Business
Transcontinental's inc. first quarter: Closes Quad/Graphics Canada, Inc. acquisition and increases dividend by 7%
Highlights Note: Our 2012 results are now reported under the International Financial...
About this update from Transcontinental Inc. Class A
[{"type":"text","content":"\n\n\n\n\n\nHighlights \n\n\nNote: Our 2012 results are now reported under the International\n Financial Reporting Standards (IFRS) and the previous year has been\n restated to take this into account.\n\n\n(in millions of dollars, except per share data)\n\n\nQ1-12\n\n\nQ1-11\n\n\n%\n\n\nRevenues\n\n\n495.9\n\n\n514.8\n\n\n(4%)\n\n\nAdjusted operating income (1)\n\n43.0\n\n\n48.7\n\n\n(12%)\n\n\nAdjusted net income applicable to participating shares (2)\n\n27.1\n\n\n28.8\n\n\n(6%)\n\n\nPer share\n\n\n0.33\n\n\n0.36\n\n\n(8%)\n\n\nUnusual items, net of income taxes (3)\n\n60.4\n\n\n3.7\n\n\n-\n\n\nNet income applicable to participating shares\n\n\n(33.3)\n\n\n25.7\n\n\n-\n\n\nPer share\n\n\n(0.41)\n\n\n0.32\n\n\n-\n\n\nNotes 1 and 2 please refer to the table \"Reconciliation of Non-IFRS\n financial measures\" in this press release.\nNote 3: these unusual items are mainly related to notices of tax\n re-assessment estimated at $58 million in 2012.\n\n\nClosed the indirect acquisition of all the shares of Quad/Graphics\n Canada, Inc. It is expected to add about $230 million to revenues and\n should generate at least $40 million in net incremental EBITDA over the\n coming 12 to 24 months.\n\n\nIncreased dividends on participating shares by 7%. It now stands at\n $0.58 per share on an annual basis.\n\n\nNet income applicable to participating shares decreased from $25.7\n million to a loss of $33.3 million mainly due to a tax provision\n related to notices of re-assessment estimated to be $58.0 million,\n including applicable interest and penalties for its fiscal years 2006\n to 2010. Excluding unusual items, adjusted net income applicable to\n participating shares decreased 6%, from $28.8 million to $27.1 million.\n\n\n \n\n\nMONTREAL, March 13, 2012 /CNW Telbec/ - Transcontinental's Inc. (TSX:\n TCL.A, TCL.B, TCL.PR.D) revenues decreased by 4% in the first quarter,\n from $514.8 million to $495.9 million, driven primarily by the sale of\n its black and white book printing business, destined for U.S. exports,\n completed last September, which was part of the asset swap transaction\n in which it acquired Quad/Graphics Canada on March 1st. Revenues were also impacted by lower volume from the non-recurring\n revenue from the printing contract for the Canadian Census last year\n and to a lesser extent, the printing of magazines and bo...