Record Performance Reported

MONTREAL–Quebecor World, Inc., reportedly the largest printer of magazines, catalogs, books, and direct-mail products by sales volume, posted its 12th straight year of record results. In two years, revenue jumped from $3.8 billion to $6.5 billion, in large part because of the acquisition of World Color Press, Inc. In the same period, operating income rose 129%, to $725 million.

"We have achieved industry-leading double-digit margins," explains Charles G. Cavell, Quebecor World's president and chief executive. "Some people thought it couldn't be done, but we have delivered on our commitments and then some."

Cavell adds that cost savings and synergies from the World acquisition will reach $110 million by the end of 2002, double what was initially expected.

"We have kept our focus on integrating our business," he says. "By not making a single acquisition in almost two years, concentrating on the business, and improving internal efficiencies, we have managed to return to our pre-acquisition capital structure."

In March, the company repaid bank borrowings under the credit facility established in 1999 for the acquisition of World Color Press.

"We can now continue our role as the industry's global consolidator," adds Cavell.