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St. Joseph Corporation Reports Q3: Wins Further Business from Sears Canada

Press release from the issuing company

CONCORD, ON, Nov. 20, 2002 -- St. Joseph Corporation today announced its consolidated financial results for the third quarter ended September 30, 2002. Consolidated revenues for the third quarter of 2002 were $75.4 million, up $3.2 million from the corresponding quarter last year. For the first nine months of the year, consolidated revenues were $230.5 million, up 5.4% from the corresponding period in 2001. Net Income for the third quarter was $1.9 million, an increase of 7.0% from $1.8 million in the same quarter of 2001. For the nine-month period, Net Income was ahead of last year by 16.6% from $5.1 million to $6.0 million in 2002. These results incorporate the new accounting rules relating to the non- amortization of goodwill. "Our third quarter results demonstrate the company's ability to withstand the challenges of the prevailing market conditions. Although demand continues to be soft and price competition is keen, our experienced management team and ongoing focus on cost reductions and operational efficiency improvements has allowed us to maintain performance in the third quarter and the first nine months of the year." commented Tony Gagliano, Executive Chairman and Chief Executive Officer. On the business development front, St. Joseph has won further business from Sears Canada Inc., which will outsource its catalogue prepress operations to Pi Media, a St. Joseph Company. "We are very pleased to have been awarded this additional business from Sears, which solidifies our long-term partnership. This will benefit us significantly starting in 2003." St. Joseph Corporation is the largest privately owned print, publishing and digital communications company in Canada. Its services include fully integrated, high quality commercial print and print-related services including content creation, marketing communications, magazine publishing and document management solutions to customers throughout North America.