Worldcolor's 3Q Net Income Climbs to $13.3 Million
Worldcolor's net income increased to $13.3 million, after a net loss from continuing operations of $63.6 million last year. Revenue, however, declined 23 percent to $769.9 million from the comparable quarter.
"The quarter-over-quarter improvement in profitability exceeded our expectations," said Mark Angelson, chairman and CEO. "It is spread across most of our businesses and was achieved despite generally lower volumes related to the difficult global economy and reduced advertising spending in North America,"
In recent months, Quebecor World has emerged from bankruptcy, been renamed to Worldcolor and announced new and extended deals with Macmillan, Pace Communications, ABA Publishing and USA Weekend.
"We are encouraged by the positive response we have received from our customers and other stakeholders," said Angelson. "We are focused on proactive relationships with customers and continue to make progress in renewing existing partnerships and beginning new ones."