Printer Friendly

Quebecor Printing Inc. -- Exceptional Third-Quarter Results -- Revenues Up by 30.5 Percent Operating Income Up by 36.1 Percent.

MONTREAL--(BUSINESS WIRE)--Oct. 26, 1995--QUEBECOR PRINTING INC.(TSE, ME: IQI) For the third quarter of 1995, Quebecor Printing Inc. reported consolidated revenues of US $757.0 million, up from US $580.2 million posted during the corresponding period in 1994.

Net income grew to US $28.2 million, as compared to US $22.4 million for the same period last year. Earnings per share reached US $0.29, up from US $0.22 in 1994, representing an increase of 31.8 percent.

Operating income for the third quarter of 1995 rose to US $66.3 million, an increase of 36.1 percent over the US $48.7 million recorded in the third quarter of 1994. Operating margins for the quarter also grew from 8.4 percent in 1994 to 8.8 percent.

The improvement in margins is largely attributed to the increased profitability in the US, a sector which accounts for 60 percent of the Company's revenues. The European operations, which represents 18 percent of revenues, performed well ahead of expectations.

The Canadian operations expanded 33 percent over 1994. Despite this dramatic growth, margins have been maintained. Growth in export sales (now 22 percent of canadian volume) and the acquisition of Maclean Hunter are largely responsible for this development.

Charles G. Cavell, president and chief operating officer, commented "that the successful globalization of the Company has resulted in not only an extremely favourable quarterly performance, but has more importantly positioned the Company well to allow it to continue to improve its customer service and operating performance in the future".

The company has successfully extended contracts with Parade (37 million copies per week) and USA WEEKEND (17 million copies per week), to 2007 and 2004 respectively. New contracts have also been signed with react (new launch by Parade), US WEST directories, FORTUNE and Money Magazine. The total value of these contracts is over US $1.25 billion, excluding paper.

For the nine-month period ended Sept. 30, 1995, Quebecor Printing's revenues rose to US $2,168.9 million compared to US $1,481.6 million in 1994. Operating income reached US $174.9 million compared to US $121.2 million after nine months in 1994. Over this period, net income rose to US $70.6 million or US $0.71 per share, as compared to US $60.1 million or US $0.60 per share in 1994.

Cash provided from operations totals US $223.4 million over the first nine months of 1995, up US $75.4 million over the corresponding period in 1994. Quebecor Printing pursued its investment in technology, allocating US $119 million to date this year for new equipment.

The Board of Directors declared a dividend of US $0.085 per share on the Multiple Voting Shares and Subordinate Voting Shares; this is an increase of 13 percent compared to the semi-annual dividend paid out earlier this year. This dividend is payable on December 1st, 1995, to shareholders of record at the close of business on November 10, 1995.

Quebecor Printing Inc., a subsidiary of Quebecor Inc., is the largest commercial printer in Canada, the second largest in North America and among the largest in Europe.

The Company has over 22,000 employees working in 88 printing and related services plants in Canada, France, India, Mexico, the United Kingdom and the United States.

Quebecor Printing is a leader in web offset, gravure and sheetfed printing in each of its major product categories, including inserts and circulars, magazines, books, catalogues, directories, cheques, bonds and banknotes, specialty printing and newspapers. It also specializes in CD-ROM mastering and replicating.

Quebecor Printing Inc.'s Subordinate Voting Shares are listed on the Montreal and Toronto Exchanges. -0-
Quebecor Printing Inc. - Third Quarter




Periods ended
September 30 3 months (Percent) 9 months (Percent)
 1995 1994 1995 1994
 ------------------ ----------------------


Geographic distribution of
revenues (in US$ millions)
--------------------------


United States 454.1 441.0 1,305.0 1,075.1
Canada 164.1 122.9 460.3 361.5
Europe 138.8 16.3 403.6 45.0
 ----- ----- ------- -------
Total revenues 757.0 580.2 30.5 2,168.9 1,481.6 46.4


Income
(in US $ millions)
------------------


Operating income before
depreciation and
amortization 110.4 76.5 44.2 301.3 195.6 54.0
Operating income 66.3 48.7 36.1 174.9 121.2 44.3
Net income 28.2 22.4 25.8 70.6 60.1 17.5


Percent of revenues
-------------------


Operating income before
depreciation and
amortization 14.6 13.2 13.9 13.2
Operating income 8.8 8.4 8.1 8.2


Per share data (in US$)
------------------------


Cash flow per
 share $0.84 $0.58 $2.24 $1.48
Earnings per share $0.29 $0.22 $0.71 $0.60


Per share data (in CA$)
-----------------------


Cash flow per
 share $1.15 $0.79 $3.09 $2.02
Earnings per share $0.40 $0.30 $0.98 $0.82


CONTACT: Quebecor Printing Inc.

Pierre L. Roy, VP/CFO, 800/567-7070, 514/954-0101

INDUSTRY KEYWORD: PUBLISHING EARNINGS REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-236-4266 or

80
COPYRIGHT 1995 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1995, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Oct 26, 1995
Words:846
Previous Article:Town and Country Trust reports third quarter results.
Next Article:Michael Foods Declares Regular Quarterly Dividend.
Topics:


Related Articles
1994: A record year for Quebecor Printing Inc. fourth quarter earnings per share increase by 28 percent.
QUEBECOR PRINTING INC. NET INCOME INCREASED BY 21.8 PERCENT IN SECOND QUARTER.
Quebecor Printing Inc. - 1995, a great milestone revenues exceed US $3 billion and net income exceed US $105 million.
Quebecor Printing Inc. net income increases by 12 percent dividend up by 18 percent.
Quebecor Printing Net Income Increases by 15.1 Percent (Part 1 of 2, Table to Follow).
Quebecor Printing: Net Income Increases by 22 Percent (Part 2 of 2 - Financial Tables).
Quebecor Printing 20 Percent Increase in Net Income for 1996 Despite Difficult Industry Conditions.
Quebecor Printing - 7 Percent Increase in First Quarter Revenues - Dividend Up 10 Percent.
Quebecor Printing Reports 14 Percent Increase in Third Quarter Revenues: Semi-Annual Dividend Declared.
Capital Senior Living reports revenue increase. (Filings).

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters