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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For June 18 and 22 and July 22 1999
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QUEBECOR PRINTING INC.
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(Translation of Registrant's Name into English)
612 Saint-Jacques Street, Montreal, Quebec, Canada H3C 4M8
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(Address of Principal Executive Office)
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F)
Form 20-F Form 40-F X
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(Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes No X
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Page 1 of 9
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PRESS RELEASES OF
QUEBECOR PRINTING INC.
FILED IN THIS FORM 6-K
June 18, 1999 (#09/99)
June 22, 1999 (#10/99)
July 22, 1999 (#12/99)
Page 2 of 9
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June 18, 1999 9/99
FOR IMMEDIATE RELEASE
QUEBECOR PRINTING TO DIVEST BA BANKNOTE DIVISION
MONTREAL - Quebecor Printing announced today the Company has signed a Letter
of Intent with Munich-based German banknote printer Giesecke & Devrient GmbH
for the divestiture of Quebecor Printing's BA Banknote Ottawa division. The
divestiture is in keeping with Quebecor Printing's objective to focus on its
core commercial printing businesses and follows the recent divestitures of
its check and credit card operations. The transaction is subject to due
diligence and regulatory approval.
"As we continue our growth strategy as a global printer, it is becoming more
and more important to maintain a concentrated strategic focus on our core
printing businesses," said Charles Cavell, President and Chief Executive
Officer of Quebecor Printing. "This divestiture is another step in that
direction. Giesecke & Devrient is purchasing an outstanding facility with a
strong customer base that will strengthen their worldwide market position."
BA Banknote is presently a stand-alone operation with a world market share of
8% in commercial banknote printing. Its sales make up less than 1% of
Quebecor Printing's consolidated annual revenues. Quebecor Printing believes
BA Banknote will be able to better serve Canadian and international banknote
customers by being part of a larger international network of facilities such
as those operated by Giesecke & Devrient, the world's second largest
commercial banknote printer. Quebecor Printing will maintain a minority
position in BA Banknote to facilitate the integration of the companies and
the maintenance of BA Banknote's customer relationships.
Quebecor Printing Inc. (NYSE:PRW; ME:IQI; TSE:IQI), a diversified global
commercial printing company, is the largest commercial printer in Canada and
one of the largest in the United States, Europe and South America. The
Company is a market leader in most of its major product categories which
include magazines, inserts and circulars, books, catalogs, specialty
printing, related services, CD-ROM mastering and replicating, directories as
well as bonds and banknotes. The Company has over 28,000 employees working in
more than 115 printing and related facilities in the United States, Canada,
France, the United Kingdom, Spain, Germany, Sweden, Finland, Chile,
Argentina, Peru, Colombia, Mexico and India.
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FOR FURTHER INFORMATION:
John Paul Macdonald
Director Communications
(514) 877-5317
(800) 567-7070
Page 3 of 9
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June 22, 1999 10/99
FOR IMMEDIATE RELEASE Page 1 of 2
QUEBECOR PRINTING OBTAINS US $325 MILLION PRINTING CONTRACT
SIGNS MAGAZINE CONTRACT EXTENSION WITH ASSOCIATED NEWSPAPERS
LONDON - Quebecor Printing announced today a contract extension with British
newspaper publisher Associated Newspapers Ltd. subsidiary HQL for the
printing of four of its most popular magazine newspaper supplements: WEEKEND,
YOU Magazine, NIGHT AND DAY and ES MAGAZINE. The value of the contract
extension is in excess of US $325 million (L200 million), excluding paper
sales, and runs for a period of seven years.
"I believe this to be the largest magazine printing contract in Europe and
certainly the most complex," said Murdoch MacLennan, Group Managing Director
of Associated Newspapers. "This contract had been under negotiation for some
time, but the key driver to our eventually reaching agreement was Quebecor
Printing's demonstrated willingness to invest in new plant to guarantee
secure production of our expanding circulations. Importantly, we also
believe in the management of the Company and their commitment to our
products."
"This contract extension is a direct result of our commitment to Associated
Newspapers and their flagship publications, the DAILY MAIL, the MAIL ON
SUNDAY and THE EVENING STANDARD," said Charles Cavell, President and Chief
Executive Officer of Quebecor Printing. "We take great pride that our timely
investments in new technology and the dedication of our UK employees have
enabled us to grow with ANL and their 60% volume increase since we first
signed our original contract with them in 1995. Further investment in the UK
is fully supported by the security of a long term contract from this anchor
account."
Under the terms of the contract, Quebecor Printing will print over eight
million magazines a week from its British plant in Corby, Northamptonshire
and from its rotogravure facility in Lille, France. The magazine supplements
are extremely popular and are considered a key element in the publications
large circulation increase over the last few years. Investments to expand
Corby's plant's capacity by 50% are now in process.
WEEKEND (3.5 million copies per week) is a TV listing and features magazine
that is included in the Saturday edition of the DAILY MAIL and is recognized
as the biggest and best in its field. THE MAIL ON SUNDAY newspaper includes
YOU (2.5 million copies per week), a quality magazine with particular appeal
to women and NIGHT AND DAY (1.9 million copies per week), a features and arts
supplement. ES MAGAZINE (0.5 million copies per week) is an entertainment
and lifestyle magazine inserted in THE EVENING STANDARD.
Page 4 of 9
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June 22, 1999 10/99
FOR IMMEDIATE RELEASE Page 2 of 2
QUEBECOR PRINTING OBTAINS US $325 MILLION PRINTING CONTRACT
SIGNS MAGAZINE CONTRACT EXTENSION WITH ASSOCIATED NEWSPAPERS
Associated Newspapers is a subsidiary of Daily Mail and General Trust Plc,
one of Britain's longest-established and most successful media companies.
With its origins going back to the launch in 1896 of the DAILY MAIL, the
Company now has interests around the world in national and regional
newspapers, television, radio, exhibitions and information publishing.
Quebecor Printing Inc. (NYSE:PRW; ME:IQI; TSE:IQI), a diversified global
commercial printing company, is the largest commercial printer in Canada and
one of the largest in the United States, Europe and South America. The
Company is a market leader in most of its major product categories which
include magazines, inserts and circulars, books, catalogs, specialty
printing, related services, CD-ROM mastering and replicating, directories as
well as bonds and banknotes. The Company has approximately 28,000 employees
working in more than 115 printing and related facilities in the United
States, Canada, France, the United Kingdom, Spain, Germany, Sweden, Finland,
Chile, Argentina, Peru, Colombia, Mexico and India.
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SEE CCN'S PHOTOS ON THE CANADIAN PRESS NETWORK
FOR FURTHER INFORMATION:
John Paul Macdonald Michel P. Salbaing
Director, Corporate President
Communications Quebecor Printing Europe
Quebecor Printing Inc. 33 1 55 62 11 11
(514)877-5317
(800)567-7070
John Dickin
Managing Director
Quebecor Printing (UK) Plc
44 1 536 74 74 74
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July 22, 1999 12/99
FOR IMMEDIATE RELEASE Page 1 OF 3
QUEBECOR PRINTING'S SECOND QUARTER EARNINGS PER SHARE UP 19%
MONTREAL - Quebecor Printing Inc. announced today second quarter earnings
available to holders of equity shares of US $43 million, an increase from US $36
million for the same period in 1998. Earnings per share increased 19% to US
$0.37 from US $0.31 in 1998. Revenues increased 6% to US $944 million, compared
to US $890 million in 1998.
For the six months ended June 30, 1999, net income available to holders of
equity shares rose to US $65 million from US $54 million last year. Earnings
per share increased 19% to US $0.56 from US $0.47 in 1998. Revenues for the
period were US $1.9 billion, up 5% from US $1.8 billion last year.
The Company's performance for the quarter was marked by an increase in the
consolidated operating margin to 8.7% from 8.0% for the same period in 1998.
This increase was due, in part, to a 1.1% increase in the United States
operating margin as newly retooled plants showed improved efficiency and
productivity. Operating margins were also up in the Company's Canadian
operations despite the loss of operating income resulting from the
divestiture of the Company's check business.
In Europe, although lower volume and pricing pressure was felt in France,
recent acquisitions Quebecor Printing Norden and Cayfo performed according to
plan. In South America, the operating environment remains difficult with a
reduction of export volume to Brazil. This was offset, however, by strict
cost control measures combined with the strong performance of the Company's
Peruvian operation.
In June, Quebecor Printing closed its public offering of 6.5 million Subordinate
Voting Shares for net proceeds of CDN $228 million which were applied to the
reduction of bank indebtedness. Free cash flow from operations net of capital
expenditures and preferred share dividends for the six month period ended June
30, 1999 was US $173 million compared to a deficit of US $10 million last year.
Subsequent to the quarter's end, the Company announced the signing of a
definitive merger agreement pursuant to which Quebecor Printing will acquire
all of the shares of World Color Press, Inc., one of the United States'
leading commercial printers, in a transaction valued at approximately US $2.7
billion. The acquisition is the largest in the history of the printing
industry and will make the newly merged Company, to be named Quebecor World
Inc., the largest independent commercial printer in the world serving
customers in magazines, catalogs, books, retail inserts and circulars and
specialty/direct mail printing with operations in 14 countries on four
continents.
The definitive merger agreement provides for the acquisition by a subsidiary
of Quebecor Printing pursuant to a tender offer to purchase for cash up to
23.5 million shares of common stock representing approximately 62% of the
outstanding shares of World Color to be followed by a merger with World
Color. The offer is open for acceptance until 12:00 Midnight (Eastern Time)
on August 12, 1999.
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July 22, 1999 12/99
FOR IMMEDIATE RELEASE PAGE 2 OF 3
"We have demonstrated once again the validity of our strategy and our
management expertise by delivering increased earnings to our shareholders,"
said Charles Cavell, President and Chief Executive Officer of Quebecor
Printing. "The World Color merger will further strengthen our global position
as a leader in customer service, technology, cost control and in the
management of economies of scale. With this merger, we are poised to reach
new highs in shareholder and customer value."
The Board of Directors declared a dividend of US $0.07 per share on the Multiple
Voting Shares and Subordinate Voting Shares. This dividend is payable on
September 1, 1999 to shareholders of record at the close of business on August
9, 1999. The Board of Directors also declared a dividend of CDN $0.3125 per
share on Series 2 Preferred Shares. This dividend is payable on September 1,
1999 to shareholders of record at the close of business on August 9, 1999.
Quebecor Printing Inc. (NYSE:PRW; ME:IQI; TSE:IQI), a diversified global
commercial printing company, is the largest commercial printer in Canada and
Europe and one of the largest in the United States and South America. The
Company is a market leader in most of its major product categories which include
magazines, inserts and circulars, books, catalogs, specialty printing and direct
mail, directories, related services and CD-ROM mastering and replicating. The
Company has over 26,000 employees working in more than 115 printing and related
facilities in the United States, Canada, France, the United Kingdom, Spain,
Germany, Sweden, Finland, Chile, Argentina, Peru, Colombia, Mexico and India.
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FOR MORE INFORMATION:
Christian M. Paupe John Paul Macdonald
Executive Vice President Director, Corporate Communications
Quebecor Printing Inc. (800) 567-7070
(800)567-7070 (514) 954-0101
(514) 954-0101
Page 7 of 9
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<CAPTION>
July 22, 1999 12/99
FOR IMMEDIATE RELEASE Page 3 of 3
(In millions of US dollars, except per share data) 3 MONTHS 6 MONTHS
1999 1998 CHANGE 1999 1998 CHANGE
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SEGMENTED INFORMATION
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REVENUES
<S> <C> <C> <C> <C> <C> <C>
United States....................................... 460.4 481.2 (4.3%) 928.7 982.3 (5.5%)
Canada.............................................. 243.6 237.2 2.7% 464.1 460.5 0.8%
Europe.............................................. 219.3 152.6 43.7% 422.3 295.8 42.8%
South America....................................... 20.8 17.6 18.4% 40.5 30.7 31.7%
OPERATING INCOME
United States....................................... 38.0 34.7 9.5% 60.4 59.2 2.1%
Canada.............................................. 27.1 23.0 17.8% 43.4 37.0 17.3%
Europe.............................................. 14.3 11.1 28.4% 24.4 17.8 36.8%
South America....................................... 0.9 1.5 (38.6%) 3.3 2.4 40.1%
OPERATING MARGIN
United States....................................... 8.3% 7.2% 6.5% 6.0%
Canada.............................................. 11.1% 9.7% 9.3% 8.0%
Europe.............................................. 6.5% 7.3% 5.8% 6.0%
South America....................................... 4.5% 8.6% 8.2% 7.7%
CONSOLIDATED RESULTS
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Revenues............................................ 944.3 890.2 6.1% 1,854.8 1,772.1 4.7%
Operating income before depreciation & amortization. 145.3 128.9 12.8% 259.4 232.1 11.8%
Operating income.................................... 81.9 71.5 14.7% 134.9 118.9 13.5%
Net income.......................................... 45.9 38.9 17.8% 70.1 59.6 17.6%
Net income available for holders of equity shares... 43.3 36.4 19.2% 65.1 54.4 19.6%
INCOME AS % OF REVENUES
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Operating income before depreciation & amortization. 15.4% 14.5% 14.0% 13.1%
Operating income.................................... 8.7% 8.0% 7.3% 6.7%
PER SHARE DATA ($ US)
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Cash flow from operations........................... $0.99 $0.88 $1.75 $1.57
Net income.......................................... $0.37 $0.31 $0.56 $0.47
PER SHARE DATA ($ CDN)*
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Cash flow from operations........................... $1.46 $1.28 $2.60 $2.26
Net income.......................................... $0.55 $0.46 $0.83 $0.68
REVENUES BY PRODUCT SEGMENT(%)
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Magazines........................................... 29.4% 29.3% 30.6% 29.0%
Inserts and circulars............................... 22.6% 19.0% 20.8% 19.4%
Catalogs............................................ 13.7% 15.8% 14.5% 15.9%
Books............................................... 14.2% 13.4% 13.9% 13.9%
Specialty printing and direct mail.................. 9.3% 10.2% 9.6% 10.4%
Directories......................................... 5.3% 5.3% 4.9% 4.9%
Related Services and CD-ROM......................... 4.6% 4.5% 4.8% 4.5%
Bonds; Banknotes and Others......................... 0.9% 2.5% 0.9% 2.0%
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* For reference only - subject to fluctuations of the exchange rate.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
QUEBECOR PRINTING INC.
By: (s) CLAUDINE TREMBLAY
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Name: Claudine Tremblay
Title: Assistant Secretary
Date: July 22, 1999
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