Moore Announces 2000 Results, Reports $66 Million Loss
Press release from the issuing company
Bannockburn, Illinois / Toronto, Ontario, (February 26, 2001) - Moore Corporation Limited (TSE, NYSE: MCL) today reported fourth quarter and year end results for the period ending December 31, 2000. For the fourth quarter, the Corporation incurred a net loss of $35 million, a loss of $0.40 per share, compared to 1999 fourth quarter net income of $72 million and earnings per share of $0.82. Sales for the quarter were $581 million compared to $647 million in 1999.
For the year, the Corporation incurred a net loss of $66 million, a loss of $0.75 per share, compared with 1999 net income of $93 million and earnings per share of $1.05. Sales for the year were $2,258 million compared to $2,425 million in 1999.
Mr. Burton stated:
"Looking back at 2000, it is clear the financial results of the company are completely unacceptable. Under my watch, we will not accept results such as these. Turning our performance around, and doing so quickly and effectively, is the number one reason the board of directors appointed me President and Chief Executive Officer in December. Our mandate is clear. It's to deliver improved financial results to our shareholders, quarter after quarter. And in the process, restore Moore's image as the industry leader, where our performance and the value we deliver our customers and shareholders will once again be the standard to which others are measured."
"In order to deliver on our mandate, I committed in January to reducing Moore's overall cost structure by $100,000,000 and to intensifying the company's focus on our customers and shareholders. We have initiated a number of significant actions in support of this commitment and are well on our way to building an organization that can consistently deliver results."
Mr. Burton added:
"Our game plan is clear. We will continue to aggressively eliminate waste, control our costs and leverage synergies throughout the organization. Through all of this we will sharpen our focus on our customers and enhance the return we provide to our shareholders."
"While getting there will not be easy, the management team is 100% committed to making it happen. The days of over-promising and under-delivering at Moore are over. Mediocre performance will not be tolerated. Instead, we will make surpassing the expectations of our customers and shareholders the norm, not the exception. That's my promise and that's the mindset I am instilling at Moore."
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