Q4, 2013 Financial Results Meet With Quad's Expectations

For the full-year 2013, net sales were $4.8 billion versus net sales of $4.1 billion for the previous year. Full-year 2013, adjusted EBITDA was $577 million compared to $566 million for the previous year, and adjusted EBITDA margin was 12.0 percent compared to 13.8 percent for the previous year. Recurring free cash flow was $380 million compared to $375 million for the previous year, continuing the company’s track record of solid cash flow generation. Free cash flow, including restructuring payments and excluding the favorable impact of an estimated $90 million in Vertis working capital restoration, was $202 million.