Worldcolor Sees Income Jump on Lower Revenues for Third Quarter

Fresh Start Reporting and combined financial results
Upon emergence from protection under the Companies’ Creditors Arrangement Act in Canada (“CCAA”) and Chapter 11 in the United States, the Company is required to adopt “fresh start” financial accounting. Under fresh start accounting, the Company undertook a comprehensive re-evaluation of its assets and liabilities based on the estimated enterprise value of $1.5 billion as established in the Plan of Reorganization. Enterprise value is generally defined to be the Company’s estimated fair value at the Fresh Start date, less cash and cash equivalents. As a result of Fresh Start accounting Worldcolor, the Successor, became a new entity for financial reporting purposes. Accordingly, the Consolidated Financial Statements of the Successor on or after August 1, 2009 are not comparable to the Consolidated Financial Statements of the Predecessor prior to that date. However, for the readers’ convenience the current financial results for the two periods have been combined in this news release.