Quad/Graphics Reports Volume Declines Continued

Year-to-Date

For the nine months ended Sept. 30, 2011, net sales inclusive of Canadian operations were $3.359 billion, compared to net sales of $2.007 billion in the same period in 2010. Also inclusive of the Canadian operations, adjusted EBITDA and adjusted EBITDA margin were $441.0 million and 13.1 percent, compared to $278.8 million and 13.9 percent in the same period in 2010.