Despite Difficult Economy, Transcontinental Improves Profitability

Adjusted net income, which excludes impairment of assets, restructuring costs and unusual adjustments to income taxes, decreased 17%, from $92.4 million to $76.5 million; on a per-share basis, it was down 16%, from $1.13 to $0.95.

It is important to note that adjusted earnings per share grew steadily during fiscal 2009, from $0.19 in the first quarter to $0.37 in the second and $0.39 in the third. This measurement is a good indicator of operating performance in the first nine months of fiscal 2009.