Transcontinental Reports Gains for Fiscal Year Despite Q4 Loss

Net income decreased from $38.6 million to a loss of $94.2 million; on a per-share basis, it dropped from earnings of $0.46 to a loss of $1.17. Adjusted net income, which excludes asset impairment, restructuring costs and unusual adjustments to 2007 income taxes, rose 22%, from $39.3 million to $48 million; on a per-share basis, adjusted net earnings increased 26%, from $0.47 to $0.59. Excluding the impact of the foreign exchange rate, adjusted earnings per share would have grown 21%.