LSC Communications, Inc. (NYSE: LKSD) announced today that it has completed its previously announced acquisition of CREEL Printing, a privately-owned offset and digital printing company based in Las Vegas, Nevada.
http://investor.lsccom.com/news-releases/2017/08-17-2017-210030759
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*GAAP net sales decreased 15.9%; non-GAAP organic net sales decreased 12.1% *GAAP income from operations was down $55.1 million versus the prior year primarily due to a $56.5 million increase in restructuring and other charges; current quarter included a charge for MEPP withdrawal obligations related to the LSC Communications (“LSC”) bankruptcy *GAAP loss per share from continuing operations of $0.13 included third quarter charges of $0.52 per share for restructuring and other *Operating cash flow, including discontinued operations, increased $40.1 million from prior year period, year-to-date improvement now at $113.0 million *Entered into definitive agreement to sell its Logistics DLS Worldwide business for $225 million, expected to close by year end *Launched plan to redeem $83.3 million of principal outstanding on Senior Notes due March 15, 2021
It is no secret that the U.S. printing business had been battered for years as the popularity of digital formats significantly reduced demand for magazines, catalogs, and other printed materials. While sales of books held up better than those of their print counterparts, many of the largest printers worked across multiple product lines. And as a result, some of the industry giants (R.R. Donnelley, Quad Graphics) underwent wholesale makeovers, while smaller companies either closed or merged to cope with the plunge in demand. At a spring webinar presented by PW and Westchester Publishing Services, Jim Fetherston, president and CEO at the printer Worzalla noted that when the pandemic hit and book sales unexpectedly surged, North American printing capacity was at “historic low levels,” which led to demand exceeding capacity for the first time in years.
The Sunday 2000 has a proven reputation for delivering high quality, productivity and efficiency across a varied range of web offset applications. Innovative gapless blanket technology accelerates speed and leads to dramatic savings in both time and cost. The Sunday 2000’s exclusive combination of premium print quality and faster production on wider webs makes this press the most versatile, competitive and cost-effective press in its category. Ken Love, CEO of Master Graphics, says, “We currently successfully operate two Goss Sunday 2000 press systems as well as three Goss M1000 presses. We are very happy with the performance of those machines and with the excellent parts and service support from Goss, so as we move our business forward it made perfect sense to build on the existing partnership with Goss and invest in another Sunday 2000 press system.” Click Read More below for additional information.