World Color Press Reports Revenue and Earnings Decline in Second Quarter
Fresh Start Reporting The Company will be required, under Canadian GAAP, to adopt “fresh start” financial reporting. Under fresh start financial reporting, the Company will undertake a comprehensive re-evaluation of its assets and liabilities as of July 31, 2009, the effective fresh start date, based on the enterprise value of $1.5 billion as established and confirmed in the Plan. The Company has prepared a Pro Forma Fresh Start Consolidated Balance Sheet as of June 30, 2009, which is included in the MD&A. The “fresh start” process will result in our becoming a new entity for financial reporting purposes and will mean that the financial statements of the new entity will not be comparable to any of our previously issued financial statements.