Quad/Graphics Posts Mixed Q4, 2010 Financials

SUSSEX, WI—Quad/Graphics Inc. reported results for its fourth quarter ending Dec. 31, 2010, which reflect the July 2, 2010, acquisition of Worldcolor. For the sake of comparisons, references to pro forma measures assume that the acquisition of Worldcolor was completed on Jan. 1, 2009.

Fourth quarter 2010 net sales increased to $1.39 billion from pro forma net sales of $1.36 billion in the fourth quarter of 2009 and $1.21 billion in the third quarter of 2010. Fourth quarter 2010 adjusted EBITDA of $224.2 million compared to $235.5 million in fourth quarter 2009 and $159.2 million in third quarter 2010; and fourth quarter 2010 adjusted EBITDA margin of 16.2 percent compared to 17.3 percent in fourth quarter 2009 and 13.2 percent in third quarter 2010.