Quad/Graphics’ Sales Dip, but Earnings Rebound

“We are proud of the progress we continue to make in strengthening our balance sheet through the repayment of $90 million in debt during the quarter, and $415 million since the Worldcolor acquisition,” added John Fowler, executive vice president and chief financial officer. “Correspondingly, we improved our leverage ratio to 2.2x, which remains in our targeted range of 2.0x to 2.5x, and reduced our first quarter interest expense by $8 million or 28 percent. Our quarterly dividend of $0.25 per share will be payable on June 22, 2012, to shareholders of record as of June 11, 2012.”