Restructuring, Economy Spell Loss for R.R. Donnelley
Chicago-based Donnelley reported a $33.7 million net loss for the quarter, compared with a $71.5 million profit in the same quarter for 2000. The company experienced after-tax, one-time charges of $105 million related to restructuring, a write-down of two Internet investments and a gain on the sale of the company's stake in Stream International.
The commercial print division lost $3 million in the quarter, compared with a $154,000 profit in the same period the previous year. However, the Logistics Services division, which lost $9.9 million in fourth-quarter 2000, reported a $3.2 million profit in fourth-quarter 2001.
Overall in 2001, Donnelley made $174 million in net income, down 33 percent from 2000. Revenue in 2001 was $5.3 billion, an 8 percent decrease from the previous year.
For 2002, the printing firm projects earnings per share of $1.50 to $1.56, up from $1.47 reported for 2001. The company said it expected continued weak markets in 2002 but that it would be ready for economic recovery thanks to its restructuring.