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Cutout Text - Image Composer
This "cutout text" is easy to make in Image Composer.
Create some text.
This font is Copperplate Gothic Bold set at 48 points.
Make a color filled rectangle that is larger than the text.
(this is 212 x 100)
Move the rectangle to the back.
Center both sprites.
 
Select both of the sprites.
Press the Tab key until the the solid handles are around the text. Click on Texture Transfer > Snip > Apply.
Move the text aside.
Copy the cutout sprite.
Fill the copy with black.
Move the copy to the back.
Center the two cutouts.
Move the front cutout up 2 pixels and left two pixels.
Tab to select the black cutout. 
Click on Effects > Blur > Details.
Set the Horizontal and Vertical to 2. Click on Apply.
Select both cutouts and flatten them.
Make another rectangle.
Align the rectangle and the flattened sprite so that the top left corners are aligned.
Select both sprite and press Tab to move the solid handles to the larger sprite.
Click on Texture Transfer > Transfer Full > Apply.
All done!