Quad/Graphics,
Inc. today reported results for its second quarter ending June 30, 2013.
The reported results include Vertis from the day of acquisition
on January 16, 2013. Prior year financial results do not include the
acquisition of Vertis. For full financial results, including
reconciliations of non-GAAP financial measures, please see the accompanying
information.
Net
sales for the second quarter 2013 increased to $1.1 billion versus
$934 million for the same period in 2012 due to
the Vertis acquisition. Second quarter 2013 Adjusted EBITDA was
$111 million as compared to $112 million for the same period in 2012.
Recurring Free Cash Flow was $86 million versus $60 million for the
same period in 2012.
For
the first six months of 2013, net sales were $2.2 billion
versus $1.9 billion for the same period in 2012, representing a 16%
increase due to the Vertis acquisition. Year-to-date Adjusted EBITDA
was $225 million versus $238 million in 2012. Recurring Free Cash
Flow was $206 million for the first six months of 2013 compared to
$167 million for the same period in 2012, continuing a track record of
solid cash flow generation.
