Quebecor World Announces 1,000 Job Cuts, Sales Losses

The company's operating income, before impairment of assets, restructuring and other charges, was $45 million for the quarter, compared with $124 million for the same quarter in 2002. Free cash flow rose 80 percent to $72.3 million in the quarter, up from $40 million.

For the first six months, the company posted a loss of $37.2 million, compared with a profit of $110.2 million in the first half of 2002. Revenues rose to $3.03 billion, up from $2.93 billion.