ENGLEWOOD, Colo., Nov. 3 -- Mail-Well, Inc., announced its results for the third quarter and nine-month period ended September 30, 2003. The net income for the quarter was $2.2 million, or $0.04 per share on a diluted basis, and $2.6 million or $0.05 per share on a diluted basis, for the nine months of 2003, on sales of $412 million and $1,247 million, respectively, compared to a net loss of $28.0 million, or $0.59 per share, and a net loss $199.5 million, or $4.19 per share, on sales of $429 and $1,293 million during the same periods of 2002. In the three months ended September 30, 2002, Mail-Well's net loss included a charge for restructuring of $39.4 million and a loss of $5.8 million on disposal of discontinued operations, none of which occurred in 2003.
EBITDA for the quarter and the first nine months of 2003 was $33.5 million and $93.0 million, respectively, compared to the $33.4 million and $82.1 million achieved by ongoing operations in the same periods in 2002 representing a 13.2% improvement year to date. An explanation of the Company's use of EBITDA for comparative purposes is provided below.
Net cash provided by operating activities in the quarter ended September 30 2003 was $13.5 million and $33.6 million for the nine months then ended.
Paul Reilly, Chairman, President and CEO, stated, "The third quarter results were very much in line with our expectations. The year over year increased profitability in the Commercial Printing segment has continued as expected and has offset the decline experienced in both the Envelope and Printed Office Products segments, which despite continuing competitive pricing pressures continue to return margins in the double digit range. We continue to expect that the full year 2003 will show EBITDA in a range of $130 to $135 million in line with our comments when we issued our second quarter results."
Reilly also stated, "While we continue to control costs, pay down debt and generally manage our business to counteract the continuing soft economic conditions in our businesses, we are investing significant time and resources to develop our people, organization and facilities to grow our positions in all of our markets. We are confident that the mobilization of our employees to better serve our customers and the organization of our operations around our customers' needs, will generate renewed top line growth."
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