Quad/Graphics Reports Volume Declines Continued

Adjusted EBITDA for the third quarter was $173.6 million, compared to $159.2 million in the same period in 2010. The increase in adjusted EBITDA was mostly attributable to Worldcolor transaction synergy savings and lower incentive compensation.

“The volume declines we began to see late in the second quarter accelerated during the third quarter, and included continued weakness in the book market,” said Joel Quadracci, chairman, president and CEO. “This, along with temporary productivity declines and ongoing competitive pricing pressures, resulted in adjusted EBITDA below what we had anticipated for the quarter. Given this environment, we remain focused on performing well for our customers, improving productivity and aggressively managing costs to produce results that drive shareholder value.”