March 1, 2010 / 2:51 PM / in 8 years

UPDATE 1-World Color turns profit as expenses drop

* Q4 net income $18 mln vs yr-earlier loss of $654 mln

* Q4 revenue down 18 pct at $848 mln (In U.S. dollars unless noted)

TORONTO, March 1 (Reuters) - World Color Press WC.TO, which is being acquired by U.S. printing rival Quad/Graphics, posted a fourth-quarter profit on Monday, crediting lower expenses after emerging from bankruptcy.

Montreal-based World Color, formerly known as Quebecor World, reported net income of $18 million, compared with a loss of $654 million a year earlier, when results were hurt by goodwill-impairment and reorganization charges.

Quarterly operating revenue fell 18 percent to $848 million said the company, which prints magazines such as Sports Illustrated, US Weekly, Reader’s Digest and Rolling Stone.

“The fourth-quarter year-over-year decrease in revenue was not as severe as in the prior quarters, reflecting a leveling off of the economy,” said Chief Executive Mark Angelson in a statement.

In January, Quad/Graphics agreed to acquire World Color in a deal that would expand the size and reach of its magazine and catalog printing business. The two sides did not announce a specific deal value. [ID:nSGE60P0AD] (Reporting by Euan Rocha; editing by Peter Galloway)

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