Quad Ups Quarterly Dividend, Declares Special Dividend
SUSSEX, WI—Quad/Graphics announced that its board of directors approved an increase to its 2013 quarterly cash dividend by 20 percent to $0.30 per share from $0.25 per share. In addition, the board of directors also declared a special dividend of $2 per share.
“The continued cash-generating power of our company and the strength of our balance sheet make it possible for us to declare a special dividend and increase our 2013 annual cash dividend,” said Joel Quadracci, chairman, president and CEO of Quad/Graphics. “Despite challenges in the economy and our industry, we remain confident in our ability to generate significant free cash flow to support a balanced and disciplined capital deployment strategy. This includes making investments that create long-term value for our shareholders, such as our acquisition of Vertis, and maintaining our balance sheet strength with a leverage ratio within our targeted range of 2.0x to 2.5x.”
As previously announced, the company expects full-year 2012 recurring Free Cash Flow to equal or surpass the $340 million it generated in fiscal 2011.
The 2013 quarterly cash dividend of $0.30 per share is subject to board approval and begins with the first quarter of 2013. The special dividend will be payable on Dec. 28 to shareholders of record as of Dec. 24.