TORONTO and STAMFORD, Conn.---Feb. 13, 2002-- Moore Corporation today announced significantly improved normalized results (actual results less restructuring and other non-recurring charges) for the fourth quarter and fiscal year ended December 31, 2001. On a normalized basis, the company had net earnings of $6.5 million for the fourth quarter 2001, or $0.07 per share. This compares favorably to a normalized net loss of $24.0 million, or $(0.27) per share for the same period in 2000. As a result of our continued focus on cost containment, productivity enhancements, waste reduction initiatives, and operational efficiency, the company's normalized operating income increased 189% to $15.3 million in the fourth quarter 2001 versus an operating loss of $17.2 million for the same period last year. Normalized EBITDA (operating income plus depreciation and amortization) increased to $39.9 million in the quarter versus $15.9 million in the same period last year as the company continued to generate strong cash flow in the fourth quarter. The company's normalized free cash flow (EBITDA less cash interest, cash taxes, dividends, and capital expenditures) continued to show dramatic improvement as the company generated positive free cash flow of approximately $20.8 million (which excludes $3.6 million of accelerated interest payments associated with the early redemption of $100 million of private placement notes and the conversion of the $70.5 million convertible subordinated debenture) versus negative free cash flow of $13.5 million in the fourth quarter of 2000. This marks the fourth consecutive quarter of significantly improved free cash flow as management continued its intense focus on cash generation and cash management. Sales for the fourth quarter 2001 were $537.3 million compared to $580.6 million in 2000. The revenue decline resulted from the decision to exit certain unprofitable accounts in the United States and Canadian Forms and Labels business; the first quarter 2001 divestiture of Colleagues; the fourth quarter 2001 divestiture of Phoenix; the expected revenue decline at the company's non-core subsidiaries; and the significant devaluation of certain foreign currencies. Normalized results for the full year of 2001 were also improved. On a normalized basis, the company incurred a net loss of $3.6 million, or $(0.04) per share. This compares favorably to a normalized net loss of $50.6 million, or $(0.57) per share in 2000. Normalized operating income grew to $32.3 million versus a loss of $37.3 million last year. Normalized EBITDA for the full year was $140.0 million, up 76% from $79.5 million last year. Revenues for 2001 were $2.2 billion compared to $2.3 billion in 2000 as a result of the previously discussed decision to exit certain unprofitable accounts in the United States and Canadian Forms and Labels business; the first quarter 2001 divestiture of Colleagues; the fourth quarter 2001 divestiture of Phoenix; the expected revenue decline at the company's non-core subsidiaries; and the significant devaluation of certain foreign currencies. Normalized free cash flow showed significant improvement in 2001, as the company generated $59.3 million of free cash flow versus negative free cash flow of $73.3 million in 2000. Robert G. Burton, President and Chief Executive Officer stated: "As I committed when I arrived at Moore, 2001 was going to be the year in which Moore got back to basics. We have aggressively controlled our costs, restructured our operating platform, divested non-core businesses, intensified our focus on our customers, and increased our accountability to our shareholders. I am very pleased to report that the company has followed through on these commitments and has emerged in much better shape. While we have a long way to go to realize Moore's full potential, I feel that 2001 was a launching pad in re-establishing ourselves as an industry leader and a place that was responsive to employees, customers, and shareholders.'' Mr. Burton continued: "Moore had a solid year of operating improvement in 2001, highlighted by our return to profitability in the back-half of the year. In late 2001, we significantly improved our capital structure by means of the early conversion of the $70.5 million convertible debenture and the early redemption of $100 million of our long-term private placement notes. We continue to see stronger results across all our business units. Our operating margins continue to expand and our one-stop shopping sales platform continues to drive incremental sales growth. "We made one acquisition late in the fourth quarter acquiring the Canadian Document Management Services business from IBM to add strength to and supplement our Outsourcing operations. DMS is a growth operation that will complement our existing business while contributing to our various cross-selling initiatives, and has been performing above our expectations. Also, we have recently completed the acquisition of The Nielsen Company in early 2002. Nielsen was a highly strategic acquisition in the commercial printing marketplace. This acquisition creates the opportunity for Moore to better serve our customers and allows us to offer Nielsen's clients Moore's extensive range of products and services. Both Nielsen and DMS have enhanced Moore's sales platform and we expect them to be accretive to our earnings in 2002.'' Burton concluded: "2001 is now behind us. It was a year of positive movement but a year that overall was still not up to this company's potential. 2002 is the year at hand and we are focusing everyday on showing marked improvement over 2001. We have developed an aggressive action plan to further deliver results for customers, shareholders and employees. We expect to earn $0.45 earnings per share in 2002 and have developed a plan to improve the quality of our revenues everyday through organic and acquisition growth, while simultaneously reducing costs and improving manufacturing productivity throughout the course of the year. Despite a difficult economic environment we are committed to delivering the results expected.''