Third quarter net sales were $935 million, down $14 million, or 1.5%, from the third quarter of 2016. Pro forma for acquisitions completed in the last four quarters, changes in foreign exchange rates, and pass-through paper sales, organic net sales decreased 6.6% from the third quarter of 2016. The decrease in organic net sales was due to lower volume and price declines in both the Print and Office Products segments. Third quarter 2017 net loss was $3 million, or $0.07 per diluted share, compared to net income of $38 million, or $1.17 per diluted share, in the third quarter of 2016. The third quarter of 2017 included $19 million of interest expense primarily related to debt issued in connection with the October 1, 2016 separation from RR Donnelley & Sons Company, while no interest expense was allocated to LSC Communications in the third quarter of 2016. The effective tax rate for the third quarter of 2017 reflected the impact of non-deductible goodwill impairment charges. Click Read More below for additional information.
LSC Communications (NYSE: LKSD) and The United Church of Canada announced today that they have signed a new multi-year book fulfillment and distribution agreement. As part of the relationship, LSC will provide a range of distribution services for the United Church of Canada from LSC’s Newmarket, Ontario location.
“We want to be in closer contact with our customers,” said Rebecka Hornburg, E-commerce Manager at The United Church of Canada. “We are excited to be partnering with LSC Communications for our order fulfillment and shipping in order to better serve our customers from their Newmarket facility.”
Dave McCree, President of Book Sales at LSC Communications, commented, “LSC continues to focus on providing innovative supply chain services for publishers to support them in creating great content for their customers while LSC facilitates delivering that content. We look forward to enabling The United Church of Canada to increase efficiencies across their distribution channels throughout Canada, while providing exceptional service to their customers.”