Moore Wallace Raises Outlook, Finance people to join CEO at Donnelley
Press release from the issuing company
MISSISSAUGA, ONTARIO and NEW YORK, NEW YORK, Jan 12, 2004 -- Moore Wallace Incorporated announced today that the Company expects to exceed its previous guidance for the fourth quarter and fiscal year 2003, due to better-than-expected performance in its commercial print and direct mail businesses and the recognition of higher cost savings during the quarter.
Non-GAAP earnings per share for the quarter ended December 31, 2003, are now expected to exceed the Company's original guidance of $0.30 by $0.02 to $0.04. For the full year, the Company is now expecting non-GAAP earnings per share of approximately $0.99 to $1.01. Revenue for the fourth quarter is now expected to be approximately $880 million. GAAP is defined as Canadian generally accepted accounting principles.
Mark A. Angelson, Chief Executive Officer, stated, "We are pleased with our performance in 2003. We continue to have confidence in the compelling business logic of the combination of Moore Wallace and RR Donnelley. We are looking forward to the completion of the transaction this winter so we can begin to enhance the financial discipline and earnings power of the combined entity. We believe shareholders will take comfort from the fact that a significant number of key individuals from Moore Wallace's finance organization will join me at the new RR Donnelley."
The Company will provide more details on its performance when it releases its full financial results on Wednesday, February 11, 2004, after the close of market, and holds its regularly scheduled conference call on Thursday, February 12, 2004, at 10:00 am Eastern time.
The Company believes that certain non-GAAP measures are useful because that information, which excludes acquisition-related charges, restructuring and restructuring-related charges, and gains on asset disposals, is an appropriate measure for evaluating the Company's operating performance. In addition, the Company has used an income tax rate of 32% in calculating its non-GAAP earnings. Internally, the Company uses this non-GAAP information as an important indicator of business performance, and management's effectiveness is evaluated with specific references to these indicators. These aforementioned charges and gains and the Company's GAAP effective income tax rate are not determinable at this time. These items are currently being determined in connection with the closing of the Company's books and will be disclosed in connection with the Company's fourth quarter and year-end earnings release. These measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and may not be comparable to pro forma results of other entities.
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