Quebecor Inc. Delays First Quarter 2008 Results
May 14 2008 - 2:21PM
Marketwired
MONTREAL, QUEBEC (TSX: QBR.B)today announces that it will delay
the release of its consolidated financial statements for the first
quarter ended March 31, 2008. The release of Quebecor's
consolidated financial results is dependent on the production by
Quebecor World of its own financial results. Quebecor released its
annual consolidated financial statements on May 8, 2008. It is now
planning the production of its quarterly financial results, which
it expects to report in early June 2008.
Due to the late filing, Quebecor will shortly ask the Autorite
des Marches Financiers ("AMF") to impose a management cease-trade
order precluding Quebecor's directors and officers from trading in
Quebecor's securities.
Quebecor acknowledges that if its consolidated financial
statements for the quarter ended March 31, 2008 are not filed by
July 15, 2008, the AMF and other Canadian securities regulatory
authorities may issue cease-trade orders that would extend to all
of Quebecor's securities.
Quebecor intends to provide the information required by Ontario
Securities Commission Policy 57-603 and CSA Staff Notice 57-301,
including the issuance of bi-monthly status update reports, as long
as the consolidated financial statements are not filed.
Quebecor Media Inc., a subsidiary in which Quebecor holds a
54.7% interest, reported its financial results for the quarter
ended March 31, 2008 on May 6, 2008.
Forward-looking statements
The statements in this press release that are not historical
facts are forward-looking statements and are subject to significant
known and unknown risks, uncertainties and assumptions which could
cause Quebecor Inc.'s actual results for future periods to differ
materially from those set forth in the forward-looking statements.
Certain factors that may cause actual results to differ from
current expectations include seasonality (including seasonal
fluctuations in customer orders), operating risk (including
fluctuations in demand for Quebecor Inc.'s products and pricing
actions by competitors), risks associated with capital investment
(including risks related to technological development and equipment
availability and breakdown), environment risks, risks associated
with labour agreements, commodity risks (including fluctuations in
the cost and availability of raw materials), credit risk, financial
risks, debt risks, risks related to interest rate fluctuations,
foreign exchange risks, government regulation risks, risks related
to tax changes and changes in the general political and economic
environment. Investors and others are cautioned that the foregoing
list of factors that may affect future results is not exhaustive
and that undue reliance should not be placed on any forward-looking
statements. For more information on the risks, uncertainties and
assumptions that could cause Quebecor Inc.'s actual results to
differ from current expectations, please refer to Quebecor Inc.'s
public filings available at www.sedar.com and www.quebecor.com
including, in particular, the "Risks and Uncertainties" section in
Quebecor Inc.'s Management Discussion and Analysis for the year
ended December 31, 2007 and the "Risk Factors" section of Quebecor
Inc.'s 2006 Annual Information Form.
The forward-looking statements in this press release reflect
Quebecor Inc.'s expectations as of May 14, 2008, and are subject to
change after that date. Quebecor Inc. expressly disclaims any
obligation or intention to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable securities laws.
About Quebecor Inc.
Quebecor Inc. (TSX: QBR.A)(TSX: QBR.B) is a holding company with
interests in two companies, Quebecor Media Inc. and Quebecor World
Inc. Quebecor holds a 54.7% interest in Quebecor Media, which owns
operating companies in numerous media-related businesses: Videotron
Ltd., the largest cable operator in Quebec and a major Internet
Service Provider and provider of telephone and business
telecommunications services; Sun Media Corporation, the largest
publisher of newspapers in Canada; Quebecor MediaPages, a publisher
of print and online directories; TVA Group Inc., operator of the
largest French-language over-the-air television network in Quebec,
a number of specialty channels, and the English-language
over-the-air station Sun TV; Canoe Inc., operator of a network of
English- and French-language Internet properties in Canada; Nurun
Inc., a major interactive technologies and communications agency
with offices in Canada, the United States, Europe and Asia;
magazine publisher TVA Publishing Inc.; book publisher and
distributor Quebecor Media Book Group Inc.; Archambault Group Inc.
and TVA Films, companies engaged in the production, distribution
and retailing of cultural products, and Le SuperClub Videotron
ltee, a DVD and console game rental and retail chain. Quebecor
World is a commercial print media services company with operations
in North America, Europe, Latin America and Asia.
Contacts: Quebecor Inc. Louis Morin Vice President and Chief
Financial Officer 514-380-1912 Quebecor Inc. Luc Lavoie Executive
Vice President, Corporate Affairs 514-380-1974 or 514-947-6672
(mobile) lavoie.luc@quebecor.com
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