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QUEBECOR PRINTING CONTINUES TO SHOW IMPRESSIVE RESULTS

 QUEBECOR PRINTING CONTINUES TO SHOW IMPRESSIVE RESULTS
 MONTREAL, Nov. 12 /PRNewswire/ -- For the quarter ended Sept. 30,


1991, consolidated revenues of Quebecor Inc. (AMEX: PQB) amounted to $572.9 million, compared to $610.8 million in 1990, a decrease of 6.2 percent, the company announced today. For the same period, Quebecor Inc.'s net income was $6.1 million, or $0.26 per share, compared to $9.8 million, or $0.41 per share, the previous year. This decrease is entirely attributable to the results shown by Mircor Inc., Quebecor Inc.'s subsidiary which controls Donohue Inc. If one were to exclude Mircor Inc.'s contribution, net income would be $10.8 million, or $0.46 per share, compared to $9.1 million, or $0.38 per share, in 1990.
 QUEBECOR INC.
 For the Three Months and the Nine Months ended Sept. 30
 (In millions of dollars except per share data)
 Three Months Nine Months
 1991 1990 1991 1990
 Revenues:
 Quebecor Group Inc. $ 89.2 $ 94.9 $ 278.4 $ 300.5
 Quebecor Printing Inc. 396.3 392.3 1,146.9 1,025.6
 Mircor Inc. 103.3 138.9 359.9 455.7
 Inter-segment (15.9) (15.3) (46.4) (44.2)
 Total $ 572.9 $ 610.8 $1,738.8 $1,737.6
 Operating income:
 Quebecor Group Inc. $ 5.3 $ 7.2 $ 20.7 $ 25.3
 Quebecor Printing Inc. 39.5 36.1 97.3 86.2
 Mircor Inc. (1.0) 15.2 11.1 63.9
 Total 43.8 58.5 129.1 175.4
 General corporate expenses (1.2) (1.9) (3.7) (4.7)
 Financial expenses (20.6) (22.2) (58.8) (64.8)
 Total $ 22.0 $ 34.4 $ 66.6 $ 105.9
 Contribution to net income
 by segment:
 Quebecor Group Inc. and
 Quebecor Printing Inc.(A) $ 10.8 $ 9.1 $ 24.8 $ 20.7
 Mircor Inc. (4.7) 0.7 (7.6) 3.3
 Net income $ 6.1 $ 9.8 $ 17.2 $ 24.0(B)
 Earnings per share $ 0.26 $ 0.41 $ 0.73 $ 1.02
 (A) -- Including the Head Office of Quebecor Inc.
 (B) -- Excluding an exceptional one-time gain of $42.3 million.
 Publishing and Distribution Segment
 The slight decrease in revenues shown by Quebecor Group Inc. for the third quarter of the current year, when compared to the corresponding period in 1990, reflects the continuation of the economic slowdown as well as the effect the new provincial and federal taxes, introduced at the beginning of the year, had had on this industry. However, while circulation of its publications and advertising revenues remained affected by these difficult circumstances, Quebecor Group Inc. has succeeded in minimizing the impact they may have had otherwise on its operating income before interest and taxes.
 Printing Segment
 The performance of this segment continues to be remarkable. For the third quarter of 1991, revenues reached $396.3 million, an increase of 1 percent when compared to the same period in 1990. This increase was achieved in a context of fierce competition inducing lower prices combined to a Canadian dollar stronger than last year when compared to the U.S. dollar. This confirms that Quebecor Printing Inc. increased its market share.
 For the same period, operating income before interest and taxes reached $39.5 million, compared to $36.1 million in 1990, an increase of 9.2 percent. Therefore, the operating margin improved from the 9.2 percent that it was in the third quarter of 1990 to 10.0 percent in the third quarter of 1991.
 Forest Products Segment
 Donohue Inc. announced its financial results on Oct. 25, 1991. Quebecor Inc. controls Donohue Inc. through its subsidiary Mirco Inc. of which it holds 51 percent.
 For the third quarter of 1991, Mircor Inc.'s revenues amounted to $103.3 million, compared to $138.9 million for the same period in 1990. This 25.6 percent decrease is attributable to a worldwide decrease in demand combined with an over-capacity of production for newsprint and pulp which brought about significant reductions in the selling prices as well as to a strong Canadian dollar when compared to the U.S. dollar.
 Mircor Inc. incurred an operating loss before interest and taxes of $1 million for the third quarter of 1991 while a $15.2 million profit was recorded a year earlier.
 Donohue Inc. holds 50 percent of a BCTMP mill in Matane, Quebec. During the third quarter of 1991, this affiliated company, Donohue Matane Inc., announced the shutdown of its mill and sawmills for an undetermined period of time. This decision had become necessary in view of the deterioration of the market for this product. The partners in the company believe that the market conditions will change and, therefore, necessary measures have been taken to protect buildings and equipment. Furthermore, a preventive maintenance program has been set up in order to ensure that the facilities will start up without undue delay when the market conditions improve.
 Results After Nine Months
 For the nine-month period ended Sept. 30, 1991, Quebecor Inc.'s consolidated revenues reached $1.7 billion which compare to the amount recorded for the corresponding nine months of 1990.
 For the same period of 1991, net income was $17.2 million, or $0.73 per share, compared to $24.0 million, or $1.02 per share, the previous year. The latter excludes an exceptional gain on dilution of $42.3 million resulting from the issuance of capital stock by a subsidiary. If one were to exclude the contribution of Mircor Inc., for the first nine months of 1991, Quebecor Inc.'s net income would be $24.8 million, or $1.05 per share, compared to $20.7 million, or $0.88 per share, for the corresponding period of 1990.
 Recent Developments
 During the third quarter of 1991, Quebecor Inc. announced it had agreed to sell Desmarais & Frere Limitee and Reliure Gala, two of Quebecor Group Inc.'s operations. This transaction should be closed before the end of the last quarter of this year.
 The cash position of Quebecor Inc. continues to be strong and the decision taken by Donohue Inc. to suspend its regular quarterly dividend on its Class B shares will have no significant impact.
 On Oct. 31, Quebecor Inc. concluded an agreement with a syndicate of underwriters whereby three million Class B subordinate voting shares will be issued. This transaction is expected to close on Nov. 21, 1991, bringing Quebecor Inc. $58.5 million which will be used for general working capital purposes. This increase in the company's capital stock will improve the debt:capitalization ratio from 44:56 that it was as at last Sept. 30, to 43:57.
 Semi-Annual Dividend
 The board of directors of Quebecor Inc., at its meeting of Nov. 12, 1991, has declared a dividend of CDN$0.13 per share on Class A shares and Class B subordinate voting shares, payable Dec. 23, 1991, to shareholders of record at the close of business as of Dec. 2, 1991.
 The Class A shares of Quebecor Inc. are listed on the Montreal Exchange, the Toronto Stock Exchange and the American Stock Exchange. The Class B subordinate voting shares are listed on the Montreal and Toronto stock exchanges.
 Quebecor Inc., a continent-wide communications company, is active in the publishing sector with four dailies, 50 weeklies, seven monthlies, 11 magazines and numerous specials as well as books. It is also involved in publications and records distribution and retail. With its 56 printing and specialized plants across Canada and the United States, the company is the second largest commercial printer in North America. Through its subsidiary Mircor Inc., its activities also comprise forest products.
 -0- 11/12/91
 /CONTACT: Francois R. Roy, vice president-finance and treasurer of Quebecor, 514-877-9777/
 (PQB) CO: Quebecor Inc. ST: Quebec IN: PAP SU: ERN GK -- NY069 -- 3545 11/12/91 15:04 EST
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