R.R. Donnelley & Sons Company (NASDAQ:RRD)
today announced preliminary results for the third-quarter 2013, as
set forth below:
| GAAP Measures |
Estimated third-quarter 2013
results |
| Revenue |
$2.61 billion |
| Net earnings attributable to RRD
shareholders |
$15 million |
| Diluted net earnings per share |
$0.08 |
| Net cash provided by operating
activities |
$249 million |
| |
|
| Non-GAAP Measures |
|
| Non-GAAP adjusted EBITDA |
$280 million |
| Non-GAAP diluted net earnings per
share |
$0.38 |
| Free cash flow |
$194 million |
"We are very pleased with our third-quarter performance and the
continuation of the positive operational trends we experienced for
the past four quarters. In the quarter, we expect to achieve
approximately 2.2% organic revenue growth, with organic growth in
both our U.S. and International segments. We expect strong
cash flow in the quarter that enables us to migrate toward our
targeted gross leverage range of 2.25x to 2.75x on a long-term
sustainable basis," said Thomas J. Quinlan III, R.R. Donnelley's
President and Chief Executive Officer. "We will provide
further details regarding the third-quarter results, as well as our
outlook for the balance of the year, on our third-quarter earnings
call, which will be held on November 5th."
Quinlan continued, "We are also excited to announce that we have
entered into a definitive agreement to acquire Consolidated
Graphics, which will enhance our existing capabilities and improve
our ability to serve our collective customers. Further, the
mix of the purchase price consideration, combined with the expected
run-rate synergies, results in the transaction being deleveraging
on a pro forma basis as well as accretive to non-GAAP earnings per
diluted share within the first twelve months after completion."
In addition, the Company's Board of Directors declared a
quarterly dividend of 26 cents per common share. The dividend
is payable December 2, 2013 to stockholders of record as of the
close of business on November 14, 2013.
About RR Donnelley
RR Donnelley (NASDAQ:RRD) is a global provider of integrated
communications. The company works collaboratively with more than
60,000 customers worldwide to develop custom communications
solutions that reduce costs, drive top-line growth, enhance ROI and
increase compliance. Drawing on a range of proprietary and
commercially available digital and conventional technologies
deployed across four continents, the company employs a suite of
leading Internet-based capabilities and other resources to provide
premedia, printing, logistics and business process outsourcing
services to clients in virtually every private and public
sector.
For more information, and for RR Donnelley's Global Social
Responsibility Report, visit the company's web site
at http://www.rrdonnelley.com.
Additional Information and Where To Find It
This news release relates to a proposed transaction between RR
Donnelley and Consolidated Graphics, which will become the subject
of a registration statement on Form S-4 and proxy
statement/prospectus forming a part thereof, to be filed with the
SEC by RR Donnelley and Consolidated Graphics. This document
is not a substitute for the registration statement and proxy
statement/prospectus that RR Donnelley and Consolidated Graphics
will file with the SEC or any other documents that RR Donnelley or
Consolidated Graphics may file with the SEC or send to shareholders
of Consolidated Graphics in connection with the proposed
transaction. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND
SECURITY HOLDERS OF CONSOLIDATED GRAPHICS ARE URGED TO READ THE
REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS AND ALL OTHER
RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED BY RR DONNELLEY OR
CONSOLIDATED GRAPHICS WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED
MATTERS. Investors and security holders will be able to obtain
free copies of the registration statement, the proxy
statement/prospectus (when available) and other relevant documents
filed or that will be filed by RR Donnelley or Consolidated
Graphics with the SEC through the website maintained by the SEC at
http://www.sec.gov. Copies of the registration statement,
proxy statement/prospectus and other relevant documents filed by RR
Donnelley with the SEC will be available free of charge on RR
Donnelley's internet website at
http://investor.rrd.com/sec.cfm or by contacting RR
Donnelley's Investor Relations Department at (800)
742-4455. Copies of the proxy statement/prospectus and other
relevant documents filed by Consolidated Graphics with the SEC will
be available free of charge on Consolidated Graphics' internet
website at
http://investors.cgx.com/phoenix.zhtml?c=78535&p=irol-sec or
by contacting Consolidated Graphics' Investor Relations Department
at (713) 787-0977.
No Offer Or Solicitation
This news release does not constitute an offer to sell, or an
invitation to subscribe for, purchase or exchange, any securities
or the solicitation of any vote or approval in any jurisdiction,
nor shall there be any sale, issuance, exchange or transfer of the
securities referred to in this announcement in any jurisdiction in
contravention of applicable law.
Participants in the Solicitation
RR Donnelley, Consolidated Graphics, and their respective
directors and executive officers may be considered participants in
the solicitation of proxies from shareholders of Consolidated
Graphics in connection with the proposed
transaction. Information about the directors and executive
officers of Consolidated Graphics is set forth in its proxy
statement for its 2013 annual meeting of shareholders, which was
filed with the SEC on July 9, 2013. Information about the
directors and executive officers of RR Donnelley is set forth in
its proxy statement for its 2013 annual meeting of stockholders,
which was filed with the SEC on April 15, 2013. Other
information regarding the participants in the proxy solicitation
and a description of their direct and indirect interests, by
security holdings or otherwise, will be contained in the proxy
statement/prospectus and other relevant materials to be filed with
the SEC when they become available.
Use of Forward-Looking Statements
This news release includes certain "forward-looking statements"
within the meaning of, and subject to the safe harbor created by,
Section 21E of the Securities Exchange Act of 1934, as amended,
with respect to the business, strategy and plans of RR Donnelley,
its expectations relating to the proposed transaction with
Consolidated Graphics and its future financial condition and
performance, including estimated synergies. Statements that
are not historical facts, including statements about RR
Donnelley managements' beliefs and expectations, are
forward-looking statements. Words such as "believes",
"anticipates", "estimates", "expects", "intends", "aims",
"potential", "will", "would", "could", "considered", "likely",
"estimate" and variations of these words and similar future or
conditional expressions are intended to identify forward-looking
statements but are not the exclusive means of identifying such
statements. While RR Donnelley believes these expectations,
assumptions, estimates and projections are reasonable, such
forward-looking statements are only predictions and involve known
and unknown risks and uncertainties, many of which are beyond RR
Donnelley's control. By their nature, forward-looking
statements involve risk and uncertainty because they relate to
events and depend upon future circumstances that may or may not
occur. Actual results may differ materially from RR
Donnelley's current expectations depending upon a number of factors
affecting RR Donnelley's business and risks associated with the
successful execution and integration of the proposed transaction
with Consolidated Graphics and the performance of RR Donnelley's
business following such transaction. These factors include,
among others, the inherent uncertainty associated with financial
projections; the volatility and disruption of the capital and
credit markets, and adverse changes in the global economy; factors
that affect customer demand, including changes in postal rates and
postal regulations, changes in the capital markets, changes in
advertising markets, the rate of migration from paper-based forms
to digital format, customers' budgetary constraints and customers'
changes in short-range and long-range plans; customers' financial
strength; shortages or changes in availability, or increases in
costs of, key materials (such as ink, paper and fuel); changes in
tax laws or interpretations that could increase RR Donnelley's
consolidated tax liabilities; the reliability of the participants
to RR Donnelley's lending agreements; competitive pressures in all
markets in which RR Donnelley operates; successful completion of
the proposed transaction with Consolidated Graphics; the ability to
implement plans for the integration of the proposed
transaction, including with respect to sales forces, cost
containment, asset rationalization and other key strategies and the
ability to recognize the anticipated synergies and benefits of the
proposed transaction; the receipt of required regulatory approvals
for the proposed transaction (including the approval of antitrust
authorities necessary to complete the proposed
transaction); and such other risks and uncertainties detailed
in RR Donnelley's periodic public filings with the SEC, including
but not limited to those discussed under "Risk Factors" in RR
Donnelley's Form 10-K for the fiscal year ended December 31,
2012, in RR Donnelley's subsequent filings with the SEC and in
other investor communications of RR Donnelley from time to
time. RR Donnelley does not undertake to and specifically
declines any obligation to publicly release the results of any
revisions to these forward-looking statements that may be made to
reflect future events or circumstances after the date of such
statement or to reflect the occurrence of anticipated or
unanticipated events.
| |
| R.R. Donnelley
& Sons Company |
| Reconciliation of
PRELIMINARY GAAP Net Earnings (Loss) to PRELIMINARY Non-GAAP
Adjusted EBITDA |
| For the Three and Twelve
Months Ended September 30, 2013 and 2012 |
| (UNAUDITED) |
| (in millions) |
| |
|
|
|
|
|
| |
For the Twelve |
|
| |
Months Ended |
For the Three
Months Ended |
| |
September 30, 2013 |
September 30, 2013 |
June 30, 2013 |
March 31, 2013 |
December 31, 2012 |
| |
|
|
|
|
|
| GAAP net earnings
(loss) |
$ (741.9) |
$ 18.0 |
$ 66.5 |
$ 25.3 |
$ (851.7) |
| |
|
|
|
|
|
| Adjustments |
|
|
|
|
|
| Income tax expense (benefit) |
(4.2) |
5.0 |
35.2 |
12.6 |
(57.0) |
| Interest expense - net |
257.7 |
65.6 |
65.5 |
62.8 |
63.8 |
| Investment and other expense (income) -
net |
8.3 |
(0.3) |
6.0 |
3.5 |
(0.9) |
| Loss on debt extinguishment (1) |
85.9 |
46.3 |
-- |
35.6 |
4.0 |
| Depreciation and amortization |
447.6 |
106.3 |
111.0 |
113.6 |
116.7 |
| Restructuring, impairment and other charges -
net (2) |
1,101.2 |
38.1 |
19.8 |
22.7 |
1,020.6 |
| Acquisition-related expenses (3) |
2.6 |
1.1 |
0.1 |
1.0 |
0.4 |
| Gain on pension curtailment (4) |
(3.7) |
-- |
-- |
-- |
(3.7) |
| Total Non-GAAP adjustments |
1,895.4 |
262.1 |
237.6 |
251.8 |
1,143.9 |
| |
|
|
|
|
|
| Non-GAAP adjusted
EBITDA |
$ 1,153.5 |
$ 280.1 |
$ 304.1 |
$ 277.1 |
$ 292.2 |
| |
|
|
|
|
|
| Net sales |
$ 10,384.6 |
$ 2,614.9 |
$ 2,571.6 |
$ 2,538.5 |
$ 2,659.6 |
| Non-GAAP adjusted EBITDA margin % |
11.1% |
10.7% |
11.8% |
10.9% |
11.0% |
| |
|
|
|
|
|
| Non-GAAP Gross Leverage calculation
(5): |
|
|
|
|
|
| Total of short-term and long-term debt |
$ 3,516.0 |
|
|
|
|
| Non-GAAP adjusted EBITDA |
$ 1,153.5 |
|
|
|
|
| Non-GAAP Gross Leverage |
3.0x |
|
|
|
|
| |
|
|
|
|
|
| Total debt |
$ 3,516.0 |
|
|
|
|
| Less: cash and cash equivalents |
462.8 |
|
|
|
|
| Net debt, or total debt less cash and
cash equivalents (6) |
$ 3,053.2 |
|
|
|
|
| |
|
|
|
|
|
| |
For the Twelve |
|
| |
Months Ended |
For the
Three Months Ended |
| |
September 30, 2012 |
September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
December 31, 2011 |
| |
|
|
|
|
|
| GAAP net earnings
(loss) |
$ (128.5) |
$ 71.2 |
$ 89.0 |
$ 37.9 |
$ (326.6) |
| |
|
|
|
|
|
| Adjustments |
|
|
|
|
|
| Income tax expense (benefit) |
18.4 |
52.2 |
6.5 |
11.9 |
(52.2) |
| Interest expense - net |
249.2 |
63.7 |
63.6 |
60.7 |
61.2 |
| Investment and other expense (income) -
net |
3.7 |
(0.4) |
4.8 |
(1.2) |
0.5 |
| Loss on debt extinguishment (1) |
12.1 |
-- |
-- |
12.1 |
-- |
| Depreciation and amortization |
494.8 |
119.0 |
120.9 |
125.0 |
129.9 |
| Restructuring, impairment and other charges -
net (2) |
605.0 |
13.9 |
34.0 |
50.0 |
507.1 |
| Acquisition-related expenses (3) |
2.3 |
1.3 |
0.5 |
0.3 |
0.2 |
| Gain on pension curtailment (4) |
(38.7) |
-- |
-- |
-- |
(38.7) |
| Acquisition contingent compensation (7) |
15.3 |
-- |
-- |
-- |
15.3 |
| Total Non-GAAP adjustments |
1,362.1 |
249.7 |
230.3 |
258.8 |
623.3 |
| |
|
|
|
|
|
| Non-GAAP adjusted
EBITDA |
$ 1,233.6 |
$ 320.9 |
$ 319.3 |
$ 296.7 |
$ 296.7 |
| |
|
|
|
|
|
| Net sales |
$ 10,283.1 |
$ 2,508.8 |
$ 2,528.6 |
$ 2,524.9 |
$ 2,720.8 |
| Non-GAAP adjusted EBITDA margin % |
12.0% |
12.8% |
12.6% |
11.8% |
10.9% |
| |
|
|
|
|
|
| Non-GAAP Gross Leverage calculation
(5): |
|
|
|
|
|
| Total of short-term and long-term debt |
$ 3,786.4 |
|
|
|
|
| Non-GAAP adjusted EBITDA |
$ 1,233.6 |
|
|
|
|
| Non-GAAP Gross Leverage |
3.1x |
|
|
|
|
| |
|
|
|
|
|
| Total debt |
$ 3,786.4 |
|
|
|
|
| Less: cash and cash equivalents |
392.9 |
|
|
|
|
| Net debt, or total debt less cash and
cash equivalents (6) |
$ 3,393.5 |
|
|
|
|
| |
|
|
|
|
|
| (1) Loss on debt extinguishment:
Pre-tax losses were recognized related to the repurchases of senior
notes prior to maturity, as well as the termination of the previous
$1.75 billion unsecured revolving credit agreement. |
| |
|
|
|
|
|
| (2) Restructuring, impairment and
other charges - net: Pre-tax charges for employee termination
costs, lease termination and other costs, including charges related
to multi-employer pension plan withdrawal obligations as a result
of facility closures, and impairment of other long-lived assets.
The three months ended September 30, 2013 also included pre-tax
charges for the recognition of estimated charges related to the
Company's decision to partially withdraw from certain
multi-employer pension plans. The three months ended December 31,
2012 and 2011 also included pre-tax charges for the impairment of
goodwill and other intangible assets. |
| |
|
|
|
|
|
| (3) Acquisition-related expenses:
Legal, accounting and other expenses associated with completed or
contemplated acquisitions. |
| |
|
|
|
|
|
| (4) Gain on pension curtailment:
For 2012, a pre-tax gain on pension curtailment was recognized
related to the remeasurement of the U.K. pension plan's assets and
obligations that was required with the announced freeze on further
benefit accruals as of December 31, 2012. For 2011, a pre-tax gain
on pension curtailment was recognized related to the remeasurement
of the U.S. pension plans' assets and obligations that was required
with the announced freeze on further benefit accruals under all of
the U.S. pension plans as of December 31, 2011. |
| |
|
|
|
|
|
| (5) Non-GAAP Gross
Leverage: Defined as total debt divided by non-GAAP adjusted
EBITDA |
| |
|
|
|
|
|
| (6) Debt and cash balances as of
September 30 in respective year |
| |
|
|
|
|
|
| (7) Acquisition contingent
compensation: For 2011, pre-tax expense of $15.3 million was
incurred related to contingent compensation earned by prior owners,
based on achieving certain volume milestones for the business
following its acquisition by the Company. |
| |
| |
| R.R. Donnelley &
Sons Company |
| Reconciliation of PRELIMINARY
GAAP to PRELIMINARY Non-GAAP Measures |
| For the Three Months Ended
September 30, 2013 and 2012 |
| (UNAUDITED) |
| (in millions, except per share
data) |
| |
|
|
|
|
|
|
|
|
|
|
| |
For the Three Months
Ended September 30, 2013 |
For the Three Months
Ended September 30, 2012 |
| |
SG&A |
Income from operations |
Operating margin |
Net earnings attributable to common
shareholders |
Net earnings attributable to common
shareholders per diluted share |
SG&A |
Income from operations |
Operating margin |
Net earnings attributable to common
shareholders |
Net earnings attributable to common
shareholders per diluted share |
| GAAP basis measures |
$ 291.4 |
$ 134.6 |
5.1% |
$ 14.7 |
$ 0.08 |
$ 253.4 |
$ 186.7 |
7.4% |
$ 71.4 |
$ 0.39 |
| |
|
|
|
|
|
|
|
|
|
|
| Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Restructuring charges - net (1) |
-- |
25.5 |
1.0% |
15.6 |
0.08 |
-- |
12.3 |
0.5% |
8.2 |
0.04 |
| Impairment charges - net (2) |
-- |
7.9 |
0.3% |
4.9 |
0.03 |
-- |
1.6 |
0.1% |
1.1 |
0.01 |
| Other charges (3) |
-- |
4.7 |
0.2% |
2.9 |
0.02 |
-- |
-- |
-- |
-- |
-- |
| Acquisition-related expenses (4) |
(1.1) |
1.1 |
0.0% |
1.1 |
0.01 |
(1.3) |
1.3 |
0.0% |
1.2 |
0.01 |
| Loss on debt extinguishment (5) |
-- |
-- |
-- |
30.1 |
0.16 |
-- |
-- |
-- |
-- |
-- |
| Income tax adjustments (6) |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
11.0 |
0.06 |
| Total Non-GAAP adjustments |
(1.1) |
39.2 |
1.5% |
54.6 |
0.30 |
(1.3) |
15.2 |
0.6% |
21.5 |
0.12 |
| Non-GAAP measures |
$ 290.3 |
$ 173.8 |
6.6% |
$ 69.3 |
$ 0.38 |
$ 252.1 |
$ 201.9 |
8.0% |
$ 92.9 |
$ 0.51 |
| |
|
|
|
|
|
|
|
|
|
|
| (1) Restructuring charges -
net (pre-tax): Operating results for the three months ended
September 30, 2013 and 2012 were affected by the following
restructuring charges: |
| |
|
|
|
|
|
|
|
|
|
|
| |
2013 |
2012 |
|
|
|
|
|
|
|
|
| Employee termination costs
(a) |
$ 17.9 |
$ 7.5 |
|
|
|
|
|
|
|
|
| Other restructuring charges
(b) |
7.6 |
4.8 |
|
|
|
|
|
|
|
|
| Total restructuring
charges - net |
$ 25.5 |
$ 12.3 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| (a) For the three months
ended September 30, 2013 and 2012, employee termination costs
resulted from one facility closure in each period within the U.S.
Print and Related Services segment and the reorganization of
certain operations. |
| (b) Includes lease
termination and other facility costs, including charges related to
multi-employer pension plan withdrawal obligations related to
facility closures. |
| |
|
|
|
|
|
|
|
|
|
|
| (2) Impairment charges -
net: Operating results for the three months ended September 30,
2013 and 2012 were affected by other long-lived asset impairment
charges. |
| |
|
|
|
|
|
|
|
|
|
|
| (3) Other
charges: Recognition of estimated charges related to the
Company's decision to partially withdraw from certain
multi-employer pension plans. |
| |
|
|
|
|
|
|
|
|
|
|
| (4) Acquisition-related
expenses: Legal, accounting and other expenses associated with
completed or contemplated acquisitions. |
| |
|
|
|
|
|
|
|
|
|
|
| (5) Loss on debt
extinguishment: Pre-tax loss of $46.3 million ($30.1 million
after-tax) was recognized for the three months ended September 30,
2013 related to the repurchase of $200.0 million of 7.25% senior
notes due May 15, 2018, $100.0 million of 5.50% senior notes due
May 15, 2015 and $100.0 million of 6.125% senior notes due January
15, 2017. |
| |
|
|
|
|
|
|
|
|
|
|
| (6) Income tax
adjustments: Recognition of a provision related to certain
foreign earnings no longer considered to be permanently
reinvested. |
| |
| |
| R. R. Donnelley &
Sons Company |
| PRELIMINARY Condensed
Consolidated Statements of Cash Flows |
| For the Nine Months Ended
September 30, 2013 and 2012 |
| (UNAUDITED) |
| (in millions) |
| |
|
|
| |
|
| |
2013 |
2012 |
| |
|
|
| Net earnings |
$ 109.8 |
$ 198.1 |
| Adjustment to reconcile net
earnings to net cash provided by operating activities |
438.4 |
408.3 |
| Changes in operating assets and
liabilities |
(220.6) |
(294.4) |
| Pension and other
postretirement benefits plan contributions |
(20.5) |
(142.6) |
| Net cash provided by
operating activities |
$ 307.1 |
$ 169.4 |
| |
|
|
| Capital expenditures |
(139.6) |
(159.9) |
| All other cash
provided by (used in) investing activities |
13.5 |
(49.9) |
| Net cash used in
investing activities |
$ (126.1) |
$ (209.8) |
| |
|
|
| Net cash used in
financing activities |
$ (140.9) |
$ (27.4) |
| |
|
|
| Effect of exchange rate on cash and
cash equivalents |
(8.0) |
11.0 |
| |
|
|
| Net increase (decrease)
in cash and cash equivalents |
$ 32.1 |
$ (56.8) |
| |
|
|
| Cash and cash equivalents at beginning
of period |
430.7 |
449.7 |
| |
|
|
| Cash and cash equivalents
at end of period |
$ 462.8 |
$ 392.9 |
| |
|
|
| |
|
|
| Additional
Information: |
|
| |
2013 |
2012 |
| For the Nine Months Ended September
30: |
|
|
| Net cash provided by operating
activities |
$ 307.1 |
$ 169.4 |
| Less: capital expenditures |
139.6 |
159.9 |
| Free cash flow, or net cash provided by
operating activities less capital expenditures |
$ 167.5 |
$ 9.5 |
| |
|
|
| For the Six Months Ended June
30: |
|
|
| Net cash provided by operating
activities |
$ 57.9 |
$ 9.9 |
| Less: capital expenditures |
84.3 |
93.7 |
| Free cash flow, or net cash used in
operating activities less capital expenditures |
$ (26.4) |
$ (83.8) |
| |
|
|
| For the Three Months Ended September
30: |
|
|
| Net cash provided by operating
activities |
$ 249.2 |
$ 159.5 |
| Less: capital expenditures |
55.3 |
66.2 |
| Free cash flow, or net cash provided by
operating activities less capital expenditures |
$ 193.9 |
$ 93.3 |
| |
| |
| R.R. Donnelley
& Sons Company |
| Reconciliation of
PRELIMINARY Reported to Pro Forma Net Sales |
| For the Three Months
Ended September 30, 2013 and 2012 |
| (UNAUDITED) |
| (in millions) |
| |
|
|
|
| |
Reported net sales |
Adjustment for net sales of
acquired businesses |
Pro forma net sales |
| For the Three Months Ended
September 30, 2013 |
|
|
|
| U.S. Print and Related
Services |
$ 1,910.0 |
$ -- |
$ 1,910.0 |
| International |
704.9 |
-- |
704.9 |
| Consolidated |
$ 2,614.9 |
$ -- |
$ 2,614.9 |
| |
|
|
|
| For the Three Months Ended
September 30, 2012 |
|
|
|
| U.S. Print and Related
Services |
$ 1,853.4 |
$ 59.3 |
$ 1,912.7 |
| International |
655.4 |
-- |
655.4 |
| Consolidated |
$ 2,508.8 |
$ 59.3 |
$ 2,568.1 |
| |
| Net sales
change |
|
|
|
| U.S. Print and Related
Services |
3.1% |
|
(0.1%) |
| International |
7.6% |
|
7.6% |
| Consolidated |
4.2% |
|
1.8% |
| |
|
|
|
| Supplementary non-GAAP
information: |
|
|
|
| |
|
|
|
| Year-over-year impact of
changes in foreign exchange (FX) rates |
|
|
|
| U.S. Print and Related
Services |
|
|
--% |
| International |
|
|
(1.0%) |
| Consolidated |
|
|
(0.3%) |
| |
|
|
|
| Approximate year-over-year
impact of changes in pass-through paper sales |
|
|
|
| U.S. Print and Related
Services |
|
|
(0.5%) |
| International |
|
|
1.6% |
| Consolidated |
|
|
--% |
| |
|
|
|
| Year-over-year impact of the
prior year rebate adjustment (1) |
|
|
|
| U.S. Print and Related
Services |
|
|
(0.2%) |
| Consolidated |
|
|
(0.1%) |
| |
| Net organic sales change
(2) |
|
|
|
| U.S. Print and Related
Services |
|
|
0.6% |
| International |
|
|
7.0% |
| Consolidated |
|
|
2.2% |
| |
| The reported results of the
Company include the results of acquired businesses from the
acquisition date forward. The Company has provided this
schedule to reconcile reported net sales for the three months ended
September 30, 2013 and 2012 to pro forma net sales as if the 2012
acquisitions took place as of January 1, 2012 for the purposes of
this schedule. |
| |
| There were no acquisitions during
the three months ended September 30, 2013. |
| |
| For the three months ended
September 30, 2012, the adjustment for net sales of acquired
businesses reflects the net sales of EDGAR Online (acquired August
14, 2012), Express Postal Options International (acquired September
6, 2012), Meisel Photographic Corporation (acquired December 17,
2012) and Presort Solutions (acquired December 28, 2012). |
| |
|
|
|
| (1) The three months ended
September 30, 2012 included an adjustment for over-accruals of
rebates owed to certain customers in prior periods that favorably
impacted net sales by $2.9 million |
| |
|
|
|
| (2) Adjusted for net sales of
acquired businesses, the impact of changes in FX rates and
pass-through paper sales and the prior year rebate adjustment to
correct an over-accrual of rebates owed to certain
customers |
CONTACT: Media Contact: Phyllis Burgee
Director Communications
Tel: 630-322-6093
E-mail: phyllis.burgee@rrd.com
Investor Contact: Dave Gardella
Senior Vice President Investor Relations
Tel: 312-326-8155
E-mail: david.a.gardella@rrd.com
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