7 August 2009
Second quarter results roll in for public printing companies
NATIONAL—Public companies in the printing sector are in the midst of reporting their second quarter results. Below you’ll find the numbers for Davis + Henderson, Pollard Banknote, Supremex and Winpak.

Davis + Henderson


The second quarter of 2009 was relatively flat for Toronto-based cheque supplier Davis + Henderson, which saw small declines in both revenues and net income for the April-June period. Revenues were down 1%, to $94.6 million this year compared from $95.4 million in 2008. Net income fell to $25.2 million from $25.4 million last year.

Pollard Banknote

Winnipeg-based lottery ticket printer Pollard Banknote saw a sales increase of 11%, from $44.6 million for the April-June period in 2008 to $49.5 million for the same period this year. Net income also grew to $11.3 million from $4.5 million in 2008.

"Our second quarter continued to be impacted by the challenges experienced during the first quarter," stated John Pollard, Co-Chief Executive Officer. "Our volumes during the beginning of the second quarter were lower than expected and the ramp-up of our new press was slower and more expensive than anticipated. These factors, combined with higher realized foreign exchange loss on our U.S. dollar denominated accounts receivable due to the strengthening of the Canadian dollar, resulted in our underlying distributable cash falling short of our target."

Supremex

Canada's largest provider of stock and custom-manufactured envelopes saw its revenues drop 5.5% in the period ending June 30, down to $41.2 million, compared with $43.6 million last year. Net earnings also suffered, dropping to$3.3 million in 2009, compared with $5.6 million the same period in 2008, representing a decrease of $2.3 million or 41.7%. The company attributed these losses to a volume reduction of about 12%.

Winpak

Winnipeg’s Winpak, which distributes packaging materials and packaging machines, had a big quarter, with net earnings up 65%, the result of higher margins and lower material costs. For the April-June period, the company had net earnings of US$11.9 million, compared with US$7.2 million last year. Sales fell by 2% in the second quarter to US$125.3 million.
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