Quad/Graphics Reports Q1 Results; Declares 1st Cash Dividend as Public Company

Quad/Graphics, Inc. (NYSE: QUAD) today reported results for its first quarter ending March 31, 2011, and announced the initiation of a cash dividend. Unless otherwise noted, all comparisons are to pro forma measures that assume the July 2, 2010, acquisition of World Color Press Inc. ("Worldcolor") was completed on January 1, 2010.

Summary:

• The Company announced its first cash dividend as a public company - a quarterly dividend of $0.20 per share, payable on June 10, 2011, to shareholders of record as of May 27, 2011, which equates to an annualized dividend of $0.80 per share.
• The Company's first quarter 2011 net sales increased slightly to $1.1 billion, and first quarter 2011 Adjusted EBITDA increased slightly to $140.7 million.
• The Company continues to make significant progress on integration activities, announcing three additional plant closures since the beginning of the year for a total of 10 since the acquisition was closed and realizing a current net reduction of approximately 3,300 full-time equivalent employees.