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Wallace Reports Second Quarter Results; Meets Expectations

Friday, March 16, 2001

Press release from the issuing company

Lisle, IL, - Wallace (NYSE:WCS), the leading national provider of comprehensive total print management products and services, today announced its second quarter earnings, reflecting continuing improvement in revenue and operating income. Second quarter revenue was $420.5 million, up $12.7 million or 3.1% over the immediately preceding first quarter of fiscal 2001, and up $36.3 million or 9.4% over the second quarter of fiscal 2000. Diluted Earnings Per Share for the current quarter was $0.42, versus $0.41 for the first quarter of fiscal 2001, and $0.28 for the second quarter of fiscal 2000, excluding any applicable restructuring and one-time charges. The $0.42 of diluted Earnings Per Share for the current quarter met analysts’ expectations. Operating income was $36.2 million, up $0.3 million or 0.8% over comparable numbers for the first quarter of fiscal 2001, and up $9.0 million or 33.1% over the second quarter of fiscal 2000, after adjusting for any applicable restructuring and one-time charges. Residual restructuring charges totaled $300,000 in the second quarter of the current fiscal year. "We are pleased with the overall results for the quarter, especially in our Forms and Labels segment, which continues to be an industry leader," said David Jones, Wallace’s Chairman of the Board and Chief Executive Officer. "However, in spite of showing considerable improvement over the second quarter of the prior year, our Integrated Graphics segment is still not meeting our expectations." Wallace also continued to reduce the overall debt level of the company. Total debt was down $7.2 million from last quarter, lowering the total debt to total capitalization ratio to 38.5%. Additionally, the company continued its emphasis on overall working capital management. Inventory levels fell $7.7 million from last quarter and accounts receivable balances were up only slightly, despite a large increase in revenue over the previous quarter.

 

 

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