MONTREAL—Transcontinental today released its first quarter figures for the period ending Jan. 31, posting a slight revenue increase of $604.1 from $596 million in the same period last year.

Net income dropped by $40.5 million, from $34.1 million in the first quarter of 2008 to a loss of $6.4 million in the first quarter of 2009.

The company attributes the loss to drops in U.S. direct mail, magazine publishing, and an overall decrease in printing commercial products.

In an effort to cut costs, Transcontinental recently cut about 10% of its workforce, instituted a hiring freeze, and trimmed capital investments.

In other Transcontinental news, Christian Trudeau has been named the new president of its marketing communications sector. Trudeau will assume the position on Apr. 9, and has more than 25 years of business experience, most recently as president and chief operating officer of e-commerce company Centria Commerce.