Quad/Graphics Reports Mixed Results for Quarter, Fiscal Year

As reported, 2010 net income attributable to common shareholders in the three months was $26.6 million vs. $36.1 million in the same period in 2009. The fourth quarter results include restructuring, impairment and transaction-related charges of $50.9 million and $1.2 million in 2010 and 2009, respectively. Excluding the effects of restructuring, impairment and transaction-related charges and utilizing a 39 percent pro forma normalized effective tax rate in both years, net earnings would have been $64.3 million or $1.33 diluted earnings per share in the three months ended December 31, 2010, versus net earnings of $23.9 million in the same period last year.