Despite Difficult Economy, Transcontinental Improves Profitability

Financial Highlights
In the third quarter ended July 31, 2009, Transcontinental recorded consolidated revenue of $533.1 million, down 9% from the $584.9 million recorded in the same quarter in 2008. Adjusted operating income before amortization increased 5%, from $81.8 million in 2008 to $86.2 million in 2009. The decrease in revenue is mainly due to the recession, which led to a decline in the volume of direct mail activities in the United States and in marketing product printing activities, as well as advertising revenues in magazines and newspapers.