Blaming an unexpectedly prolonged downturn in the commercial printing industry, Mail-Well Inc. yesterday lowered its sales forecast for first-quarter 2002 by $12 million to $368 million.
Efforts to streamline operations were successful but did not offset the sales downturn in the first quarter, according to Englewood, CO-based Mail-Well. The company also reduced its earnings forecast for the quarter from between 6 cents and 8 cents per share to between 2 cents and 4 cents per share.
Sales in fourth-quarter 2001 were $390 million, down from $412 million in the same period the previous year.
Mail-Well said its Label and Printed Office Products segments were still performing well. The company is divesting these services and projected that it would complete the sale of the Label and Printed Office Products assets in second-quarter 2002.