Quad/Graphics, Inc. (NYSE: QUAD) (“Quad/Graphics” or the “Company”) today reported preliminary unaudited fourth quarter and full-year 2012 results in advance of management's attendance at the 2013 Baird Business Solutions Conference in New York City on February 27, 2013. For reconciliation of Adjusted EBITDA and Recurring Free Cash flow to U.S. generally accepted accounting principles (GAAP) measures, please see the accompanying information.
Highlights of expected results for Fourth Quarter and Full-Year 2012:
- Net sales expected to be $1.1 billion in the fourth quarter and $4.1 billion for the full-year 2012.
- Adjusted EBITDA expected to be $174 million in the fourth quarter and $566 million for the full-year 2012.
- The Company expects to generate $375 million in full-year Recurring Free Cash Flow, surpassing increased revised guidance of $340 million, partially benefitted by $15 million in lower capital expenditures that moved from 2012 into 2013.
- In 2012, the Company repaid $120 million in debt, maintaining its year-end leverage of 2.39x within the targeted range of 2.0x to 2.5x.
“Despite ongoing economic and industry challenges in 2012, we expect our fourth quarter and full-year 2012 results to be in line with our previously discussed expectations,” said Joel Quadracci, Quad/Graphics Chairman, President & CEO. “During the fourth quarter, we paid a $2 special dividend and announced an increase in our regular 2013 quarterly cash dividend by 20% to $0.30 per share. In early 2013, we completed the Vertis Holdings, Inc., acquisition, which is a natural and strategic fit. We believe all of these activities added value for our shareholders, and were made possible by our strong focus on generating Recurring Free Cash Flow and maintaining a strong balance sheet, while simultaneously paying down debt.”
The Company's management team will make a presentation at the 2013 Baird Business Solutions Conference at The Pierre in New York City on February 27, 2013. The presentation may include forward-looking and other material information and will be available on the Company's website at http://investors.qg.com.Quad/Graphics will also hold a conference call at 10 a.m. ET / 9 a.m. CT on Tuesday, March 5, to discuss fourth quarter and full-year 2012 results. To access the conference call with slide show, it is recommended that you listen via computer at: http://us.meeting-stream.com/quadgraphics_030513. If for any reason you are unable to stream, you can listen to the audio via the telephone by calling:
- Toll-Free: (877) 217 - 9946 (US/Canada)
- Toll: (702) 696 - 4824 (International)
- Conference ID: 76755678