Quad/Graphics Reports Volume Declines Continued

Net loss attributable to common shareholders in the three months ended Sept. 30, 2011, was $(22.4) million, as compared to $(232.5) million in the same period in 2010. The third-quarter net loss includes restructuring, impairment and transaction-related charges of $48.3 million and $74.0 million in 2011 and 2010, respectively, and a $34.0 million loss on debt extinguishment in 2011. Excluding the effects of restructuring, impairment and transaction-related charges and loss on debt extinguishment, and utilizing a 40 percent normalized effective tax rate in both years, net earnings would have been $37.8 million or $0.80 diluted earnings per share for the three months ended Sept. 30, 2011, as compared to $24.9 million in the same period in 2010.