Tuesday, December 15, 2009

Transcontinental ends 2009 fiscal with strong 4th quarter, but annual loss of $82 million

Transcontinental Inc., the printer and Canada's largest consumer magazine publisher, ended fiscal 2009 ended October 31 with a loss of $82.3 million --a decrease of 6% in revenue and a loss of net income of 6%. Revenue was $2.29 billion compared with $2.5 billion a year ago. The loss per share was $1.02.
The year was capped by a strong 4th quarter in which net income grew 15%. The company attributed the quarter-over-quarter improvement on its aggressive cost-cutting in the face of inflation -- some $ 80 million, some of it in job cuts, in 2009 or about $110 million expressed on an annual basis.
"I am particularly proud of our operating performance in the fourth quarter-one of the best in our history-and the steady improvement in our financial results over the course of the year in very turbulent conditions," said Fran├žois Olivier, President and Chief Executive Officer. "We are making it through this serious recession by doing better than most of our main competitors and gaining back much of the ground lost compared to 2008. We are dealing with the recession responsibly and with discipline. We also reacted right from the very start, and we did it in the Transcontinental way, calling on our people across the company to mobilize, be innovative and execute."
Notable acquisitions during the year were the acquisition of Redwood Custom Communications and Conversys, an e-flyer provider.  The company also began long-term printing contracts, including the San Francisco Chronicle and producing all the magazines for Rogers Communications.

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