In a prepared statement from Landa Digital Printing, the company has initiated a “restructuring process to align the company’s structure with the current business environment and support its growth. The company’s rise in the number of printing presses installed at customer sites. It cites that many of those are repeat orders, including Marketing Alliance Group and Advantage ColorGraphics, in recent months.
Landa to Require Greater Investment, Announces Restructure
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Citing volume declines in an already challenging retail environment and exacerbated by the COVID-19 pandemic, Sussex, Wis.-based Quad closed out a tumultuous 2020 by announcing it will permanently cease print manufacturing operations at three production facilities in early 2021, impacting approximately 650 workers. Work currently performed in these commercial printing plants will be consolidated into other existing Quad locations. Its Fernley, Nev., plant will close in late January. The facility specializes in retail advertising inserts and employs approximately 75 people. Quad's Oklahoma City plant will be shuttered in early March. Employing approximately 400 workers, the plant produces magazines, catalogs, and retail advertising inserts. The Nashville, Tenn., facility will permanently close by mid-April. The plant specializes in retail advertising inserts and employs approximately 175 people.
*Revenue for the second quarter was $84.8 million higher than the previous year. Excluding incremental revenue from the First American acquisition, which closed on June 1, 2021, and business exits during the quarter, revenue increased $31.2 million, or 6.6% year-over-year. *The Payments segment delivered revenue growth of 65.7% over the previous year to $171.2 million. Excluding incremental revenue from the First American acquisition, Payments grew 6.7%. *Net income of $22.1 million included gains of $17.5 million from the sale of the Australian web hosting business and a call center facility, and also included an $8.0 million increase in First American acquisition amortization and an increase in interest expense of $11.9 million resulting from the acquisition transaction. Prior year net income included $15.9 million of acquisition transaction costs. *Cash flow from operations for the first half of the year was $72.2 million and capital expenditures were $45.3 million. Free cash flow was $26.9 million, a decrease of $10.3 million compared to the first half of 2021, and included increased interest payments of $28.8 million.
Effective over the Labor Day Weekend, the USPS’s North Houston P&DC that services the entire Greater Houston Area has begun resuming all operations. This includes all processing operations for Marketing / Standard Mail.
This processing facility serves all Post Office Delivery Units within the 3-Digit ZIP Codes of 770, 772, 773, 774, 775, 776, 777 and 778. Furthermore, all Post Office Delivery Units have resumed normal operation with the exception of a handful, whose services are being performed out of alternative delivery facilities.