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Quebecor Printing - 7 Percent Increase in First Quarter Revenues - Dividend Up 10 Percent.

MONTREAL--(BUSINESS WIRE)--April 21, 1997--(ME, TSE:IQI, NYSE: PRW) Quebecor Printing Inc. reported today, for the first quarter ended March 31, 1997, consolidated revenues of US $787 million, compared to US $736 million in 1996, an increase of 7 percent.

Net income reached US $17.0 million compared to US $19.3 million last year. Earnings per share decreased to US $0.15 from US $0.17 for the same period in 1996.

The decrease in earnings per share was primarily a result of the acquisition of American Signature, and the ongoing restructuring of our recent acquisitions in France, where market conditions are currently difficult.

These results were announced today by Mr. Charles G. Cavell, President and Chief Operating Officer during the Company's Annual Shareholders' meeting. "The first quarter traditionally shows the lowest volume of the year. Furthermore, as anticipated, it is the integration of acquisitions that eroded our performance. Our outlook for 1997, however, remains positive," he said.

Satisfied with the Company's 1996 performance and confident about the year's outlook, the Board of Directors declared a dividend of US $0.11 per share on the Multiple Voting Shares and Subordinate Voting Shares. This dividend is payable on May 30, 1997 to shareholders of record at the close of business on May 9, 1997.

Quebecor Printing Inc., a diversified global commercial printing company, is the second largest commercial printer in the United States and the largest in Canada and in Europe. The Company is a market leader in most of its major product categories which include magazines, inserts and circulars, books, catalogs, specialty printing, related services, chip cards and CD-ROM mastering and replicating as well as directories, checks, bonds and banknotes. The Company has over 26,000 employees working in more than 125 printing and related facilities in the United States, Canada, France, the United Kingdom, Spain, Mexico and India. Quebecor Printing Inc. is a subsidiary of Quebecor Inc. -0-


Quebecor Printing Inc. - First Quarter 1997
(in millions of US dollars,
except per share data) 3 Months
 1997 1996 Change
 (percent)
 _________________________

Geographic distribution of revenues

United States 492.2 428.7
Canada 142.8 148.8
Europe and International 151.9 158.6
 _______________
Total revenues 786.9 736.1 6.9


Revenues by product segment (percent)

Magazines 29.5 31.5
Inserts and circulars 17.3 18.8
Books 16.1 18.6
Catalogs 15.5 13.9
Specialty printing 10.2 6.3
Related services and CD-ROM 4.9 4.3
Directories 4.3 3.9
Checks, bonds and banknotes 2.2 2.7


Income

Operating income before
 depreciation & amortization 93.1 90.6 2.8
Operating income 42.3 47.2 -10.4
Net income 17.1 19.3 -11.4


Income as percentage of revenues

Operating income before
 depreciation & amortization 11.8 12.3
Operating income 5.4 6.4


Per share data (US $)

Cash flow from operations $0.64 $0.61
Net income $0.15 $0.17


Per share date (in Cdn $)

Cash flow from operations $0.87 $0.84
Net income $0.20 $0.23





CONTACT: Quebecor Printing Inc.

Michel P. Salbaing, 514/954-0101

(800) 567-7070

or

Quebecor Printing Inc.

John Paul Macdonald, 514/ 954-0101

(800) 567-7070
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Date:Apr 21, 1997
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