Winnipeg plant was close last year

Revenues decreased by $83.1 million, or 11.8%, from $705.8 million in the first quarter of 2020 to $622.7 million in the corresponding period of 2021. This decline is mainly attributable to lower volume in the Printing Sector due to the impact of the COVID-19 pandemic and the sale of the paper packaging operations, which occurred toward the end of the first quarter of the previous year.

Still Canada's largest printer by a wide margin

This decrease was partially mitigated by the solid organic growth in revenues in the Packaging Sector and the revenues generated by the acquisition of Artisan Complete Limited in the Printing Sector.

In the Printing Sector, operating earnings decreased by $5.5 million, or 10.6%, from $51.8 million in the first quarter of 2020 to $46.3 million in the first quarter of 2021. The decrease is due to lower volume in our main segments caused by the effects of the COVID-19 pandemic.