Quebecor World Inc. posted first quarter 2003 net income of $25 million, versus $46 million in the same quarter last year.
Consolidated revenues for the quarter ended March 31 increased $72 million, primarily due to the acquisition of the European printing assets of Hachette Filipacchi Medias.
North American revenues increased $27 million to $1.23 billion and operating income was $83 million compared to $108 million in the first quarter of 2002. Most of the increase occurred in the Retail Group; other business units reported revenues that were flat or slightly below the same period last year.
In Europe revenues for the quarter increased to $258 million from $212 million, mostly as a result of the Hachette acquisition, completed last March.
Montreal-based Quebecor announced yesterday a bid to purchase and cancel up to 10,000,000 of its subordinate voting shares.
“In recent weeks Quebecor World’s stock price has experienced a substantial decrease to the point where we believe it is significantly undervalued,” said Jean Neveu, president and CEO, in a statement. “With no major mandatory debt repayment until 2006 we believe this share repurchase is an appropriate use of our cash flow and will enhance shareholder value.”
Network
