RR Donnelley Reports Higher Earnings on Slight Sales Decline

Excluding restructuring and impairment charges and acquisition-related expenses, non-GAAP operating margin improved to 6.8 percent in the first quarter of 2012 from 6.2 percent in the first quarter of 2011. Lower pension expense, the customer rebate adjustment, lower depreciation and amortization, productivity improvements and lower variable compensation expense more than offset an unfavorable product mix and continued pricing pressure.