Sussex-based Quad/Graphics Inc. reported a second quarter net loss of $22.8 million, or 48 cents lost per share, compared to $27.6 million, or 59 cents lost per share, in the second quarter of 2013.
Revenue was $1.1 billion, flat from last year. Operating income was $500,000, up from a $5.2 million loss in the same period a year ago.
Quad completed the acquisition of Brown Printing Co. on May 30, and the quarter includes its contributions from that point.
The company cited volume and pricing pressures, and an $8 million decrease in adjusted EBITDA because of favorable gains that was not repeated in 2014.
“Our second quarter results were consistent with our expectations and we remain on track to achieve our 2014 objectives,” said Joel Quadracci, Quad/Graphics chairman, president and chief executive officer. “We are pleased with our decision to acquire Brown Printing as it supports our ongoing strategy to create value for our clients and shareholders. Our integration efforts are underway and include a strong focus on serving our clients well while also improving the efficiency and productivity of our platform and driving future cost savings.”
“As we move forward, we will continue to drive productivity improvements and implement sustainable cost reductions to be a low-cost producer,” said Dave Honan, president and chief financial officer. “We will also continue to manage our debt to maintain a strong balance sheet. The new debt capital structure we completed in April 2014 enhances our company’s financial flexibility by extending and staggering our debt maturity profile, further diversifying our capital structure, and providing more borrowing capacity to better position us to execute on our strategic goals.”
