Quad/Graphics Exceeds 2012 Recurring Free Cash Flow Guidance, Provides 2013 Outlook

For the full-year 2012, net sales were $4.1 billion versus net sales of $4.3 billion for the previous year. Full-year 2012 Adjusted EBITDA was $566 million compared to $618 million for the previous year, and Adjusted EBITDA margin was 13.8 percent compared to 14.3 percent for the previous year. Recurring Free Cash Flow was $375 million compared to $340 million for the previous year, continuing the company's track record of solid cash-flow generation.