RR Donnelley Reports Sales Growth, Earnings Improvement
Excluding the restructuring and impairment charges, the segment's non-GAAP operating margin increased to 8.0 percent in the fourth quarter of 2010 from 6.2 percent in the fourth quarter of 2009 due to increased volume, partially offset by the impact of continued price erosion.
Unallocated Corporate operating expenses increased to $91.2 million in the fourth quarter of 2010 as compared to $39.8 million in the fourth quarter of 2009. Excluding restructuring charges of $11.9 million and acquisition expenses of $5.6 million in the fourth quarter of 2010 and restructuring charges of $2.9 million and acquisition expenses of $0.1 million in the fourth quarter of 2009, unallocated Corporate operating expenses increased by $36.9 million to $73.7 million in the fourth quarter of 2010. Higher pension and other benefits-related expenses and a higher provision for bad debt were the primary factors contributing to the increase.