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RR Donnelley Announces Expected Q1 Earnings, Increases Full-Year Guidance

Tuesday, April 12, 2005

Press release from the issuing company

CHICAGO, April 11 -- R.R. Donnelley & Sons Company announced today that it expects its first-quarter 2005 non-GAAP earnings per diluted share from continuing operations to be at least $0.37. This per share amount is based on approximately 217 million weighted average fully diluted shares outstanding for the first quarter. In addition, during the first quarter the Company repurchased a total of 8.2 million shares, including the approximate 6 million share repurchase contemplated within the Company's previous annual guidance. The additional 2.2 million shares were acquired at an average market price of $30.64 per share. Due to the additional opportunistic share repurchases during the first quarter, the Company increased its expected full-year 2005 non-GAAP earnings per diluted share from continuing operations to $1.97, an increase of $0.02 per diluted share from previous guidance, on a weighted average fully diluted share count of approximately 217 million. "Our projected first quarter results reflect a continuation of the positive momentum with which we ended last year and are consistent with our internal plan," said Mark A. Angelson, RR Donnelley's Chief Executive Officer. "While I am pleased by our continued strong operating performance, we are still early in the year. Therefore, we are increasing our annual guidance solely to reflect a decreased share count. I look forward to speaking with you in early May when we report our first quarter financial results." Non-GAAP earnings per diluted share from continuing operations exclude certain items that management believes are unrelated to the ongoing operations of the business. In the first quarter of 2005 and the full year of 2005, these items may include restructuring, impairment and integration charges as well as the resolution of certain tax items that are not currently determinable, but may be significant. For that reason, the company is unable to provide GAAP (Generally Accepted Accounting Principles) 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.




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