Weakness in the worldwide advertising market dragged down Quebecor World's revenue in the first quarter of 2002, but recent cutbacks helped boost the company's quarterly income, the commercial printing firm said Friday.
Revenue for the quarter was $1.46 billion, down 7 percent from the same period in 2001, according to Quebecor. However, net income rose 8 percent to $46 million, showing that last year's restructuring is helping the company, Quebecor said.
Quebecor announced the shutdown of several plants and the layoff of 2,400 employees in October. The company blamed the cutbacks on fallout from the Sept. 11 terrorist attacks. Ten facility closures have been announced or completed since October, Quebecor said.
