Transcontinental Reports Improved Profitability in Fourth Quarter

Net income applicable to participating shares went from a loss of $94.3 million in 2008 to a gain of $43.1 million in 2009, primarily due to the write-off of goodwill related to direct mail operations in the United States and a restructuring charge recognized in the fourth quarter 2008 financial results; on a per-participating-share basis, net income applicable to participating shares rose from a loss of $1.17 to a gain of $0.53. Adjusted net income applicable to participating shares, which excludes asset impairment, rationalization costs and impairment of goodwill and intangible assets, increased 12%, from $47.9 million to 53.7 million; on a per-participating-share basis, adjusted net income applicable to participating shares grew 12%, from $0.59 to $0.66.