Quad/Graphics Reports Slight Gains and Declares First Cash Dividend

Three Months

For the three months ended March 31, 2011, as-reported* net sales were $1.102 billion compared to pro forma net sales of $1.096 billion and as-reported net sales of $403.6 million in the same period in 2010.

As-reported Adjusted EBITDA and Adjusted EBITDA margin were $140.7 million and 12.8 percent for the three months ended March 31, 2011, compared to pro forma Adjusted EBITDA and pro forma Adjusted EBITDA margin of $140.2 million and 12.8 percent in the same period in 2010. On an as-reported basis, Adjusted EBITDA was $140.7 million compared to $62.2 million in the same period in 2010.