Transcontinental Ends Fiscal 2013 with a Steady Performance

Net income applicable to participating shares decreased from a loss of $51.9 million, or $0.65 per share, to a loss of $92.2 million, or $1.19 per share, mainly due to an increase in the asset impairment charge, partially offset by the favorable effect of the write-down of tax assets recorded in the fourth quarter of 2012. Adjusted net income applicable to participating shares was down 6.0 percent, from $61.9 million to $58.2 million, mostly as a result of the decrease in our results explained above, partially offset by a decrease in income taxes and financial expenses. On a per share basis, it declined from $0.77 to $0.75.