Quebecor World Posts $77.7 Million 2Q Loss
Quebecor World Inc., the troubled printer currently undergoing a restructuring during bankruptcy protection from its creditors, announced this week that it posted a second-quarter net loss of $77.7 million, or $0.44 per share. The loss well exceeded last year’s second-quarter loss of $10.8 million, or $.04 per share.
“We have made important progress in the last six months to preserve the long-term sustainable profitability of our company while working through a process to ensure fair and equitable consideration for all stakeholders,” said Jacques Mallette, president and CEO of Quebecor World. “The sale of our European operations was one such step which will allow us to focus on our core business in the Americas.”
The company generated consolidated revenues from continuing operations of $976 million compared to $1.1 billion in 2007.
Quebecor World has recently announced long-term agreements with Reader’s Digest, Local Insight Media, Dex Media and Canada Wide Publishing.