Quad/Graphics Reaffirms 2014 Annual Guidance
2014年4月7日 - 8:15PM
ビジネスワイヤ(英語)
Quad/Graphics, Inc. (NYSE: QUAD) (“Quad/Graphics” or the
“Company”), today announced it is reaffirming its 2014 annual
guidance for net sales, Adjusted EBITDA and Free Cash Flow.
For the year ending December 31, 2014, the Company
reaffirms:
- Net sales to be in the range of
$4.6 billion to $4.8 billion;
- Adjusted EBITDA to be in the range of
$520 million to $550 million; and
- Free Cash Flow to be in the range of
$155 million and $165 million.
Earlier today, the Company announced a definitive agreement
whereby Quad/Graphics will acquire Brown Printing Company
(“Brown”). The transaction is subject to customary regulatory
clearances and is expected to close in the second half of
2014. The reaffirmed guidance above does not include any
potential 2014 impact from the Company’s acquisition of Brown.
“We are pleased to reaffirm our full-year 2014 guidance,” said
David Honan, Vice President and Chief Financial Officer. “As
always, we remain focused on maintaining strong Free Cash Flow as
well as a strong and flexible balance sheet, which affords us the
flexibility to pay down debt, continue disciplined investment in
our business, pursue compelling acquisition opportunities like
Brown, and return capital as part of creating long-term value for
our shareholders.”
Forward-Looking Statements
This press release contains certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements include statements regarding,
among other things, our current expectations about the Company’s
future results, financial condition, revenue, earnings, free cash
flow, margins, objectives, goals, strategies, beliefs, intentions,
plans, estimates, prospects, projections and outlook of the Company
and can generally be identified by the use of words or phrases such
as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,”
“plan,” “foresee,” “project,” “believe,” “continue” or the
negatives of these terms, variations on them and other similar
expressions. These forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause
actual results to be materially different from those expressed in
or implied by such forward-looking statements. Forward-looking
statements are based largely on the Company’s expectations and
judgments and are subject to a number of risks and uncertainties,
many of which are unforeseeable and beyond our control.
The factors that could cause actual results to materially differ
include, among others: the impact of significant overcapacity in
the highly competitive commercial printing industry, which creates
downward pricing pressure and fluctuating demand for printing
services; the inability of the Company to reduce costs and improve
operating efficiency rapidly enough to meet market conditions; the
impact of electronic media and similar technological changes,
including digital substitution by consumers; the impact of changes
in postal rates, service levels or regulations; the impact of
changing future economic conditions; the failure to renew long-term
contracts with clients on favorable terms or at all; the failure of
clients to perform under long-term contracts due to financial or
other reasons or due to client consolidation; the failure to
successfully identify, manage, complete and integrate acquisitions
and investments; the impact of increased business complexity as a
result of the Company’s entry into additional markets; the impact
of fluctuations in costs (including labor-related costs, energy
costs, freight rates and raw materials) and the impact of
fluctuations in the availability of raw materials; the impact of
regulatory matters and legislative developments or changes in laws,
including changes in privacy and environmental laws; the impact on
the holders of Quad/Graphics class A common stock of a limited
active market for such shares and the inability to independently
elect directors or control decisions due to the voting power of the
class B common stock; the impact of risks associated with the
operations outside of the United States; significant capital
expenditures may be needed to maintain the Company’s platform and
processes and to remain technologically and economically
competitive; and the other risk factors identified in the Company’s
most recent Annual Report on Form 10-K, as such may be amended or
supplemented by subsequent Quarterly Reports on Form 10-Q or other
reports filed with the Securities and Exchange Commission.
Except as required by the federal securities laws, the Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Non-GAAP Financial Measures
This press release contains financial measures not prepared in
accordance with generally accepted accounting principles (referred
to as Non-GAAP), specifically Adjusted EBITDA and Free Cash
Flow. Adjusted EBITDA is defined as net earnings (loss)
attributable to Quad/Graphics common shareholders plus interest
expense, income tax expense (if applicable), depreciation and
amortization and restructuring, impairment and transaction-related
charges, and less income tax benefit (if applicable). Free Cash
Flow is defined as net cash provided by operating activities less
purchases of property, plant and equipment. These measures are
presented to provide additional information regarding
Quad/Graphics’ performance and because they are important measures
by which Quad/Graphics assesses the profitability and liquidity of
its business. These measures should not be considered alternatives
to net earnings as a measure of operating performance or to cash
flows provided by operating activities as a measure of
liquidity.
About Quad/Graphics
Quad/Graphics (NYSE: QUAD), a leading global printer and media
channel integrator, is redefining print in today’s multichannel
media world by helping marketers and publishers capitalize on
print’s ability to complement and connect with other media
channels. With consultative ideas, worldwide capabilities,
leading-edge technology and single-source simplicity, Quad/Graphics
has the resources and knowledge to help its clients maximize the
revenue they derive from their marketing spend through channel
integration, and minimize their total cost of print production and
distribution through a fully integrated national distribution
network. The Company provides a diverse range of print solutions,
media solutions and logistics services from multiple locations
throughout North America, Latin America and Europe.
Investor Relations Contact:Quad/GraphicsKelly Vanderboom,
414-566-2464Vice President &
TreasurerKelly.Vanderboom@qg.comorMedia
Contact:Quad/GraphicsClaire Ho, 414-566-2955Director of
Corporate CommunicationsClaire.Ho@qg.com
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