Chicago-based printer R.R. Donnelley has reported first quarter revenues of $1.1 billion, down 16% from the same period in 2001.
Including one-time items, net income was $23 million, compared with $15 million in 2001.
First quarter 2002 one-time items included restructuring and impairment charges of $27 million ($17 million after-tax), and a $30 million reversal of excess tax reserves ($30 million benefit after-tax), related to the company’s settlement with the IRS on deductibility of interest payments for corporate- owned life insurance.
According to a company statement, results were impacted by lower activity levels across most of the company’s markets, most significantly in magazines, catalogs and retail.
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