Troubled Montreal-based printing conglomerate Quebecor World, currently in creditor protection in Canada and the U.S., has released its financial results for 2007, showing consolidated revenues of US$5.7 billion for the year, down from US$6.1 billion in 2006.
The company's net loss on the year reached US$2.2 billion, including US$2.1 billion in charges relating to impairment of assets, restructuring and other charges. This compares to a net income of US$28.3 million in 2006.
On an adjusted basis, the company's EBITDA (operating income before depreciation and amortization) was US$462 million in 2007 compared to US$579.9 million in 2006.
Quebecor World suggests its drop in revenues in North America is due to its continued restructuring and retooling program. The company's inability to refinance its debt load and sell off its European operations late last year forced it to file for creditor protection in January.
“We have made important and substantial efforts to stabilize our business and to reach out to all our stakeholders in this process,” said Jacques Mallette, Quebecor World president and CEO, in a statement. "We are actively developing our five-year business plan, which we expect to be completed in the second quarter,” added Mr. Mallette. The company also announced that it has appointed Randy Benson as Chief Restructuring Officer (CRO). He was most recently CRO for Hollinger Inc.