Q4, 2013 Financial Results Meet With Quad's Expectations

SUSSEX, WI—Quad/Graphics Inc. reported fourth quarter and full-year 2013 results. Prior year financial results do not include the acquisition of Vertis Inc., which was acquired on Jan. 16, 2013.

Net sales for the fourth quarter 2013 were $1.3 billion versus $1.1 billion for the same period in 2012. Fourth quarter 2013 adjusted EBITDA was $198 million compared to $174 million for the same period in 2012. The increase in net sales and adjusted EBITDA was due to the Vertis acquisition. Adjusted EBITDA margin was 14.7 percent compared to 15.3 percent for the same period in 2012. The adjusted EBITDA margin variance primarily reflects ongoing industry volume and pricing pressures, as well as the dilutive impact of Vertis’ historically lower margin profile compared to Quad/Graphics’ core business.