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<h1 align=CENTER><font face="Times New Roman, Times, Serif" size=4>SECURITIES AND
EXCHANGE COMMISSION </font><BR><font face="Times New Roman, Times, Serif" size=3>Washington, D.C. 20549 </font></h1>

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<h1 align=CENTER><font face="Times New Roman, Times, Serif" size=4>FORM 8-K </font></h1>

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<h1 align=CENTER><font face="Times New Roman, Times, Serif" size=3>Current Report <BR>Pursuant to Section 13
or 15(d) of <BR>The Securities
Exchange Act of 1934 </font></h1>

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<P Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>Date of Report (Date of
earliest event reported): May 8, 2003 (May 7, 2003)</font></p>

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     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>M &amp; F Worldwide Corp.</U> </FONT></td></tr>
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     <Td><Font Face="Times New Roman, Times, Serif" Size="2"> (Exact name of Registrant as specified in its charter)</FONT></td></tr>
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<Td Align="CENTER" Width="33%"><Font Face="Times New Roman, Times, Serif" Size=2>Delaware</font></td>
<Td Align="CENTER" Width="34%"><Font Face="Times New Roman, Times, Serif" Size=2>001-13780 </font></td>
<Td Align="CENTER" Width="33%"><Font Face="Times New Roman, Times, Serif" Size=2> 02-0423416</font></td>
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<Td Align="CENTER" Width="33%"><Font Face="Times New Roman, Times, Serif" Size=2>(State or other jurisdiction of incorporation)</font></td>
<Td Align="CENTER" Width="34%"><Font Face="Times New Roman, Times, Serif" Size=2>(Commission File Number)  </font></td>
<Td Align="CENTER" Width="33%"><Font Face="Times New Roman, Times, Serif" Size=2>(IRS Employer Identification No.)</font></td>
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<Td Align="left" Width="63%"><Font Face="Times New Roman, Times, Serif" Size=2>35 East 62nd Street<BR>New York, New York</font></td>
<Td Align="left" Width="3%"><Font Face="Times New Roman, Times, Serif" Size=2> &nbsp;</font></td>
<Td Align="Center" Width="33%" Valign="Bottom"><Font Face="Times New Roman, Times, Serif" Size=2> 10021</font></td>

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<Td Align="left" Width="63%"><Font Face="Times New Roman, Times, Serif" Size=2>(Address of principal executive offices)</font></td>
<Td Align="CENTER" Width="4%"><Font Face="Times New Roman, Times, Serif" Size=2>&nbsp;  </font></td>
<Td Align="CENTER" Width="33%"><Font Face="Times New Roman, Times, Serif" Size=2>(Zip Code)</font></td>
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<P Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>Registrant's telephone
number, including area code: &nbsp;&nbsp;&nbsp;<U>(212) 572-8600</U> </font></p>

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     <Td Colspan="6"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">N/A </FONT></td></tr>
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     <td><Font Face="Times New Roman, Times, Serif" Size="2">(Former name or former address, if changed since last report)</font></td></tr>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Item 7. &nbsp;&nbsp;&nbsp; <U>Financial Statements, Pro
Forma Financial Information and Exhibits</U>. </FONT> </p>

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<td Width=92%><Font Face="Times New Roman, Times, Serif" Size=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;          Exhibits.  </font>
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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following Exhibits are filed as part of this report: </font></p>

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<p align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
99.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press Release, dated May 7, 2003 </font></p>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Item 12. &nbsp;&nbsp;&nbsp;<U>Results of Operations and
Financial Condition</U>. </FONT> </p>

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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following disclosure is being furnished pursuant to Item 12 of this Form 8-K: </font></p>

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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May 7, 2003, M &amp; F Worldwide Corp. issued a press release announcing its results for
the first quarter ended March 31, 2003. A copy of the press release is attached to this
report as Exhibit 99.1 and is being furnished pursuant to Item 12 of this Form 8-K. </font></p>

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<h1 align=CENTER><font face="Times New Roman, Times, Serif" size=2>SIGNATURE </font></h1>

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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this Report to be signed on its behalf by the undersigned hereunto duly authorized. </font></p>
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    <Td Width="38"><Font Face="Times New Roman, Times, Serif" Size="2">&nbsp; <!-- Date--> </font></td>
    <Td Width="28"><Font Face="Times New Roman, Times, Serif" Size="2">&nbsp; </font></td>
    <Td Width="238"><Font Face="Times New Roman, Times, Serif" Size="2">  M &amp; F WORLDWIDE CORP.</font> </td>
    <Td Width="26"><Font Face="Times New Roman, Times, Serif" Size="2"></font></td>
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    <Td><Font Face="Times New Roman, Times, Serif" Size="2">&nbsp; </font></td>
    <Td> &nbsp;  </td>
    <Td><Font Face="Times New Roman, Times, Serif" Size="2">&nbsp; </font></td>
    <Td><Font Face="Times New Roman, Times, Serif" Size="2">&nbsp; </font></td>
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    <Td Width="219"><Font Face="Times New Roman, Times, Serif" Size="2"> Date:&nbsp;May 8, 2003</font></td>
    <Td Width="38"><Font Face="Times New Roman, Times, Serif" Size="2">&nbsp; <!-- Date--> </font></td>
    <Td Width="28"><Font Face="Times New Roman, Times, Serif" Size="2">&nbsp; </font></td>
    <Td Width="26"><Font Face="Times New Roman, Times, Serif" Size="2">By:  </font></td>
    <Td Width="238"><Font Face="Times New Roman, Times, Serif" Size="2">&nbsp;&nbsp; /s/ Barry F. Schwartz, Esq. <!-- Name -->&nbsp;</font></td>
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    <Td><Font Face="Times New Roman, Times, Serif" Size="2">&nbsp; </font></td>
    <Td>   </td>
    <Td><Font Face="Times New Roman, Times, Serif" Size="2">&nbsp; </font></td>
    <Td><Font Face="Times New Roman, Times, Serif" Size="2">&nbsp; </font></td>
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    <Td Width="344"><Font Face="Times New Roman, Times, Serif" Size="2">&nbsp; </font></td>
    <Td Width="42"><Font Face="Times New Roman, Times, Serif" Size="2">Name:&nbsp;</font></td>
    <Td Width="214"><Font Face="Times New Roman, Times, Serif" Size="2">&nbsp; <!-- Name --> Barry F. Schwartz, Esq.</font></td>
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    <Td><Font Face="Times New Roman, Times, Serif" Size="2">&nbsp; </font></td>
    <Td><Font Face="Times New Roman, Times, Serif" Size="2">Title: &nbsp;</font></td>
    <Td><Font Face="Times New Roman, Times, Serif" Size="2">&nbsp; <!-- Title -->Executive Vice President and <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Counsel</font></td>
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<p align=CENTER><font face="Times New Roman, Times, Serif" size=2><u>EXHIBIT INDEX</u> </font></p>




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     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Exhibit No.</B></U> </FONT> </TH>
     <Th Colspan="2" Align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Document</B></U> </FONT> </TH>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
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     <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B> </B></U> </FONT> </TH>
     <Th Colspan="2" Align="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B> </B></U> </FONT> </TH>
     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>

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     <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99</FONT></TD>
        <TD WIDTH=7% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>.1</FONT></TD>
     <TD WIDTH=82% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Press Release, dated May 7, 2003</FONT></TD>
     <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>
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<p align=RIGHT><font face="Times New Roman, Times, Serif" size=2>EXHIBIT 99.1 </font></p>

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<h1 align=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>FOR IMMEDIATE RELEASE</U> </FONT> </h1>

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<h1 align=CENTER><font face="Times New Roman, Times, Serif" size=3>M &amp; F WORLDWIDE
CORPORATION <BR>REPORTS INCOME FOR
2003 FIRST QUARTER </font></h1>


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<p><font face="Times New Roman, Times, Serif" size=2><b>New York, NY &#150; May 7,
2003</b> &#150; M &amp; F Worldwide Corp. (NYSE: <u>MFW</u> &#151; <u>News</u>), today
reported results for the first quarter ended March 31, 2003. </font></p>

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<p><font face="Times New Roman, Times, Serif" size=2>Revenues for the first quarter were
$24.9 million as compared to $25.6 million in the prior year quarter. The Company&#146;s
revenues were lower in the 2003 quarter as compared to the 2002 quarter primarily due to
lower shipping volume partially offset by an increase in revenues of the Company&#146;s
French subsidiary of $0.7 million as a result of the foreign exchange translation effect
on its Euro sales. Net income from continuing operations was $4.4 million or $0.25 per
share in the 2003 quarter and $4.9 million or $0.19 per share in the 2002 quarter. The
Company recorded a loss from discontinued operations of $3.0 million or $0.11 per share in
the 2002 quarter. Net income available to shareholders in the 2003 quarter was $4.4
million as compared to $1.8 million in the 2002 quarter. Basic undistributed earnings per
common share were $0.25 in the 2003 quarter and $0.08 in the 2002 quarter. Diluted
undistributed earnings per common share were $0.24 in the 2003 quarter and $0.08 in the
2002 quarter. </font></p>

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<p><font face="Times New Roman, Times, Serif" size=2>Even though the Company has reported
its results on a fully taxed basis, it has tax loss carryforwards available at March 31,
2003, which may be utilized to offset federal income taxes payable in the future. </font></p>

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<p><font face="Times New Roman, Times, Serif" size=2>The Company&#146;s Chief Executive
Officer and Chief Financial Officer have provided the certifications required by the terms
of the Sarbanes-Oxley Act of 2002. </font></p>

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<p><font face="Times New Roman, Times, Serif" size=2>M &amp; F Worldwide is the
world&#146;s largest producer of licorice extract. </font></p>

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<p><font face="Times New Roman, Times, Serif" size=2><i>This press release contains
forward-looking statements which involve risks and uncertainties. The Company&#146;s
actual results may differ materially from those discussed in such forward-looking
statements</i>. <i>In addition to factors described in the Company&#146;s Securities and
Exchange Commission filings and others, the following factors could cause the
Company&#146;s actual results to differ materially from those expressed in any
forward-looking statements made by the Company: (a) economic, climatic or political
conditions in countries in which the Company sources licorice root; (b) economic, climatic
or political conditions that have an impact on the worldwide tobacco industry or on the
consumption of tobacco products in which licorice flavorings are used; (c) additional
government regulation of tobacco products, tobacco industry litigation or enactment of new
or increased taxes on cigarettes or other tobacco products, to the extent any of the
foregoing curtail growth in or actually reduce consumption of tobacco products in which
licorice flavorings are used; (d) the failure of third parties to make full and timely
payment to the Company for environmental, asbestos, tax and other matters for which the
Company is entitled to indemnification; (e) any inability to obtain indemnification for
any significant group of asbestos-related claims pending against the Company; (f) lower
than expected cash flow from operations; (g) significant increases in interest rates; and
(h) unfavorable foreign currency fluctuations. The Company assumes no responsibility to
update the forward-looking statements contained in this release.</i> </font></p>

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<h1 align=LEFT><font face="Times New Roman, Times, Serif" size=2> </font></h1>

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<p align=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Contact:</B><BR>Tony Shaffer <BR>Robinson, Lerer &amp;
Montgomery <BR>(212) 484-7469 </FONT> </p>

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<p align=CENTER><font face="Times New Roman, Times, Serif" size=2><i>&#151; table to
follow &#151;</i> </font></p>

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<P Align=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>M &amp; F Worldwide
Corp. and Subsidiaries<BR>Condensed Consolidated Statements of Income<BR>(in millions, except per share data)
<BR>(Unaudited)</B> </FONT> </p>

<PRE>

                                                           Three Months Ended
                                                                March 31,
                                                      --------------------------
                                                         2003            2002
                                                      -----------     ----------

Net revenues                                           $ 24.9          $  25.6
Cost of revenues                                         12.6             13.0
                                                      ---------      ---------
Gross profit                                             12.3             12.6
Selling, general and administrative expenses              4.3              3.4
                                                      ---------      ---------
Operating income                                          8.0              9.2
Interest income                                           0.3              -
Interest expense                                         (0.9)            (1.1)
                                                      ---------      ---------
Income from continuing operations
    before income taxes                                   7.4              8.1
Provision for income taxes                               (3.0)            (3.2)
                                                      ---------      ---------
Net income from continuing operations                     4.4              4.9
Loss from operations of discontinued
   business, net of taxes                                   -             (3.0)
                                                      ---------      ---------
Net income                                                4.4              1.9
Preferred stock dividends                                   -             (0.1)
                                                      ---------      ---------
Net income available to shareholders                     $4.4          $   1.8
                                                      =========      =========

Basic earnings per common share:
         Undistributed earnings from
              continuing operations                    $  0.25         $  0.19
          Undistributed loss from
              discontinued operations                        -           (0.11)
                                                      ---------      ---------
                  Total common stock                   $  0.25         $  0.08
                                                      =========      =========

Diluted earnings per common share:
         Undistributed earnings from
             continuing operations                     $  0.24         $  0.19
         Undistributed loss from
             discontinued operations                         -           (0.11)
                                                      ---------      ---------
                  Total common stock                   $  0.24         $  0.08
                                                      =========      =========

Basic and diluted earnings per preferred share:
         Distributed earnings                          $  -            $  0.01
         Undistributed earnings from
            continuing operations                         -               0.19
         Undistributed loss from
            discontinued operations                       -              (0.11)
                                                      ---------      ---------
                  Total preferred stock                $  -            $  0.09
                                                      =========      =========
</PRE>


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[{"type": "8-K", "sequence": "1", "filename": "s485032.htm", "description": "FORM 8-K", "secsgml_size_bytes": 21932}]
{"company-data": {"conformed-name": "M & F WORLDWIDE CORP", "cik": "0000945235", "assigned-sic": "3728", "irs-number": "020423416", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-13780", "film-number": "03688756"}, "business-address": {"street1": "35 E 62ND ST", "city": "NEW YUORK", "state": "NY", "zip": "10021", "phone": "2125728600"}, "mail-address": {"street1": "35 EAST 62ND STREET", "city": "NEW YORK", "state": "NY", "zip": "10021"}}
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
Date of Report (Date of
earliest event reported): May 8, 2003 (May 7, 2003)
M & F Worldwide Corp.
(Exact name of Registrant as specified in its charter)
Delaware
001-13780
02-0423416
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
35 East 62nd Street
New York, New York
10021
(Address of principal executive offices)
(Zip Code)
Registrant's telephone
number, including area code:
(212) 572-8600
N/A
(Former name or former address, if changed since last report)
Item 7.
Financial Statements, Pro
Forma Financial Information and Exhibits
.
(c)                 Exhibits.
The
following Exhibits are filed as part of this report:
Exhibit
99.1                 Press Release, dated May 7, 2003
Item 12.
Results of Operations and
Financial Condition
.
The
following disclosure is being furnished pursuant to Item 12 of this Form 8-K:
On
May 7, 2003, M & F Worldwide Corp. issued a press release announcing its results for
the first quarter ended March 31, 2003. A copy of the press release is attached to this
report as Exhibit 99.1 and is being furnished pursuant to Item 12 of this Form 8-K.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this Report to be signed on its behalf by the undersigned hereunto duly authorized.
M & F WORLDWIDE CORP.
Date: May 8, 2003
By:
/s/ Barry F. Schwartz, Esq.
Name:
Barry F. Schwartz, Esq.
Title:
Executive Vice President and
General Counsel
EXHIBIT INDEX
Exhibit No.
Document
99
.1
Press Release, dated May 7, 2003
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
M & F WORLDWIDE
CORPORATION
REPORTS INCOME FOR
2003 FIRST QUARTER
New York, NY – May 7,
2003
– M & F Worldwide Corp. (NYSE:
MFW
—
News
), today
reported results for the first quarter ended March 31, 2003.
Revenues for the first quarter were
$24.9 million as compared to $25.6 million in the prior year quarter. The Company's
revenues were lower in the 2003 quarter as compared to the 2002 quarter primarily due to
lower shipping volume partially offset by an increase in revenues of the Company's
French subsidiary of $0.7 million as a result of the foreign exchange translation effect
on its Euro sales. Net income from continuing operations was $4.4 million or $0.25 per
share in the 2003 quarter and $4.9 million or $0.19 per share in the 2002 quarter. The
Company recorded a loss from discontinued operations of $3.0 million or $0.11 per share in
the 2002 quarter. Net income available to shareholders in the 2003 quarter was $4.4
million as compared to $1.8 million in the 2002 quarter. Basic undistributed earnings per
common share were $0.25 in the 2003 quarter and $0.08 in the 2002 quarter. Diluted
undistributed earnings per common share were $0.24 in the 2003 quarter and $0.08 in the
2002 quarter.
Even though the Company has reported
its results on a fully taxed basis, it has tax loss carryforwards available at March 31,
2003, which may be utilized to offset federal income taxes payable in the future.
The Company's Chief Executive
Officer and Chief Financial Officer have provided the certifications required by the terms
of the Sarbanes-Oxley Act of 2002.
M & F Worldwide is the
world's largest producer of licorice extract.
This press release contains
forward-looking statements which involve risks and uncertainties. The Company's
actual results may differ materially from those discussed in such forward-looking
statements
.
In addition to factors described in the Company's Securities and
Exchange Commission filings and others, the following factors could cause the
Company's actual results to differ materially from those expressed in any
forward-looking statements made by the Company: (a) economic, climatic or political
conditions in countries in which the Company sources licorice root; (b) economic, climatic
or political conditions that have an impact on the worldwide tobacco industry or on the
consumption of tobacco products in which licorice flavorings are used; (c) additional
government regulation of tobacco products, tobacco industry litigation or enactment of new
or increased taxes on cigarettes or other tobacco products, to the extent any of the
foregoing curtail growth in or actually reduce consumption of tobacco products in which
licorice flavorings are used; (d) the failure of third parties to make full and timely
payment to the Company for environmental, asbestos, tax and other matters for which the
Company is entitled to indemnification; (e) any inability to obtain indemnification for
any significant group of asbestos-related claims pending against the Company; (f) lower
than expected cash flow from operations; (g) significant increases in interest rates; and
(h) unfavorable foreign currency fluctuations. The Company assumes no responsibility to
update the forward-looking statements contained in this release.
Contact:
Tony Shaffer
Robinson, Lerer &
Montgomery
(212) 484-7469
— table to
follow —
M & F Worldwide
Corp. and Subsidiaries
Condensed Consolidated Statements of Income
(in millions, except per share data)
(Unaudited)
Three Months Ended
                                                                March 31,
                                                      --------------------------
                                                         2003            2002
                                                      -----------     ----------

Net revenues                                           $ 24.9          $  25.6
Cost of revenues                                         12.6             13.0
                                                      ---------      ---------
Gross profit                                             12.3             12.6
Selling, general and administrative expenses              4.3              3.4
                                                      ---------      ---------
Operating income                                          8.0              9.2
Interest income                                           0.3              -
Interest expense                                         (0.9)            (1.1)
                                                      ---------      ---------
Income from continuing operations
    before income taxes                                   7.4              8.1
Provision for income taxes                               (3.0)            (3.2)
                                                      ---------      ---------
Net income from continuing operations                     4.4              4.9
Loss from operations of discontinued
   business, net of taxes                                   -             (3.0)
                                                      ---------      ---------
Net income                                                4.4              1.9
Preferred stock dividends                                   -             (0.1)
                                                      ---------      ---------
Net income available to shareholders                     $4.4          $   1.8
                                                      =========      =========

Basic earnings per common share:
         Undistributed earnings from
              continuing operations                    $  0.25         $  0.19
          Undistributed loss from
              discontinued operations                        -           (0.11)
                                                      ---------      ---------
                  Total common stock                   $  0.25         $  0.08
                                                      =========      =========

Diluted earnings per common share:
         Undistributed earnings from
             continuing operations                     $  0.24         $  0.19
         Undistributed loss from
             discontinued operations                         -           (0.11)
                                                      ---------      ---------
                  Total common stock                   $  0.24         $  0.08
                                                      =========      =========

Basic and diluted earnings per preferred share:
         Distributed earnings                          $  -            $  0.01
         Undistributed earnings from
            continuing operations                         -               0.19
         Undistributed loss from
            discontinued operations                       -              (0.11)
                                                      ---------      ---------
                  Total preferred stock                $  -            $  0.09
                                                      =========      =========