(Company corrects results to reflect earnings rather than loss in year-earlier quarter. Changes in headline, paragraphs 1 and 2)
TORONTO (Reuters) - Quebecor World IQW.TO, the commercial printer currently restructuring under court protection from creditors, swung to a quarterly loss on Tuesday as revenue shrank amid restructuring costs and lower prices.
Quebecor World said it lost $77.7 million, or 44 cents per share, in the second quarter ended June 30. That compares to earnings of $10.8 million, or 5 cents a share, in the same quarter a year earlier.
The company’s revenue slid to $976 million from $1.1 billion a year earlier, even as it said it continued to renew printing contracts with existing customers and win new business.
It said its profitability in the quarter was hurt by factors including “decreased volumes and continued price pressures,” as well as “significant” restructuring and reorganization costs.
Quebecor World has about 24,000 employees around the world and prints products such as magazines, books and advertising materials.
It said that as of early July, it had an unrestricted cash balance of $140 million and continues to have access to a revolving loan facility of up to $400 million.
Its shares were flat at 14 Canadian cents on the Toronto Stock Exchange. About a year ago, they were at C$10.14.
Reporting by Wojtek Dabrowski; editing by Rob Wilson; editing by Carol Bishopric