Quad/Graphics Reports Sales Decline, Net Loss

Quad continues to manage its outstanding debt and pension liabilities to maintain a strong balance sheet that provides it with flexibility to adjust to changing economic conditions.

“We are proud of the progress we have made to repay $163 million in debt during the fourth quarter of 2011, and $325 million since the Worldcolor acquisition,” said John Fowler, executive vice president and chief financial officer. “Our year-end leverage ratio of 2.3x remains within our targeted range of 2.0x to 2.5x. Further, we believe our business will continue to generate significant cash flow to support our disciplined capital deployment strategy.”