September 10, 2009 / 4:20 PM / 9 years ago

UPDATE 1-Transcontinental profit drops, restructuring hurts

* EPS C$0.31 vs C$0.37 a year earlier

* Revenue drops to C$533.1 million from C$584.9 million

TORONTO, Sept 10 (Reuters) - Transcontinental Inc (TCLa.TO) (TCLb.TO), Canada’s biggest commercial printer, posted a lower quarterly profit on Thursday as a “fragile market” and restructuring costs bit into results.

The company said it earned C$25.3 million ($23.4 million), or 31 Canadian cents a share, in the three months ended July 31. That was down from a profit of C$29.9 million, or 37 Canadian cents a share, a year earlier.

Revenue fell to C$533.1 million from C$584.9 million a year earlier. The company booked C$7.5 million in impairment of assets and restructuring costs, compared with C$100,000 a year earlier.

Analysts had expected Transcontinental to earn 31 Canadian cents a share before one-time items on revenue of C$551.7 million, according to Reuters Estimates.

Trancontinental’s class A shares were up 32 Canadian cents at C$9.80 on the Toronto Stock Exchange shortly after the results were released.

$1=$1.08 Canadian Reporting by Wojtek Dabrowski; editing by Peter Galloway

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