CHICAGO, April 25, 2013 (GLOBE NEWSWIRE) -- R.R. Donnelley & Sons Company (Nasdaq:RRD) today reported financial results for the first quarter of 2013.
- First-quarter 2013 net sales of $2.5 billion grew 0.5% from the first quarter of 2012
- U.S. Print and Related Services segment net sales declined 0.5%
- International segment net sales grew 3.5%
- Organic net sales decline of 1.2% reflects improvement in trend from the previous five quarters
- First-quarter 2013 GAAP net earnings attributable to common shareholders of $27.1 million, or $0.15 per diluted share
- First-quarter 2013 non-GAAP net earnings attributable to common shareholders of $68.1 million, or $0.37 per diluted share
- First-quarter 2013 non-GAAP adjusted EBITDA of $277.1 million, or 10.9% of net sales
- Company reaffirms revenue, margin and free cash flow guidance for full-year 2013
"Our first-quarter results allow us to reaffirm our full-year guidance for revenue, margin and free cash flow," said Thomas J. Quinlan III, R.R. Donnelley's President and Chief Executive Officer. "We continue to focus our efforts to drive free cash flow, and remain committed to our targeted gross leverage range of 2.25x to 2.75x on a long-term sustainable basis."Net sales in the quarter were $2.5 billion, up $13.6 million, or 0.5%, from the first quarter of 2012 due to the impact of 2012 acquisitions and volume growth in the International segment. The first quarter of 2012 included an adjustment to accounts receivable for prior periods' overaccruals of rebates owed to certain customers that favorably impacted both sales and operating income by $19.8 million. After adjusting for the impact of this rebate adjustment, as well as the impact of acquisitions, changes in foreign exchange rates and pass-through paper sales, organic sales declined 1.2% from the first quarter of 2012 due to price erosion and volume declines in the U.S. Print and Related Services segment. Operating income in the first quarter of 2013 was $139.8 million, which was impacted by restructuring and impairment charges and acquisition-related expenses totaling $23.7 million, compared to operating income in the first quarter of 2012 of $121.4 million, which included restructuring and impairment charges and acquisition-related expenses totaling $50.3 million.