Highlights •Revenues increased by $249.9 million, or 49.8%, from $501.7 million to $751.6 million, essentially as a result of the transformational acquisition of Coveris Americas, which contributed $306.0 million to revenues. This increase was partially mitigated by the accelerated recognition of deferred revenues of $39.8 million recorded in the first quarter of 2018 and the $19.5 million unfavourable effect of the sale of our California newspaper printing operations resulting from the agreement signed with Hearst. Adjusted revenues, which exclude the accelerated recognition of deferred revenues, increased by $289.7 million, or 62.7%, from $461.9 million to $751.6 million. Organic growth remained stable in the first quarter of 2019 compared to the corresponding period in 2018. •Operating earnings decreased by $70.0 million, or 56.6%, from $123.6 million to $53.6 million, mainly as a result of the $39.8 million positive effect of the accelerated recognition of deferred revenue recorded in the first quarter of 2018 and the favourable impact of gains on the sale of certain activities amounting to $33.0 million in the first quarter of 2018. Adjusted operating earnings, which exclude the accelerated recognition of deferred revenues, accelerated depreciation, restructuring and other costs (gains), impairment of assets and amortization of intangible assets arising from business combinations, increased by $6.3 million, or 8.9%, from $70.4 million to $76.7 million. Click read more below for additional detail.
LSC Communications, Inc. (LKSD), a leader in traditional and digital printing solutions, announced today that it has been awarded a multi-year supply chain services agreement with educational publishing company Sussman Education Company, Inc. and its publishing imprint, Lightswitch Learning, LLC. Under the new agreement, LSC will provide warehousing and fulfillment services for Sussman Education Company, Inc. and Lightswitch Learning, LLC which includes a catalog of titles covering family engagement, social-emotional learning, career choice, bullying, financial literacy, and more.
“Building on almost 50 years of success as a trusted partner with our customers, this exciting new collaboration enables us to efficiently and proactively provide solutions to best meet diverse customer needs,” said Ron Sussman, President, Sussman Education Company, Inc./Lightswitch Learning, LLC.
David McCree, President of LSC’s Book Sales division commented, “LSC worked very closely with Sussman Education Company, Inc. to establish workflows that best support their publishing model. We are very pleased to expand our existing print relationship with them with our value-added supply chain solutions.”