Printer and publisher Transcontinental has  released its second quarter figures for the period ending April 30, posting revenues of $563.4 million, down from $595.1 million in the same period last year.

The company said it lost $144.3 million in the second quarter, compared to a profit of $36.9 million in the same quarter in 2008.

Transcontinental attributes the loss to drops in U.S. direct mail, the weak economy, and an overall decrease in printing commercial products.

Highlights of the second quarter included the growth of the recently created Marketing Communications sector, several new contracts, including one to print all of Roger’s magazines, and the continuation of the company’s rationalization plan.