Transcontinental Reports Improved Profitability in Fourth Quarter

Net income applicable to participating shares went from $6.6 million in 2008 to a net loss of $82.3 million in 2009. This decrease is principally due to the impairment of intangible assets, the write-off of assets and the cost of rationalization measures, as well as the write-off of goodwill, which were charged to fiscal 2009 financial results. Net of income taxes, these unusual items totalled $212.5 million for fiscal 2009 as a whole, or $2.63 per participating share. On a per-participating-share basis, net income applicable to participating shares declined from a gain of $0.08 to a loss of $1.02, down $1.10.