R.R. Donnelley & Sons reported yesterday that revenue fell 11 percent to $1.1 billion and income fell 10 percent in the second quarter of 2002 on declining print volumes for magazines and catalogs.
The company's income for second-quarter 2002 was $34 million, down from $38 million in the same period last year. While lower printing activity levels affected the company's performance, its bottom line was helped by an “aggressive focus on cost reduction,” R.R. Donnelley said.
In 2001 and 2002, R.R. Donnelley announced cost-reduction measures that aimed to lower its annual costs by $160 million by the end of this year. The company said it has raised that targeted annual cost reduction to $175 million.
R.R. Donnelley expects weak conditions in its core markets to continue throughout the year, the company said.