TORONTO, Dec 11 (Reuters) - Canadian commercial printer Transcontinental (TCLa.TO)(TCLb.TO) swung to a quarterly loss on Thursday as it restructured and wrote down the value of its direct-mail business in the United States.
The company lost C$94.2 million ($77.21 million), or C$1.17 a share, in the quarter ended Oct. 31. That was down from a profit of C$38.6 million, or 46 Canadian cents a share, in the same period a year earlier.
Transcontinental said revenue rose 6 percent to C$653 million in the quarter.
Excluding restructuring costs, asset impairment and 2007 tax adjustments, income rose 22 percent to C$48 million, Transcontinental said.
It described a restructuring charge and a goodwill writedown related its direct-mail operations in the United States, which have been hurt by the financial crisis, as “mainly noncash items.”
It said net of taxes, the unusual items totalled C$141.8 million in the fourth quarter.
Last month, the Montreal-based company announced it was cutting 460 jobs and closing a direct mail plant in Pennsylvania, citing “the negative impact of current market conditions.”
The company’s shares were up 19 Canadian cents to C$11.29 on the Toronto Stock Exchange shortly after the results were released on Thursday.
$1=$1.22 Canadian Reporting by Wojtek Dabrowski; editing by Peter Galloway