CHICAGO—RR Donnelley has opened a new Financial Services office in Calgary, Alberta, to serve businesses and law firms in Western Canada. This facility is positioned to meet the region's needs for transactional and compliance projects, particularly for businesses and institutions focused on oil and gas, services, mining and technology. The service center complements existing Donnelley offices in Toronto and Montreal.
Business Management - Finance/Financial
CHICAGO—RR Donnelley absorbed another stinging loss in its quarterly results, recording a net loss of $686.9 million in the fourth quarter. Impairment and restructuring charges, which totaled nearly $1.4 billion, were the primary culprits. For the same period in 2007, Donnelley registered a net loss of only $292.9 million, with restructuring and impairment charges of $477 million.
MONTREAL—With the U.S. economy impacting the communication and marketing investments by clients, Transcontinental has implemented rationalization measures that call for the elimination of about 1,500 jobs, or roughly 10 percent of its workforce. Major cost-cutting measures are being implemented at plants throughout the United States, Canada and Mexico.
HOUSTON—Consolidated Graphics saw its revenue increase 9 percent to just under $316 million for the third quarter ending December 31, 2008, but the printer suffered a $55.5 million operating loss. The company recognized a pre-tax goodwill impairment charge of $62.5 million for the quarter.
HAMILTON, BERMUDA—VistaPrint Ltd. posted a 32 percent increase in revenue during the second quarter of fiscal 2009 compared to the same period the previous year, climbing from $105 million to $138.9 million. The online printer reported gaining roughly 1.5 million new customers for the quarter ending December 31, 2008. Repeat customers generated about 65 percent of total bookings in the second quarter, up 2 percent from the same quarter a year ago.
Check printer Harland Clarke is closing a pair of plants: one in Charlotte, NC, and one in Mounds View, MN, leaving 225 total people out of work, the Charlotte and Minneapolis/St. Paul Business Journals reported. The Charlotte facility, which employed 100, is slated to close its doors in late March. In Mounds View, where 125 are employed, the plant is set to be shut down by the end of this month.
Quebecor Inc. was unsuccessful in its recent bid with the Quebec Superior Court to stop its former printing subsidiary, Quebecor World, from purchasing a press to produce advertising inserts, according to Canadian Press (CP). A U.S. bankruptcy court also gave the green light for the purchase of two other presses, for a total investment of US$50 million.
MONTREAL—Four members who also serve on the board of directors for Quebecor Inc. and Quebecor Media have resigned their board posts with Quebecor World. Pierre Karl Peladeau, Erik Peladeau, Jean Neveu and Jean La Couture have determined that "as a result of claims that have been filed by Quebecor Inc. and its subsidiaries as part of Quebecor World's court protected restructuring process, their resignations are advisable."
MODESTO, CA—A printing company's former office manager will be spending the next year in jail after pleading no contest earlier this week to embezzlement and identity theft charges. Prosecutors said that Jessica Sue Hoover, 25, stole $76,000 from Gowans Printing between Jan. 1, 2007, and July 14, 2008, according to the Modesto Bee.