Quad/Graphics Reports Volume Declines Continued

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 $56.1 million or $1.19 diluted earnings per share for the nine months ended Sept. 30, 2011, as compared to $21.7 million or $0.63 diluted earnings per share in the same period in 2010.