Moore Updates Progress, Realizes $130 Million in Revenue
Press release from the issuing company
Bannockburn, Illinois / Toronto, Ontario, (March 15, 2001) - Robert G. Burton, President and Chief Executive Officer of Moore Corporation Limited (TSE, NYSE: MCL), announced today that the company is making significant progress on its commitment to leverage its cross-selling capabilities and intensify its focus on its customers, while at the same time delivering on its previously stated $100,000,000 cost savings target.
The company recently entered into a number of strategic partnerships with customers such as Ford Motor Company, Verizon Wireless and Phoenix Investment Partners. Anticipated incremental revenue from these agreements is expected to exceed $130,000,000 over the next three years.
Mr. Burton stated:
“My commitment heading into this year was to significantly reduce Moore’s operating costs and greatly enhance our focus on our customers. I am very pleased with the progress we have made on both fronts, in such a short period of time. We are well on our way to achieving our commitment to reduce our costs by $100,000,000. At the same time, the contracts we have signed are proof positive that our efforts to increase the cross-selling of our total suite of products and services, combined with our enhanced focus on our customers, is starting to pay off.”
Mr. Burton added:
“On a conference call with investors on February 26, we committed to providing first quarter guidance by the middle of March. Based on our progress, we are confident that Moore will report improved year over year results for the first quarter, ending March 31, 2001. We anticipate an operating loss of approximately $0.09 per share in the first quarter compared to a reported loss of $0.10 for the same period last year. On a comparative basis, the prior year loss equates to an operating loss of $0.12 per share after eliminating non-operating income. After finalizing the 2001 budget with the board of directors at the annual meeting in April, I will be in a position to provide guidance on our full year.”
Mr. Burton concluded:
“I feel very good about the direction we are heading from both a sales and cost savings standpoint. Our team is focused, working hard and committed to delivering results as we strive to return Moore to profitability and deliver a rate of return that our shareholders, and we, expect.”
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