Sussex-based Quad/Graphics, Inc. has reported a first quarter net loss of $9.1 million, or 19 cents per share, up from a loss of $14.1 million, or 31 cents per share, in the first quarter of 2013.
Revenue was $1.1 billion, flat from $1.1 billion a year ago.
Quad attributed the loss to ongoing industry volume and pricing pressures and a $3 million gain from the 2013 sale of its Recife, Brazil business that wasn’t present in the 2014 first quarter results.
The company is in the process of acquiring Waseca, Minn.-based printing, distribution and integrated media solutions company Brown Printing Co. for $100 million.
“Our first quarter results were in line with our expectations,” said Joel Quadracci, Quad/Graphics chairman, president and chief executive officer. “We continue to focus on ways to grow market share and remain disciplined in our approach to improve productivity and create sustainable cost reduction initiatives; maintain a strong and flexible balance sheet; invest in our business; and pursue value-driven consolidation opportunities like Brown Printing. This acquisition is consistent with our ongoing strategy to transform Quad/Graphics and create value for our clients and shareholders. The combination of Quad/Graphics and Brown will enhance the many ways in which we help publishers and marketers drive top-line revenues while better controlling their overall total cost of print production and distribution.”
