TORONTO, ON & BANNOCKBURN, IL - Moore Corporation Limited (TSE, NYSE: MCL) reported today third quarter results for the period ending September 30, 2000. In the third quarter, including non-recurring charges of $9 million after tax, the Corporation incurred a net loss of $7.9 million or 9¢ per share compared to net earnings of $8.7 million or 10¢ per share in the third quarter of 1999. Sales for the third quarter were $550.5 million compared to $596.4 million in the third quarter of 1999. On a normalized basis, net earnings for the third quarter were $1.1 million, or 1¢ per share compared to net earnings of $13.0 million or 15¢ per share in 1999. "The aggressive actions we are taking to get costs in line are helping to remedy performance issues in our North American forms and labels business and had a positive effect on our operations in the third quarter," said Ed Tyler, Moore President and CEO. "At the same time, we are continuing to move forward with key growth initiatives to position Moore as a leader in delivering digital information services as well as the largest provider of paper-based forms and labels." During the quarter, the company continued implementation of a Corporate-wide cost containment program. The original year-end target of $30 million in savings was achieved by the end of the third quarter. Additional cost savings are expected to be realized in the fourth quarter. In addition, the company pointed to the recent signing of a marketing alliance with K2 Design, Inc., a leading U.S.-based Internet consulting company, and its relationship with Direct Insite Corp. (formerly Computer Concepts), a leader in the development of data analysis software, as further evidence of its plan to deliver a wider range of innovative, technology-advanced solutions to its customers. These alliances are consistent with relationships formed earlier in the year with Internet-based business-to-business companies Noosh, Impress and Commerce One. "These alliances, combined with key digital and Internet initiatives launched in the second and third quarter, reinforce Moore's on-going commitment to deliver the widest range of Internet and technology-based print and digital solutions to our customers," said Tyler. "While the financial impact of these initiatives is not yet significant, they provide solid evidence that the steps we are taking to tap new marketplaces and develop high-demand, technology-based solutions that will drive long-term growth are starting to take hold." The company also announced that after a successful second quarter launch, it is increasing its focus to expand sales to new customers and new market segments through LatitudesÅ. Latitudes is an initiative to help fuel growth by accelerating the use of independent distributors as alternate channels to reach customers not currently served by the company's direct sales force. Summary of Third Quarter, Year-to-Date and Segment Results To provide a more useful comparison of 2000 to 1999 results, the following discussion under the headings Third Quarter 2000 Results, Year-to-Date Results and Segment Results for Third Quarter 2000, exclude non-recurring items including: the write down of an investment in JetForm Corporation of $8.6 million in the third quarter, 2000; the results of businesses divested in 1999; restructuring charges in 2000; and Y2K related costs in 1999. Sales in the third quarter were $550.5 million compared to $583.5 million in third quarter 1999. Income from operations in the third quarter was $9.6 million, compared to income from operations of $25.8 million in third quarter 1999. Net earnings for the third quarter were $1.1 million, or 1¢ per share, compared to net earnings of $13.0 million or 15¢ per share in third quarter 1999. Sales for first nine months of 2000 were $1.68 billion compared to $1.73 billion during the same period in 1999. Loss from operations for the first nine months was $11.1 million versus income from operations of $58.9 million in 1999. Net loss for the first nine months of 2000 was $19.3 million, or 22¢ per share, compared to net earnings of $31.2 million or 35¢ per share in 1999.