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Exhibit 99.1
Media: David G. Smith
Director, Public Affairs
416/364-2600, ext 250
Analysts: John Laurie
Vice President & Treasurer
416/360-4755
MOORE ANNOUNCES UPDATE ON Q2 PERFORMANCE
TORONTO, ON & BANNOCKBURN, IL (June 26, 2000) -- Moore Corporation Limited (TSE,
NYSE: MCL) today announced that, in spite of evidence that its growth strategies
and performance improvement efforts are beginning to improve the results in its
Moore North America division, earnings per share in the second quarter are
expected to be below its previous outlook. The reasons for the under performance
are a revenue shortfall in Moore North America's forms and labels business, as
well as in its Peak Technologies and its European CCS businesses.
As a result of revenues being lower than forecast, the Corporation expects that
its second quarter loss per share will likely exceed the reported first quarter
loss of $0.10 per share. In addition, notwithstanding evidence that the
initiatives in Moore North America are beginning to have a positive effect, it
is expected that earnings per share for 2000 will be below last year's
normalized level of $0.53.
The Corporation's Board of Directors and management continue to be actively
focused on improving Moore's operating performance and reviewing alternatives
for enhancing shareholder value.
Moore Corporation Limited provides data capture, information design, marketing
services, digital communications and print solutions that enable clients to
improve their business processes and increase revenue. Sales in 1999 were more
than U.S. $2.4 billion. The Moore Internet address is WWW.MOORE.COM.
This news release contains statements relating to future results of the
Corporation (including certain anticipated, believed, planned, forecasted,
expected, targeted and
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estimated results and the Corporation's outlook concerning future results) that
are "forward-looking statements" as defined in the U.S. Private Securities
Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance
on these forward-looking statements and any such forward-looking statements are
qualified in their entirety by reference to the following cautionary statements.
All forward-looking statements speak only as of the date hereof and are based on
current expectations and involve a number of assumptions, risks and
uncertainties that could cause the actual results to differ materially from such
forward-looking statements.
Factors that could cause such material differences include, without limitation,
the following: the successful completion of the restructuring program announced
in 1998 within the timeframe anticipated to execute the respective restructuring
actions and achieving the associated benefits, the successful implementation of
the cost reduction program that commenced in the first quarter of 2000, the
successful implementation of the ERP system within anticipated time frames and
achieving associated benefits, the effects of paper price fluctuations on the
Corporation's forms operations, successful execution of key strategies
(including the digital and Internet strategies), the rate of migration from
paper-based forms to digital formats, maintenance of growth rates in Customer
Communication Services businesses, the impact of currency fluctuations in the
countries in which the Corporation operates, general economic and other factors
beyond the Corporation's control, and other assumptions, risks and uncertainties
described from time to time in the Corporation's periodic filings with
Securities Regulators.
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