RR Donnelley Reports Higher Earnings on Slight Sales Decline

Outlook - 2012 Full-Year Guidance

For the full year of 2012, the Company continues to project non-GAAP net earnings per diluted share to be in the range of $1.84 to $1.92. This guidance assumes no additional shares are repurchased pursuant to the current authorization from the Company's board of directors. The non-GAAP effective tax rate for 2012 is expected to be in the range of 29 percent to 32 percent. GAAP net earnings per diluted share in 2012 may include restructuring and impairment charges, acquisition-related expenses, the resolution of certain tax items and other items that are not currently determinable, but may be significant. For that reason, the Company is unable to provide full-year GAAP net earnings estimates at this time. In addition, the Company continues to project 2012 operating cash flow less capital expenditures of at least $500 million.