World Color Press, the printing company formerly known as Quebecor World Inc., reported a second quarter loss of US$59.5 million, an improvement over the loss of US$77.1 million in the same period a year ago.

Revenue dipped by 28% to US$702.5 million, down from US$975.5 million last year.

The company is hoping to save $100 million in costs from its recently announced plan of cutting wages and benefits for union and non-union workers.

It also announced yesterday that it had cut selling, general and administrative expenses by 17% compared to last year.

Quebecor World emerged from bankruptcy protection last month under the new moniker, World Color Press.

The printer recently announced a mult-year deal to continue printing ESPN The Magazine in to the next decade.