Quad/Graphics Reports Volume Declines Continued

Three Months

For the three months ended Sept. 30, 2011, net sales inclusive of Canadian operations were $1.186 billion, compared to net sales of $1.209 billion in the same period in 2010. Also inclusive of the Canadian operations, adjusted EBITDA and adjusted EBITDA margin were $173.6 million and 14.6 percent, compared to $159.2 million and 13.2 percent in the same period in 2010.