Mead releases Q1 results

Office World News, Jul 2001

The Mead Corp. announced a net operating loss of $36.6 million in the first quarter of 2001, versus net operating income of $23.2 million in the same period a year ago. Mead reported a net loss of $47.0 million for the quarter, versus net income of $20.8 million in the first quarter of 2000. The net loss included 10 cents per share for the cumulative effect of an accounting change. Net sales for the first quarter of 2001 were $944.5 million compared to $953.6 million in 2000.

Mead said its Consumer & Office Products segment had improved operating results and higher sales in the first quarter of 2001 compared to the same period in 2000. Due to the highly seasonal nature of this business, the segment had an operating loss of $8.5 million in the first quarter of 2001 compared to an operating loss of $11.9 million in the same period a year ago. Sales were $105.0 million in the first quarter of 2001 and $96.2 million in the first quarter of 2000.