RR Donnelley Reports Higher Earnings on Slight Sales Decline

Unallocated Corporate operating expenses decreased to $48.4 million in the first quarter of 2012 as compared to $76.6 million in the first quarter of 2011. Excluding charges for restructuring and impairment and acquisition-related expenses totaling $5.2 million in the first quarter of 2012 and $3.8 million in the first quarter of 2011, unallocated Corporate operating expenses decreased $29.6 million to $43.2 million in the first quarter of 2012. Lower pension expense, a lower provision for bad debt, productivity improvements and lower variable compensation expense were partially offset by the reinstatement of the 401k match and higher benefits-related expense.