RR Donnelley Records Drop in Earnings on Higher Sales
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SG&A expense as a percentage of net sales in the second quarter of 2011 increased to 11.8 percent from 11.1 percent in the second quarter of 2010 primarily due to the acquisition of Bowne and higher pension and other benefits-related expenses.
Operating earnings were negatively impacted by restructuring and impairment charges and acquisition expenses of $76.6 million in the second quarter of 2011 and $14.0 million in the second quarter of 2010, resulting in operating income of $116.1 million in 2011 and $175.3 million in 2010. Operating margin was 4.4 percent in 2011 and 7.3 percent in 2010.
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