Transcontinental Ends Fiscal 2013 with a Steady Performance

Financial Highlights
Fiscal 2013 was characterized by debt reduction, due to our significant cash flows and the amount of US$200 million received from the renegotiation of an agreement with Hearst Corporation. Our adjusted net indebtedness ratio improved from 1.32x as at October 31, 2012 to 0.91x as at October 31, 2013. During fiscal 2013, TC Transcontinental continued a multi-pronged approach to capital allocation. The Corporation focused on future growth by investing $74 million in property, plant and equipment and intangible assets as well as $25 million in strategic acquisitions. It also distributed cash to its shareholders through the payment of quarterly dividends of $52 million to holders of participating and preferred shares, the payment of a special dividend of $78 million to holders of participating shares and the repurchase of participating shares for a total amount of $12 million.