RR Donnelley Reports Gains, Largely Due to Bowne Acquisition
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Excluding the restructuring and impairment charges, the segment’s non-GAAP operating margin declined to 5.9 percent in the third quarter of 2011 from 8.5 percent in the third quarter of 2010 as pricing pressure, an unfavorable impact from changes in foreign exchange rates (primarily due to export sales from certain operations) as well as wage and other inflation in certain countries were only partially offset by lower variable compensation expense.
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