Net
sales in the quarter were $2.6 billion, up $43.0 million, or 1.7%, from the
second quarter of 2012 due to the impact of 2012 acquisitions and volume growth
in the U.S. Print and Related Services segment. After adjusting for the impact
of acquisitions, changes in foreign exchange rates and pass-through paper
sales, organic sales declined 0.8% from the second quarter of 2012 due to price
erosion in both segments and volume declines in the International segment,
partially offset by volume growth in the U.S. Print and Related Services
segment. Operating income in the second quarter of 2013 was $173.2 million,
which was impacted by restructuring and impairment charges and
acquisition-related expenses totaling $19.9 million, compared to operating
income in the second quarter of 2012 of $163.9 million, which included
restructuring and impairment charges and acquisition-related expenses totaling
$34.5 million.
Second-quarter
2013 net earnings attributable to common shareholders was $65.4 million, or
$0.36 per diluted share, compared to net earnings of $88.8 million, or $0.49
per diluted share, in the second quarter of 2012. Second-quarter 2013 net
earnings attributable to common shareholders included $25.4 million in pre-tax
charges for restructuring, impairment (non-cash) and acquisition-related
expenses and losses on investments, while in the second quarter of 2012, net
earnings attributable to common shareholders included $38.6 million in pre-tax
charges for restructuring, impairment (non-cash), acquisition-related expenses
and a loss on an investment, which were offset by the recognition of previously
unrecognized tax benefits ($26.1 million, non-cash). Additional details
regarding the nature of these and other items are included in the attached
schedules.
