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Quad/Graphics Reports Third Quarter And Year-To-Date September 2012 Results

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 Nine Months Ended September 30, 2012 and 2011
(in millions, except per share data)
(UNAUDITED)
   
Nine Months Ended September 30,
2012     2011
Loss from continuing operations before income taxes and equity in earnings of unconsolidated entities $ (12.4 ) $ (26.7 )
 
Restructuring, impairment and transaction-related charges 87.8 82.1
Loss on debt extinguishment   34.0  
75.4 89.4
 
Income tax expense at 40% normalized tax rate 30.2   35.8  
45.2 53.6
 
Equity in earnings of unconsolidated entities 0.7 1.7
Net earnings attributable to noncontrolling interests   (0.2 )
 
Adjusted net earnings from continuing operations (Non-GAAP) $ 45.9   $ 55.1  
 
Basic weighted average number of common shares outstanding 46.8 47.2
Plus: effect of dilutive equity incentive instruments (Non-GAAP in 2011) 0.3   1.4  
Diluted weighted average number of common shares outstanding (Non-GAAP in 2011) 47.1   48.6  
 
Adjusted Diluted Earnings Per Share From Continuing Operations (Non-GAAP) $ 0.97   $ 1.13  
 
 
Diluted Earnings (Loss) Per Share From Continuing Operations (GAAP) $ 0.73 $ (0.36 )
Restructuring, impairment and transaction-related charges per share 1.86 1.69
Loss on debt extinguishment per share 0.70
Income tax benefit from condensed consolidated statement of operations per share (0.98 ) (0.17 )
Income tax expense at 40% normalized tax rate per share (0.64 ) (0.74 )
GAAP to Non-GAAP diluted impact per share   0.01  
Adjusted Diluted Earnings Per Share From Continuing Operations (Non-GAAP) $ 0.97   $ 1.13  
 

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, (iv) the loss on debt extinguishment and (v) discrete income tax items.

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