Highlights:
The Company believes that certain non-GAAP measures, when presented in conjunction with comparable GAAP (Generally Accepted Accounting Principles) measures, are 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 these indicators. These measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
Non-GAAP net earnings attributable to common shareholders totaled
"While economic headwinds continue to challenge our top line, the diversity of our product and service offering to a wide range of vertical markets, coupled with our disciplined cost management, enables us to reaffirm our non-GAAP earnings per diluted share guidance in the range of
Business Review
The Company reports its results in two reportable segments: 1) U.S. Print and Related Services and 2) International. The Company reports as Corporate its unallocated expenses associated with general and administrative activities.
Summary
Net sales in the quarter were
Excluding restructuring and impairment charges and acquisition-related expenses, non-GAAP operating income increased from
Segments
Net sales for the U.S. Print and Related Services segment decreased 3.9% from the second quarter of 2011 to
Net sales for the International segment of
Unallocated Corporate operating expenses decreased to
Outlook - 2012 Full-Year Guidance
For the full year of 2012, the Company expects revenue of approximately
Conference Call
About
For more information, and for
Use of Forward-Looking Statements
This news release contains "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. The Company does not undertake to and specifically declines any obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect future events or circumstances after the date of such statement or to reflect the occurrence of
anticipated or unanticipated events. The factors that could cause material differences in the expected results of
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| Condensed Consolidated Balance Sheets | ||
|
As of |
||
| (UNAUDITED) | ||
| (in millions, except per share data) | ||
| June 30, 2012 | December 31, 2011 | |
| Assets | ||
| Cash and cash equivalents | $ 369.0 | $ 449.7 |
| Receivables, less allowance for doubtful accounts | 1,944.9 | 1,844.2 |
| Income taxes receivable | 25.9 | 32.4 |
| Inventories | 505.0 | 510.9 |
| Prepaid expenses and other current assets | 136.4 | 131.4 |
| Total Current Assets | 2,981.2 | 2,968.6 |
| Property, plant and equipment - net | 1,718.9 | 1,854.6 |
| Goodwill | 2,218.4 | 2,222.1 |
| Other intangible assets - net | 542.5 | 590.3 |
| Other noncurrent assets | 638.8 | 646.1 |
| Total Assets | $ 8,099.8 | $ 8,281.7 |
| Liabilities | ||
| Accounts payable | $ 946.9 | $ 1,063.3 |
| Accrued liabilities | 765.2 | 817.0 |
| Short-term and current portion of long-term debt | 343.0 | 243.7 |
| Total Current Liabilities | 2,055.1 | 2,124.0 |
| Long-term debt | 3,418.4 | 3,416.8 |
| Pension liabilities | 992.5 | 1,076.3 |
| Postretirement benefits | 227.5 | 227.3 |
| Other noncurrent liabilities | 326.6 | 375.1 |
| Total Liabilities | 7,020.1 | 7,219.5 |
| Equity | ||
|
Common stock, |
303.7 | 303.7 |
| Authorized shares: 500.0 | ||
| Issued shares: 243.0 in 2012 and 2011 | ||
| Additional paid-in capital | 2,828.1 | 2,888.7 |
| Retained earnings | 375.3 | 342.4 |
| Accumulated other comprehensive loss | (881.2) | (863.3) |
| Treasury stock, at cost, 62.6 shares in 2012 (2011 - 64.5 shares) | (1,565.2) | (1,628.8) |
|
Total |
1,060.7 | 1,042.7 |
| Noncontrolling interests | 19.0 | 19.5 |
| Total Equity | 1,079.7 | 1,062.2 |
| Total Liabilities and Equity | $ 8,099.8 | $ 8,281.7 |
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| Condensed Consolidated Statements of Operations | ||||||||||||
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For the Three and Six Months Ended |
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| (UNAUDITED) | ||||||||||||
| (in millions, except per share data) | ||||||||||||
|
For the Three Months Ended |
For the Six Months Ended |
|||||||||||
|
2 0 1 2 GAAP |
ADJUSTMENTS TO NON-GAAP |
2 0 1 2 NON-GAAP |
2 0 11 GAAP |
ADJUSTMENTS TO NON-GAAP |
2 0 1 1 NON-GAAP |
2 0 1 2 GAAP |
ADJUSTMENTS TO NON-GAAP |
2 0 1 2 NON-GAAP |
2 0 1 1 GAAP |
ADJUSTMENTS TO NON-GAAP |
2 0 1 1 NON-GAAP |
|
| Products (1) | $2,189.7 | $ -- | $ 2,189.7 | $ 2,356.9 | $ -- | $ 2,356.9 | $ 4,386.2 | $ -- | $ 4,386.2 | $ 4,623.3 | $ -- | $ 4,623.3 |
| Services (1) | 338.9 | -- | 338.9 | 266.5 | -- | 266.5 | 667.3 | -- | 667.3 | 583.6 | -- | 583.6 |
| Total net sales | 2,528.6 | -- | 2,528.6 | 2,623.4 | -- | 2,623.4 | 5,053.5 | -- | 5,053.5 | 5,206.9 | -- | 5,206.9 |
| Products cost of sales (exclusive of depreciation and amortization) | 1,689.6 | -- | 1,689.6 | 1,777.2 | -- | 1,777.2 | 3,392.5 | -- | 3,392.5 | 3,504.0 | -- | 3,504.0 |
| Services cost of sales (exclusive of depreciation and amortization) | 244.3 | -- | 244.3 | 204.4 | -- | 204.4 | 486.4 | -- | 486.4 | 433.8 | -- | 433.8 |
| Selling, general and administrative expenses (exclusive of depreciation and amortization) | 275.9 | (0.5) | 275.4 | 309.3 | (0.9) | 308.4 | 559.4 | (0.8) | 558.6 | 636.2 | (1.3) | 634.9 |
| Restructuring and impairment charges-net | 34.0 | (34.0) | -- | 75.7 | (75.7) | -- | 84.0 | (84.0) | -- | 126.5 | (126.5) | -- |
| Depreciation and amortization | 120.9 | -- | 120.9 | 140.7 | -- | 140.7 | 245.9 | -- | 245.9 | 280.9 | -- | 280.9 |
| Total operating expenses | 2,364.7 | (34.5) | 2,330.2 | 2,507.3 | (76.6) | 2,430.7 | 4,768.2 | (84.8) | 4,683.4 | 4,981.4 | (127.8) | 4,853.6 |
| Income from operations | 163.9 | 34.5 | 198.4 | 116.1 | 76.6 | 192.7 | 285.3 | 84.8 | 370.1 | 225.5 | 127.8 | 353.3 |
| Interest expense - net | 63.6 | -- | 63.6 | 61.3 | -- | 61.3 | 124.3 | -- | 124.3 | 119.2 | -- | 119.2 |
| Investment and other (income) expense - net | 4.8 | (4.1) | 0.7 | (10.0) | 9.8 | (0.2) | 3.6 | (4.1) | (0.5) | (9.8) | 9.8 | -- |
| Loss on debt extinguishment | -- | -- | -- | 68.6 | (68.6) | -- | 12.1 | (12.1) | -- | 68.6 | (68.6) | -- |
| Earnings (loss) before income taxes | 95.5 | 38.6 | 134.1 | (3.8) | 135.4 | 131.6 | 145.3 | 101.0 | 246.3 | 47.5 | 186.6 | 234.1 |
| Income tax expense (benefit) | 6.5 | 38.9 | 45.4 | (16.3) | 42.0 | 25.7 | 18.4 | 59.9 | 78.3 | 0.7 | 58.5 | 59.2 |
| Net earnings | 89.0 | (0.3) | 88.7 | 12.5 | 93.4 | 105.9 | 126.9 | 41.1 | 168.0 | 46.8 | 128.1 | 174.9 |
| Less: Income attributable to noncontrolling interests | 0.2 | -- | 0.2 | 0.3 | -- | 0.3 | 0.7 | -- | 0.7 | 0.7 | -- | 0.7 |
|
Net earnings attributable to |
$ 88.8 | $ (0.3) | $ 88.5 | $ 12.2 | $ 93.4 | $ 105.6 | $ 126.2 | $ 41.1 | $ 167.3 | $ 46.1 | $ 128.1 | $ 174.2 |
|
Earnings per share attributable to |
||||||||||||
| Basic net earnings per share | $ 0.49 | $ 0.49 | $ 0.06 | $ 0.54 | $ 0.70 | $ 0.93 | $ 0.23 | $ 0.86 | ||||
| Diluted net earnings per share | $ 0.49 | $ 0.49 | $ 0.06 | $ 0.53 | $ 0.69 | $ 0.92 | $ 0.23 | $ 0.85 | ||||
| Weighted average common shares outstanding: | ||||||||||||
| Basic | 180.7 | 180.7 | 196.7 | 196.7 | 180.1 | 180.1 | 201.9 | 201.9 | ||||
| Diluted | 181.8 | 181.8 | 199.5 | 199.5 | 181.9 | 181.9 | 204.5 | 204.5 | ||||
| The Company believes that certain non-GAAP measures, when presented in conjunction with comparable GAAP measures, are 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. These measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. | ||||||||||||
| (1) Net sales from products and services include changes in the classification of certain revenues, primarily in the financial print reporting unit. | ||||||||||||
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|||||||||
| Reconciliation of GAAP to Non-GAAP Measures | |||||||||
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For the Three Months Ended |
|||||||||
| (UNAUDITED) | |||||||||
| (in millions, except per share data) | |||||||||
|
For the Three Months Ended |
For the Three Months Ended |
||||||||
|
Income from operations |
Operating margin |
Net earnings attributable to common shareholders |
Net earnings attributable to common shareholders per diluted share |
Income from operations |
Operating margin |
Net earnings attributable to common shareholders |
Net earnings attributable to common shareholders per diluted share |
||
| GAAP basis measures | $ 163.9 | 6.5% | $ 88.8 | $ 0.49 | $ 116.1 | 4.4% | $ 12.2 | $ 0.06 | |
| Non-GAAP adjustments: | |||||||||
| Restructuring charges (1) | 25.7 | 1.0% | 17.2 | 0.10 | 51.4 | 2.0% | 39.2 | 0.20 | |
| Impairment charges (2) | 8.3 | 0.3% | 5.5 | 0.03 | 24.3 | 0.9% | 18.6 | 0.09 | |
| Acquisition-related expenses (3) | 0.5 | -- | 0.5 | -- | 0.9 | -- | 0.8 | 0.01 | |
| Net (gain) loss on investments (4) | -- | -- | 2.6 | 0.01 | -- | -- | (9.5) | (0.05) | |
| Loss on debt extinguishment (5) | -- | -- | -- | -- | -- | -- | 44.3 | 0.22 | |
| Recognition of income tax benefits (6) | -- | -- | (26.1) | (0.14) | -- | -- | -- | -- | |
| Total Non-GAAP adjustments | 34.5 | 1.3% | (0.3) | -- | 76.6 | 2.9% | 93.4 | 0.47 | |
| Non-GAAP measures | $ 198.4 | 7.8% | $ 88.5 | $ 0.49 | $ 192.7 | 7.3% | $ 105.6 | $ 0.53 | |
|
(1) Restructuring charges (pre-tax): Operating results for the three months ended |
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| 2012 | 2011 | ||||||||
| Employee termination costs (a) | $ 13.8 | $ 29.2 | |||||||
| Other charges (b) | 11.9 | 22.2 | |||||||
| Total restructuring charges | $ 25.7 | $ 51.4 | |||||||
|
(a) for the three months ended |
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| (b) includes lease termination and other facility costs. In addition, 2011 includes multi-employer pension plan partial withdrawal charges primarily attributable to the closing of three manufacturing facilities in the U.S. Print and Related Services segment. | |||||||||
| (2) Impairment charges (pre-tax): charges related to the impairment of machinery, equipment and other long-lived assets. | |||||||||
| (3) Acquisition-related expenses: Legal, accounting and other expenses associated with acquisitions completed or contemplated. | |||||||||
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(4) Net (gain) loss on investments: Pre-tax impairment loss on an equity investment of |
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(5) Loss on debt extinguishment: Pre-tax loss of |
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(6) Recognition of previously unrecognized tax benefits due to the resolution of certain U.S. federal uncertain tax positions for the three months ended |
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|
||||||||
| Reconciliation of GAAP to Non-GAAP Measures | ||||||||
|
For the Six Months Ended |
||||||||
| (UNAUDITED) | ||||||||
| (in millions, except per share data) | ||||||||
|
For the Six Months Ended |
For the Six Months Ended |
|||||||
|
Income from operations |
Operating margin |
Net earnings attributable to common shareholders |
Net earnings attributable to common shareholders per diluted share |
Income from operations |
Operating margin |
Net earnings attributable to common shareholders |
Net earnings attributable to common shareholders per diluted share |
|
| GAAP basis measures | $ 285.3 | 5.6% | $ 126.2 | $ 0.69 | $ 225.5 | 4.3% | $ 46.1 | $ 0.23 |
| Non-GAAP adjustments: | ||||||||
| Restructuring charges (1) | 66.4 | 1.3% | 44.2 | 0.25 | 94.1 | 1.8% | 68.5 | 0.33 |
| Impairment charges (2) | 17.6 | 0.4% | 11.7 | 0.06 | 32.4 | 0.6% | 23.6 | 0.11 |
| Acquisition-related expenses (3) | 0.8 | -- | 0.8 | 0.01 | 1.3 | 0.1% | 1.2 | 0.01 |
| Net (gain) loss on investments (4) | -- | -- | 2.6 | 0.01 | -- | -- | (9.5) | (0.05) |
| Loss on debt extinguishment (5) | -- | -- | 7.9 | 0.04 | -- | -- | 44.3 | 0.22 |
| Recognition of income tax benefits (6) | -- | -- | (26.1) | (0.14) | -- | -- | -- | -- |
| Total Non-GAAP adjustments | 84.8 | 1.7% | 41.1 | 0.23 | 127.8 | 2.5% | 128.1 | 0.62 |
| Non-GAAP measures | $ 370.1 | 7.3% | $ 167.3 | $ 0.92 | $ 353.3 | 6.8% | $ 174.2 | $ 0.85 |
|
(1) Restructuring charges (pre-tax): Operating results for the six months ended |
||||||||
| 2012 | 2011 | |||||||
| Employee termination costs (a) | $ 50.6 | $ 54.0 | ||||||
| Other charges (b) | 15.8 | 40.1 | ||||||
| Total restructuring charges | $ 66.4 | $ 94.1 | ||||||
|
(a) for the six months ended |
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| (b) includes lease termination and other facility costs. In addition, 2011 includes multi-employer pension plan partial withdrawal charges primarily attributable to the closing of three manufacturing facilities in the U.S. Print and Related Services segment. | ||||||||
| (2) Impairment charges (pre-tax): charges related to the impairment of machinery, equipment and other long-lived assets. | ||||||||
| (3) Acquisition-related expenses: Legal, accounting and other expenses associated with acquisitions completed or contemplated. | ||||||||
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(4) Net (gain) loss on investments: Pre-tax impairment loss on an equity investment of |
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(5) Loss on debt extinguishment: For the six months ended |
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(6) Recognition of previously unrecognized tax benefits due to the resolution of certain U.S. federal uncertain tax positions for the six months ended |
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|
||||
| Segment GAAP to Non-GAAP Operating Income and Margin Reconciliation | ||||
|
For the Three Months Ended |
||||
| (UNAUDITED) | ||||
| (in millions) | ||||
|
U.S. Print and Related Services |
International |
Corporate |
Consolidated |
|
|
For the Three Months Ended |
||||
| Net sales | $ 1,846.0 | $ 682.6 | $ -- | $ 2,528.6 |
| Operating expense | 1,680.3 | 640.6 | 43.8 | 2,364.7 |
| Income (loss) from operations | 165.7 | 42.0 | (43.8) | 163.9 |
| Operating margin % | 9.0% | 6.2% | nm | 6.5% |
| Non-GAAP Adjustments | ||||
| Restructuring charges | 19.1 | 3.5 | 3.1 | 25.7 |
| Impairment charges | 7.0 | -- | 1.3 | 8.3 |
| Acquisition-related expenses | -- | -- | 0.5 | 0.5 |
| Total Non-GAAP adjustments | 26.1 | 3.5 | 4.9 | 34.5 |
| Non-GAAP income (loss) from operations | $ 191.8 | $ 45.5 | $ (38.9) | $ 198.4 |
| Non-GAAP operating margin % | 10.4% | 6.7% | nm | 7.8% |
| Depreciation and amortization | 83.3 | 27.1 | 10.5 | 120.9 |
| Capital expenditures | 27.3 | 6.9 | 14.2 | 48.4 |
|
For the Three Months Ended |
||||
| Net sales | $ 1,920.9 | $ 702.5 | $ -- | $ 2,623.4 |
| Operating expense | 1,788.1 | 658.9 | 60.3 | 2,507.3 |
| Income (loss) from operations | 132.8 | 43.6 | (60.3) | 116.1 |
| Operating margin % | 6.9% | 6.2% | nm | 4.4% |
| Non-GAAP Adjustments | ||||
| Restructuring charges | 41.5 | 9.3 | 0.6 | 51.4 |
| Impairment charges | 23.6 | 0.5 | 0.2 | 24.3 |
| Acquisition-related expenses | -- | -- | 0.9 | 0.9 |
| Total Non-GAAP adjustments | 65.1 | 9.8 | 1.7 | 76.6 |
| Non-GAAP income (loss) from operations | $ 197.9 | $ 53.4 | $ (58.6) | $ 192.7 |
| Non-GAAP operating margin % | 10.3% | 7.6% | nm | 7.3% |
| Depreciation and amortization | 98.9 | 31.6 | 10.2 | 140.7 |
| Capital expenditures | 38.1 | 21.1 | 21.9 | 81.1 |
|
|
||||
| Segment GAAP to Non-GAAP Operating Income and Margin Reconciliation | ||||
|
For the Six Months Ended |
||||
| (UNAUDITED) | ||||
| (in millions) | ||||
|
U.S. Print and Related Services |
International |
Corporate |
Consolidated |
|
|
For the Six Months Ended |
||||
| Net sales | $ 3,727.4 | $ 1,326.1 | $ -- | $ 5,053.5 |
| Operating expense | 3,422.5 | 1,253.5 | 92.2 | 4,768.2 |
| Income (loss) from operations | 304.9 | 72.6 | (92.2) | 285.3 |
| Operating margin % | 8.2% | 5.5% | nm | 5.6% |
| Non-GAAP Adjustments | ||||
| Restructuring charges | 50.8 | 7.9 | 7.7 | 66.4 |
| Impairment charges | 15.0 | 1.0 | 1.6 | 17.6 |
| Acquisition-related expenses | -- | -- | 0.8 | 0.8 |
| Total Non-GAAP adjustments | 65.8 | 8.9 | 10.1 | 84.8 |
| Non-GAAP income (loss) from operations | $ 370.7 | $ 81.5 | $ (82.1) | $ 370.1 |
| Non-GAAP operating margin % | 9.9% | 6.1% | nm | 7.3% |
| Depreciation and amortization | 170.9 | 54.6 | 20.4 | 245.9 |
| Capital expenditures | 54.4 | 18.0 | 21.3 | 93.7 |
|
For the Six Months Ended |
||||
| Net sales | $ 3,862.0 | $ 1,344.9 | $ -- | $ 5,206.9 |
| Operating expense | 3,587.3 | 1,257.2 | 136.9 | 4,981.4 |
| Income (loss) from operations | 274.7 | 87.7 | (136.9) | 225.5 |
| Operating margin % | 7.1% | 6.5% | nm | 4.3% |
| Non-GAAP Adjustments | ||||
| Restructuring charges | 72.8 | 18.0 | 3.3 | 94.1 |
| Impairment charges | 30.5 | 1.0 | 0.9 | 32.4 |
| Acquisition-related expenses | -- | -- | 1.3 | 1.3 |
| Total Non-GAAP adjustments | 103.3 | 19.0 | 5.5 | 127.8 |
| Non-GAAP income (loss) from operations | $ 378.0 | $ 106.7 | $ (131.4) | $ 353.3 |
| Non-GAAP operating margin % | 9.8% | 7.9% | nm | 6.8% |
| Depreciation and amortization | 198.8 | 62.0 | 20.1 | 280.9 |
| Capital expenditures | 55.4 | 46.9 | 25.9 | 128.2 |
|
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||
| Condensed Consolidated Statements of Cash Flows | ||
|
For the Six Months Ended |
||
| (UNAUDITED) | ||
| (in millions) | ||
| 2012 | 2011 | |
| Operating Activities | ||
| Net earnings | $ 126.9 | $ 46.8 |
| Adjustment to reconcile net earnings to net cash provided by operating activities | 279.6 | 410.7 |
| Changes in operating assets and liabilities | (340.0) | (254.2) |
| Pension and postretirement benefits contributions | (56.6) | (35.2) |
| Net cash provided by operating activities | $ 9.9 | $ 168.1 |
| Net cash used in investing activities | $ (89.9) | $ (208.4) |
| Net cash provided by (used in) financing activities | $ 1.6 | $ (134.4) |
| Effect of exchange rate on cash and cash equivalents | (2.3) | 18.6 |
| Net decrease in cash and cash equivalents | $ (80.7) | $ (156.1) |
| Cash and cash equivalents at beginning of period | 449.7 | 519.1 |
| Cash and cash equivalents at end of period | $ 369.0 | $ 363.0 |
|
|
|||
| Reconciliation of Reported to Pro Forma Net Sales | |||
|
For the Three Months Ended |
|||
| (UNAUDITED) | |||
| (in millions) | |||
|
Reported net sales |
Adjustment for net sales of acquired businesses |
Pro forma net sales |
|
|
For the Three Months Ended |
|||
| U.S. Print and Related Services | $ 1,846.0 | $ -- | $ 1,846.0 |
| International | 682.6 | -- | 682.6 |
| Consolidated | $ 2,528.6 | $ -- | $ 2,528.6 |
|
For the Three Months Ended |
|||
| U.S. Print and Related Services | $ 1,920.9 | $ 11.8 | $ 1,932.7 |
| International | 702.5 | -- | 702.5 |
| Consolidated | $ 2,623.4 | $ 11.8 | $ 2,635.2 |
| Net sales change | |||
| U.S. Print and Related Services | (3.9%) | (4.5%) | |
| International | (2.8%) | (2.8%) | |
| Consolidated | (3.6%) | (4.0%) | |
| Supplementary non-GAAP information: | |||
| Year-over-year impact of changes in foreign exchange (FX) rates | |||
| U.S. Print and Related Services | --% | --% | |
| International | (6.2%) | (6.2%) | |
| Consolidated | (1.7%) | (1.6%) | |
| Approximate year-over-year impact of changes in pass-through paper sales | |||
| U.S. Print and Related Services | (1.1%) | (1.1%) | |
| International | 1.1% | 1.1% | |
| Consolidated | (0.5%) | (0.5%) | |
| Net sales change, excluding impact of changes in FX rates and pass-through paper sales | |||
| U.S. Print and Related Services | (2.8%) | (3.4%) | |
| International | 2.3% | 2.3% | |
| Consolidated | (1.4%) | (1.9%) | |
|
The reported results of the Company include the results of acquired businesses from the acquisition date forward. The Company has provided this schedule to reconcile reported net sales for the three months ended |
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|
There were no acquisitions during the three months ended |
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|
For the three months ended |
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|
|
|||
| Reconciliation of Reported to Pro Forma Net Sales | |||
|
For the Six Months Ended |
|||
| (UNAUDITED) | |||
| (in millions) | |||
|
Reported net sales |
Adjustment for net sales of acquired businesses |
Pro forma net sales |
|
|
For the Six Months Ended |
|||
| U.S. Print and Related Services | $ 3,727.4 | $ -- | $ 3,727.4 |
| International | 1,326.1 | -- | 1,326.1 |
| Consolidated | $ 5,053.5 | $ -- | $ 5,053.5 |
|
For the Six Months Ended |
|||
| U.S. Print and Related Services | $ 3,862.0 | $ 23.1 | $ 3,885.1 |
| International | 1,344.9 | -- | 1,344.9 |
| Consolidated | $ 5,206.9 | $ 23.1 | $ 5,230.0 |
| Net sales change | |||
| U.S. Print and Related Services | (3.5%) | (4.1%) | |
| International | (1.4%) | (1.4%) | |
| Consolidated | (2.9%) | (3.4%) | |
| Supplementary non-GAAP information: | |||
| Year-over-year impact of changes in foreign exchange (FX) rates | |||
| U.S. Print and Related Services | --% | --% | |
| International | (4.7%) | (4.7%) | |
| Consolidated | (1.2%) | (1.2%) | |
| Approximate year-over-year impact of changes in pass-through paper sales | |||
| U.S. Print and Related Services | (1.0%) | (1.0%) | |
| International | 1.2% | 1.2% | |
| Consolidated | (0.4%) | (0.5%) | |
| Net sales change, excluding impact of changes in FX rates and pass-through paper sales | |||
| U.S. Print and Related Services | (2.5%) | (3.1%) | |
| International | 2.1% | 2.1% | |
| Consolidated | (1.3%) | (1.7%) | |
|
The reported results of the Company include the results of acquired businesses from the acquisition date forward. The Company has provided this schedule to reconcile reported net sales for the six months ended |
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|
There were no acquisitions during the six months ended |
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|
For the six months ended |
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| Liquidity Summary | |||
|
As of |
|||
| (UNAUDITED) | |||
| (in millions) | |||
| Total Liquidity (1) |
|
|
|
| Cash (2) | $ 369.0 | $ 449.7 | |
| Committed Credit Agreement (3) | 1,326.8 | 1,417.7 | |
| 1,695.8 | 1,867.4 | ||
| Usage | |||
| Borrowings under Credit Agreement | 325.0 | 65.0 | |
| Net Available Liquidity | $ 1,370.8 | $ 1,802.4 | |
| (1) Liquidity does not include credit facilities of non-U.S. subsidiaries, which are uncommitted facilities. | |||
|
(2) Approximately 91% of cash as of |
|||
|
(3) |
|||
|
|
|||
| Stated amount of Credit Agreement | $ 1,750.0 | ||
| Less: availability reduction from covenants | 423.2 | ||
| Total amount available | 1,326.8 | ||
| Less: borrowings under Credit Agreement | 325.0 | ||
|
Current availability at |
$ 1,001.8 | ||
CONTACT: Media:
Doug Fitzgerald
EVP, Communications
630.322.6830
doug.fitzgerald@rrd.com
Investors:
Dave Gardella
SVP, Investor Relations
312.326.8155
david.a.gardella@rrd.com
Source: News Provided by Acquire Media