Quad/Graphics Inc. reported a fourth quarter net loss of $6.8 million, or 15 cents per share, compared with net income of $26.5 million, or 55 cents per share, in the same period a year ago.
The Sussex-based printer’s quarterly net sales dipped slightly to $1.21 billion from $1.26 billion a year earlier.
The company said the results surpassed management’s previously announced guidance. The reported results include the company’s Canadian operations, which are in the process of being sold.
On Feb. 7, the company received authorization from the Canadian Competition Bureau to proceed with the sale of its Canadian business to Transcontinental, and expects the transaction to close shortly.
For the full-year 2011, Quad/Graphics’ net sales were $4.67 billion vs. pro forma net sales of $4.76 billion for the previous year.
“We are pleased with our 2011 fourth quarter results, which reflect our ongoing focus on improving productivity and aggressively managing costs, while continuing to pay down debt to strengthen our credit metrics and balance sheet,” said Joel Quadracci, Quad/Graphics chairman, president and CEO. “Given our strong finish to the year, as well as the strength of our recurring free cash flow and lower risk profile that our recent leverage reduction has provided, we are pleased to declare a 25 percent increase in our quarterly dividend, which will be payable on March 23, 2012, to shareholders of record on March 12, 2012.”
“We are proud of the progress we have made to repay $163 million in debt during the fourth quarter of 2011, and $325 million since the Worldcolor acquisition,” said John Fowler, executive vice president and chief financial officer of Quad/Graphics.
