Quebecor Projects Lower Earnings for Rest of 2005

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Quebecor World Inc., Montreal, said Friday that earnings per share in the third and fourth quarters of 2005 will be lower than in the same periods last year and below market expectations.

The managers of one of the world's largest commercial printers anticipate earnings per share of 25 to 30 cents for the third quarter.

The lower results are explained by challenging market conditions, especially regarding pricing and rising energy costs, and by continued underperformance of operations in France and the United Kingdom, Quebecor said.

To address the situation, the company is retooling its manufacturing platform to improve its competitiveness and reduce its cost base.

The North American plan announced in summer 2004 is on schedule. The first group of new web offset presses, equipped with the latest technology, is being installed in facilities in Merced, CA; Dallas; Jonesboro, AR; and Versailles, KY.

Quebecor will announce a similar retooling plan for Europe in first-quarter 2006.

Quebecor World will release third-quarter results Nov. 1.


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