Financial and Business Highlights • Gross revenue was $270.9 million in the third quarter of 2018, a decrease of 6% compared to $288.5 million in the third quarter of 2017. Excluding currency impacts, third quarter gross revenue decreased 5% compared to the same period of last year. Year-to-date gross revenue was $827.4 million, a decrease of 1% compared to $833.0 million in the same period of 2017. • Gross profit (net revenue) was $64.0 million, or 23.6% of gross revenue in the third quarter of 2018, compared to $71.9 million, or 24.9% of revenue, in the same period of last year. Excluding the impact of an inventory writeoff related to our retail environments business, our gross margin was 24.0% in the third quarter of 2018. • Net loss for the third quarter of 2018 was $(44.9) million, or $(0.87) per diluted share, compared to net income of $7.1 million, or $0.13 per diluted share in the third quarter of 2017. Third quarter net loss includes goodwill and intangible asset impairment charges of $41.9 million. Click read more below for additional detail.
Friesens Corporation, Canada’s largest printer of hardcover books, is investing in two new industrial-scale HP Indigo 50000 Digital Presses to extend its leadership in book printing with a more flexible, cost-efficient production platform, as it shifts more capacity to digital production.
Installation of the first unit was completed this week at the Friesens printing facility in Altona, Manitoba. The oversized B1 (30-inch) duplex, roll-to-roll HP Indigo 50000 Digital Press is the first in this digital productivity class to be installed in Canada.
“The HP Indigo 50000 solution will enable us to further leverage variable printing to drive a leaner book production process, saving on multiple finishing steps for roll-to-sewn book blocks compared with the offset process,” said Chad Friesen, CEO of Friesens Corporation. “This is an important part of a larger automation initiative that will continue offering market-leading solutions to our customers, while responding to margin compression, and overcoming labor shortages.”
An HP Indigo digital press owner since 2011, operating two HP Indigo W7200 web presses, Friesens chose the HP Indigo 50000 solution for its wider format, higher capacity, automation, and ability to more cost effectively print shorter run books compared with offset, saving on paper waste, time and production costs through a roll-to-book-block solution.
“The quality and productivity of the HP Indigo 50000, combined with the format size and unique imposition capabilities, will enable us to transfer more of our offset production to digital production,” said Byron Loeppky, Senior Vice President of Books.
The second HP Indigo 50000 press is scheduled for installation in late 2020.