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

For the first six months of 2012, Quad’s net sales were $1.92 billion vs. $2.0 billion for the same period in 2011, reflecting expected volume and price pressures combined with impacts from continued economic uncertainty and secular pressures.

Year-to-date Adjusted EBITDA was $238 million vs. $258 million in 2011, reflecting lower volumes partially offset by lower selling, general and administrative costs. Recurring Free Cash Flow was $167 million for the first six months of 2012 compared to $102 million in the first six months of 2011, continuing a track record of solid cash flow generation.