Worldcolor Narrows Loss on Lower Revenues in First Quarter 2010

The company reported a net loss of $29 million, compared to a net loss of $126 million for the same period in 2009. These results incorporated IAROC, net of income taxes, of $36 million, compared with IAROC, net of income taxes, of $11 million for the same period in 2009. The restructuring costs related largely to plant closures announced in the current year of the following facilities in North America: Oberlin, OH; Dyersburg, TN; West Bridgewater, MA; Richmond Hill, ON; St-Romuald, QC; Bromont, QC; as well as various workforce reductions. The 2010 restructuring initiatives affected a total of 1,700 employees, of which 401 positions were eliminated as of March 31, 2010 and 1,299 positions are expected to be eliminated as the aforementioned facilities are closed.