TORONTO and STAMFORD, Conn.--April 24, 2002-- Moore Corporation Limited today announced considerably improved results for the first quarter ended March 31, 2002. For the first quarter of 2002 the company reported GAAP (Canadian Generally Accepted Accounting Principles) earnings of $12.5 million, or $0.11 per share. This compares favorably to a GAAP net loss of $201.5 million, or $(2.28) per share for the same period in 2001, or a loss of $7.3 million, or $(0.08) per share on a normalized basis. Normalized results excluded restructuring and other nonrecurring charges of $194.2 million incurred during the first quarter last year. The company's first quarter 2002 GAAP income from operations was $21.9 million in the first quarter 2002. This compares favorably to a GAAP operating loss of $229.3 million for the same period last year or income from operations of $0.7 million on a normalized basis. The improvement in income from operations was a result of continued focus on cost containment, productivity enhancements, waste reduction initiatives and operational efficiency. EBITDA (operating income plus depreciation and amortization) increased to $44.0 million in the first quarter 2002 versus normalized EBITDA of $29.3 million in the same period last year as the company continued to generate strong cash flow. The company's free cash flow (EBITDA less cash interest, cash taxes, dividends, and capital expenditures) continued to show dramatic improvement as the company generated positive free cash flow in the first quarter 2002 of $34.6 million versus normalized free cash flow of $3.7 million in the first quarter 2001. This marks the fifth consecutive quarter of significantly improved free cash flow as management continued its intense focus on cash generation and cash management. Sales for the first quarter 2002 met budget expectations of $529.5 million compared to $574.2 million in 2001. The revenue decline resulted from the decision to exit certain unprofitable accounts in the Outsourcing and Forms and Labels businesses, the March 2001 divestiture of Colleagues; the fourth quarter 2001 divestiture of Phoenix; and the devaluation of certain foreign currencies. Robert G. Burton, Chairman, President and Chief Executive Officer stated: "I am very pleased to report substantial operating improvement in light of a very challenging marketplace. It is clear that our sharp focus on cost controls, prudent capital investment, and our disciplined acquisition strategy are continuing to yield improved operating results. We continue to see stronger results across all our business units as our operating margins continue to improve. Additionally, our one-stop shopping, business solutions sales platform continues to drive incremental sales growth as evidenced by our recent multi-year, multi-million dollar partnership with UnitedHealth Group." Mr. Burton continued: "Despite operating in a challenging economic environment, our focus on operations and our recent sales successes as well as our continued dedicated focus on cost controls and improving productivity have Moore poised to achieve the results our investors expect." Mr. Burton concluded: "I am looking forward to discussing our fifth consecutive quarter of improved results with investors on our conference call and continuing our focus of moving the company from turnaround to growth."