TC Transcontinental Posts Slight Revenue, Income Increases
Net income applicable to participating shares decreased 82 percent, from $44.5 million to $8.0 million. This decrease is mainly due to an impairment of goodwill and intangible assets of $52.2 million, as explained above.
Operating Highlights for Fiscal 2011
• Announced the indirect acquisition of all the shares of Quad/Graphics Canada, Inc. This transaction is subject to approval of the Competition Bureau. The Corporation expects this transaction to close at the beginning of 2012. We also sold our Mexican operations (revenues of C$67 million in 2010) and our black and white book printing business destined for U.S. export (revenues of C$25 million in 2010) to Quad/Graphics. This exchange of assets is expected to generate at least $40 million in net incremental EBITDA for Transcontinental, over 12 to 24 months following closing of the Canadian transaction.
- Companies:
- Transcontinental Inc.