Transcontinental helped by tax adjustment but Q4 adjusted earnings fall

Transcontinental helped by tax adjustment but Q4 adjusted earnings fall

MONTREAL — Transcontinental Inc. says unusual items and reduced restructuring expenses boosted its fourth-quarter net profit to $100.2 million, from $9 million a year earlier.

Among other things, the Montreal-based printing and publishing company (TSX:TCL.A) received a favourable tax adjustment in the United States.

Excluding a $51.7-million tax adjustment in the fourth quarter, and other items in both years, Transcontinental’s adjusted profit was $60.6 milion, down 4.7 per cent from $63.6 million in the fourth quarter of fiscal 2014.

Transcontinental’s revenue for the three-month period declined 1.5 per cent to $540.1 million from $548.2 million.

The company says its printed flyer business is stable and the acquisition of a specialty packaging company but that revenue from the printing and media sectors declined amid changes in the market.

The profit amounted to $1.28 per participating share, or 78 cents after adjustments. That compared with 12 cents per share before adjustments, or 81 cents after adjustments, in the fourth quarter of 2014

The Canadian Press

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