Moore Affirms Full Year Outlook, Burton Credits Organic Sales Growth
Press release from the issuing company
TORONTO & STAMFORD, Conn.-Sept. 4, 2001-- Robert G. Burton, President and Chief Executive Officer of Moore Corporation Limited, today re-affirmed that the company is comfortable with current analysts' expectations for third quarter results as well as the full year outlook.
Mr. Burton stated:
"The solid, ongoing improvement in our forms and labels business coupled with double digit year-over-year operating improvement in our Integrated Business Solutions business drove improved results for the second quarter. We continue to see this trend hold, despite a challenging economic environment. Based on our current sales visibility and our improved cost structure, we expect that Moore will report substantially improved year-over-year results for the third quarter, ending September 30, 2001. We remain comfortable with the First Call estimate of normalized break-even earnings in the third quarter.''
Mr. Burton added:
"I am also proud to report that our sales pipeline remains strong. Over the past 90 days, we have entered into and extended strategic alliances with a number of ''blue chip" customers in the financial services, healthcare, insurance, retail and general manufacturing business sectors. These alliances will serve us well as we drive growth and profitability through our cross-selling initiatives.
As we look ahead, the company expects to benefit from improvements derived from our central procurement initiatives, synergies related to cross selling, on-going tight control of expenses, as well as a renewed focus on manufacturing productivity and waste reduction. We look forward to discussing our third quarter results and our outlook for an improved second half in our earnings release on October 24, 2001."
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