Moore Announces New Business Of $115 Million In Revenue
Press release from the issuing company
TORONTO & STAMFORD, Conn.--June 7, 2001-- Robert G. Burton, President and Chief Executive Officer of Moore Corporation Limited (TSE, NYSE: MCL - news news), announced continued progress on the company's commitment to focus on its customers and to expand its cross-selling platform. The company recently has both entered into new strategic alliances and extended existing relationships with many industry leading corporations. These alliances are expected to provide incremental revenue exceeding $115,000,000 over the next three years.
The company recently has partnered with customers such as Ceridian, Fireman's Fund, Medicode, Nordstrom's, Yellow Freight System, a number of large financial institutions, and several financial services companies to provide a wide array of printing solutions. In many cases, these partnerships not only extend current relationships, but also allow Moore to print in areas that it has not served historically. These sales successes come on the heels of the company's March 15th announcement of incremental sales wins of $130,000,000 over the next three years.
Mr. Burton stated: "I am very excited that our continued focus to promote our one-stop solution to our customers is beginning to yield significant results. By offering our customers a wide array of products, we have become a one-stop printing solution for many of our customers. Our intensified customer commitment aligned with our enhanced cross-selling efforts has produced a more efficient and energized operating and sales platform that clearly benefits our customers. These recent sales wins coupled with our exiting of unprofitable business gives me great confidence that Moore is on the right track to regaining profitability in the back half of this year. I feel that these recent successes are the first of many positive steps to come.''
Mr. Burton added: "Based on our current sales momentum and our recent successes in quickly implementing our cost savings initiatives, we expect that Moore will report substantially improved year over year results for the second quarter, ending June 30, 2001. We remain comfortable with the First Call estimates of a normalized loss of approximately $0.08 per share. This marks a dramatic improvement compared to a reported loss of $0.16 for the same period last year. We look forward to discussing our second quarter results and our outlook for an improved second half in our earnings release on July 25, 2001.
All figures are expressed in United States currency.
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