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<P align=center>UNITED STATES <BR>SECURITIES AND EXCHANGE
COMMISSION<BR>Washington, D.C. 20549</P>
<P align=center>FORM 8-K</P>
<P align=center>CURRENT REPORT</P>
<P align=center><FONT size=2>Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</FONT></P>
<P align=center><FONT size=2>Report as of April 22, 2004</FONT></P>
<P align=center>GENERAL BINDING CORPORATION<FONT size=2><BR>(Exact name of
registrant as specified in its charter)</FONT></P>
<P align=center>Delaware<FONT size=2><BR>(State or other jurisdiction of
incorporation or organization)<BR></FONT></P>
<P align=center><FONT size=3>0-2604</FONT><FONT size=2><BR></FONT>(<FONT
size=2>Commission File Number)&nbsp;<BR></P></FONT>
<P align=center>36-0887470<FONT size=2><BR>(I.R.S. employer identification
No.)</P></FONT>
<P align=center>One GBC Plaza,<BR>Northbrook, Illinois 60062<FONT
size=2><BR>(Address of principal executive offices, including zip
code)</P></FONT>
<P align=center>(847) 272-3700<FONT size=2><BR>(Registrant's telephone
number, including area code)</FONT></P>
<P align=center>&nbsp;</P><FONT size=2>
<P>Item 7. Financial Statements and Exhibits.<BR><BR></FONT>
</B>
<FONT size=2>
(c)
Exhibits.</P>
<p>99.1&nbsp; Press release of Registrant dated April 21, 2004.<BR>99.2&nbsp; Tables to press release of Registrant dated
April 21, 2004. </p>

<B>
<P>Item 9. Regulation FD Disclosure (Information furnished in this Item 9 is
furnished pursuant to Item 12).</P>
</B>
<P>Registrant is furnishing its press release and related tables to the press
release dated April 21, 2004, which reports Registrant's first quarter 2004
results, pursuant to Item 12, "Results of Operations and Financial Condition",
of Form 8-K. The press release and related tables are included herewith as
Exhibits 99.1 and 99.2, respectively, and are incorporated herein by
reference.</P></FONT>
<P align=center><FONT size=3>1</FONT></P>

<B>
<P align=center>&nbsp;</P><FONT size=2>
<P align=center>SIGNATURES</P></FONT>
</B>
<FONT size=2>
<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>

<B>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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</P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; April 22, 2004</P></FONT>

<B>
<P align=center>&nbsp;</P>
</B>
<P align=center><FONT size=3>2</FONT></P>

<B>
<P align=center>Exhibit 99.1 </P>
<P ALIGN="CENTER">GBC REPORTS 1<SUP>st</SUP> QUARTER 2004 RESULTS</P>
<P ALIGN="CENTER">Modest Increase in Sales and Net Income</P>
</B>
<P>&#9;Northbrook, IL, April 21, 2004 -- General Binding Corporation (Nasdaq: GBND) today announced results for the first quarter of 2004.  Sales increased modestly over the first quarter of 2003.  Net income was $0.03 per share, an improvement over the $0.01 per share reported for the same period last year.</P>

<P>"I am encouraged by the signs of an improving sales environment which began in the fourth quarter of 2003 and continued into the first quarter of this year," said Dennis Martin, Chairman of the Board, President and Chief Executive Officer.  "Although sales were up, GBC's first quarter results were hampered by pricing pressures in the Office Products and Commercial Films markets.  Even in this competitive environment, our bottom line improved, helped by lower operating expenses attributable to the continuing success of our Operational Excellence Program, lower interest expense, lower restructuring charges and an impressive performance from the Europe Group."   </P>

<B><U><P>1<SUP>st</SUP> Quarter Results</P>
</B></U><P>Financial results for the quarter included the following highlights:</P>

<UL>

<UL>
<LI>Sales totaled $170.9 million, up $1.5 million from the first quarter of 2003.  Exchange rate movements positively affected international sales within each of the Groups.  A decline in sales from the Commercial &amp; Consumer Group ("CCG") was offset by a 12.7% sales increase from the Industrial &amp; Print Finishing Group ("IPFG"), driven by the Group's European, Asian, and Digital Print Finishing businesses.  </LI>
<LI>The Company's gross profit margin for the quarter was 1.6 percentage points lower than the prior year.  While margins improved in Europe and other businesses, they were not able to fully offset pricing-pressure related declines in CCG's Office Products and IPFG's Commercial Films divisions.  </LI>
<LI>Selling, service and administrative expenses were down $1.4 million compared to the prior year, due to the continued success of the Operational Excellence Program, net of the adverse effect of exchange rate movements on international expenses.  </LI>
<LI>Segment Operating Income for the quarter was $0.8 million lower than for the first quarter of 2003.  Lower gross profit margins in certain CCG and IPFG businesses offset reduced corporate operating expenses and the Europe Group's strong performance.  </LI>
<LI>Interest expense for the quarter totaled $6.8 million, down $2.5 million due to a combination of lower debt levels and lower interest rates resulting from the June 2003 bank facility refinancing. </LI>
<LI>Restructuring expense for the quarter was $0.8 million, representing current expenditures of previously announced restructuring initiatives.  In the first quarter of 2003, restructuring and other expenses totaled $1.4 million.</LI>
<LI>Income tax expense was $0.5 million for the quarter, compared to a $0.7 million tax benefit reported for the same period last year.  </LI>
<LI>Earnings totaled $0.03 per share for the first quarter, compared to $0.01 reported in the first quarter 2003.</LI>
<LI>Total net debt at the end of the quarter, adjusted for cash and equivalents, was $297.9 million, up $5.5 million from the beginning of the quarter but down $26.1 million from the prior year.</LI></UL>
</UL>


<B><U><P>Conference Call</P>
</B></U><P>&#9;On April 22, 2004, at 10:00 a.m. Central Time, GBC's management will host a conference call to discuss the Company's first quarter 2004 results.  The live presentation, and an archived replay, will be available via an internet webcast and can be accessed from the investor relations section of GBC's website at
www.gbc.com or from www.streetevents.com.</P>

<P>&#9;GBC is a world leader in products that bind, laminate, and display information enabling people to accomplish more at work, school and home.  GBC's products are marketed in over 100 countries under the GBC, Quartet, and Ibico brands.  These products are designed to help people enhance printed materials and organize and communicate ideas.</P>

<FONT SIZE=2>

<I><P>&#9;This press release includes forward-looking statements involving uncertainties and risks, and there can be no assurance that actual results will not differ from the Company's expectations.  The words "should," "believes," "anticipates," "plans," "may," "expects" and other expressions that indicate future events and trends identify forward-looking statements.  Factors that could cause materially-different results include, among other things, competition within the office products and lamination film products markets, effects of general economic conditions, the restructuring activities associated with the integration and go-to-market strategies of the Company's business units, the ability of the Company's distributors to successfully market the Company's products and other risks described in the Company's filings with the S.E.C.  The Company assumes no obligation to update its forward-looking statements.</P>
</I>
<P>Contact:&nbsp; Tony Giuliano, Treasurer and Director, Investor Relations<br>
(847) 291-5451<br>
inv-rel@gbc.com (E-mail)<br>
www.gbc.com (GBC's website)</P>
</FONT>
<B>
<P align=center>EXHIBIT 99.2</P>
<P align=right><br>
Exhibit A to<br>
2004 Q1 Earnings Release</P>
</B>
<div align="center">
  <center>
<TABLE borderColor=#000000 cellSpacing=0 cellPadding=0 width=618 border=0 height="150" style="border-collapse: collapse">
  <TR>
    <TD vAlign=top colSpan=6 height=21 width="583"><B>
      <P align=center>GENERAL BINDING CORPORATION</B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=6 height=21 width="583"><B>
      <P align=center>THREE MONTHS ENDED MARCH 31, 2004</B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=6 height=20 width="583">
      <P align=center>(Amounts in Thousands except Per Share
    Amounts)</P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=21>
      <P></P></TD>
    <TD vAlign=top width="51" height=21>
      <P></P></TD>
    <TD vAlign=top width="350" height=21>
      <P></P></TD>
    <TD vAlign=top width="174" colSpan=3 height=21><B>
      <P align=center>Three Months Ended<br>
      March 31,</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21><B><U>
      <P>CONSOLIDATED SUMMARY OF INCOME</U></B></P></TD>
    <TD vAlign=top width="75" height=21><B>
      <P align=center><u>&nbsp;&nbsp; 2004&nbsp;&nbsp;&nbsp;</u> </B></P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21><B>
      <P align=center><u>&nbsp;&nbsp;&nbsp; 2003&nbsp;&nbsp;&nbsp;</u> </B></P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=15>
      <P></P></TD>
    <TD vAlign=top width="51" height=15>
      <P></P></TD>
    <TD vAlign=top width="350" height=15>
      <P></P></TD>
    <TD vAlign=top width="75" height=15>
      <P align=center><FONT size=2>
      (Unaudited)</FONT></P></TD>
    <TD vAlign=top width="13" height=15>
      <P></P></TD>
    <TD vAlign=top width="92" height=15>
      <P align=center><FONT size=2>
      (Unaudited)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="78" colSpan=2 height=21>
      <P>Net sales</P></TD>
    <TD vAlign=top width="350" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>$ 170,931</P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right>$169,435</P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Cost of sales:</P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=18>
      <P></P></TD>
    <TD vAlign=top width="403" colSpan=2 height=18>
      <P>Product cost of sales, including development and
    engineering</P></TD>
    <TD vAlign=top width="75" height=18>
      <P align=right>
      105,606</P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="92" height=18>
      <P align=right>
      101,965</P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Selling, service and administrative</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>56,199</P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right>57,549</P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Amortization of intangible assets</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>188</P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right>188</P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      Restructuring</TD>
    <TD vAlign=top width="75" height=21 align="right">
      823</TD>
    <TD vAlign=top width="13" height=21 align="right">
      &nbsp;</TD>
    <TD vAlign=top width="92" height=21 align="right">
      1,405</TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Interest expense</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>6,792</P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right>9,298</P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Other  expense (income), net</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right><u>345</u></P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right><u>(325)</u> </P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=1>
      <P></P></TD>
    <TD vAlign=top width="51" height=1>
      <P></P></TD>
    <TD vAlign=top width="350" height=1>
      <P>Income (loss) before taxes </P></TD>
    <TD vAlign=top width="75" height=1>
      <P align=right>978</P></TD>
    <TD vAlign=top width="13" height=1>
      <P></P></TD>
    <TD vAlign=top width="92" height=1>
      <P align=right>(645)</P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Income taxes (benefit)</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right><u>528</u></P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right><u>(728)</u></P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=21>
      <P></P></TD>
    <TD vAlign=top width="51" height=21>
      <P></P></TD>
    <TD vAlign=top width="350" height=21>
      <P>Net income </P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450<br>
      =======</P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align="right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83<br>
      ======</P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Earnings per share:</P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=21>
      <P></P></TD>
    <TD vAlign=top width="403" colSpan=2 height=21>
      <P>Basic and diluted</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>$ 0.03<br>
      =====</P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right>$ 0.01<br>
      =====</P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Avg. common shares outs. (basic)</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>16,111 </P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right>15,951 </P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Avg. common shares outs. (diluted)</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>16,881 </P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P align=right>16,206 </P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=21>
      <P></P></TD>
    <TD vAlign=top width="51" height=21>
      <P></P></TD>
    <TD vAlign=top width="350" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P></P></TD></TR>
  </TABLE>
  </center>
</div>
<P align="center">&nbsp;</P>
<P align="right"><b>Exhibit B to<br>
2004 Q1 Earnings Release</b></P>
<div align="center">
  <center>
<TABLE borderColor=#000000 cellSpacing=0 cellPadding=0 width=631 border=0 height="150" style="border-collapse: collapse">
  <TR>
    <TD vAlign=top colSpan=10 height=21 width="600"><B>
      <P align=center>GENERAL BINDING CORPORATION</B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=21 width="600"><B>
      <P align=center>SEGMENT INFORMATION</B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=20 width="600">
      <P align=center>(Amounts in Thousands)</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=23>
      <P></P></TD>
    <TD vAlign=top width="248" height=23>
      <P></P></TD>
    <TD vAlign=top width="164" height=23 colspan="3"><B>
      <P align=center><br>
      Net</B> <B>Sales</B></P></TD>
    <TD vAlign=top width="2" height=23>
      <P></P></TD>
    <TD vAlign=top width="3" height=23>
      <P></P></TD>
    <TD vAlign=top width="179" colSpan=3 height=23><B>
      <P align=center>Segment&nbsp;<br>
      Operating Income (1)</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=40>
      <P></P></TD>
    <TD vAlign=top width="248" height=40>
      <P></P></TD>
    <TD vAlign=top width="167" colSpan=3 height=40><B>
      <P align=center>Three Months Ended<br>
      March 31,</B></P></TD>
    <TD vAlign=top width="2" height=40>
      <P></P></TD>
    <TD vAlign=top width="3" height=40>
      <P></P></TD>
    <TD vAlign=top width="179" colSpan=3 height=40><B>
      <P align=center>Three Months&nbsp;Ended&nbsp;<br>
      March 31,</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21><B>
      <P align=center><u>&nbsp;&nbsp; 2004&nbsp;&nbsp;</u> </B></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21><B>
      <P align=center><u>&nbsp;&nbsp; 2003&nbsp;&nbsp;&nbsp;</u> </B></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21><B>
      <P align=center><u>&nbsp;&nbsp; 2004&nbsp;&nbsp;</u></B></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21><B>
      <P align=center><u>&nbsp;&nbsp; 2003&nbsp;&nbsp;</u></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P></P></TD>
    <TD vAlign=top width="87" colSpan=2 height=21>
      <P align=center><FONT size=2>
      (Unaudited)</FONT></P></TD>
    <TD vAlign=top width="87" colSpan=3 height=21>
      <P align=center><FONT size=2>
      (Unaudited)</FONT></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align=center><FONT size=2>
      (Unaudited)</FONT></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21>
      <P align=center><FONT size=2>
      (Unaudited)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P>Commercial and Consumer Group</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>$ 105,428</P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P align=right>$109,570</P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align="right">$ 8,604</P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21>
      <P align=right>$ 11,626</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P>Industrial and Print Finishing Group</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>37,803</P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P align=right>33,534</P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align=right>4,795</P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21>
      <P align=right>4,554</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P>Europe</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>27,700</P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P align=right>26,331</P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align=right>2,150</P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21>
      <P align=right>1,288</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P>Unallocated corporate items</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      -&nbsp;</u></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      -&nbsp;</u></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align=right><u>&nbsp;(6,611)</u></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21>
      <P align=right><u>&nbsp;&nbsp; (7,735)</u></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P>&nbsp;&nbsp;&nbsp;&nbsp; Total</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>$ 170,931<br>
      =======</P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P align="right">$169,435<br>
      =======</P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align="right">$ 8,938<br>
      ======</P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21>
      <P align=right>$&nbsp;&nbsp; 9,733<br>
      =======</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=11>
      </TD>
    <TD vAlign=top width="248" height=11>
      </TD>
    <TD vAlign=top width="75" height=11>
      </TD>
    <TD vAlign=top width="10" height=11>
      </TD>
    <TD vAlign=top width="79" height=11>
      </TD>
    <TD vAlign=top width="2" height=11>
      </TD>
    <TD vAlign=top width="3" height=11>
      </TD>
    <TD vAlign=top width="179" colSpan=3 height=11></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=11>
      </TD>
    <TD vAlign=top width="248" height=11>
      </TD>
    <TD vAlign=top width="75" height=11>
      </TD>
    <TD vAlign=top width="10" height=11>
      </TD>
    <TD vAlign=top width="79" height=11>
      </TD>
    <TD vAlign=top width="2" height=11>
      </TD>
    <TD vAlign=top width="3" height=11>
      </TD>
    <TD vAlign=top width="179" colSpan=3 height=11>
    <p align="center"><b>Reconciliation of Segment Operating Income</b></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=40>
      <P></P></TD>
    <TD vAlign=top width="248" height=40>
      <P></P></TD>
    <TD vAlign=top width="75" height=40>
      <P></P></TD>
    <TD vAlign=top width="10" height=40>
      <P></P></TD>
    <TD vAlign=top width="79" height=40>
      <P></P></TD>
    <TD vAlign=top width="2" height=40>
      <P></P></TD>
    <TD vAlign=top width="3" height=40>
      <P></P></TD>
    <TD vAlign=top width="179" colSpan=3 height=40><B>
      <P align=center>Three Months Ended<br>
      March 31,</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21><B>
      <P align=center><u>&nbsp;&nbsp;&nbsp; 2004&nbsp;&nbsp;&nbsp;</u> </B></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21><B>
      <P align=center><u>&nbsp;&nbsp;&nbsp; 2003&nbsp;&nbsp;&nbsp;</u> </B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align=center><FONT size=2>
      (Unaudited)</FONT></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21>
      <P align=center><FONT size=2>
      (Unaudited)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P>Total segment operating income</P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align="right">$&nbsp; 8,938</P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21>
      <P align=right>$ 9,733</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P>Interest expense</P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align=right>6,792</P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21>
      <P align=right>9,298</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="297" colSpan=2 height=18>
      <P>Restructuring and other expenses</P></TD>
    <TD vAlign=top width="10" height=18>
      <P></P></TD>
    <TD vAlign=top width="79" height=18>
      <P></P></TD>
    <TD vAlign=top width="2" height=18>
      <P></P></TD>
    <TD vAlign=top width="3" height=18>
      <P></P></TD>
    <TD vAlign=top width="86" height=18>
      <P align=right>823</P></TD>
    <TD vAlign=top width="1" height=18>
      <P></P></TD>
    <TD vAlign=top width="96" height=18>
      <P align=right>1,405</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P>Other expense (income)</P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp; 345</u></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (325)</u></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=38>
      <P></P></TD>
    <TD vAlign=top width="386" colSpan=4 height=38>
      <P>Income (loss) before taxes</P></TD>
    <TD vAlign=top width="2" height=38>
      <P></P></TD>
    <TD vAlign=top width="3" height=38>
      <P></P></TD>
    <TD vAlign=top width="86" height=38 align="right">
      <P>
      $&nbsp;&nbsp;&nbsp;&nbsp; 978<br>
      ======</P></TD>
    <TD vAlign=top width="1" height=38 align="right">
      <P></P></TD>
    <TD vAlign=top width="96" height=38 align="right">
      <P>
      $&nbsp; (645)<br>
      =======</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align=right></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21>
      <P align=right></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=21 width="600"><B>
      <P align=center>SELECTED FINANCIAL INFORMATION</B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=20 width="600">
      <P align=center>(Amounts in Thousands)</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=40>
      <P></P></TD>
    <TD vAlign=top width="248" height=40>
      <P></P></TD>
    <TD vAlign=top width="75" height=40>
      <P></P></TD>
    <TD vAlign=top width="10" height=40>
      <P></P></TD>
    <TD vAlign=top width="79" height=40>
      <P></P></TD>
    <TD vAlign=top width="2" height=40>
      <P></P></TD>
    <TD vAlign=top width="3" height=40>
      <P></P></TD>
    <TD vAlign=top width="179" colSpan=3 height=40><B>
      <P align=center>Three Months Ended<br>
      March 31,</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21><B>
      <P align=center><u>&nbsp;&nbsp; 2004&nbsp;&nbsp;&nbsp;</u> </B></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21><B>
      <P align=center><u>&nbsp;&nbsp;&nbsp; 2003&nbsp;&nbsp;&nbsp;</u> </B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align=center><FONT size=2>
      (Unaudited)</FONT></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21>
      <P align=center><FONT size=2>
      (Unaudited)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=20>
      <P></P></TD>
    <TD vAlign=top width="386" colSpan=4 height=20>
      <P>Depreciation and amortization expense&nbsp;</P></TD>
    <TD vAlign=top width="2" height=20>
      <P></P></TD>
    <TD vAlign=top width="3" height=20>
      <P></P></TD>
    <TD vAlign=top width="86" height=20>
      <P align=right>$6,225<br>
      =====</P></TD>
    <TD vAlign=top width="1" height=20>
      <P></P></TD>
    <TD vAlign=top width="96" height=20>
      <P align=right>$6,863<br>
      =====</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="412" height=21 colspan="4">
      <P>Capital expenditures</P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align=right>$1,576<br>
      =====</P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21>
      <P align=right>$1,423<br>
      =====</P></TD></TR>
  <TR>
    <TD vAlign=top width="270" colSpan=2 height=21><U>
      <P>Notes:</U></P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=128>
      <P>(1)</P></TD>
    <TD vAlign=top width="578" colSpan=9 height=128>
      <P>Segment operating income is defined as net sales less product cost of
      sales, selling, service and administrative expenses and amortization of
      intangibles. Inventory rationalization and write-down charges,
      restructuring and other expenses are not included in segment results. In
      addition, certain expenses of a corporate nature and certain shared
      expenses are not allocated to the business groups.</P>
      </TD></TR>
  </TABLE></center>
</div>
<P align="right"><b>Exhibit C to<br>
2004 Q1 Earnings Release</b></P>
<div align="center">
  <center>
<TABLE borderColor=#000000 cellSpacing=0 cellPadding=0 width=617 border=0 height="573">
  <TR>
    <TD vAlign=top colSpan=6 height=21 width="615"><B>
      <P align=center>GENERAL BINDING CORPORATION</B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=6 height=21 width="615"><B>
      <P align=center>BALANCE SHEET </B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=6 height=19 width="615">
      <P align=center>(Amounts in Thousands)</P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=38><B><U>
      <P>BALANCE SHEET SUMMARY</U></B></P></TD>
    <TD vAlign=top width="110" height=38><B>
      <P align=center>&nbsp;&nbsp;&nbsp; March 31,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;</B></P></TD>
    <TD vAlign=top width="5" height=38>
      <P></P></TD>
    <TD vAlign=top width="114" height=38><B>
      <P align=center>&nbsp;&nbsp;December 31,&nbsp;&nbsp;&nbsp;<u><br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2003&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</u> </B></P></TD></TR>
  <TR>
    <TD vAlign=top width="56" colSpan=2 height=19></TD>
    <TD vAlign=top width="322" height=19>
      </TD>
    <TD vAlign=top width="110" height=19>
      <p align="center"><font size="2">&nbsp;(Unaudited)</font></TD>
    <TD vAlign=top width="5" height=19>
      </TD>
    <TD vAlign=top width="114" height=19>
      </TD></TR>
  <TR>
    <TD vAlign=top width="56" colSpan=2 height=19><B><U>
      <P>Assets</U></B></P></TD>
    <TD vAlign=top width="322" height=19>
      <P></P></TD>
    <TD vAlign=top width="110" height=19>
      <P></P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=19>
      <P>Current assets:</P></TD>
    <TD vAlign=top width="110" height=19>
      <P></P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=19>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=19>
      <P>Cash and equivalents</P></TD>
    <TD vAlign=top width="110" height=19>
      <P align=right>$ 5,565</P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P align=right>$ 9,568</P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=19>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=19>
      <P>Receivables, net</P></TD>
    <TD vAlign=top width="110" height=19>
      <P align=right>129,370</P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P align=right>128,391</P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=19>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=19>
      <P>Inventories</P></TD>
    <TD vAlign=top width="110" height=19>
      <P align=right>93,897</P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P align=right>86,240</P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=19>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=19>
      <P>Other</P></TD>
    <TD vAlign=top width="110" height=19>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp; 33,951</u></P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp; 33,914</u></P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=19>
      <P></P></TD>
    <TD vAlign=top width="23" height=19>
      <P></P></TD>
    <TD vAlign=top width="322" height=19>
      <P>Total current assets</P></TD>
    <TD vAlign=top width="110" height=19>
      <P align=right>262,783</P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P align=right>258,113</P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=19>
      <P>Capital assets, net</P></TD>
    <TD vAlign=top width="110" height=19>
      <P align=right>91,495</P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P align=right>94,986</P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=19>
      <P>Other assets</P></TD>
    <TD vAlign=top width="110" height=19>
      <P align=right><u>&nbsp;&nbsp; 177,324</u></P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P align=right><u>&nbsp;&nbsp; 176,251</u></P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=38>
      <P></P></TD>
    <TD vAlign=top width="23" height=38>
      <P></P></TD>
    <TD vAlign=top width="322" height=38><B>
      <P>Total Assets</B></P></TD>
    <TD vAlign=top width="110" height=38>
      <P align=right>$ 531,602<br>
      =======</P></TD>
    <TD vAlign=top width="5" height=38>
      <P></P></TD>
    <TD vAlign=top width="114" height=38>
      <P align=right>$ 529,350<br>
      =======</P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=18>
      <P></P></TD>
    <TD vAlign=top width="23" height=18>
      <P></P></TD>
    <TD vAlign=top width="322" height=18>
      <P></P></TD>
    <TD vAlign=top width="110" height=18>
      <P></P></TD>
    <TD vAlign=top width="5" height=18>
      <P></P></TD>
    <TD vAlign=top width="114" height=18>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=19><B><U>
      <P>Liabilities and Stockholders' Equity</U></B></P></TD>
    <TD vAlign=top width="110" height=19>
      <P></P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=19>
      <P>Current liabilities:</P></TD>
    <TD vAlign=top width="110" height=19>
      <P></P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=19>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=19>
      <P>Accounts payable</P></TD>
    <TD vAlign=top width="110" height=19>
      <P align=right>$ 52,355</P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P align=right>$ 51,253</P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=19>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=19>
      <P>Accrued liabilities</P></TD>
    <TD vAlign=top width="110" height=19>
      <P align=right>83,069</P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P align=right>85,119</P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=19>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=19>
      <P>Notes payable and current maturities</P></TD>
    <TD vAlign=top width="110" height=19>
      <P align=right><u>&nbsp;&nbsp; 19,897</u></P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp; 19,995</u></P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=19>
      <P></P></TD>
    <TD vAlign=top width="23" height=19>
      <P></P></TD>
    <TD vAlign=top width="322" height=19>
      <P>Total current liabilities</P></TD>
    <TD vAlign=top width="110" height=19>
      <P align=right>155,321</P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P align=right>156,367</P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=19>
      <P>Long-term debt less current maturities</P></TD>
    <TD vAlign=top width="110" height=19>
      <P align=right>283,576</P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P align=right>282,019</P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=19>
      <P>Other long-term liabilities</P></TD>
    <TD vAlign=top width="110" height=19>
      <P align=right>33,525</P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P align=right>33,347</P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=19>
      Deferred tax liabilities</TD>
    <TD vAlign=top width="110" height=19>
      <p align="right">2,491</TD>
    <TD vAlign=top width="5" height=19>
      </TD>
    <TD vAlign=top width="114" height=19>
      <p align="right">3,408</TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=19>
      <P>Total stockholders' equity</P></TD>
    <TD vAlign=top width="110" height=19>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp; 56,689</u></P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp; 54,209</u></P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=38>
      <P></P></TD>
    <TD vAlign=top width="23" height=38>
      <P></P></TD>
    <TD vAlign=top width="322" height=38><B>
      <P>Total Liabilities and Stockholders' Equity</B></P></TD>
    <TD vAlign=top width="110" height=38>
      <P align=right>$ 531,602<br>
      =======</P></TD>
    <TD vAlign=top width="5" height=38>
      <P></P></TD>
    <TD vAlign=top width="114" height=38>
      <P align=right>$ 529,350<br>
      =======</P></TD></TR></TABLE>
  </center>
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{"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": "04748382"}, "business-address": {"street1": "ONE GBC PLZ", "city": "NORTHBROOK", "state": "IL", "zip": "60062", "phone": "8472723700"}, "mail-address": {"street1": "ONE GBC PLZ", "city": "NORHBROOK", "state": "IL", "zip": "60062"}}
GBC ANNOUNCES ORGANIZATION CHANGES
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Report as of April 22, 2004
GENERAL BINDING CORPORATION
(Exact name of
registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
0-2604
(
Commission File Number)
36-0887470
(I.R.S. employer identification
No.)
One GBC Plaza,
Northbrook, Illinois 60062
(Address of principal executive offices, including zip
code)
(847) 272-3700
(Registrant's telephone
number, including area code)
Item 7. Financial Statements and Exhibits.
(c)
Exhibits.
99.1  Press release of Registrant dated April 21, 2004.
99.2  Tables to press release of Registrant dated
April 21, 2004.
Item 9. Regulation FD Disclosure (Information furnished in this Item 9 is
furnished pursuant to Item 12).
Registrant is furnishing its press release and related tables to the press
release dated April 21, 2004, which reports Registrant's first quarter 2004
results, pursuant to Item 12, "Results of Operations and Financial Condition",
of Form 8-K. The press release and related tables are included herewith as
Exhibits 99.1 and 99.2, respectively, and are incorporated herein by
reference.
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.
GENERAL BINDING CORPORATION
By:
/s/ Steven
Rubin
Steven
Rubin
Vice President, Secretary
&
General
Counsel
April 22, 2004
2
Exhibit 99.1
GBC REPORTS 1
st
QUARTER 2004 RESULTS
Modest Increase in Sales and Net Income
Northbrook, IL, April 21, 2004 -- General Binding Corporation (Nasdaq: GBND) today announced results for the first quarter of 2004.  Sales increased modestly over the first quarter of 2003.  Net income was $0.03 per share, an improvement over the $0.01 per share reported for the same period last year.
"I am encouraged by the signs of an improving sales environment which began in the fourth quarter of 2003 and continued into the first quarter of this year," said Dennis Martin, Chairman of the Board, President and Chief Executive Officer.  "Although sales were up, GBC's first quarter results were hampered by pricing pressures in the Office Products and Commercial Films markets.  Even in this competitive environment, our bottom line improved, helped by lower operating expenses attributable to the continuing success of our Operational Excellence Program, lower interest expense, lower restructuring charges and an impressive performance from the Europe Group."
1
st
Quarter Results
Financial results for the quarter included the following highlights:
Sales totaled $170.9 million, up $1.5 million from the first quarter of 2003.  Exchange rate movements positively affected international sales within each of the Groups.  A decline in sales from the Commercial & Consumer Group ("CCG") was offset by a 12.7% sales increase from the Industrial & Print Finishing Group ("IPFG"), driven by the Group's European, Asian, and Digital Print Finishing businesses.
The Company's gross profit margin for the quarter was 1.6 percentage points lower than the prior year.  While margins improved in Europe and other businesses, they were not able to fully offset pricing-pressure related declines in CCG's Office Products and IPFG's Commercial Films divisions.
Selling, service and administrative expenses were down $1.4 million compared to the prior year, due to the continued success of the Operational Excellence Program, net of the adverse effect of exchange rate movements on international expenses.
Segment Operating Income for the quarter was $0.8 million lower than for the first quarter of 2003.  Lower gross profit margins in certain CCG and IPFG businesses offset reduced corporate operating expenses and the Europe Group's strong performance.
Interest expense for the quarter totaled $6.8 million, down $2.5 million due to a combination of lower debt levels and lower interest rates resulting from the June 2003 bank facility refinancing.
Restructuring expense for the quarter was $0.8 million, representing current expenditures of previously announced restructuring initiatives.  In the first quarter of 2003, restructuring and other expenses totaled $1.4 million.
Income tax expense was $0.5 million for the quarter, compared to a $0.7 million tax benefit reported for the same period last year.
Earnings totaled $0.03 per share for the first quarter, compared to $0.01 reported in the first quarter 2003.
Total net debt at the end of the quarter, adjusted for cash and equivalents, was $297.9 million, up $5.5 million from the beginning of the quarter but down $26.1 million from the prior year.
Conference Call
On April 22, 2004, at 10:00 a.m. Central Time, GBC's management will host a conference call to discuss the Company's first quarter 2004 results.  The live presentation, and an archived replay, will be available via an internet webcast and can be accessed from the investor relations section of GBC's website at
www.gbc.com or from www.streetevents.com.
GBC is a world leader in products that bind, laminate, and display information enabling people to accomplish more at work, school and home.  GBC's products are marketed in over 100 countries under the GBC, Quartet, and Ibico brands.  These products are designed to help people enhance printed materials and organize and communicate ideas.
This press release includes forward-looking statements involving uncertainties and risks, and there can be no assurance that actual results will not differ from the Company's expectations.  The words "should," "believes," "anticipates," "plans," "may," "expects" and other expressions that indicate future events and trends identify forward-looking statements.  Factors that could cause materially-different results include, among other things, competition within the office products and lamination film products markets, effects of general economic conditions, the restructuring activities associated with the integration and go-to-market strategies of the Company's business units, the ability of the Company's distributors to successfully market the Company's products and other risks described in the Company's filings with the S.E.C.  The Company assumes no obligation to update its forward-looking statements.
Contact:  Tony Giuliano, Treasurer and Director, Investor Relations
(847) 291-5451
inv-rel@gbc.com (E-mail)
www.gbc.com (GBC's website)
EXHIBIT 99.2
Exhibit A to
2004 Q1 Earnings Release
GENERAL BINDING CORPORATION
THREE MONTHS ENDED MARCH 31, 2004
(Amounts in Thousands except Per Share
    Amounts)
Three Months Ended
March 31,
CONSOLIDATED SUMMARY OF INCOME
2004
2003
(Unaudited)
(Unaudited)
Net sales
$ 170,931
$169,435
Cost of sales:
Product cost of sales, including development and
    engineering
105,606
101,965
Selling, service and administrative
56,199
57,549
Amortization of intangible assets
188
188
Restructuring
823
1,405
Interest expense
6,792
9,298
Other  expense (income), net
345
(325)
Income (loss) before taxes
978
(645)
Income taxes (benefit)
528
(728)
Net income
$       450
=======
$        83
======
Earnings per share:
Basic and diluted
$ 0.03
=====
$ 0.01
=====
Avg. common shares outs. (basic)
16,111
15,951
Avg. common shares outs. (diluted)
16,881
16,206
Exhibit B to
2004 Q1 Earnings Release
GENERAL BINDING CORPORATION
SEGMENT INFORMATION
(Amounts in Thousands)
Net
Sales
Segment
Operating Income (1)
Three Months Ended
March 31,
Three Months Ended
March 31,
2004
2003
2004
2003
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Commercial and Consumer Group
$ 105,428
$109,570
$ 8,604
$ 11,626
Industrial and Print Finishing Group
37,803
33,534
4,795
4,554
Europe
27,700
26,331
2,150
1,288
Unallocated corporate items
-
-
(6,611)
(7,735)
Total
$ 170,931
=======
$169,435
=======
$ 8,938
======
$   9,733
=======
Reconciliation of Segment Operating Income
Three Months Ended
March 31,
2004
2003
(Unaudited)
(Unaudited)
Total segment operating income
$  8,938
$ 9,733
Interest expense
6,792
9,298
Restructuring and other expenses
823
1,405
Other expense (income)
345
(325)
Income (loss) before taxes
$     978
======
$  (645)
=======
SELECTED FINANCIAL INFORMATION
(Amounts in Thousands)
Three Months Ended
March 31,
2004
2003
(Unaudited)
(Unaudited)
Depreciation and amortization expense
$6,225
=====
$6,863
=====
Capital expenditures
$1,576
=====
$1,423
=====
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. In
      addition, certain expenses of a corporate nature and certain shared
      expenses are not allocated to the business groups.
Exhibit C to
2004 Q1 Earnings Release
GENERAL BINDING CORPORATION
BALANCE SHEET
(Amounts in Thousands)
BALANCE SHEET SUMMARY
March 31,
2004
December 31,
2003
(Unaudited)
Assets
Current assets:
Cash and equivalents
$ 5,565
$ 9,568
Receivables, net
129,370
128,391
Inventories
93,897
86,240
Other
33,951
33,914
Total current assets
262,783
258,113
Capital assets, net
91,495
94,986
Other assets
177,324
176,251
Total Assets
$ 531,602
=======
$ 529,350
=======
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$ 52,355
$ 51,253
Accrued liabilities
83,069
85,119
Notes payable and current maturities
19,897
19,995
Total current liabilities
155,321
156,367
Long-term debt less current maturities
283,576
282,019
Other long-term liabilities
33,525
33,347
Deferred tax liabilities
2,491
3,408
Total stockholders' equity
56,689
54,209
Total Liabilities and Stockholders' Equity
$ 531,602
=======
$ 529,350
=======