March 27, 2009 / 3:24 PM / 9 years ago

UPDATE 1-Quebecor World loss shrinks as printer cuts costs

* Revenue slides to $1.03 billion from $1.23 billion (In U.S. dollars unless noted)

TORONTO, March 27 (Reuters) - Insolvent commercial printer Quebecor World IQW.TO posted a smaller fourth-quarter loss on Friday as it hacked away at costs and cut thousands of jobs while its revenue continued to fall.

Quebecor World, which filed for bankruptcy protection in January 2008, said its loss from continuing operations was $654 million, or $3.26 per share, in the three months ended Dec. 31. That was better than a loss of $1.8 billion, or $13.69 a share, that it lost in the same period a year earlier.

Revenue fell to $1.03 billion from $1.23 billion a year earlier, the company said.

The company said it cut 12 percent of its workforce in 2008 and that it currently has about 20,000 employees.

“Major overhead cost reduction programs have also been launched,” the company said. Selling, general and administrative expenses dropped 10.8 percent in the quarter as a result.

Montreal-based Quebecor World prints products including books, magazines, directories and advertising materials.

Its shares were down 0.5 Canadian cents at 3.5 Canadian cents on the Toronto Stock Exchange on Friday.

$1=$1.24 Canadian Reporting by Wojtek Dabrowski; editing by Rob Wilson

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