp; 156,367</font> </u> </FONT></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14><FONT face=Arial>
      <P align=right><u><font size="2">&nbsp;&nbsp; 163,692</font> </u> </FONT></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="282" colSpan=3 height=14><FONT face=Arial>
      <P><font size="2">Long-term debt less current maturities</font></FONT></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><FONT face=Arial>
      <P align=right><font size="2">282,019</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14><FONT face=Arial>
      <P align=right><font size="2">314,766</font> </FONT></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="282" colSpan=3 height=14><FONT face=Arial>
      <P><font size="2">Other long-term liabilities</font></FONT></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><FONT face=Arial>
      <P align=right><font size="2">34,580</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14><FONT face=Arial>
      <P align=right><font size="2">33,920</font> </FONT></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="282" colSpan=3 height=14><FONT face=Arial>
      <P><font size="2">Deferred tax liabilities</font></FONT></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><FONT face=Arial>
      <P align=right><font size="2">3,408</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14><FONT face=Arial>
      <P align=right><font size="2">-</font> </FONT></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="282" colSpan=3 height=14><FONT face=Arial>
      <P><font size="2">Total stockholders' equity</font></FONT></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><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;&nbsp;&nbsp; 54,209</u></font> </FONT></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;&nbsp;&nbsp; 42,131</u></font> </FONT></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=15>
      <P></P></TD>
    <TD vAlign=top width="17" height=15>
      <P></P></TD>
    <TD vAlign=top width="340" height=15 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=15><FONT face=Arial>
      <P align=right><font size="2">$ 530,583<br>
      =======</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=15>
      <P></P></TD>
    <TD vAlign=top width="114" height=15><FONT face=Arial>
      <P align=right><font size="2">$ 554,509<br>
      =======</font> </FONT></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=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=14 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">Twelve 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>December 31,</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>December 31,</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>2003</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>2002</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>2003</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>2002</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=17><FONT face=Arial>
      <P><font size="2">Depreciation and amortization expense</font></FONT></P></TD>
    <TD vAlign=top width="78" height=17><FONT face=Arial>
      <P align=right><font size="2">$ 5,256<br>
      =====</font> </FONT></P></TD>
    <TD vAlign=top width="18" height=17>
      <P></P></TD>
    <TD vAlign=top width="112" height=17><FONT face=Arial>
      <P align=right><font size="2">$ 6,324<br>
      =====</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17><FONT face=Arial>
      <P align=right><font size="2">$ 25,162<br>
      ======</font> </FONT></P></TD>
    <TD vAlign=top width="9" height=17>
      <P></P></TD>
    <TD vAlign=top width="66" height=17><FONT face=Arial>
      <P align=right><font size="2">$ 28,412<br>
      ======</font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=17><FONT face=Arial>
      <P><font size="2">Capital expenditures</font></FONT></P></TD>
    <TD vAlign=top width="78" height=17><FONT face=Arial>
      <P align=right><font size="2">$ 2,520<br>
      =====</font> </FONT></P></TD>
    <TD vAlign=top width="18" height=17>
      <P></P></TD>
    <TD vAlign=top width="112" height=17><FONT face=Arial>
      <P align=right><font size="2">$ 2,716<br>
      =====</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17><FONT face=Arial>
      <P align=right><font size="2">$&nbsp; 8,468<br>
      ======</font> </FONT></P></TD>
    <TD vAlign=top width="9" height=17>
      <P></P></TD>
    <TD vAlign=top width="66" height=17><FONT face=Arial>
      <P align=right><font size="2">$&nbsp; 9,010<br>
      ======</font> </FONT></P></TD></TR>
  </TABLE>

</body>

</html>
[{"type": "8-K", "sequence": "1", "filename": "gbceightk.htm", "description": "Q4 2003 PRESS RELEASE", "secsgml_size_bytes": 102458}]
{"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": "04617147"}, "business-address": {"street1": "ONE GBC PLZ", "city": "NORTHBROOK", "state": "IL", "zip": "60062", "phone": "8472723700"}, "mail-address": {"street1": "ONE GBC PLZ", "city": "NORHBROOK", "state": "IL", "zip": "60062"}}
UNITED STATES  SECURITIES AND EXCHANGE COMMISSION Washington
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 February 19, 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 February 18, 2004.
99.2  Tables to press release of Registrant dated
February 18, 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 February 18, 2004, which reports Registrant's fourth quarter 2003
results, pursuant to Item 12, "Results of Operations and Financial Condition",
of Form 8-K. The press release and related tables are included herewith as
Exhibits 99.1 and 99.2, respectively, and are incorporated herein by
reference.
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.
GENERAL BINDING CORPORATION
By:
/s/ Steven
Rubin
Steven
Rubin
Vice President, Secretary
&
General
Counsel
February 19, 2004
2
Exhibit 99.1
GBC REPORTS HIGHER OPERATING INCOME AND CONTINUED DEBT
REDUCTIONS ON STABLE SALES FOR 4
th
QUARTER AND FULL YEAR
Northbrook, IL, February 18, 2004 -- General
Binding Corporation (Nasdaq: GBND) today announced results for the fourth
quarter and full year 2003, reflecting both stable revenues and improvements in
operating income and debt levels due to the ongoing success of its Operational
Excellence Program.
Sales in the fourth quarter totaled $182.2 million, up $3.0 million or 1.7%
from the fourth quarter of 2002. The gross profit margin of 39.8% for the
quarter was roughly flat with the third quarter of 2003 and down slightly from
last year. The Company's continued focus on improving cash flow resulted in an
$18.4 million reduction in net debt in the fourth quarter.
During the quarter, the Company recorded restructuring and other charges of
$6.0 million, which consisted of $1.3 million related to a plant closing and
reduction in force and a $4.7 million non-cash charge for impairment of GBC's
investment in a joint venture.
For the full year 2003, the Company reported sales of $697.9 million, down
$3.8 million, or 0.5%, from the prior year. The gross profit margin increased by
0.2 points to 39.9% from the 39.7% reported last year. Reduction in net debt for
the year was $30.7 million.
"GBC posted another fairly solid year in 2003. The weak sales environment
throughout most of 2003 showed some signs of improvement in the fourth quarter,"
said Dennis Martin, GBC's Chairman, President and CEO. "Despite challenging
market conditions in 2003, we continue to manage the controllable areas of our
business. Through the Operational Excellence initiatives we have implemented, we
improved operating income for both the fourth quarter and full year."
"One of GBC's strengths in recent periods has been its ability to
consistently generate cash to repay debt. In the fourth quarter, GBC generated
$18 million of cash to repay debt, which resulted in $31 million of net debt
repayment for the full year.
"Looking ahead, our primary challenge is to continue to identify and
capitalize on growth opportunities and to continue building a stronger, more
profitable company," continued Mr. Martin. "While the top line is not yet as
robust as we would like to see it, the combination of newly launched innovative
products, continued efforts to expand into new markets, and less volatile market
demand give us some optimism for 2004's revenue potential."
4th Quarter and Full Year 2003 Results
4th Quarter 2003 Results
Financial results for the quarter include the following highlights:
Sales totaled $182.2 million, up $3 million or 1.7% from the fourth
    quarter of 2002. International sales within all of the Groups were
    positively affected by exchange rate movements. Sales in the Commercial and
    Consumer Group were flat with last year at $120 million. The Industrial and
    Print Finishing Group's sales were up $1.2 million and the Europe Group
    sales were up $1.6 million, primarily due to favorable exchange rates.
The Company's gross profit margin decreased by 0.7 percentage points to
    39.8% compared to the prior year rate.
Selling, service and administrative expenses were down $2.6 million, or
    4.6% lower than prior year, primarily due to lower spending in the
    Commercial and Consumer Group.
Total segment operating income was $18.3 million, up $2.1 million, or
    12.8% compared to last year. Despite lower gross profit margins, operating
    income in the Commercial and Consumer Group increased $1.2 million. The
    increase was primarily a result of lower operating expenses, along with
    higher earnings from its Australian joint venture. Income in the Industrial
    and Print Finishing Group was down roughly $0.7 million primarily due to
    lower gross profit margin in U.S. Commercial Films business. The Europe
    Group's operating income was up $1.9 million due to an improved gross profit
    margin resulting from sourcing initiatives and favorable exchange rates. In
    Corporate, reduced operating expenses were offset by GBC's share
    (approximately $1.2 million) of the net loss of one of its equity method
    investments (GMP Co. Ltd).
Restructuring and other charges consisted of $1.3 million related to a
    plant closing and reduction in force, and a $4.7 million non-cash charge for
    impairment of the Company's investment in GMP. As a result of GMP's fourth
    quarter loss and other business factors, GBC performed an evaluation and
    determined that its investment in GMP was impaired. In 2002, restructuring
    and other charges were $1.8 million.
Interest expense totaled $7.3 million, down 24% from the $9.6 million
    recorded last year. The decrease was primarily due to lower interest rates
    on the Company's borrowings, resulting from the Company's refinancings
    completed in the second quarter, as well as lower average debt levels during
    the quarter.
Income tax expense was $7.8 million for the quarter.  Income taxes
    were negatively impacted by a non-cash write-off of deferred tax assets as a
    result of the reorganization of certain international subsidiaries ($4.4
    million).  Also contributing was
the combined effect
    of the pre-tax impairment charge and GBC's share of the loss from GMP. These
    items were not tax deductible.
Net loss totaled $(0.19) per diluted share, compared to a net income
    last year of $0.20 per share.
Total net debt at the end of the quarter, adjusted for cash and
    equivalents, was $292.4 million, down $18.4 million from the amount
    outstanding at the end of the third quarter and down a cumulative $30.7
    million from year-end 2002.
Full Year 2003
Sales totaled $697.9 million, down $3.8 million, or 0.5%, from the prior
    year. The bulk of the decline occurred in the Commercial and Consumer Group
    due to lower demand for visual communications equipment. The Industrial and
    Print Finishing Group posted a sales decline of $1.2 million primarily due
    to continued weakness in the U.S. Commercial Films business. Europe posted a
    $4.7 million increase, primarily as a result of favorable exchange rates.
The Company's gross profit margin increased by 0.2 percentage points in
    2003 to 39.9% from the 39.7% in 2002.
Selling, service and administrative expenses were down approximately
    $3.8 million in 2003 as a result of lower variable selling expenses and
    Operational Excellence improvements.
Segment operating income for the year was up $3.3 million over 2002.
    This is primarily a result of second half reductions in Commercial and
    Consumer Group operating expenses and second half improvements in Europe
    Group gross profit margin.
Interest expense for the year was $34.4 million, down $5.5 million from
    2002 due to lower interest rates on the Company's borrowings as a result of
    the debt refinancings completed in the second quarter and due to lower
    average borrowings during the year.
Income tax expense was $7.6 million for the year. Income taxes were
    negatively impacted by a non-cash write-off of deferred tax assets as a
    result of the reorganization of certain international subsidiaries. 
    Also contributing was the combined effect of the pre-tax impairment charge
    and GBC's share of the loss from GMP. These items were not tax deductible.
The results for the year included restructuring and other charges of
    $15.8 million, compared to charges of $9.1 million in 2002. In addition, in
    2002 the Company adopted SFAS No. 142, "Goodwill and Other Intangible
    Assets", which resulted in a non-cash charge of $79.0 million.
A net loss of $(0.20) per share was recorded in 2003, compared to a net
    loss of $(5.04) per share in 2002.
Total net debt at the end of the year, adjusted for cash and
    equivalents, was $292.4 million, reflecting a reduction of $30.7 million
    from the prior year-end.
Conference Call
On February 19, 2004, at 10:00 a.m. Central
Time, GBC's management will host a conference call to discuss the Company's
fourth quarter and full year 2003 results. The live presentation, and an
archived replay, will be available via an internet webcast and can be accessed
from the investor relations section of GBC's website at
http://www.gbc.com or 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, and they 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," "believe," "anticipates," "plans," "may," "expects" and other
expressions that indicate future events and trends identify forward-looking
statements. Factors that could cause materially-different results include, among
other things, competition within the office products and lamination film
products markets, effects of general economic conditions, the restructuring
activities associated with the integration and go-to-market strategies of the
Company's business units, the ability of the Company's distributors to
successfully market the Company's products and other risks described in the
Company's filings with the S.E.C. The Company assumes no obligation to update
its forward-looking statements.
Contact:
Tony Giuliano
Assistant Treasurer
& Director of Investor Relations
(847) 291-5451
inv-rel@gbc.com (E-mail)
www.gbc.com (GBC's web site)
Exhibit 99.2
Exhibit A to
2003 Q4 Earnings Release
GENERAL BINDING CORPORATION
THREE AND TWELVE MONTHS ENDED DECEMBER 31,
      2003
(Amounts in Thousands except Per Share
    Amounts)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
CONSOLIDATED SUMMARY OF INCOME
2003
2002
2003
2002
(Unaudited)
(Unaudited)
Net sales
$ 182,231
$ 179,219
$ 697,908
$701,728
Cost of sales:
Product cost of sales, including development
and engineering
109,637
106,122
419,703
422,952
Inventory rationalization and write-down charges
-
377
-
1,049
Selling, service and administrative
54,108
56,695
222,738
226,576
Amortization of intangible assets
189
189
754
853
Restructuring and other:
Restructuring
1,313
1,580
11,102
8,013
Other (2)
4,679
204
4,679
1,081
Interest expense
7,317
9,600
34,408
39,898
Other expense (income), net
275
(173)
156
247
Income before taxes and cumulative effect of
accounting change
4,713
4,625
4,368
1,059
Income tax expense (3)
7,820
1,418
7,630
2,045
(Loss) income before cumulative effect of accounting
change
(3,107)
3,207
(3,262)
(986)
Cumulative effect of accounting change, net of taxes (1)
-
-
-
79,024
Net (loss) income
$ (3,107)
======
$ 3,207
=====
$ (3,262)
======
$ (80,010)
=======
Earnings per share:
Basic and diluted
Before cumulative effect of accounting change
$ (0.19)
$ 0.20
$ (0.20)
$ (0.06)
Cumulative effect of accounting change
-
-
-
(4.98)
Net income (loss) per share
$ (0.19)
=====
$ 0.20
====
$ (0.20)
=====
$ (5.04)
=====
Avg. common shares outs. (basic)
16,013
15,927
15,978
15,883
Avg. common shares outs. (diluted)
16,013
16,231
15,978
15,883
(1)
GBC implemented SFAS No. 142, "Goodwill and other Intangible Assets,"
      in the first quarter of 2002. SFAS No. 142 subjects goodwill to a
      fair-value based impairment test. As a result of applying the impairment
      tests, GBC recorded a gross goodwill impairment of $110.0 million and an
      offsetting tax benefit of $31.0 million. These impairment charges were
      recorded as of January 1, 2002. This charge is non-cash and had no impact
      on the Company's operations.
(2)
In the fourth quarter, GBC recorded a loss of $4,679 on the impairment
      of its investment in a joint venture. This charge is non-cash and had no
      impact on the Company's operations.
(3)
Income tax expense was $7.8 million for the quarter.  Income taxes
      were negatively impacted by a non-cash write-off of deferred tax assets as
      a result of the reorganization of certain international subsidiaries ($4.4
      million).  Also contributing was the combined effect of the $4.7
      million pre-tax impairment charge and GBC's share of the loss from GMP.
      These items were not tax deductible.
Exhibit B to
2003 Q4 Earnings Release
GENERAL BINDING CORPORATION
SEGMENT INFORMATION
(Amounts in Thousands)
Net Sales
Net Sales
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2003
2002
2003
2002
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Commercial and Consumer Group
$ 120,388
$ 120,128
$ 460,243
$ 467,543
Industrial and Print Finishing Group
34,973
33,792
137,064
138,299
Europe
26,870
25,299
100,601
95,886
Total
$ 182,231
=======
$ 179,219
=======
$ 697,908
=======
$ 701,728
=======
Segment
Segment
Operating Income (1)
Operating Income (1)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2003
2002
2003
2002
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Commercial and Consumer Group
$ 17,252
$ 16,043
$ 56,573
$ 58,510
Industrial and Print Finishing Group
3,744
4,485
17,204
18,301
Europe
3,406
1,542
6,085
1,359
Unallocated corporate items
(6,105)
(5,857)
(25,149)
(26,823)
Total
$ 18,297
======
$ 16,213
======
$ 54,713
======
$ 51,347
======
Reconciliation of Segment Operating
    Income
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2003
2002
2003
2002
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Total segment operating income
$ 18,297
$ 16,213
$ 54,713
$ 51,347
Interest expense
7,317
9,600
34,408
39,898
Restructuring and other expenses
5,992
2,161
15,781
10,143
Other (income) expense
275
(173)
156
247
Income before taxes and cumulative effect of
accounting change
$ 4,713
=====
$ 4,625
=====
$ 4,368
=====
$ 1,059
=====
Notes:
(1)
Segment operating income is defined as net sales less product cost of
      sales, selling, service and administrative expenses and amortization of
      intangibles. Inventory rationalization and write-down charges,
      restructuring and other expenses are not included in segment results.
      Additionally, certain expenses of a corporate nature and certain shared
      expenses are not allocated to the business groups.
Exhibit C to
2003 Q4 Earnings Release
GENERAL BINDING CORPORATION
BALANCE SHEET
(Amounts in Thousands)
December 31,
December 31,
BALANCE SHEET SUMMARY
2003
2002
Assets
Current assets:
Cash and equivalents
$ 9,568
$ 18,251
Receivables, net
128,391
121,709
Inventories
86,240
91,920
Other
33,914
34,913
Total current assets
258,113
266,793
Capital assets, net
94,986
106,877
Other assets
177,484
180,839
Total Assets
$ 530,583
=======
$ 554,509
=======
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$ 51,253
$ 50,459
Accrued liabilities
85,119
86,579
Notes payable and current maturities
19,995
26,654
Total current liabilities
156,367
163,692
Long-term debt less current maturities
282,019
314,766
Other long-term liabilities
34,580
33,920
Deferred tax liabilities
3,408
-
Total stockholders' equity
54,209
42,131
Total Liabilities and Stockholders' Equity
$ 530,583
=======
$ 554,509
=======
SELECTED FINANCIAL INFORMATION
(Amounts in Thousands)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2003
2002
2003
2002
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Depreciation and amortization expense
$ 5,256
=====
$ 6,324
=====
$ 25,162
======
$ 28,412
======
Capital expenditures
$ 2,520
=====
$ 2,716
=====
$  8,468
======
$  9,010
======