Quad/Graphics Reports Volume Declines Continued
For the nine months ended Sept. 30, 2011, net sales inclusive of Canadian operations were $3.359 billion, compared to net sales of $2.007 billion in the same period in 2010. Also inclusive of the Canadian operations, adjusted EBITDA and adjusted EBITDA margin were $441.0 million and 13.1 percent, compared to $278.8 million and 13.9 percent in the same period in 2010.
Excluding the Canadian operations, which are treated as a discontinued operation for accounting purposes, continuing operations net sales were $3.109 billion compared to $1,927 million in the same period in 2010. Continuing operations adjusted EBITDA and adjusted EBITDA margin were $431.3 million and 13.9 percent, compared to $272.8 million and 14.2 percent in the same period in 2010.
Net loss attributable to common shareholders in the nine months ended Sept. 30, 2011, was $(40.0) million, as compared to $(276.7) million in the same period of 2010. The year-to-date net loss includes restructuring, impairment and transaction-related charges of $106.5 million and $111.6 million in 2011 and 2010, respectively, and a $34.0 million loss on debt extinguishment in 2011.
Excluding the effects of restructuring, impairment and transaction-related charges and loss on debt extinguishment, and utilizing a 40 percent normalized effective tax rate in both years, net earnings would have been $56.1 million or $1.19 diluted earnings per share for the nine months ended Sept. 30, 2011, as compared to $21.7 million or $0.63 diluted earnings per share in the same period in 2010.
Quad/Graphics (NYSE: QUAD) is a global provider of print and related multichannel solutions for consumer magazines, special interest publications, catalogs, retail inserts/circulars, direct mail, books, directories, and commercial and specialty products, including in-store signage. Headquartered in Sussex, Wis. (just west of Milwaukee), the company has approximately 24,000 full-time equivalent employees working from more than 60 print-production facilities as well as other support locations throughout the United States, Canada, Latin America and Europe.