World Color Press, which renamed itself from Quebecor World after emerging from bankruptcy protection in late July, recorded a $59.5 million net loss during its second quarter.
In second-quarter 2008, before entering into bankruptcy protection, the then-named Quebecor reported a $751.1 million net loss. The quarter ended June 30.
The company’s revenue fell from $975.5 million a year ago to $702.5 million for the quarter just ended. Its operating income for the most recent quarter was $1.8 million, compared with $16.8 million a year ago.
During the most recent quarter, the company generated $28.1 million of free cash flow, compared with negative free cash flow of $23.3 million a year ago.
World Color recently put in place cost reduction initiatives that are expected to realize in excess of $100 million in annualized cost savings, according to the company. These measures include a significant program impacting wages, benefits and working conditions for union and non-union employees across the North American platform. These initiatives began to be implemented on April 19, of this year. In the second quarter, selling, general and administrative expenses decreased by 17% compared to the same period last year.
