Quad/Graphics Reports Volume Declines Continued

“Based on our third quarter results, as well as anticipated softer volume in the fourth quarter and continued productivity impacts, we believe full year adjusted EBITDA will be lower than what we anticipated,” Fowler said. “We now project a range of $610 million to $625 million for full year 2011 adjusted EBITDA. We continue to expect Recurring Free Cash Flow to be $260 million to $300 million.”