Quad/Graphics to buy back stock shares

Quad/Graphics Inc. announced that its board of directors has authorized the repurchase of up to $100 million of its outstanding Class A common shares.
Share repurchases may be made in the open market or in privately negotiated transactions from time to time as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchase will be determined by the company at its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The program may be suspended or discontinued at any time.
"Our board and senior management team are committed to increasing long-term shareholder value. Given the current stock market environment, along with our confidence in the future outlook on the company, we believe share repurchases at appropriate price levels are a prudent use of cash and represent an attractive opportunity to increase returns to our shareholders over the long term. Based on current market conditions and liquidity in our stock, we anticipate executing this program throughout 2011 and 2012," said Joel Quadracci, chairman, president and chief executive officer of the Sussex-based company. "To drive future value we intend to continue to pursue our broader strategic plan which includes allocating our capital and the free cash flow we generate in a disciplined approach among investing in the business, pursuing strategic acquisitions, paying down debt and pension liabilities and returning capital to shareholders. The priorities of these options may change depending on market conditions and other factors. We continue to remain committed to operating on a normalized basis within a target leverage ratio range of 2.0 to 2.5 times."
Quad/Graphics is a global provider of print and related multichannel solutions for consumer magazines, special interest publications, catalogs, retail inserts/circulars, direct mail, books, directories, and commercial and specialty products, including in-store signage. The company has approximately 24,000 full-time equivalent employees working from more than 60 print-production facilities.

Sign up for BizTimes Daily Alerts

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

No posts to display