Quad/Graphics Reports First Quarter 2012 Results

Recurring Free Cash Flow includes the cash flows of the Canadian operations prior to the March 1, 2012 sale.

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings announcement also contains non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Recurring Free Cash Flow and Adjusted Diluted Earnings Per Share. They are presented to provide additional information regarding Quad/Graphics' performance and because they are important measures by which Quad/Graphics assesses the profitability and liquidity of its business. These measures should not be considered alternatives to net earnings (loss) as a measure of operating performance or to cash flows provided by operating activities as a measure of liquidity.

QUAD/GRAPHICS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
Adjusted Diluted Earnings Per Share
For the Three Months Ended March 31, 2012 and 2011
(in millions, except per share data)
(UNAUDITED)
			Three Months Ended March 31,
			2012					2011
Loss from continuing operations before income taxes and equity in earnings of unconsolidated entities			$	(19.5	)			$	(5.0	)
Restructuring, impairment and transaction-related charges			38.2					28.7
			18.7					23.7
Income tax expense at 40% normalized tax rate			7.5					9.5
			11.2					14.2
Equity in earnings of unconsolidated entities			1.1					0.8
Net earnings attributable to noncontrolling interests			(0.1		)			—
Adjusted net earnings from continuing operations (Non-GAAP)			$	12.2				$	15.0
Diluted weighted average number of common shares outstanding			46.9					48.5
Adjusted Diluted Earnings Per Share From Continuing Operations (Non-GAAP)			$	0.26				$	0.31
Diluted Earnings Per Share From Continuing Operations (GAAP)			$	0.33				$	0.06

Adjusted Diluted Earnings Per Share excludes: (i) the results of the Canadian discontinued operations, (ii) the gain on disposal of the Canadian discontinued operations, (iii) restructuring, impairment and transaction-related charges and (iv) discrete income tax items.

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