Sussex-based Quad/Graphics Inc. reported a second quarter net loss of $20.8 million, or 44 cents per share, compared with a net loss of $10.2 million, or 31 cents per share, in the same period a year ago.
Net sales for the second quarter were $934 million, compared with $977 million a year earlier.
The company repaid $42 million in debt during the quarter and $132 million in the year-to-date.
“We are pleased with the continued progress we have made to strengthen our balance sheet, maintain strong credit metrics and generate significant cash flow during a quarter traditionally impacted by lower seasonal volumes,” said Joel Quadracci, Quad/Graphics chairman, president and chief executive officer. “This past July marked the two-year anniversary of the Worldcolor acquisition and, with the closing of the second quarter, we also mark the completion of a successful integration process. In the end, we expect to exceed our original synergy guidance by more than 20 percent, achieving over $275 million of annual savings. Our one-time cost to achieve these synergies will be less than $225 million, well within the expected range of $195 million to $240 million, resulting in a ratio of approximately 80 cents of cost for every dollar of synergy. This represents a significant achievement for the company and a proud moment for all employees who worked hard to merge these two leading companies together during a time of significant industry transformation and economic challenge.”