Net sales for the third quarter were $1,040 million versus $1,109 million for the same period in 2011. Third quarter 2012 Adjusted EBITDA was $155 million compared to $174 million for the same period in 2011, and Adjusted EBITDA margin was 14.9% as compared to 15.6% in 2011. The quarterly results reflect expected volume declines as well as pricing pressures on print and byproduct sales. Partially offsetting these impacts in the quarter were lower selling, general and administrative costs and $23 million in incremental synergy savings.For the first nine months of 2012 net sales were $2,964 million versus net sales of $3,109 million for the same period in 2011, reflecting expected volume and price pressures. Year-to-date Adjusted EBITDA was $393 million versus $431 million in 2011, reflecting lower volumes and pricing pressures on print and byproduct sales, partially offset by lower selling, general and administrative costs and incremental synergy savings. Recurring Free Cash Flow was $220 million for the first nine months of 2012 compared to $143 million in the first nine months of 2011, continuing a track record of solid cash flow generation.
Quad/Graphics Reports Third Quarter And Year-To-Date September 2012 Results
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