Transcontinental Inc. annual results reflect difficult last quarter

Transcontinental Inc. lost $132 million in net income in the last quarter of 2008,from $38.6 million in the same period a year ago to a loss of $94.2 million. The decline in net income for fiscal 2008 was $112 million, from $120.6 million in 2007 to $7.9 million in 2008, largely due to a write-off connected with restructuring of the company's direct mail business in the United States.

This year's total consolidated revenues for Canada's largest consumer magazine publisher were up 4%, to $2.43 billion, according to a company release.

The company was quick to note that adjusted net income, which excludes asset impairment, restructuring costs and unusual adjustments to income taxes, rose 11%, from $127.2 million to $141.6 million. And it said the company was in an excellent cash position for future growth.

“I am proud of our 2008 results, which again demonstrate our ability to grow in tough economic times,” said François Olivier, President and Chief Executive Officer of Transcontinental.