Sussex-based magazine and catalog printer Quad/Graphics Inc. reported fourth quarter net income of $25.8 million, or 53 cents per share, down from $60.7 million, or $1.24 per share, in the fourth quarter of 2013.
Operating income was $76.2 million, down from $103.9 million in the same period a year ago.
Revenue was $1.4 billion, up from $1.3 billion in the fourth quarter of 2013.
Quad/Graphics attributed the revenue increase to the acquisition of Brown Printing in May. Adjusted EBITDA was $183 million, down from $198 million for the fourth quarter of 2013, which the company attributed to ongoing volume and pricing pressures, as well as Brown’s margin dilution impact.
For the full year, Quad reported net income of $18.3 million, or 38 cents per share, down from $30.9 million, or 65 cents per share, in 2013.
Full-year operating income was $141.3 million, down from $142.2 million in 2013.
Revenue was $4.9 billion in 2014, up from $4.8 billion a year ago.
“We are pleased to report that fourth quarter 2014 results were in line with our expectations,” said Joel Quadracci, chairman, president and chief executive officer. “Our ability to generate significant cash flow and maintain a strong balance sheet continues to allow us to deploy capital in ways to generate value for the company and our shareholders despite ongoing industry challenges. We continue to strengthen and grow the business through compelling acquisitions, such as Brown Printing and Marin’s International, and make strategic investments in our platform, including the recently announced three-year plan to transform our book platform through digital press technology. We remain committed to improving our clients’ experience with us while engaging employees to produce the very best results to advance our overall strategic goals.”
