Quad/Graphics Reports Volume Declines Continued

“We completed a very successful debt refinancing during the quarter that provided us with an improved maturity schedule, reduced cost of borrowing and additional financial flexibility,” Fowler explained. “Our quarter-end leverage ratio of 2.46 times during our peak season for working capital remains within our targeted range of 2.0 to 2.5 times and demonstrates the continued financial strength of our business. We believe our business will continue to generate significant cash flow to support our disciplined capital deployment strategy.