Business Management - Finance/Financial

VistaPrint Earnings Defy Economy
January 30, 2009

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.

Harland Clarke Shutters Facilities
January 1, 2009

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 World Wins Court Battle
January 1, 2009

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.

Tough Times for Oregon Printers
January 1, 2009

Leading Media Print Group, created by the 2006 merger of Times Litho and Northwest Web, has gone under. The Times Litho plant, in Forest Grove, OR, dismissed 70 employees in November, according to the Portland Tribune.

Former Printing Employee Gets Year in Jail
December 19, 2008

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.

Vertis Communications Closes Another Facility
December 19, 2008

SAN ANTONIO, TX—Vertis Communications, of Baltimore, is consolidating some operations, which is prompting the closure of its San Antonio advertising insert printing facility, the San Antonio Business Journal reported. The move impacts approximately 90 employees. The company is said to be providing long-time employees with extended financial support and is encouraging affected employees to seek employment elsewhere within the Vertis organization.

Four Resign from Quebecor World Board
December 19, 2008

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."

Vertis Communications Closing Plants
December 12, 2008

BALTIMORE—A former American Color Graphics facility within the Vertis Communications chain has closed its doors permanently and another will shut down operations completely by next June, according to several news sources.

Struggling Serigraph Plans to Lay Off About 50
December 12, 2008

WEST BEND, WI—Serigraph Inc. will lay off roughly 50 employees, with some being offered early retirements, according to the Business Journal of Milwaukee. Sean Torinus, CEO of Serigraph, told the paper that sales to automotive and appliance customers—impacted greatly by the recession—have suffered and the company needed to get costs in line with reduced sales.

Transcontinental Reports Gains for Fiscal Year Despite Q4 Loss
December 11, 2008

Transcontinental kept its momentum in the fourth quarter and ended fiscal 2008 with adjusted earnings per share of $1.73, compared to $1.50 in 2007, up an appreciable 15%. Adjusted net income, which excludes asset impairment, restructuring costs and unusual adjustments to income taxes, is a good indicator of the Corporation’s operating performance.