Acco Brands (ABD)

Business Segment Highlights

ACCO Brands Americas

ACCO Brands Americas fourth quarter net sales decreased 5% to $176.3 million, from $185.8 million in the prior-year quarter. Excluding the effects of currency translation, sales declined 7%. The decline was at a rate significantly lower than in previous quarters and reflected lower volume due to continued weakness in consumer and business demand.

ACCO Brands Americas reported fourth quarter operating income of $10.7 million, compared to an operating loss of $138.6 million in the prior-year quarter. Adjusted operating income was $12.9 million, compared to $16.3 million in 2008, and adjusted operating margin decreased to 7.3% from 8.8%. The decrease in adjusted operating income margins was due to higher compensation expense, including the re-payment of prior-year furloughs, as compared to expense reductions in the prior year from employee furloughs.

ACCO Brands International

ACCO Brands International net sales increased 8% to $130.6 million, compared to $120.5 million in the prior-year quarter. Excluding the effect of currency translation, sales declined 8%. The decline was at a rate significantly lower than in previous quarters, and reflected volume declines due to continued weakness in consumer and business demand in Europe, partially offset by positive sales trends in Australia.

ACCO Brands International reported operating income of $14.8 million, compared to an operating loss of $99.5 million in the prior-year quarter. Adjusted operating income was $17.1 million, compared to $7.3 million in 2008, and adjusted operating income margin increased to 13.1%, from 6.1%. The increase in adjusted operating income was primarily the result of cost reduction activities and $3.4 million of foreign exchange translation benefit.

Computer Products Group

Computer Products net sales decreased 3% to $45.9 million, compared to $47.1 million in the prior-year quarter. Adjusting for the effects of currency translation, comparable sales declined 8%. The decline was at a rate significantly lower than in previous quarters, and reflected lower sales volumes in the United States, particularly in the retail channel driven by the bankruptcy of Circuit City, which accounted for 7% of the decline.

Computer Products reported operating income of $8.9 million, an increase from $2.2 million in the prior-year quarter. Adjusted operating income increased to $9.2 million, from $7.5 million, and adjusted operating income margin increased to 20.0%, from 15.9%. The improvement in operating margin was the result of cost reduction activities and $1.2 million of foreign exchange translation benefit.

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Business Segment Highlights

ACCO Brands Americas

ACCO Brands Americas net sales decreased 21% to $175.5 million from $222.7 million. Excluding the effects of currency translation, sales declined 19%. The decrease reflects volume declines in all markets driven by continued weakness in consumer and business demand.

ACCO Brands Americas reported operating income of $16.1 million, compared to $7.0 million in the prior-year quarter. Adjusted operating income was $16.4 million, compared to $17.3 million in 2008, and adjusted operating margin increased to 9.3% from 7.8%. The increase in adjusted operating income margins was primarily the result of cost reduction activities, including lower marketing expenditures, headcount reductions and less adverse commodity costs, partially offset by lower sales volume.

ACCO Brands International

ACCO Brands International net sales decreased 21% to $104.4 million, compared to $132.1 million in the prior-year quarter. Excluding the effect of currency translation, sales declined 15%. The decrease primarily reflected continued volume declines in Europe and improving results in Australia, partially offset by price increases.

ACCO Brands International reported operating income of $5.8 million compared, to $5.1 million in the prior-year quarter. Adjusted operating income decreased 30% to $7.8 million, from $11.2 million, and adjusted operating income margin decreased to 7.5%, from 8.5%. The decline in adjusted operating income was primarily the result of lower sales volume and higher cost Asian-sourced products due to the relative strength of the U.S. dollar, partially offset by cost reduction activities.

Computer Products Group

Computer Products net sales decreased 24% to $42.6 million, compared to $56.0 million in the prior-year quarter. Adjusting for the effects of currency translation, comparable sales declined 21%. The decline was due to lower sales volumes, particularly in the United States and United Kingdom. The loss of U.S. sales to Circuit City due to its bankruptcy accounted for 7% of the segment decline.

Computer Products reported operating income decreased 8% to $10.1 million from $11.0 million in the prior-year quarter. Adjusted operating income decreased 4% to $10.6 million from $11.0 million, while adjusted operating income margin increased to 24.9%, from 19.6%. The improvement in operating margin was primarily the result of substantial reductions in advertising, selling, general and administrative expenses.

Business Segment Highlights

ACCO Brands Americas

ACCO Brands Americas net sales decreased 24% to $162.0 million from $211.9 million. Excluding the effects of currency translation, sales declined 20%. The decrease reflects volume declines in the U.S. and Canada driven by continued weakness in consumer and business demand.

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ACCO Brands Americas reported operating income of $5.6 million, compared to an operating loss of $2.0 million in the prior-year quarter. Adjusted operating income was $9.7 million, compared to $10.0 million in 2008, and adjusted operating margin increased to 6.0% from 4.7%. The increase in adjusted operating income margins was primarily the result of cost reduction activities, including lower marketing expenditures, headcount reductions, temporary salary and benefit plan reductions, partially offset by lower sales volume and expensing inventory that was purchased when commodity costs were higher.

ACCO Brands International

ACCO Brands International net sales decreased 30% to $102.7 million, compared to $147.3 million in the prior-year quarter. Excluding the effect of currency translation, sales declined 17%. The decrease primarily reflected continued volume declines in Europe partially offset by price increases.

ACCO Brands International reported operating income of $1.2 million compared to $10.3 million in the prior-year quarter. Adjusted operating income decreased 40% to $7.8 million, from $13.0 million, and adjusted operating income margin decreased to 7.6%, from 8.8%. The decline in adjusted operating income was primarily the result of lower sales volume partially offset by cost reduction activities.

Computer Products Group

Computer Products net sales decreased 29% to $39.1 million, compared to $54.8 million in the prior-year quarter. Adjusting for the effects of currency translation comparable sales declined 22%. The decline was due to lower sales volumes, particularly in the United States and United Kingdom. The loss of U.S. sales to Circuit City due to its bankruptcy accounted for 7% of the segment decline.

Computer Products reported operating income decreased 24% to $7.9 million, from $10.4 million in the prior-year quarter. Adjusted operating income decreased 15% to $9.2 million, from $10.8 million, while adjusted operating income margin increased to 23.5%, from 19.7%. The decline in adjusted operating income was driven by lower sales volume and increased customer rebate programs, partially offset by reduced costs, including lower marketing expenditures, headcount reductions, temporary salary and benefit plan reductions.

Business Segment Highlights

ACCO Brands Americas

ACCO Brands Americas net sales decreased 21% to $157.7 million from $200.4 million. Excluding the effects of currency, sales declined 17%. The decrease reflects volume declines in the U.S. and Canada driven by continued weakness in consumer and business demand and customer inventory reductions in January.

ACCO Brands Americas reported operating income of $6.2 million, compared to an operating loss of $0.4 million in the prior-year quarter. Adjusted operating income was $6.5 million, compared to $3.9 million, and adjusted operating margin increased to 4.1%

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from 1.9%. The increase in adjusted operating income was primarily the result of cost reduction activities, including headcount reductions, temporary salary and benefit plan reductions and lower management incentives, partially offset by lower sales volume and expensing inventory purchased when commodity costs were higher.

ACCO Brands International

ACCO Brands International net sales decreased 34% to $100.3 million, compared to $151.6 million in the prior-year quarter. Excluding the effects of currency, sales declined 17%. The decrease primarily reflected continued volume declines in Europe, partially offset by the timing of the Easter holiday, which adversely affected the prior-year quarter, as well as price increases.

ACCO Brands International operating income decreased 46% to $5.6 million, from $10.3 million in the prior-year quarter. Adjusted operating income decreased 49% to $8.2 million, from $16.0 million, and adjusted operating income margin decreased to 8.2%, from 10.6%. The decline in adjusted operating income was primarily the result of lower sales volume partially offset by cost reduction activities.

Computer Products Group

Computer Products net sales decreased 26% to $35.4 million, compared to $48.0 million in the prior-year quarter. Adjusting for currency comparable sales declined 17%. The decline was due to lower sales volumes, particularly in the United States and United Kingdom, and related customer inventory reductions.

Computer Products reported operating income decreased 26% to $4.8 million, from $6.5 million in the prior-year quarter. Adjusted operating income decreased 31% to $5.3 million, from $7.7 million, and adjusted operating income margin decreased to 15.0%, from 16.0%. The decline was driven by lower sales volume and increased customer rebate programs, partially offset by reduced costs, including headcount reductions, temporary salary and benefit plan reductions and lower management incentives. The prior period also benefitted from an $0.8 million royalty settlement.

Business Segment Highlights

Effective as of the fourth quarter of 2008, the company realigned and reclassified its business segments. All prior year business segment information presented in this news release has been restated to reflect the new segment structure. Refer to the company’s report on Form 8-K furnished to the Securities and Exchange Commission on January 27, 2009 for additional information and restated 2007 and 2008 quarterly segment results.

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ACCO Brands Americas reported an operating loss of $138.6 million, compared to income of $31.1 million in the prior-year quarter. Adjusted operating income was $16.3 million compared to $38.5 million and adjusted operating margin decreased to 8.8% from 14.0%. The decline in adjusted operating income was driven by lower sales volume and increased rebate programs, partially offset by merger integration synergies and other cost reductions including lower management incentives. Additionally, price increases did not fully recover commodity and labor cost increases.

ACCO Brands International reported an operating loss of $99.5 million, compared to income of $6.9 million in the prior-year quarter. Adjusted operating income was $7.3 million compared to $16.8 million. Adjusted operating income margins decreased to 6.1% from 10.4% in the prior-year quarter. The decline in adjusted operating income was due to lower sales volume partially offset by merger integration synergies and other cost reductions, including lower management incentives. Additionally, price increases did not fully recover commodity cost and labor cost increases.

Computer Products reported operating income of $2.2 million, compared to $16.9 million in the prior-year quarter. Adjusted operating income was $7.5 million, compared to $18.8 million, and adjusted operating margin decreased to 15.9% from 26.6%. The decline was driven by lower sales volume and increased customer rebate programs, partially offset by other cost reductions, including lower management incentives. In addition, the prior-year quarter’s sales and operating income benefited from $1.2 million of prior-period royalties.