Despite Loss, Quad Exceeds Q4 and 2011 Guidance

Quad’s net sales for the fourth quarter of 2011 were $1.31 billion, down from $1.39 billion for the same period in 2010. It recorded a net loss of $6.8 million for the quarter, compared to net earnings of $26.5 million in the four quarter of 2010. Adjusted EBITDA was $197 million versus $224 million for the same period in 2010.