Summary Results: Net earnings improved during the third quarter of 2017 to $20 million, a $9 million year-over-year increase, despite a 4.8% decrease in net sales to $1.0 billion. Organic sales decreased 3.7% due to ongoing industry volume and pricing pressures after excluding pass-through paper sales (-1.2% impact) and foreign exchange (+0.1% impact), and is consistent with the Company’s previous guidance. Diluted earnings per share for the third quarter of 2017 improved to $0.38 compared to $0.22 in 2016 primarily due to lower depreciation and amortization, and cost reductions and productivity improvement activities. Third quarter 2017 Non-GAAP Adjusted EBITDA decreased to $116 million compared to $122 million in 2016; however, due to ongoing productivity improvements and sustainable cost reductions, the Company was able to keep Adjusted EBITDA margin flat year-over-year at 11.5%. Net earnings improved for the nine months ended September 30, 2017, to $52 million, a $45 million increase from 2016, despite a 5.2% decrease in net sales to $3.0 billion. Organic sales decreased 3.7% due to ongoing industry volume and pricing pressures after excluding pass-through paper sales (-1.4% impact) and foreign exchange (-0.1% impact). Diluted earnings per share improved to $1.01 during the nine months ended September 30, 2017, compared to $0.15 in 2016. Year-to-date Non-GAAP Adjusted EBITDA was $334 million, a 1.8% decrease from 2016, and Adjusted EBITDA margin improved to 11.2% as compared to 10.9% in 2016. Click Read More below for additional information.
Three newly graduated printers put themselves forward for the opportunity to represent Germany at the next WorldSkills in the print media technology discipline, competing in a preliminary selection round entitled “We make world champions” from 23 to 24 November 2016. Florian Kraus from AZ Druck und Datentechnik GmbH in Kempten came away the winner, with Andreas Will from the same company and Jan Jungwirth from Engelhardt Etikett in Nördlingen as runners-up. Florian Kraus will therefore represent Germany next year at the WorldSkills International competition from 14 to 19 October 2017 in Abu Dhabi, the capital of the United Arab Emirates.
The German competition was held in the Print Media Center of Heidelberger Druckmaschinen AG (Heidelberg). The participants were given two hours to produce a print job revealed to them during the competition. The jury – Harry Belz from Bundesverband Druck und Medien, Dietmar Meier, Head of Training from Mohn Media, and Josef Schmid from the public Berufsschule I in Kempten– scored the participants on their approach to color blending, the total time needed, and the quality of the printed product. The jobs were printed on a Speedmaster SX 52 five-color press with coating unit. Enn Kerner, Managing Director of Grafitek in Tallinn (Estonia), and Roman Silkin from the Technical College for Printing and IT Technology in Novosibirsk (Russia) were invited to observe the proceedings. Both gained valuable experience from the national competition and got an opportunity to exchange information and ideas with the printing experts. They will be able to put this valuable know-how to use in 2019 when the WorldSkills competition is held in Kazan for the first time.