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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 the months of JANUARY, FEBRUARY AND MARCH 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, 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 6
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INTERIM FINANCIAL STATEMENTS
QUEBECOR PRINTING INC.
FILED IN THIS FORM 6-K
FIRST QUARTER OF 1999
PAGE 2 OF 6
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QUEBECOR PRINTING INC. AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS OF US DOLLARS)
<TABLE>
<CAPTION>
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MARCH 31 December 31 March 31
1999 1998 1998
(UNAUDITED) (audited) (unaudited)
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<S> <C> <C> <C>
ASSETS
Current assets :
Cash $ 393 $ 309 $ 1,837
Trade receivables 634,079 695,867 627,014
Inventories 227,958 233,019 254,708
Prepaid expenses 29,919 25,035 25,124
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892,349 954,230 908,683
Fixed assets 3,204,245 3,224,609 3,000,322
less accumulated depreciation 1,046,878 1,013,645 888,816
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2,157,367 2,210,964 2,111,506
Goodwill 582,553 595,724 379,392
Other assets 89,771 81,198 73,483
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$ 3,722,040 $ 3,842,116 $ 3,473,064
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities :
Bank indebtedness $ 17,733 $ 15,607 $ 21,394
Trade payables and accrued liabilities 528,185 601,244 539,212
Income and other taxes 38,588 42,207 36,676
Current portion of long-term debt
and convertible debentures 39,190 51,066 38,806
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623,696 710,124 636,088
Long-term debt 1,113,249 1,140,941 994,298
Other liabilities 129,227 127,859 115,552
Deferred income taxes 226,839 223,085 201,758
Convertible debentures 54,215 58,193 56,810
Non-controlling interest 17,874 17,410 16,450
Shareholders' equity :
Capital stock 900,171 898,138 896,688
Contributed surplus 88,737 88,737 88,737
Retained earnings 643,192 629,596 526,020
Translation adjustment (75,160) (51,967) (59,337)
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1,556,940 1,564,504 1,452,108
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$ 3,722,040 $ 3,842,116 $ 3,473,064
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</TABLE>
PAGE 3 OF 6
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QUEBECOR PRINTING INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS OF US DOLLARS, EXCEPT FOR EARNINGS PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
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Three months ended
March 31,
1999 1998
(Unaudited)
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<S> <C> <C>
REVENUES $ 910,515 $ 881,879
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Operating expenses :
Operating costs 796,473 778,642
Depreciation and amortization 61,049 55,771
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857,522 834,413
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OPERATING INCOME 52,993 47,466
Financial expenses 17,784 15,146
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35,209 32,320
Income taxes 10,564 11,086
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24,645 21,234
Non-controlling interest 422 545
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NET INCOME 24,223 20,689
Net income available for holders of preferred shares 2,477 2,626
NET INCOME AVAILABLE FOR HOLDERS OF EQUITY SHARES $ 21,746 $ 18,063
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EARNINGS PER SHARE $ 0.19 $ 0.16
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AVERAGE NUMBER OF EQUITY SHARES
OUTSTANDING (IN THOUSANDS) 115,856 115,613
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</TABLE>
PAGE 4 OF 6
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QUEBECOR PRINTING INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS OF US DOLLARS)
<TABLE>
<CAPTION>
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Three months ended
March 31,
1999 1998
(Unaudited)
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<S> <C> <C>
Cash flows provided by (used in):
OPERATIONS:
Net income $ 24,223 $ 20,689
Non-cash items in income :
Depreciation and amortization 61,049 55,771
Deferred income taxes 4,390 4,816
Non-controlling interest 422 545
Other (53) 501
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90,031 82,322
Changes in non-cash operating working capital (16,167) (36,221)
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73,864 46,101
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FINANCING:
Net proceeds from issuance of capital stock 2,034 687
Net increase (decrease) of long-term debt (37,946) 67,337
Increase in bank indebtedness 2,126 2,410
Dividends on equity shares (8,107) -
Dividends paid to preferred shareholders (2,515) (3,183)
Dividends paid to non-controlling shareholders - (1,395)
Translation adjusment 3,639 2,814
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(40,769) 68,670
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INVESTMENTS:
Business acquisitions, net of cash position (4,284) (11,721)
Additions to fixed assets (36,182) (102,415)
Proceeds from disposal of assets 7,731 110
Increase in other assets (7,595) (3,995)
Other 7,317 4,689
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(33,013) (113,332)
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Effect of exchange rate changes on cash 2 18
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INCREASE IN CASH 84 1,457
Cash at beginning 309 380
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CASH AT END $ 393 $ 1,837
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</TABLE>
PAGE 5 OF 6
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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) LOUIS SAINT-ARNAUD
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Name: Louis Saint-Arnaud
Title: Vice President, Legal Affairs
and Secretary
Date: May 27, 1999
PAGE 6 OF 6
