Transcontinental announces its first-quarter results and a dividend increase



    
    - 1% revenue growth.
    - Adjusted net income down 10% excluding unusual items, due mainly to
      lower volume in some segments, the negative impact of the exchange rate
      and intensified investments in the Media sector; on a per-share basis,
      adjusted net earnings were down 9%, from $0.32 to $0.29.
    - Annual earnings per share objective before unusual items maintained.
    - Renewal of normal course issuer bid from November 21, 2006 to
      November 20, 2007.
    - 7.7% increase in annual shareholder dividend, which will increase to
      $0.07 per share from the second quarter.
    - Announcement of a $9.2-million restructuring plan in the commercial
      products printing segment.
    - 15-year contract worth US$1 billion to print the San Francisco
      Chronicle and related products, and establishment of a U.S. division.
    - Renewal of five-year contract worth $350 million, of which $75 million
      is new business, with the Hudson's Bay Company to print its flyers and
      loyalty program materials.
    - Solid financial position for further growth.

    MONTREAL, March 15 /CNW Telbec/ - Transcontinental today reported
first-quarter results that were lower than the same quarter a year ago. The
acquisitions made in 2006, higher volume in certain niches and continued
efforts to reduce costs partially offset the expected negative impact of the
exchange rate, the weakness in the advertising market in certain segments, and
the cost of special investments in brand promotion, title launches and digital
initiatives in the Media sector. Transcontinental management is expecting the
second half of the year to be superior to what it has been historically,
compared to the first half, when the change in its business mix is taken into
consideration, driven by the Chenelière Education acquisition last year, as
well as a trend towards greater seasonality from some of its other business
groups. Transcontinental is thus in an excellent position to achieve earnings
per share before unusual items within the announced range of $1.52 - $1.65 for
2007, based on a constant exchange rate of $1.10 CAD/USD for the rest of the
year.
    "Given our intensified investment program in our Media sector in the first
quarter, we are very satisfied with our results," said Luc Desjardins,
president and chief executive officer of Transcontinental. "We have reaped the
benefits of our major restructuring initiatives, higher volume in some niches,
investments in new technologies and the company-wide focus on continuous
improvement. In the remainder of the year, as set out in our Evolution 2010
business project, we will be focusing on sales development, on organic growth
including newspaper outsourcing projects in the United States, and on our
development plan for our Media sector."
    Mr. Desjardins continued: "I'm very confident that we will continue to
grow over the medium and long term, notably through acquisitions. We have the
solid financial base to do so, with a net funded debt to total capitalization
ratio of 28% and about $400 million available in existing credit facilities
and operating credit margins. As a sign of our confidence in the future, today
we are announcing a 7.7% increase in the dividend paid to common shareholders,
from $0.26 to $0.28 per year."

    Financial Highlights

    In the first quarter ended January 31, 2007, Transcontinental reported a
1% increase in consolidated revenue to $568 million, compared to $565 million
for the same quarter a year earlier. Adjusted operating income before
amortization was down 4% at $75.7 million, compared to $79.2 million in 2006.
The decrease stems from lower volume in some segments, the negative impact of
the exchange rate, and additional investment in the Media sector, factors
which were partially offset by acquisitions made in 2006, higher volumes in
other segments and many cost-reduction initiatives throughout the company.
Fluctuations in the exchange rate between the Canadian dollar and its U.S. and
Mexican counterparts lowered revenue by $5.1 million and adjusted operating
income before amortization by $3.5 million.
    Net earnings were down $7.7 million, or 28%, from $27.9 million in the
first quarter of 2006 to $20.2 million in 2007. The decrease stems mainly from
restructuring costs in certain segments, the negative impact of the exchange
rate, additional investment in the Media sector and lower sales in certain
businesses. On a per-share basis, net earnings declined 23%, from $0.31 to
$0.24.
    In the first quarter of fiscal 2007, the Corporation initiated a
restructuring plan for its commercial printing operations in its two printing
sectors which resulted in total restructuring costs of $9.2 million before
tax, of which $6.7 million before tax was recorded in the first quarter. This
restructuring, which includes, among other things, the closing of certain
smaller facilities, will allow for a significant reduction in this business
segment's operating costs. In total, $7.2 million were booked for
restructuring projects in the first quarter of 2007, compared to $0.1 million
in the year-earlier quarter.
    Adjusted net income, which does not include unusual items related to
impairment of assets and restructuring costs, decreased 10%, from $28 million
in the first quarter of 2006 to $25 million in 2007. On a per-share basis,
adjusted net income was down 9%, from $0.32 to $0.29.
    For more detailed financial information, please see First Quarter Ended
January 31, 2007 Results on the Transcontinental website at
www.transcontinental.com, under "Investors."

    Operating Highlights

    The main highlights for the first quarter of 2007 are as follows:

    - Transcontinental has identified newspaper printing in the United States
      as a major area of growth in future years. On November 17, 2006, an
      important step was announced with the signing of a 15-year contract,
      worth US$1 billion, in which Hearst Corporation outsources the printing
      of the San Francisco Chronicle and its related products to
      Transcontinental. Unlike similar agreements with Canadian newspaper
      publishers, this contract excludes paper. On a comparable basis, it
      would be worth about US$2 billion over 15 years. The San Francisco
      Chronicle is the leading paper in the Bay Area, which is the fifth
      most-populous market in the United States, and ranks 14th among daily
      papers overall with an average daily circulation of more than
      400,000 copies.

    - On February 21, 2007, Transcontinental announced that it has
      established a division that will devote all its time to the development
      in North America of outsourced newspaper printing and the operation of
      its newspaper printing plants in the United States. Ted Markle has been
      appointed senior vice president of this division. The prestige of the
      San Francisco Chronicle and its owner has enhanced Transcontinental's
      credibility and heightened awareness of Transcontinental among major
      daily paper publishers in the United States. Talks are at different
      stages with a number of these publishers, and the Corporation is
      optimistic about eventually announcing another contract.

    - Transcontinental leads in flyer printing in Canada and this segment
      continues to grow within the company, both in terms of business from
      major retail chains and from non-traditional advertisers. On December
      12, 2006, the Corporation announced that it had signed a five-year
      contract with the Hudson's Bay Company to print all of its flyers for
      Zellers, The Bay and Home Outfitters, as well as the material for their
      loyalty programs. The contract also covers the use of value-added
      products and services, including a variety of direct mail and catalogue
      printing services. The five-year contract starts on February 1, 2007
      and is valued at about $350 million, of which about $75 million is new
      business for Transcontinental.

      To ensure its growth in this niche continues, Transcontinental also
      invested $25 million to expand its Saint-Hyacinthe plant near Montreal
      to make room for a state-of-the-art flyer printing press. The new
      equipment will be fully operational by the spring.

    - Transcontinental believes that in the future, TV schedules and
      information about TV programs will be disseminated via digital
      platforms. Thus, after turning TV Guide into an exclusively online
      publication last fall, the Corporation announced an agreement on
      November 30 to make TVGuide.ca accessible via Sympatico.MSN.ca, the
      most popular website in Canada. The decision announced on November 24
      to sell Transcontinental's interest in TV Hebdo to Les Publications TVA
      inc. reflects this same strategy.

    - Local and regional newspapers serve as the voice of their communities.
      Whether on paper or online, these publications are important strategic
      assets for the Corporation. In December 2006, Transcontinental
      purchased two more community papers in Saskatchewan, The Radville Star
      and The Deep South Star, bringing to 165 the total number of papers in
      its portfolio, including 12 daily papers in the Atlantic provinces and
      Montreal's primary free daily paper, Métro.

    - On March 21, 2007, following an exclusive agreement with renowned U.S.
      publisher Meredith Corporation, Transcontinental will launch the
      Canadian version of More magazine, which has been highly successful in
      the United States. Aimed at women aged 40 and older, More mines an
      under-exploited niche in the Canadian market and rounds out
      Transcontinental's selection of women's magazines. The first issue
      received an enthusiastic response from advertisers and future readers.

    Reconciliation of Non-GAAP Financial Measures

    Financial data have been prepared in conformity with Generally Accepted
Accounting Principles (GAAP). However, certain measures used in this press
release do not have any standardized meaning under GAAP and could be
calculated differently by other companies. The Corporation believes that
certain non-GAAP financial measures, when presented in conjunction with
comparable GAAP financial measures, are useful to investors and other readers
because that information is an appropriate measure for evaluating the
Corporation's operating performance. Internally, the Corporation uses this
non-GAAP financial information as an indicator of business performance, and
evaluates management's effectiveness with specific reference to these
indicators. These measures should be considered in addition to, not as a
substitute for or superior to, measures of financial performance prepared in
accordance with GAAP.

    Below is a table reconciling GAAP financial measures to non-GAAP financial
measures.

    -------------------------------------------------------------------------
    (in millions of dollars, except per share data)         2007        2006
    -------------------------------------------------------------------------
    Net income                                         $    20.2   $    27.9
    Non-controlling interest                                 0.3         0.5
    Income taxes                                             7.5        13.2
    Discount on sale of accounts receivable                  3.2         2.1
    Financial expenses                                       7.0         6.6
    Impairment of assets and restructuring costs             7.2         0.1
    Amortization                                            30.3        28.8
    -------------------------------------------------------------------------
    Adjusted operating income before amortization      $    75.7   $    79.2
    -------------------------------------------------------------------------
    Net income                                         $    20.2   $    27.9
    Impairment of assets and restructuring
     costs (after tax)                                       4.9         0.1
    -------------------------------------------------------------------------
    Adjusted net income                                     25.1        28.0
    -------------------------------------------------------------------------
    Average number of shares outstanding                    85.8        88.6
    -------------------------------------------------------------------------
    Adjusted earnings per share                        $    0.29   $    0.32
    -------------------------------------------------------------------------
    Cash flow related to operating activities          $    (1.9)  $  (110.0)
    Changes in non-cash operating items                    (63.8)     (180.4)
    -------------------------------------------------------------------------
    Cash flow from operating activities before
     changes in non-cash operating items               $    61.9   $    70.4
    -------------------------------------------------------------------------
    Long-term debt                                     $   478.9   $   478.5
    Current portion of long-term debt                       10.7         8.4
    Bank overdraft                                             -         0.5
    Cash and temporary investments                         (32.2)      (50.2)
    -------------------------------------------------------------------------
    Net indebtedness                                   $   457.4   $   437.2
    -------------------------------------------------------------------------


    Normal Course Issuer Bid

    On November 15, 2006, the Corporation was authorized to purchase for
cancellation on the open market, between November 21, 2006 and November 20,
2007, up to 3,448,698 of its Class A Subordinate Voting Shares, representing
5% of the 68,973,966 issued and outstanding Class A Subordinate Voting Shares
as of November 7, 2006, and up to 852,907 of its Class B Shares, representing
5% of the 17,058,145 issued and outstanding Class B Shares as of November 7,
2006. The purchases will be made in the normal course of business at market
prices through the facilities of the Toronto Stock Exchange in accordance with
the requirements of the exchange.
    Between November 21, 2006 and January 31, 2007, the Corporation purchased
427,400 of its Class A Subordinate Voting Shares at a weighted average price
of $21.32 for a total consideration of $9.1 million and 5300 of its Class B
Shares at a weighted average price of $21.21 for a total consideration of
$0.1 million under its new normal course issuer bid.
    Between November 1, 2006 and November 20, 2006, the Corporation purchased
39,600 of its Class A Subordinate Voting Shares at a weighted average price of
$20.07 for a total consideration of $0.8 million and it did not purchase any
Class B Shares, under its prior normal course issuer bid.

    Dividend Increase

    At its March 15, 2007 meeting, the Corporation's Board of Directors
declared a quarterly dividend of $0.07 per share on Class A Subordinate Voting
Shares and Class B Shares, which represents an increase of 7.7% over the
dividend paid in the previous quarter. These dividends are payable on April
27, 2007 to shareholders of record at the close of business on April 9, 2007.
On an annual basis, this represents a dividend of $0.28 per common share.

    Additional Information

    Upon releasing its quarterly results, Transcontinental will hold a
conference call for the financial community today at 4:15 p.m. Media may hear
the call in listen-in mode or tune in to the simultaneous audio broadcast on
Transcontinental's website, which will be archived for 30 days.

    Profile

    The largest printer in Canada and sixth-largest in North America,
Transcontinental also ranks as the country's leading publisher of consumer
magazines and French-language educational resources, and its second-largest
community newspaper publisher. Transcontinental distinguishes itself by
creating strategic partnerships that integrate the company into its customers'
value chain, notably through its unique newspaper printing outsourcing model
and its value-added services. From mass to highly personalized marketing, the
company offers its clients integrated solutions which include a
continent-leading direct marketing offering, a diverse digital platform and a
door-to-door advertising material distribution network. Transcontinental is a
company whose values, including respect, innovation and integrity, are central
to its operation.
    Transcontinental (TSX: TCL.A, TCL.B) has more than 14,500 employees in
Canada, the United States and Mexico, and reported revenues of C$2.3 billion
in 2006.

    Note: This press release contains certain forward-looking statements
concerning the future performance of the Corporation. Such statements, based
on the current expectations of management, inherently involve numerous risks
and uncertainties, known and unknown. We caution that all forward-looking
information is inherently uncertain and actual results may differ materially
from the assumptions, estimates or expectations reflected or contained in the
forward-looking information, and that actual future performance will be
affected by a number of factors, many of which are beyond the Corporation's
control, including, but not limited to, the economic situation, exchange rate,
energy costs, increased competition, the Corporation's capacity to implement
its strategic plan and cost-reduction program and make and integrate
acquisitions. The risks, uncertainties and other factors that could influence
actual results are described in the Management's Discussion and Analysis for
the first quarter of 2007 and Management's Discussion and Analysis for the
fiscal year ended October 31, 2006 and the 2006 Annual Information Form.
    The forward-looking information in this release is based on current
expectations and information available as of March 15, 2007. We disclaim any
intention or obligation to update or revise any forward-looking statements
unless otherwise required by the Securities Authorities.


    TRANSCONTINENTAL                       CONSOLIDATED STATEMENTS OF INCOME
                                                                   unaudited

                                                          Three months ended
    (in millions of dollars, except per share data)               January 31
    -------------------------------------------------------------------------
                                                            2007        2006
    -------------------------------------------------------------------------
    Revenues                                           $   568.2   $   565.3
    Operating costs                                        427.4       425.9
    Selling, general and administrative expenses            65.1        60.2
    -------------------------------------------------------------------------

    Operating income before amortization, impairment
     of assets and restructuring costs                      75.7        79.2
    Amortization                                            30.3        28.8
    Impairment of assets and restructuring costs
     (Note 4)                                                7.2         0.1
    -------------------------------------------------------------------------

    Operating income                                        38.2        50.3
    Financial expenses                                       7.0         6.6
    Discount on sale of accounts receivable (Note 6)         3.2         2.1
    -------------------------------------------------------------------------

    Income before income taxes and non-controlling
     interest                                               28.0        41.6
    Income taxes (Note 3)                                    7.5        13.2
    Non-controlling interest                                 0.3         0.5
    -------------------------------------------------------------------------
    Net income                                         $    20.2   $    27.9
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Per share (basic) (Note 7)
    Net income                                         $    0.24   $    0.31
    -------------------------------------------------------------------------
    Per share (diluted) (Note 7)
    Net income                                         $    0.23   $    0.31
    -------------------------------------------------------------------------

    Average number of shares outstanding (in millions)      85.8        88.6
    -------------------------------------------------------------------------

    The notes are an integral part of the consolidated financial statements.


    TRANSCONTINENTAL            CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
                                                                   unaudited


                                                          Three months ended
    (in millions of dollars)                                      January 31
    -------------------------------------------------------------------------
                                                            2007        2006
    -------------------------------------------------------------------------

    Balance, beginning of period, as previously
     reported                                          $   769.0   $   703.1
    Financial instruments - recognition and
     mesurement (Note 2)                                    (0.2)          -
    -------------------------------------------------------------------------
    Restated balance, beginning of period                  768.8       703.1
    Net income                                              20.2        27.9
    -------------------------------------------------------------------------
                                                           789.0       731.0
    Premium on redemption of shares (Note 7)                (7.4)      (23.3)
    Dividends on shares                                     (5.6)       (4.8)
    -------------------------------------------------------------------------
    Balance, end of period                             $   776.0   $   702.9
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                             CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                                                   unaudited

                                                          Three months ended
    (in millions of dollars)                                      January 31
    -------------------------------------------------------------------------
                                                            2007        2006
    -------------------------------------------------------------------------

    Net Income                                         $    20.2   $    27.9

    Other comprehensive income:
    Unrealized gains (losses) on translation of
     financial statements of self-sustaining
     foreign operations                                      3.7        (0.4)
    Unrealized losses on derivatives designated as
     cash flow hedges, net of income taxes of
     $1.5 million                                           (3.0)          -
    Reclassification adjustment for gains on
     derivatives designated as cash flow hedges
     in prior periods transferred to net income
     in the current period, net of income taxes
     of $0.6 million                                        (1.2)          -
    -------------------------------------------------------------------------
    Change in gains (losses) on derivatives
     designated as cash flow hedges                         (4.2)          -
    -------------------------------------------------------------------------
    Other comprehensive income                              (0.5)       (0.4)
    -------------------------------------------------------------------------
    Comprehensive income                               $    19.7   $    27.5
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The notes are an integral part of the consolidated financial statements.


    TRANSCONTINENTAL                             CONSOLIDATED BALANCE SHEETS
                                                                   unaudited

                                                           As at       As at
                                                      January 31, October 31,
    (in millions of dollars)                                2007        2006
    -------------------------------------------------------------------------
    Current assets
      Cash and temporary investments                   $    32.2   $    89.3
      Accounts receivable (Note 6)                         130.3       176.3
      Income taxes receivable                                2.0         2.2
      Inventories                                           86.6        92.8
      Prepaid expenses and other current assets             16.4        17.4
      Future income tax assets                               4.1         6.3
    -------------------------------------------------------------------------
                                                           271.6       384.3

    Property, plant and equipment                          712.2       713.6
    Goodwill                                               891.9       881.5
    Intangible assets                                      163.8       165.8
    Future income tax assets                                63.5        59.1
    Other assets                                            89.8        70.4
    -------------------------------------------------------------------------
                                                       $ 2,192.8   $ 2,274.7
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Current liabilities
      Accounts payable and accrued liabilities         $   316.1   $   417.4
      Income taxes payable                                  33.5        53.3
      Deferred subscription revenues and deposits           53.4        54.2
      Current portion of long-term debt                     10.7        12.7
    -------------------------------------------------------------------------
                                                           413.7       537.6

    Long-term debt                                         478.9       467.9
    Future income tax liabilities                           71.4        70.1
    Other liabilities                                       63.4        42.0
    -------------------------------------------------------------------------
                                                         1,027.4     1,117.6
    -------------------------------------------------------------------------

    Non-controlling interest                                 0.8         0.8
    -------------------------------------------------------------------------

    Commitments (Note 12)

    Shareholders' equity
      Share capital (Note 7)                               405.0       407.6
      Contributed surplus (Notes 7 and 8)                    7.5         6.9

      Retained earnings                                    776.0       769.0
      Accumulated other comprehensive income (Note 9)      (23.9)      (27.2)
    -------------------------------------------------------------------------
                                                           752.1       741.8
    -------------------------------------------------------------------------
                                                         1,164.6     1,156.3
    -------------------------------------------------------------------------
                                                       $ 2,192.8   $ 2,274.7
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The notes are an integral part of the consolidated financial statements.


    TRANSCONTINENTAL                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                   unaudited

                                                          Three months ended
    (in millions of dollars)                                      January 31
    -------------------------------------------------------------------------
                                                            2007        2006
    -------------------------------------------------------------------------
    Operating activities
      Net income                                       $    20.2   $    27.9
        Items not affecting cash and cash equivalents
          Amortization                                      34.5        31.7
          Impairment of assets (reversal) (Note 4)           3.5        (0.5)
          (Gain) loss on disposal of assets                 (0.2)        0.1
          Future income taxes                                0.3         7.3
          Non-controlling interest                           0.3         0.5
          Accrued pension benefit asset and liability
           fluctuation                                       2.7         3.1
          Stock-based compensation and other stock-based
           payments (Note 8)                                 0.6         0.4
          Other                                                -        (0.1)
    -------------------------------------------------------------------------
      Cash flow from operating activities before
       changes in non-cash operating items                  61.9        70.4
      Changes in non-cash operating items                  (63.8)     (180.4)
    -------------------------------------------------------------------------
      Cash flow used in operating activities                (1.9)     (110.0)
    -------------------------------------------------------------------------

    Investing activities
      Business acquisitions (Note 10)                      (10.0)          -
      Acquisitions of property, plant and equipment        (22.0)      (22.7)
      Disposals of property, plant and equipment             0.1         1.3
      Increase in other assets                              (5.2)       (3.5)
    -------------------------------------------------------------------------
                                                           (37.1)      (24.9)
    -------------------------------------------------------------------------

    Financing activities
      Reimbursement of long-term debt                       (2.1)       (1.1)
      Dividends on shares                                   (5.6)       (4.8)
      Redemption of shares (Note 7)                        (10.0)      (31.8)
      Issuance of shares (Note 7)                              -         1.2
      Other                                                 (0.5)       (0.5)
    -------------------------------------------------------------------------
                                                           (18.2)      (37.0)
    -------------------------------------------------------------------------

    Effect of exchange rate changes on cash and cash
     equivalents denominated in foreign currencies           0.1        (0.4)
    -------------------------------------------------------------------------

    Decrease in cash and cash equivalents                  (57.1)      172.3)
    Cash and cash equivalents at beginning of period        89.3       222.0
    -------------------------------------------------------------------------
    Cash and cash equivalents at end of period         $    32.2   $    49.7
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Cash and cash equivalents are comprised of
      Cash and temporary investments                   $    32.2   $    49.7
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Additional information
      Interest paid                                    $    12.5   $    12.2
      Income taxes paid                                     26.7        44.0
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The notes are an integral part of the consolidated financial statements.


    TRANSCONTINENTAL          NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                                                                   unaudited
                                For the three-month periods ended January 31
    -------------------------------------------------------------------------

    The interim financial statements should be read in conjunction with the
    most recent annual consolidated financial statements.

    1. Significant accounting policies

    These interim consolidated financial statements have been prepared in
accordance with Canadian generally accepted accounting principles ("GAAP"),
using the same accounting policies as outlined in Note 1 and Note 2 to the
consolidated financial statements for the year ended October 31, 2006, except
for the changes in accounting policies described in Note 2. The operating
results for the interim periods are not necessarily indicative of full-year
results due to the seasonality of certain operations of the Corporation.
Results of both publishing and printing operations are significantly
influenced by the advertising market, which is stronger in the second and
fourth quarters.

    2. Changes in accounting policies

    a) Financial instruments - recognition and measurement
    On November 1, 2006, the Corporation adopted Section 3855 of the Canadian
Institute of Chartered Accounts' ("CICA") Handbook, "Financial Instruments -
Recognition and Measurement". It exposes the standards for recognizing and
measuring financial instruments in the balance sheet and the standards for
reporting gains and losses in the financial statements. Financial assets
available for sale, assets and liabilities held for trading and derivative
financial instruments, part of a hedging relationship or not, have to be
measured at fair value.
    The Corporation has made the following classifications:

    - Cash and temporary investments are classified as financial assets held
      for trading and are measured at fair value. Gains and losses related
      to periodical revaluation are recorded in net income.
    - Other than temporary investments will be classified as either financial
      assets held to maturity and will thus be measured at cost or as
      available-for-sale and will thus be marked-to-market through
      comprehensive income at each period end.
    - Accounts receivable are classified as loans and receivables and are
      initially measured at fair value and subsequent periodical revaluations
      are recorded at amortized cost using the effective interest rate
      method.
    - Bank overdraft, accounts payable and accrued liabilities and long-term
      debt are classified as other liabilities and are initially measured at
      fair value and subsequent periodical revaluations are recorded at
      amortized cost using the effective interest rate method.

    The adoption of this Section is done retroactively without restatement of
the consolidated financial statements of prior periods. As at November 1,
2006, the impact on the consolidated balance sheet of measuring the financial
assets and liabilities using the effective interest rate method and of
reclassifying the costs directly attributable to the issuance of the long-term
debt was an increase in future income tax assets of $0.1 million and a
decrease in property, plant and equipment, other assets, long-term debt and
opening retained earnings of $1.2 million, $1.8 million, $2.7 million and
$0.2 million, respectively.
    The impact on the consolidated balance sheet of measuring hedging
derivatives at fair value as at November 1, 2006 was an increase in other
assets, future income tax liabilities, other liabilities and accumulated other
comprehensive income of $6.5 million, $1.8 million, $0.9 million and
$3.8 million, respectively. Prior periods were not restated.
    The Corporation selected November 1, 2002 as its transition date for
embedded derivatives. An embedded derivative is a component of a financial
instrument or another contract of which the characteristics are similar to a
derivative. This had no impact on the consolidated financial statements.

    b) Comprehensive income

     On November 1, 2006, the Corporation adopted Section 1530 of the CICA
Handbook, "Comprehensive Income". It describes reporting and disclosure
recommendations with respect to comprehensive income and its components.
Comprehensive income is the change in shareholders' equity, which results from
transactions and events from sources other than the Corporation's
shareholders. These transactions and events include changes in the currency
translation adjustment relating to self-sustaining foreign operations and
unrealized gains and losses resulting from changes in fair value of certain
financial instruments.
    The adoption of this Section implied that the Corporation now presents a
consolidated statement of comprehensive income as a part of the consolidated
financial statements. The comparative statements are restated to reflect the
application of this Section for changes in the balances for foreign currency
translation of self-sustaining foreign operations.

    c) Equity

    On November 1, 2006, the Corporation adopted Section 3251 of the CICA
Handbook, "Equity", replacing Section 3250, "Surplus". It describes standards
for the presentation of equity and changes in equity for reporting period as a
result of the application of Section 1530, "Comprehensive Income".

    d) Hedges

    On November 1, 2006, the Corporation adopted Section 3865 of the CICA
Handbook, "Hedges". The recommendations of this Section expand the guidelines
required by Accounting Guideline 13 (AcG-13), Hedging Relationships. This
Section describes when and how hedge accounting can be applied as well as the
disclosure requirements. Hedge accounting enables the recording of gains,
losses, revenues and expenses from the derivative financial instruments in the
same period as for those related to the hedged item.

    3. Income taxes

                                                            2007        2006
    -------------------------------------------------------------------------
    Statutory tax rate                                      30.7%       33.9%
    Manufacturing and processing profits tax credits        (0.7)       (0.9)
    Effect of foreign tax rate differences                  (6.0)       (3.5)
    Other                                                    3.9         2.2
    -------------------------------------------------------------------------
    Effective tax rate before the following item:           27.9        31.7
      Impairment of assets and restructuring costs          (1.1)          -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Effective tax rate                                      26.8%       31.7%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    4. Impairment of assets and restructuring costs

    The following table summarizes the impairment of assets and restructuring
costs:

    -------------------------------------------------------------------------
                                       Charged to income                Paid
    -------------------------------------------------------------------------
    (in millions of dollars)              2007      2006      2007      2006
    -------------------------------------------------------------------------
    Commercial printing operations(a)
      Impairment of assets               $ 3.5     $   -     $ n/a     $ n/a
      Workforce reduction costs            3.1         -       0.4         -
      Transfer of printing equipment
       and other costs                     0.1         -       0.1         -
    Toronto printing operations(b)
      Impairment of assets                   -         -       n/a       n/a
      Workforce reduction costs              -         -       0.4         -
      Transfer of printing equipment
       and other costs                     0.4         -       0.4         -
    Book printing operations(c)
      Workforce reduction costs              -         -         -       0.7
      Transfer of printing equipment
       and other costs                     0.1       0.6       0.1       0.6
    Manufacturing strategy(d)
      Workforce reduction costs              -         -         -       0.3
    Winnipeg printing operations(e)
      Impairment of assets (reversal)        -      (0.5)      n/a       n/a
      Workforce reduction costs              -         -         -       0.1
      Transfer of printing equipment
       and other costs                       -         -         -       0.2
    -------------------------------------------------------------------------
                                         $ 7.2     $ 0.1     $ 1.4     $ 1.9
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    a) During the first quarter of fiscal 2007, the Corporation initiated a
       restructuring plan for its commercial printing operations in the
       Printing Products and Services and Marketing Products and Services
       sectors. Total restructuring costs related to this plan are expected
       to reach $9.2 million within the next twelve months, of which
       $3.5 million are for an impairment of assets for building and
       equipment that are no longer necessary in the ongoing operations of
       the Corporation, $3.1 million are for workforce reduction costs and
       $2.6 million for the transfer of printing equipment and other costs.
       Of the $9.2 million, an amount of $6.7 million was charged to income
       during the first quarter of fiscal 2007, of which an amount of
       $3.5 million is for an impairment of assets, $0.2 million in the
       Printing Products and Services sector and $3.3 million in the
       Marketing Products and Services sector; an amount of $3.1 million is
       for workforce reduction costs, $1.8 million in the Printing Products
       and Services sector and $1.3 million in the Marketing Products and
       Services sector and an amount of $0.1 million is for the transfer of
       printing equipment and other costs in the Printing Products and
       Services sector. As at January 31, 2007, an amount of $2.7 million
       remained unpaid.
    b) During the second quarter of fiscal 2006, the Corporation adopted a
       plan for the consolidation of its commercial products and direct-
       marketing printing facilities located in the Toronto area in the
       Marketing Products and Services sector, which initially resulted in
       total restructuring costs of $2.8 million over the six-month period
       following the announcement. Total restructuring costs were revised to
       $4.0 million during the fourth quarter of fiscal 2006, of which
       $2.8 million are for workforce reduction costs instead of the
       $2.3 million initially estimated, $1.0 million instead of the
       $0.5 million initially estimated for the transfer of printing
       equipment and other costs and $0.2 million for an impairment of
       assets, which was not initially identified. As at January 31, 2007, an
       amount of $1.0 million remained unpaid.
    c) On April 5, 2005, the Corporation announced the consolidation of
       certain book printing operations in the Printing Products and Services
       sector, which initially resulted in an impairment of assets and total
       restructuring costs of $6.1 million. Certain buildings and equipment
       that were no longer necessary in the ongoing operations of the
       Corporation were identified as part of this consolidation and an
       impairment of $2.3 million was initially estimated during the second
       quarter of fiscal 2005 and revised to $1.6 million during the fourth
       quarter of fiscal 2005. In addition, total restructuring costs
       expected over the twelve-month period following the announcement were
       $3.8 million, of which $1.3 million were for workforce reduction costs
       and $2.5 million for the transfer of printing equipment and other
       costs. During the second quarter of fiscal 2006 and the fourth quarter
       of fiscal 2006, amounts of $1.0 million and $0.4 million,
       respectively, were added to the expected restructuring cost related to
       the transfer of printing equipment and other costs, which increased
       the total restructuring cost to $6.8 million for this consolidation
       project. The consolidation was completed during the first quarter of
       2007.
    d) On November 16, 2004, the Corporation announced major investment
       projects to purchase equipment in the Printing Products and Services
       and Marketing Products and Services sectors. As part of the review of
       the manufacturing strategy, which resulted in these investment
       projects, some equipment that was no longer necessary in the ongoing
       operations of the Corporation was identified. The expected costs were
       $7.5 million, of which $4.9 million and $1.9 million represent an
       impairment of assets in the Printing Products and Services and
       Marketing Products and Services sectors, respectively, and
       $0.3 million and $0.4 million represent workforce reduction costs in
       the Printing Products and Services and Marketing Products and Services
       sectors, respectively. The consolidation was completed during the
       third quarter of 2006.
    e) On August 19, 2004, the Corporation announced the consolidation of
       its Winnipeg retail printing operations in the Marketing Products and
       Services sector. During the fourth quarter of 2005, the Corporation
       reversed $0.5 million of the $2.7 million initially accrued for
       workforce reduction costs. In addition, the actual expense for the
       transfer of printing equipment and other costs amounted to
       $1.0 million instead of the $1.3 million initially estimated. During
       the first quarter of fiscal 2006, real estate assets were sold
       resulting in a gain on disposal of $0.5 million. The consolidation was
       completed during the first quarter of 2006.

    The following table provides a reconciliation of all restructuring
provisions, which are included in "Accounts payable and accrued liabilities"
in the consolidated balance sheets as at January 31:

    (in millions of dollars)                                2007        2006
    -------------------------------------------------------------------------
    Balance, beginning of period                       $     1.4   $     1.5
    Additions
      Workforce reduction costs                              3.1           -
      Transfer of printing equipment and other costs         0.6         0.6

    Reductions
      Amount paid for workforce reduction                   (0.8)       (1.1)
      Amount paid for transfer of printing equipment
       and other                                            (0.6)       (0.8)
    -------------------------------------------------------------------------
    Balance, end of period                             $     3.7   $     0.2
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    5. Employee future benefits

    Pension plans

    The Corporation offers various contributory and non-contributory defined
benefit pension plans and defined contribution pension plans to its employees
and those of its participating subsidiaries. The cost related to those plans
is as follows:

    (in millions of dollars)                                2007        2006
    -------------------------------------------------------------------------
    Pension plans
      Defined benefit pension plans                    $     6.2   $     6.2
      Defined contribution pension plans                     0.8         0.7
    -------------------------------------------------------------------------
                                                       $     7.0   $     6.9
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    6. Accounts receivable

    As at January 31, 2007, $322 million of accounts receivable ($282 million
as at October 31, 2006) had been sold under the accounts receivable
securitization program, of which $49 million ($39 million as at October 31,
2006) were kept by the Corporation as retained interest, resulting in a net
consideration of $273 million, including C$236 million and US$32 million
($243 million as at October 31, 2006, including C$206 million and
US$33 million) which represents the maximum net consideration the Corporation
could have obtained on that date in accordance with the program terms and
conditions. The retained interest is recorded in the Corporation's accounts
receivable at the lower of cost and fair market value. Under the program, the
Corporation recognized an aggregate discount on sale of accounts receivable of
$3.2 million for the three-month period ended January 31, 2007 ($2.1 million
for the same period in 2006).

    7. Share capital

    Earnings per share

    The table below shows the calculation of basic and diluted earnings per
share:

                                                            2007        2006
    -------------------------------------------------------------------------
    Numerator (in millions of dollars)
      Net income                                       $    20.2   $    27.9
    -------------------------------------------------------------------------
    Denominator (in millions)
      Weighted average number of shares                     85.8        88.6
      Dilutive effect of stock options and warrants         0.2            -
    -------------------------------------------------------------------------
      Weighted average diluted number of shares             86.0        88.6
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic earnings per share                           $    0.24   $    0.31
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Diluted earnings per share                         $    0.23   $    0.31
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    A total of 638,340 stock options were considered to be anti-dilutive in
the calculation of the diluted earnings per share for the three-month period
ended January 31, 2007, since their exercise price was greater than the
average stock price during this period.
    A total of 1,055,160 stock options and 350,000 warrants were considered to
be anti-dilutive in the calculation of the diluted earnings per share for the
three-month period ended January 31, 2006, since their exercise price was
greater than the average stock price during this period.

    Exercise of stock options

    When officers and senior executives exercise their stock options, the
amounts received from them are credited to share capital. For stock options
granted since November 1, 2002, the amount previously accounted for as an
increase to contributed surplus is also transferred to share capital. For the
three-month periods ended January 31, 2007 and 2006, the amount received was
nil and $1.2 million, respectively, while no amount was transferred from
contributed surplus to share capital for the same periods.

    Redemption of shares

    The Corporation is authorized to purchase for cancellation on the open
market, between November 21, 2006 and November 20, 2007, up to 3,448,698 of
its Class A Subordinate Voting Shares, representing 5% of the 68,973,966
issued and outstanding Class A Subordinate Voting Shares as of November 7,
2006, and up to 852,907 of its Class B Shares, representing 5% of the
17,058,145 issued and outstanding Class B Shares as of November 7, 2006. The
purchases are made in the normal course of business at market prices through
the facilities of the Toronto Stock Exchange in accordance with the
requirements of the exchange.
    Between November 21, 2006 and January 31, 2007, the Corporation purchased
427,400 of its Class A Subordinate Voting Shares at a weighted average price
of $21.32 for a total consideration of $9.1 million and 5,300 of its Class B
Shares at a weighted average price of $21.21 for a total consideration of
$0.1 million in accordance with its renewed Normal Course Issuer Bid. Of the
total consideration of $9.2 million, $2.4 million corresponds to the book
value and $6.8 million corresponds to the premium paid. The premium was
accounted for as a decrease in retained earnings.
    Between November 1, 2006 and November 20, 2006, the Corporation purchased
39,600 of its Class A Subordinate Voting Shares at a weighted average price of
$20.07 for a total consideration of $0.8 million and none of its Class B
Shares in accordance with its previous Normal Course Issuer Bid as described
in Note 17 of the consolidated financial statements for the year ended
October 31, 2006. Of the total consideration of $0.8 million, $0.2 million
corresponds to the book value and $0.6 million corresponds to the premium
paid. The premium was accounted for as a decrease in retained earnings.
    During the first quarter of fiscal 2006, the Corporation purchased
1,501,400 of its Class A Subordinate Voting Shares at a weighted average price
of $19.25 for a total consideration of $28.9 million and 150,700 of its
Class B Shares at a weighted average price of $19.25 for a total consideration
of $2.9 million in accordance with its previous Normal Course Issuer Bid as
described in Note 17 of the consolidated financial statements for the year
ended October 31, 2006. Of the total consideration of $31.8 million,
$8.5 million corresponds to the book value and $23.3 million corresponds to
the premium paid. The premium was accounted for as a decrease in retained
earnings.

    8. Stock-based compensation plans

    Share unit plan

    On December 14, 2006, the Corporation modified its current share unit plan
to include additional senior executives. Previously, the only participant in
this plan was the President and Chief Executive Officer. The share units are
granted under the form of deferred share units ("DSU") or restricted share
units ("RSU"). A portion of share units will vest based on economic value
creation compared to a target and another portion of share units will vest
based on tenure.
    During the three-month period ended January 31, 2007, 138,310 DSU and
30,788 RSU were granted.
    As at January 31, 2007, 202,391 share units were outstanding. The impact
on the consolidated statements of income for the three-month period ended
January 31, 2007 was $0.1 million. The impact on the consolidated statements
of income for the three-month period ended January 31, 2006 was negligible. No
amount has been paid under the plan for the three-month periods ended
January 31, 2007 and 2006.

    Stock option plan

    As at January 31, 2007, 1,973,961 stock options had been granted, of
which, 1,001,496 could be exercised.
    During the three-month periods ended January 31, 2007 and 2006, 160,100
and 505,400 stock options were granted with a weighted average exercise price
of $20.90 and $19.29, respectively.
    The table below summarizes the weighted average assumptions used to
calculate the fair value of stock options granted on the date of the grant
using the Black-Scholes model for the three-month periods ended January 31:

                                                            2007        2006
    -------------------------------------------------------------------------
    Weighted average fair value of stock options       $    5.16   $    5.19

    Assumptions:
    -------------------------------------------------------------------------
    Dividend rate                                            1.1%        0.9%
    Expected volatility                                     22.6%       25.0%
    Risk-free interest rate                                 3.96%       3.95%
    Expected life                                        5 years     5 years

    Stock-based compensation costs of $0.6 million and $0.4 million were
charged to income for the three-month periods ended January 31, 2007 and 2006,
respectively.


    9. Accumulated other comprehensive income

    (in millions of dollars)                                2007        2006
    -------------------------------------------------------------------------
    Balance, beginning of period, as previously
     reported                                          $       -   $       -
    Unrealized losses on translation of financial
     statements of self-sustaining foreign operations      (27.2)      (23.8)
    Financial instruments - recognition and
     measurement (Note 2)                                    3.8           -
    -------------------------------------------------------------------------
    Restated balance, beginning of period                  (23.4)      (23.8)
    Other comprehensive income                              (0.5)       (0.4)
    -------------------------------------------------------------------------
    Balance, end of period                             $   (23.9)  $   (24.2)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    As at January 31, 2007, gains on derivatives designated as cash flow
hedges of $0.4 million, net of income taxes of $0.1 million, reported in
"Accumulated other comprehensive income" in the consolidated balance sheet are
expected to be reclassified to net income within the next twelve months. The
remaining losses of $0.8 million, net of income taxes of $0.4 million, are
expected to be reclassified to net income over a three-year period.

    10. Business acquisitions

    Chenelière Education Inc.

    During the three-month period ended January 31, 2007, adjustments were
made to the purchase price allocation of Chenelière Education Inc. which was
acquired on August 31, 2006.
    Amortizable intangible assets were decreased by $0.7 million to reflect
the final valuation of the assets acquired and a decrease of $0.3 million in
the balance of sale payable was recorded following the final determination of
the costs related to the acquisition. Future income tax assets related to
these adjustments were increased by $0.2 million. The impact of these
adjustments was an increase of $0.2 million in goodwill.
    During the three-month period ended January 31, 2007, the Corporation paid
an amount of $9.6 million, comprised of $0.3 million of short-term liabilities
and $9.3 million of balance of sale payable. As at January 31, 2007, the
balance in short-term liabilities is of $0.5 million, which is included in
"Accounts payable and accrued liabilities" and the balance of sale payable is
$6.3 million, of which $3.2 million are included in "Current portion of
long-term debt" and $3.1 million are included in "Long-term debt" in the
consolidated balance sheet.

    Radville Star Management

    On December 20, 2006, the Corporation acquired 100% of the shares of
Radville Star Management, owner of two newspapers, The Radville Star and The
Deep South Star in Saskatchewan, in the Media Sector for a total consideration
paid of $0.4 million.

    11. Financial instruments

    During the first quarter of fiscal 2007, the Corporation entered into a
total return swap agreement with a financial institution in order to minimize
the impact of the fluctuations in its Class A Subordinate Voting Share price
on its compensation expense which includes a charge related to its share unit
plan as described in Note 8. The Corporation now receives or pays, on a
quarterly basis, the difference between the fixed share price of the total
return swap and the Class A Subordinate Voting Share price, less any amount
previously received or paid. As at January 31, 2007, the total return swap
agreement covered 118,000 Class A Subordinate Voting Shares. The term of this
total return swap agreement ranges from one to five years, with a fixed price
of $21.07. The hedging relationship was effective and in accordance with the
risk management objectives and strategies during the three-month period ended
January 31, 2007.

    12. Commitments

    During the first quarter of fiscal 2007, the Corporation entered into new
commitments to acquire $55.0 million (US$42.3 million, (euro) 1.9 million and
C$2.2 million) of machinery and equipment. Minimum payments required in 2007,
2008 and 2009 are $35.0 million, $15.3 million and $4.7million, respectively.

    13. Segmented information

    Sales between sectors of the Corporation are measured at fair value.
Transactions, other than sales, are measured at carrying value.



                                                          Three months ended
    (in millions of dollars)                                      January 31
    -------------------------------------------------------------------------
                                                            2007        2006
    -------------------------------------------------------------------------
    Revenues
      Printing Products and Services                   $   182.4   $   175.6
      Marketing Products and Services                      266.7       280.6
      Media                                                142.6       133.8
      Other activities and unallocated amounts               3.5         3.0
      Inter-segment sales
        Printing Products and Services                     (15.4)      (15.2)
        Marketing Products and Services                     (8.2)       (9.1)
        Media                                               (3.4)       (3.4)
    -------------------------------------------------------------------------
      Total inter-segment sales                            (27.0)      (27.7)
    -------------------------------------------------------------------------
                                                        $   568.2  $   565.3
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Operating income before amortization,
     impairment of assets
      and restructuring costs
      Printing Products and Services                   $    31.4   $    25.5
      Marketing Products and Services                       30.6        37.6
      Media                                                 19.7        19.7
      Other activities and unallocated amounts              (6.0)       (3.6)
    -------------------------------------------------------------------------
                                                       $    75.7   $    79.2
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Operating income
      Printing Products and Services                   $    19.9   $    15.5
      Marketing Products and Services                       10.2        22.2
      Media                                                 15.4        17.3
      Other activities and unallocated amounts              (7.3)       (4.7)
    -------------------------------------------------------------------------
                                                       $    38.2   $    50.3
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Acquisitions of property, plant and equipment(1)
      Printing Products and Services                   $     2.8   $    13.1
      Marketing Products and Services                       21.3         7.5
      Media                                                  1.0         1.3
      Other activities and unallocated amounts               1.0         0.8
    -------------------------------------------------------------------------
                                                       $    26.1   $    22.7
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Amortization of property, plant and equipment
      Printing Products and Services                   $     9.0   $     8.7
      Marketing Products and Services                       15.0        15.6
      Media                                                  2.9         2.2
      Other activities and unallocated amounts               1.1         0.9
    -------------------------------------------------------------------------
                                                       $    28.0   $    27.4
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) This amount includes acquisitions of machinery and equipment unpaid
        of $4.1 million for the three-month period ended January 31, 2007


                                                           As at       As at
                                                      January 31  October 31
    (in millions of dollars)                                2007        2006
    -------------------------------------------------------------------------
    Assets
      Printing Products and Services                   $   524.4   $   544.2
      Marketing Products and Services                      788.1       787.4
      Media                                                765.0       773.3
      Other activities and unallocated amounts             115.3       169.8
    -------------------------------------------------------------------------
                                                         2,192.8   $ 2,274.7
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Goodwill
      Printing Products and Services                   $   110.4   $   110.5
      Marketing Products and Services                      283.1       273.2
      Media                                                497.5       496.9
      Other activities and unallocated amounts               0.9         0.9
    -------------------------------------------------------------------------
                                                       $   891.9   $   881.5
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    14. Subsequent events

    Redemption of shares

    The Corporation purchased 169,300 of its Class A Subordinate Voting Shares
at a weighted average price of $21.71 for a total consideration of
$3.7 million and 32,700 of its Class B Shares at a weighted average price of
$21.94 for a total consideration of $0.7 million between February 1, 2007 and
March 14, 2007 in accordance with its Normal Course Issuer Bid as described in
Note 7.

    15. Effect of new accounting standards not yet implemented

    Financial instruments - Disclosures

    In December 2006, CICA issued Section 3862, "Financial instruments -
Disclosures". This Section applies to fiscal years beginning on or after
October 1, 2007. It describes the required disclosures related to the
significance of financial instruments on the entity's financial position and
performance and the nature and extent of risks arising for financial
instruments to which the entity is exposed and how the entity manages those
risks. This Section complement the principles of recognition, measurement and
presentation of financial instruments of Sections 3855, "Financial instruments
- Recognition and measurement", 3863, "Financial instruments - Presentation"
and 3865, "Hedges". The Corporation is currently evaluating the impact of the
adoption of this new Section on the consolidated financial statements.

    Financial instruments - Presentation

    In December 2006, CICA issued Section 3863, "Financial instruments -
Presentation". This Section applies to fiscal years beginning on or after
October 1, 2007. It establishes standards for presentation of financial
instruments and non-financial derivatives. It complements standards of Section
3861, "Financial instruments - Disclosure and Presentation". The Corporation
is currently evaluating the impact of the adoption of this new Section on the
consolidated financial statements.

    Capital disclosures

    In December 2006, CICA issued Section 1535, "Capital disclosures". This
Section applies to fiscal years beginning on or after October 1, 2007. It
establishes standards for disclosing information about entity's capital and
how it is managed to enable users of financial statements to evaluate the
entity's objectives, policies and procedures for managing capital. The
Corporation is currently evaluating the impact of the adoption of this new
Section on the consolidated financial statements.

    16. Comparative figures

    Certain prior period figures have been reclassified to conform with the
current period presentation.
    




For further information:

For further information: Media: Jake Brennan, Media Relations
Coordinator, Transcontinental Inc., (514) 954-4000,
jake.brennan@transcontinental.ca; Financial Community: Jennifer F. McCaughey,
Director, Investor Relations, Transcontinental Inc., (514) 954-2821,
jennifer.mccaughey@transcontinental.ca; www.transcontinental.com

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Transcontinental Inc.

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