ACCO Brands reports results
LINCOLNSHIRE - ACCO Brands Corp., a world leader in select categories of branded office products, reported second-quarter net sales decreased 27 percent to $303.8 million, from $414 million in the prior-year quarter. Excluding the effect of currency translation, sales declined 19 percent. The company reported a second-quarter loss from continuing operations of $116.7 million, or $2.14 per diluted share, compared to a loss of $5.8 million, or 11 cents per diluted share, in the prior-year period. Included in the second quarter loss was a noncash charge of $108.1 million to establish a valuation allowance against the company's U.S. deferred tax assets.
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