Transcontinental Group Maintains Earnings Guidance for 2001
Press release from the issuing company
Montreal, October 11, 2001 – Despite announcements made recently by some North American printers and publishers regarding lower earnings guidance for 2001, Transcontinental Group maintains its earnings per share from continuing operations guidance for its current fiscal year between $1.85 and $1.90. In addition, the Corporation does not foresee layoffs related to the current economic situation.
"The North American advertising market is showing evident signs of weakness which have been further accentuated by the tragic events of September 11," said Daniel Denault, Vice President and Chief Financial Officer of Transcontinental Group. "The downturn in Canada, however, has been much less pronounced than in the U.S., where less than a quarter of our revenues are generated. Moreover, most of our business segments continue to show growth and are less sensitive to the downturn in the advertising market. We will close fiscal 2001 as initially anticipated and are confident to continue posting net earnings improvement in 2002."
One of the largest commercial printers in North America and Canada's largest publisher of consumer magazines, Transcontinental Group is a Canadian corporation that is also engaged in interactive marketing and Internet solutions, the publishing of weekly newspapers and the door-to-door distribution of advertising material. The Corporation has over 10,500 employees in Canada, the United States and Mexico. Transcontinental's Class A Subordinate Voting Shares and Class B Shares are listed on the Toronto Stock Exchange under the ticker symbols GRT.A and GRT.B, respectively.
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