Quad/Graphics Reports a Small Net Sales Decline

Year-to-Date

For the six months ended June 30, 2011, as reported net sales were $2.17 billion, compared to pro forma net sales of $2.17 billion in the same period in 2010. As reported adjusted EBITDA and adjusted EBITDA margin were $267.4 million and 12.3 percent compared to pro forma Adjusted EBITDA and pro forma Adjusted EBITDA margin of $288.5 million and 13.3 percent in the same period in 2010. As reported net sales were $2.17 billion, compared to as reported net sales of $797.9 million in the same period of 2010. On an as reported basis, adjusted EBITDA was $267.4 million vs. $119.6 million in the same period in 2010.