Quad/Graphics’ Sales Dip, but Earnings Rebound

SUSSEX, WI—May 9, 2012—Quad/Graphics Inc. reported results for its first quarter ending March 31, 2012.

Highlights for the first quarter:

• Net sales totaled $990 million.
• Adjusted EBITDA of $126 million and Adjusted EBITDA margin of 12.7 percent.
• Repaid $90 million in debt during the quarter and $415 million since the Worldcolor acquisition, reducing leverage to 2.2x.

Quad/Graphics’ net sales for the first quarter of 2012 totaled $990 million vs. $1.02 billion for the same quarter in 2011. The company’s net earnings attributable to common shareholders totaled $47.4 million, compated to a net loss of $7.3 million in the first quarter of 2011. Its adjusted EBITDA was $126 million vs. $142 million for the same period in 2011.