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Quebecor reports $14.9 million Q1 operating loss on 'reduced volumes'
By Jennifer Lanning Drey
Portland, Ore., May 15 - Quebecor World Inc. reported a $14.9 million operating loss for the quarter ended March 31 on $752 million in revenues, according to a company news release.
In comparison, the company posted operating income of $9.2 million in the first quarter of 2008 on revenues of $1.0 billion.
The company said the decline in revenues was largely due to the impact of the recession.
The first-quarter net loss was $125.9 million, compared to a net loss of $190.0 million in the prior-year period.
Quebecor generated free cash flow of $75.0 million in the first quarter, compared with $63.9 million in the prior-year period.
"Like other companies in our industry and elsewhere, we are experiencing reduced volumes largely due to the North American recession," Jacques Mallette, chief executive officer of Quebecor, said in the release.
"We are taking responsible measures to reduce costs including reducing wages and benefits across the board. While difficult, these concessions are being shared by all our employees across North America both union and non-union."
Quebecor also said it was granted orders from the Quebec Superior Court extending the expiration of the stay period under the insolvency proceedings pursuant to the Companies' Creditors Arrangement Act.
Quebecor World, a Montreal-based printing and marketing company, filed for Chapter 11 bankruptcy on Jan. 21, 2008 in the U.S. Bankruptcy Court for the Southern District of New York and filed for protection under the Companies' Creditors Arrangement Act in Canada. Its Chapter 11 case number is 08-10152.
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