Acquisition of Vertis weighs on Quad/Graphics

Quad/Graphics Inc. reported a first quarter net loss of $14.1 million, or 31 cents per share, compared with net earnings of$47.5 million, or $1.01 per share, in the same period a year ago.

 
The Sussex-based printer’s quarterly sales grew to $1.1 billion from $989.6 million a year earlier.

During the quarter, Quad/Graphics completed the acquisition of Vertis Holdings Inc.

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“Our first quarter results were in line with our expectations and we reaffirm our previously released 2013 annual guidance,” said Joel Quadracci, Quad/Graphics chairman, president and chief executive officer. “In addition, we are pleased with our progress to date on the integration of Vertis. Our integration team has been focused on cost-savings initiatives and improving the overall efficiency and productivity of our platform, while also ensuring we continue to serve our clients well. Going forward, we remain focused on improving productivity; maintaining a strong and flexible balance sheet; investing in our existing business as well as pursuing profitable investment opportunities; and creating long-term value for our shareholders.”

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