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Apr 9, 2002 12:00 AM
Mail-Well, Inc. (Englewood, CO) announced today that it expects Q1 2002 earnings before restructuring charges to be below forecast results, largely as a result of lower-than-expected revenues and erosion of margins.
"The downturns in our industries, especially the commercial printing industry, have been deeper and more prolonged than expected. As a result, our earnings and revenues for the first quarter will be below forecast," says Paul Reilly, chairman, president and CEO.
The company had forecast proforma new Mail-Well Q1 earnings in the range of $0.06 to $0.08 per share before the effect of restructuring charges, on sales of approximately $380 million. The company now expects first quarter proforma new Mail-Well earnings in the range of $0.02 to $0.04 per share before the effect of restructuring charges and EBITDA in the range of $23.5 million to $24.5 million, on sales in the range of approximately $368 million. "New Mail-Well" refers to Mail-Well's envelope and commercial printing businesses, other than assets held for sale.
Mail-Well still believes its full-year EBITDA objective of $145 million to be achievable, depending on business activity in the envelope and commercial printing segments.