Quad/Graphics' Full-Year Results In-Line with Expectations; Strong Free Cash Flow Predicted for 2015

"Our ability to generate significant Free Cash Flow supports our disciplined approach to capital deployment, which we adjust based on current circumstances and what we think is best for shareholder value creation," noted Dave Honan, Quad/Graphics executive vice president and CFO. "Due to the seasonality of our business, we generate Free Cash Flow primarily in the fourth quarter of each year. In the fourth quarter of 2014 we realized $192 million of Free Cash Flow, which enabled us to reduce debt and improve our yearend Debt Leverage Ratio to 2.60x as compared to 2.81x as of Sept. 30, 2014. While acquisitions create increased debt leverage in the short term, our experience has demonstrated that these acquisitions deleverage our business over the long term."