RR Donnelley Pre-Releases Expected Second-Quarter 2008 Earnings and Reaffirms Full-Year 2008 Guidance
July 16 2008 - 6:30AM
Business Wire
R.R. Donnelley & Sons Company (NYSE:RRD): Expects
second-quarter 2008 GAAP earnings per diluted share from continuing
operations of at least $0.67 Expects second-quarter 2008 non-GAAP
earnings per diluted share from continuing operations of at least
$0.72 Reaffirms full-year 2008 non-GAAP earnings per diluted share
from continuing operations guidance of $3.08 to $3.15 Will release
second-quarter 2008 results on August 6 before the market opens and
host a conference call at 10:00 am eastern time on the same day
R.R. Donnelley & Sons Company (NYSE:RRD) announced today that
it expects its second-quarter 2008 earnings per diluted share from
continuing operations to be at least $0.67 on a GAAP basis and,
excluding restructuring and impairment charges (net of tax), to be
at least $0.72 on a non-GAAP basis, on an average fully diluted
share base of approximately 213 million in the quarter.
Second-quarter 2008 revenue is expected to be approximately $2.9
billion while the tax rate (GAAP and non-GAAP) is expected to be
approximately 34%. In addition, the Company reaffirmed its
full-year 2008 non-GAAP earnings per diluted share from continuing
operations guidance of $3.08 to $3.15. "We are pleased with our
expected second-quarter results in the context of challenging
global economic conditions," said Thomas J. Quinlan III, RR
Donnelley's President and Chief Executive Officer. "We continue to
benefit from the scale of our platform, the breadth of our product
and service offerings, the diverse range of customers we serve, and
our focus on cost compression. We look forward to speaking with you
on August 6 when we report our final second-quarter financial
results.� In the second quarter of 2008, non-GAAP net earnings from
continuing operations exclude restructuring and impairment charges
(net of tax). A reconciliation of GAAP net earnings per fully
diluted share to non-GAAP net earnings per fully diluted share for
these adjustments is presented in the attached table. For the full
year of 2008, GAAP net earnings per diluted share from continuing
operations may include restructuring and impairment charges, 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. The company believes that non-GAAP earnings
per diluted share is useful because that information is an
appropriate measure for evaluating the company's operating
performance. Internally, the company uses this non-GAAP information
as an indicator of business performance, and evaluates management's
effectiveness with specific reference to this indicator. This
measure should be considered in addition to, not a substitute for,
or superior to, measures of financial performance prepared in
accordance with GAAP. Conference Call Details RR Donnelley will
host a conference call and simultaneous webcast to discuss its
second-quarter results on Wednesday, August 6, at 10:00 a.m.
Eastern Time (9:00 a.m. Central Time). The live webcast will be
accessible on RR Donnelley's web site: www.rrdonnelley.com.
Individuals wishing to participate can join the conference call by
dialing 706.634.1139. A webcast replay will be archived on the
Company's web site for 30 days after the call. In addition, a
telephonic replay of the call will be available for seven days at
706.645.9291, passcode 55582190. About RR Donnelley RR Donnelley
(NYSE:RRD) is the world's premier full-service provider of print
and related services, including business process outsourcing.
Founded more than 140 years ago, the company provides products and
solutions in commercial printing, direct mail, financial printing,
print fulfillment, labels, forms, logistics, call centers,
transactional print-and-mail, print management, online services,
digital photography, color services, and content and database
management to customers in the publishing, healthcare, advertising,
retail, technology, financial services and many other industries.
The largest companies in the world and others rely on RR
Donnelley's scale, scope and insight through a comprehensive range
of online tools, variable printing services and market-specific
solutions. Use of Forward-Looking Statements This news release may
contain "forward-looking statements" as defined in the U.S. Private
Securities Litigation Reform Act of 1995. Readers are cautioned not
to place undue reliance on these forward-looking statements and any
such forward-looking statements are qualified in their entirety by
reference to the following cautionary statements. All
forward-looking statements speak only as of the date of this news
release and are based on current expectations and involve a number
of assumptions, risks and uncertainties that could cause the actual
results to differ materially from such forward-looking statements.
Readers are strongly encouraged to read the full cautionary
statements contained in RR�Donnelley's filings with the SEC.
RR�Donnelley disclaims any obligation to update or revise any
forward-looking statements. � R.R. Donnelley & Sons Company
Reconciliation of GAAP to Non-GAAP Expected Net Earnings Per
Diluted Share (UNAUDITED) � � Expected netearnings perdiluted share
GAAP basis measure at least $ 0.67 � Non-GAAP adjustments:
Restructuring and impairment charges (1) 0.05 Net income (loss)
from discontinued operations - Total Non-GAAP adjustments 0.05
Non-GAAP measure at least $ 0.72 (1) � Expected restructuring and
impairment charges include employee termination costs resulting
from the reorganization of certain operations and the exiting of
certain business activities, lease termination costs and other
facility closing costs, and charges related to the impairment of
long-lived assets. � � � � � � � � � � � � � �
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