Quebecor Inc.

Quebecor Inc.

April 29, 2008 14:52 ET

Quebecor Inc. Issues Clarification Concerning Disclosure of Results of Quebecor World Inc.

MONTREAL, QUEBEC--(Marketwire - April 29, 2008) - Following the release this morning of the financial results of Quebecor World Inc. for the 2007 financial year, Quebecor Inc. (TSX:QBR.A)(TSX:QBR.B) specifies that Quebecor World is a legal entity distinct from Quebecor and Quebecor World's announced net losses have no impact on Quebecor's liquidity.

On January 21, 2008, Quebecor World Inc. placed itself under the protection of the Companies' Creditors Arrangement Act in Canada and Chapter 11 of the Bankruptcy Code in the United States. As a result, Quebecor does not expect to realize any future earnings on its investment in Quebecor World. Quebecor has not secured Quebecor World's commitments, including its debt and advances under its securitization programs. In accordance with generally accepted accounting principles, Quebecor ceased consolidating the result of Quebecor World as of January 21, 2008.

Quebecor Inc. plans to release its financial results for the 2007 financial year and the results of its Quebecor Media subsidiary for the first quarter of 2008 during the week of May 5, 2008.

The Company

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.

Contact Information

  • Louis Morin
    Vice President and Chief Financial Officer
    Luc Lavoie
    Executive Vice President, Corporate Affairs
    514-947-6672 (mobile)