Quad/Graphics Inc. announced that its board of directors has authorized the repurchase of up to $100 million of its outstanding Class A common shares.
“Our board and senior management team are committed to increasing long-term shareholder value. Given the current stock market environment, along with our confidence in the future outlook on the company, we believe share repurchases at appropriate price levels are a prudent use of cash and represent an attractive opportunity to increase returns to our shareholders over the long term,” said Joel Quadracci, Quad/Graphics chairman, president and CEO. “Based on current market conditions and liquidity in our stock, we anticipate executing this program throughout 2011 and 2012.
“To drive future value, we intend to continue to pursue our broader strategic plan, which includes allocating our capital and the free cash flow we generate in a disciplined approach among investing in the business, pursuing strategic acquisitions, paying down debt and pension liabilities and returning capital to shareholders. The priorities of these options may change depending on market conditions and other factors. We continue to remain committed to operating on a normalized basis within a target leverage ratio range of 2.0 to 2.5 times,” Quadracci added.
Quad/Graphics (NYSE: QUAD) is a global provider of print and related multichannel solutions for consumer magazines, special interest publications, catalogs, retail inserts/circulars, direct mail, books, directories, and commercial and specialty products, including in-store signage. Headquartered in Sussex, WI (just west of Milwaukee), the company has approximately 24,000 full-time equivalent employees working from more than 60 print-production facilities as well as other support locations throughout the United States, Canada, Latin America and Europe. As a printing industry innovator, Quad/Graphics (www.QG.com) is redefining the power of print in today’s multimedia world by helping its clients use print as the foundation of multichannel communications strategies to drive their top-line revenues.