RR Donnelley Reports Sales Growth, Earnings Improvement
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Operating earnings were negatively impacted by restructuring and impairment charges and acquisition expenses of $88.6 million in the fourth quarter of 2010 and $148.7 million in the fourth quarter of 2009, resulting in operating income of $85.7 million in 2010 and $28.5 million in 2009.
Excluding restructuring and impairment charges and acquisition expenses, our non-GAAP operating margin declined to 6.4 percent in the fourth quarter of 2010 from 6.9 percent in the fourth quarter of 2009, as higher unallocated Corporate expenses, primarily related to pension and other benefits-related expenses and a higher provision for bad debt, more than offset operating margin improvements in both of our operating segments.
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