Despite Difficult Economy, Transcontinental Improves Profitability

In the first nine months of fiscal 2009, consolidated revenue amounted to $1.701 billion, down 4% from $1.776 billion in 2008. Adjusted operating income before amortization decreased 11%, from $253.2 million to $225 million. Net income went from $100.9 million in 2008 to a loss of $125.4 million in 2009, largely due to impairment of intangible assets and the write-off of goodwill related primarily to marketing product printing activities, and to the restructuring costs related to the rationalization program. On a per-share basis, net income went from $1.23 to a loss of $1.55.