SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
March 20, 2000
MOORE CORPORATION LIMITED
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(Exact name of registrant as specified in its charter)
Ontario I-8014 98-0154502
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
1 First Canadian Place, Toronto, Ontario, Canada M5X 1G5
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(Address of Principal Executive Offices) (Zip Code)
416-364-2600
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(Registrant's telephone number, including area code)
ITEM 5 OTHER EVENTS
The press release issued on March 20, 2000 attached as Exhibit 99.1
is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
99.1. Press release dated March 20, 2000 issued by the registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
MOORE CORPORATION LIMITED
(Registrant)
BY:
S/B J.V. Laurie
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J.V. Laurie
Vice President and Treasurer
BY:
S/B J.M. Wilson
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J.M. Wilson
Vice President and Secretary
Dated: March 24, 2000
Exhibit 99.1
Media: Michael Barrett
Director, Corporate Communications
(416) 360-4775 or (847) 615-5725
Investors: John Laurie
Vice President & Treasurer
(416) 364-2600
MOORE ANNOUNCES PRELIMINARY UPDATE ON
FIRST QUARTER RESULTS
TORONTO, ON & LAKE FOREST, IL (March 20, 2000) Moore Corporation Limited
(TSE, NYSE: MCL) announced today that while it still anticipates normalized
operating income growth in the year 2000, the results for the quarter ending
March 31, 2000 will be below analysts' estimates. Although the first quarter
is not yet complete, the Corporation forecasts a normalized (excluding
restructuring costs and other one-time transactions) loss from operations of
between $6 million and $10 million and a net loss per share of between $0.08
and $0.11 per share.
The Corporation stated the primary reason for the shortfall was the revenue
performance in Moore North America (the forms and labels division). The
Corporation believes that the revenue shortfall is attributable to a higher
than expected Y2K related revenue shift (Moore's customers built inventory
levels in late December 1999 in anticipation of potential Y2K problems), the
loss of low margin contracts which were contributing to fixed overhead and
delays in implementing major contracts. Continued erosion due to
technological replacements of paper-based forms also contributed to the
revenue shortfall.
The Corporation is aggressively addressing this erosion through its digital
and Internet strategies. The Corporation added that a shift in the revenue
mix to lower margin or outsourced products and higher manufacturing expenses
incurred in anticipation of the higher revenue volume that did not
materialize in the quarter also contributed to the earnings shortfall.
Ed Tyler, president and chief executive officer, said, "While we are
disappointed in our first quarter results, we do expect to increase
normalized operating income for the year 2000 by up to 10% as compared to the
1999 base of $91 million. It is essential that we reposition our company to
take advantage of market and technological opportunities for longer-term
growth. We believe that our investment in digital solutions will position
Moore as a leader in the growing digital market segment."
This news release contains forward looking statements based on management's
current views and assumptions. Actual results may differ.
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Moore Corporation Limited (TSE, NYSE; MCL) provides data capture, information
design, marketing services, digital communications and print solutions, that
enable clients to improve their business processes and increase revenue.
Sales in 1999 were more than U.S. $2.4 billion. The Moore Internet address is
www.moore.com.
This news release contains statements relating to future results of the
Corporation (including certain anticipated, planned, forecasted, expected,
targeted and estimated results and the Corporation's outlook concerning
future results) that are "forward-looking statements" as defined in the U.S.
Private Securities Litigation Reform Act of 1995. Readers are cautioned not
to place undue reliance on these forward-looking statements and any such
forward-looking statements are qualified in their entirety by reference to
the following cautionary statements. All forward-looking statements speak
only as of the date hereof and are based on current expectations and involve
a number of assumptions, risks and uncertainties that could cause the actual
results to differ materially from such forward-looking statements. Factors
that could cause such material differences include, without limitation, the
following: the successful completion of the restructuring program announced
in 1998 within the timeframe anticipated to execute the respective
restructuring actions and achieving the associated benefits, the successful
implementation of the enterprise resource planning system within anticipated
time frames and achieving associated benefits, the effects of paper price
fluctuations on the Corporation's forms and labels operations, successful
execution of key strategies (including the digital and Internet strategies),
maintenance of growth rates in Customer Communication Services businesses,
retention of key employees, continued success in attracting new customers and
retaining existing customers, the impact of currency fluctuations in the
countries in which the Corporation operates, general economic and other
factors beyond the Corporation's control, and other assumptions, risks and
uncertainties described from time to time in the Corporation's periodic
filings with Securities Regulators.