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.
What started as a shared vision two years ago emerged as a triumphant reality this week, as approximately 30,000 visitors flooded the halls of Dallas’s Kay Bailey Hutchison Convention Center for the debut edition of PRINTING United.
That shared vision, between the Specialty Graphic Imaging Association (SGIA) and NAPCO Media, was to create a platform in which the entire industry could come together at a singular event encompassing all things print. The result of this years-long collaboration is PRINTING United, the evolution of the former SGIA Expo, which expanded the scope of show participants to include commercial, in-plant, and packaging printers, in addition to the wide-format and garment printing equipment that SGIA Expo attendees are used to seeing.
“There has always been an energy at the show, but it has been amplified this year,” Ford Bowers, president and CEO of SGIA, said. “It shows just how vital this industry is.”
Throughout the three-day show, it was hard to traverse the halls and show floor without hearing buzz about, and evidence of, industry convergence. The key theme behind the development of PRINTING United, the concept of convergence stems from the increased activity among print service providers entering and exploring segments of the print industry outside of their traditional core product line.
“I couldn’t be more pleased with the amount of people and diversity of the equipment,” Mark Subers, president of NAPCO Media’s printing and packaging group, and president of PRINTING United, said. “It’s really representing the theme of convergence. It has been great to see people really digging in and looking at the equipment.”
more at source: https://www.piworld.com/article/the-printing-united-vision-becomes-reality/