Acquisitions Boost Transcontinental’s Revenues; Agreement with Hearst Renegotiated

Adjusted operating income remained relatively stable, from $246.6 million to $245.2 million. The slight decrease of 0.6 percent derives primarily from the Media Sector, due to the end of the school reform in Quebec, which impacted educational book publishing revenues, as well as a soft national advertising market. The decrease was mitigated by new printing contracts, the synergies from the integration of Quad/Graphics Canada and the optimization of the operational structure of our digital operations.