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QUEBECOR'S NET INCOME MORE THAN DOUBLES

 QUEBECOR'S NET INCOME MORE THAN DOUBLES
 MONTREAL, April 30 /PRNewswire/ -- For the quarter ended March 31,


1992, Quebecor Inc.'s consolidated revenues amounted to $594.9 million, compared to $572.8 million for the same quarter in 1991, it was announced today. For the same period, Quebecor Inc.'s net income reached $5.2 million, or $0.09 per share compared to $2.3 million, or $0.05 per share the previous year, an increase in net income of more than 122 percent. The forest products sector continues to be affected by the general economic downturn. If one were to exclude the contribution of Mircor Inc., Quebecor Inc.'s subsidiary which controls Donohue Inc. and gives Quebecor Inc. a 27.5 percent participation, net income for the first quarter would have been $8.3 million, or $0.15 per share, compared to $3.4 million, or $0.07 per share in 1991.
 Quebecor Inc.
 For the three months ended March 31
 (in millions of dollars except per share data)
 1992 1991
 REVENUES
 Quebecor Group Inc. $ 80.9 $ 90.9
 Quebecor Printing Inc. 415.5 366.4
 Mircor Inc. 113.8 131.2
 Inter-segments (15.3) (15.7)
 Total $ 594.9 $ 572.8
 OPERATING INCOME
 Quebecor Group Inc. $ 5.0 $ 5.0
 Quebecor Printing Inc. 32.8 24.0
 Mircor Inc. (9.9) 10.7
 General corporate expenses (1.1) (0.9)
 Financial expenses (24.4) (20.3)
 Total $ 2.4 $ 18.5
 CONTRIBUTION TO NET INCOME BY SEGMENT
 Publishing and distribution and printing $ 8.3 $ 3.4
 Forest products (3.1) (1.1)
 NET INCOME (A) $ 5.2 $ 2.3
 EARNINGS PER SHARE $ 0.09 $ 0.05
 (A) Including the minority shareholders' interest.
 Publishing and Distribution Segment.
 For the first quarter of 1992, Quebecor Group Inc.'s revenues were $80.9 million, compared to $90.9 million for the same quarter in 1991. This 11 percent decrease is partly attributable to the sale of Desmarais & Frre Limite which was concluded during the third quarter of 1991. The withdraw of the Company from its manufacturing operations was compensated by an increase in revenues generated by its other activities. Operating income before interest and taxes was equal to last year and amounted to $5.0 million. Operating margin therefore went from 5.5 percent that it was for the first quarter of 1991 to 6.2 percent for the same period of the current fiscal year.
 Printing Segment.
 Since April 23, 1992, Quebecor Printing Inc. is a public company whose shares are traded on The Montreal Exchange and The Toronto Stock Exchange. It announced its results for the first quarter on that date.
 This sector's performance remains remarkable. For the first quarter of 1992, revenues reached $415.5 million, an increase of 13.4 percent over the same period in 1991. During the first quarter of 1992, which comprises one more week than the first quarter of 1991, Quebecor Printing Inc. expanded its network by the acquisition of a printing plant in Mexico and one in California.
 For this same three-month period, operating income before interest and taxes reached $32.8 million, compared to $24.0 million the previous year, a 36.4 percent increase. Operating margin therefore went from 6.6 percent for the first quarter of 1991 to 7.9 percent for the first quarter of 1992.
 Forest Products Segment.
 Donohue Inc. announced its results last April 23, 1992. Quebecor Inc. controls Donohue Inc. through Mircor Inc. of which it holds 51 percent.
 During the first quarter of 1992, Mircor Inc.'s revenues were $113.8 million, compared to $131.2 million for the same period in 1991. This 13.3 percent decrease is attributable to a worldwide decrease in demand combined to an over-capacity of production for newsprint and pulp which brought about significant reductions in the selling prices.
 Mircor Inc.'s operating loss before interest and taxes was $9.9 million in 1992, compared to an operating income before interest and taxes of $10.7 million was recorded for the first quarter of 1991, a reversal of $20.6 million.
 Recent Developments.
 On Feb. 5, 1992, Quebecor Inc. issued 4.2 million units each comprised of one Class B Subordinate Voting Share and one-half Class B Subordinate Voting Share warrant. This transaction brought $52.7 million to Quebecor Inc. An entire warrant will be exchangeable before August 31, 1993, against one Share at a price of $14 payable to Quebecor Inc.
 On Feb. 25, 1992, Caisse de dpt et placement du Quebec acquired a 7.1 percent participation in Quebecor Printing Inc. for a cash consideration of $30.7 million which was paid to Quebecor Inc.
 On April 23, 1992, Quebecor Printing Inc. successfully completed its initial public offering and sold 14 million Subordinate Voting Shares. This transaction brought Quebecor Printing Inc. $209.5 million which has been used to reduce its debt. The underwriting syndicate has since indicated that it will be exercising its option to purchase from Quebecor Printing Inc. 1,000,000 additional shares and, on May 4, 1992, Quebecor Printing Inc. will receive an additional $15 million which will also be used to reduce its debt. For Quebecor Inc., this transaction has meant a gain on dilution, net of differed income taxes, in the amount of approximately $50 million which will be accounted for during the second quarter of 1992.
 Semi-Annual Dividend.
 The board of directors of Quebecor Inc., at its meeting of April 30, 1992, has declared a dividend of CDN$0.07 per share on its Class A Shares and Class B Subordinate Voting Shares, payable June 8, 1992, to shareholders of record at the close of business as of May 14, 1992.
 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, 44 weeklies, six monthlies, 11 magazines and numerous specials as well as books. It is also involved in publications and records distribution as well as retail. With its 56 printing and specialized plants, the Company is the second largest commercial printer in North America. Through its subsidiary Mircor Inc., its activities also comprise forest products.
 -0- 4/30/92
 /CONTACT: Francois R. Roy, vice president, finance and treasurer, of Quebecor, 514-877-9777/
 (QBR.) CO: Quebecor Inc. ST: Quebec IN: SU: ERN


LR -- NY079 -- 5029 04/30/92 14:24 EDT
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