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R.R. Donnelley Affirms Outlook

Thursday, March 20, 2003

Press release from the issuing company

CHICAGO, March 19 -- R.R. Donnelley today addressed the economic uncertainty facing the printing industry and the many customers it serves. Other commercial printing companies recently have reduced their expectations for 2003 due to weak printing demand, a difficult pricing environment and escalating costs. "The guidance we gave on January 30 anticipated the difficult environment we're seeing today," said William L. Davis, R.R. Donnelley's chairman, president and chief executive officer. "We've been aware of these issues for some time. Our plans and actions reflect those challenges and we remain on track with our full year earnings guidance." On January 30, the company issued full year earnings guidance of $1.25 to $1.40 per diluted share. This range included six cents per diluted share for expected restructuring activity. The company's guidance incorporated the weak print demand and pricing environment, offset by continued cost reduction and productivity efforts. Other factors, including lower pension income and rising healthcare costs were also included in the company's expectations. The company will discuss its first quarter 2003 results and full year expectations on May 7, 2003 in its regularly scheduled quarterly conference call.




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