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RR Donnelley Q4 Sales Grows 11.4% on to CGX, Esselte Acquisitions

Thursday, February 26, 2015

Press release from the issuing company

CHICAGO - RR Donnelley & Sons (RRD) reported financial results for the fourth quarter and full year of 2014.

Highlights:

  • Fourth-quarter net sales of $3.1 billion grew 11.4 percent from the fourth quarter of 2013; organic net sales grew 0.5 percent from the fourth quarter of 2013
  • Fourth-quarter GAAP net earnings attributable to common shareholders of $19.5 million, or $0.10 per diluted share, compared to GAAP net earnings attributable to common shareholders in the fourth quarter of 2013 of $104.0 million, or $0.56 per diluted share
  • Fourth-quarter non-GAAP net earnings attributable to common shareholders of $105.8 million, or $0.52 per diluted share, compared to non-GAAP net earnings attributable to common shareholders in the fourth quarter of 2013 of $89.8 million, or $0.49 per diluted share
  • Fourth-quarter non-GAAP adjusted EBITDA of $326.9 million increased by $33.3 million, or 11.3 percent, from the fourth quarter of 2013
  • Company issues full-year 2015 guidance

“We continued to drive positive organic revenue growth and managed our cost structure and capital spending to generate nearly $500 million in free cash flow for the year. These results allowed us to reduce our total debt by $225 million, decreasing our year-end gross leverage ratio from 3.3x to 2.9x and approaching our targeted range of 2.25x to 2.75x on a long-term sustainable basis,” commented Thomas Quinlan III, RR Donnelley’s president and CEO. “As we look ahead to 2015, we expect to build upon the success we are having with our four go-to-market strategies, and remain committed to migrating toward our targeted leverage range.”

Net Sales
Net sales in the quarter were $3.1 billion, up $314.0 million, or 11.4 percent, from the fourth quarter of 2013, largely due to the acquisitions of Consolidated Graphics and the North American operations of Esselte. After adjusting for the impact of acquisitions, changes in foreign exchange rates, dispositions and changes in pass-through paper, organic sales increased 0.5 percent from the fourth quarter of 2013, as increases in the Strategic Services, International and Variable Print segments were partially offset by the decline in the Publishing and Retail Services segment.

GAAP Earnings
Fourth-quarter 2014 net earnings attributable to common shareholders was $19.5 million, or $0.10 per diluted share, compared to net earnings attributable to common shareholders of $104.0 million, or $0.56 per diluted share, in the fourth quarter of 2013. The fourth-quarter 2014 diluted share count increased by 17.6 million shares from the fourth quarter of 2013, primarily related to shares issued in connection with the acquisitions of Consolidated Graphics and the North American operations of Esselte. The fourth-quarter net earnings attributable to common shareholders included pre-tax charges of $143.6 million and $74.5 million in 2014 and 2013, respectively, all of which were excluded from the presentation of non-GAAP net earnings attributable to common shareholders. Additional details regarding the amount and nature of these and other items are included in the attached schedules.

 

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