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LSC Communications, Inc.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2020 10-Q, filed Oct 29, 2020. Its latest SEC filing is a 15-12B from Mar 10, 2021.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Prints magazines, catalogs and books, and provides print-related services and office products to publishers, retailers and merchandisers.

How Did They Make Money?

For magazines and catalogs, customers generally pay for customized products when they ship; print-related services are paid for as the work is completed over time.

FY2019 revenue by product or service revenue
SegmentShareRevenue
Book
Sold outright

30%
Magazines and Catalogs
Sold outright

42%
Logistics
10%
Directories
Sold outright
2.0%
Office Products
Sold outright

16%

Who Were Their Customers?

Publishers, merchandisers and retailers buy printed products, shipped in bulk to their facilities or through postal services and wholesalers. Office-product retailers and resellers receive bulk direct shipments.

Did Revenues Turn Into Profits?

No. It lost $295M in FY2019.

Operating income, FY2019
−5% of revenue
▼ Now a loss vs FY2018 ($42M, 1%)
Net income, FY2019
−9% of revenue
▲ +1183% (Loss) vs FY2018 (−$23M, −1%)
Free cash flow, FY2019
−2% of revenue
▼ Now a loss vs FY2018 ($99M, 3%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q3 FY2020, the three months to Sep 30, 2020
Revenue
▼ −25%
vs $834M in Q3 FY2019
Net income
▼ Now a loss
vs $23M in Q3 FY2019
Magazines and Catalogs share of revenue vs 42.0% in Q3 FY2019
  • Mar 10, 2021 Court confirmed a liquidation plan requiring cancellation of equity interests The plan provides for an orderly wind down, and equity interests receive no distribution.
  • Dec 4, 2020 Transaction closed; the CEO and CFO were terminated The terminations took effect in connection with the closing.
  • Oct 1, 2020 Bankruptcy court approved the purchase agreement transactions
  • Apr 17, 2020 Company and subsidiaries filed for Chapter 11 bankruptcy The voluntary cases were filed in the bankruptcy court.

Retail insert printing The older report lists retail inserts; the latest report says retail offset facilities were sold and that the company continues printing circulars for national retailers.

European printing business The older report describes production facilities in Poland and Mexico; the latest report records the sale of the European printing business and describes Mexico production facilities.

Revenue over time
Book Magazines and Catalogs Logistics Directories Office Products
$5B$2.5B$0

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