Quad/Graphics Posts Decline in Net Sales, Strengthens Balance Sheet

SUSSEX, WI—August 7, 2012—Quad/Graphics Inc. has reported its financial results for its second quarter and year-to-date ending June 30, 2012.

Highlights:

• Second quarter net sales of $934 million.
• Adjusted EBITDA of $112 million and Adjusted EBITDA margin of 12.0 percent, as compared to 11.9 percent in 2011.
• Repayed $42 million in debt during the quarter and $132 million year-to-date.
• Completed integration of Worldcolor and confirms annual synergy savings of more than $275 million, exceeding original guidance of $225 million.

Quad’s net sales for the second quarter totaled $934 million vs. $977 million for the same period in 2011. Second quarter 2012 Adjusted EBITDA was $112 million, compared to $116 million for the same period in 2011, and Adjusted EBITDA margin was 12.0 percent as compared to 11.9 percent in 2011.