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St. Joseph Corporation Reports 1Q Revenue of $79.5 Million

Press release from the issuing company

CONCORD, ON, May 17 -- St. Joseph Corporation today announced its consolidated financial results for the first quarter ended March 31, 2002. Revenues for the first quarter 2002 were $79.5 million, an increase of $3.4 million or 4.4% over the corresponding period in 2001. Earnings before interest, amortization and taxes (EBITDA) were $10.5 million, up $1.0 million or 10% over the first quarter of 2001. Net Income for the quarter increased by 50% to $2.4 million compared to $1.6 million last year. These results incorporate the new accounting rules relating to the non-amortization of goodwill. "We are very pleased with our first quarter results. We are continuing to realize the benefits of our cost reduction efforts and increased production efficiencies. The integration of Key Media is now well underway and we continue to expect that this acquisition will generate significant synergies." stated Tony Gagliano, Executive Chairman and Chief Executive Officer. "Although market conditions continue to be a challenge, the first quarter is off to a good start and we expect this solid performance to continue into the second quarter and the balance of the year." "The increase in profit was led by strong organic growth where both value added and profit had strong gains from last year. While revenues are up modestly, it is the change in business mix that has contributed to increased margins." 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 and print-on-demand solutions to customers throughout North America.