Donnelley (R.R.) & Sons Co. (NYSE:RRD.WI)
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RR Donnelley Announces Expected First-Quarter 2005 Non-GAAP
Earnings Per Diluted Share; Increases Full-Year 2005 Guidance
CHICAGO, April 11 /PRNewswire-FirstCall/ -- R.R. Donnelley & Sons Company
(NYSE:RRD) announced today that it expects its first-quarter 2005 non-GAAP
earnings per diluted share from continuing operations to be at least $0.37.
This per share amount is based on approximately 217 million weighted average
fully diluted shares outstanding for the first quarter. In addition, during
the first quarter the Company repurchased a total of 8.2 million shares,
including the approximate 6 million share repurchase contemplated within the
Company's previous annual guidance. The additional 2.2 million shares were
acquired at an average market price of $30.64 per share. Due to the additional
opportunistic share repurchases during the first quarter, the Company increased
its expected full-year 2005 non-GAAP earnings per diluted share from continuing
operations to $1.97, an increase of $0.02 per diluted share from previous
guidance, on a weighted average fully diluted share count of approximately 217
million.
"Our projected first quarter results reflect a continuation of the positive
momentum with which we ended last year and are consistent with our internal
plan," said Mark A. Angelson, RR Donnelley's Chief Executive Officer. "While I
am pleased by our continued strong operating performance, we are still early in
the year. Therefore, we are increasing our annual guidance solely to reflect a
decreased share count. I look forward to speaking with you in early May when
we report our first quarter financial results."
Non-GAAP earnings per diluted share from continuing operations exclude certain
items that management believes are unrelated to the ongoing operations of the
business. In the first quarter of 2005 and the full year of 2005, these items
may include restructuring, impairment and integration charges as well as the
resolution of certain tax items that are not currently determinable, but may be
significant. For that reason, the company is unable to provide GAAP (Generally
Accepted Accounting Principles) earnings estimates at this time.
The company believes that non-GAAP earnings per diluted share is useful because
that information is an appropriate measure for evaluating the company's
operating performance. Internally, the company uses this non-GAAP information
as an indicator of business performance, and evaluates management's
effectiveness with specific reference to this indicator. This measure should be
considered in addition to, not a substitute for, or superior to, measures of
financial performance prepared in accordance with GAAP.
About RR Donnelley
RR Donnelley (NYSE:RRD) is the world's premier full-service global print
provider and the largest printing company in North America, serving customers
in publishing, healthcare, advertising, retail, telecommunications, technology,
financial services and many other industries. Founded more than 140 years ago,
the company provides solutions in commercial printing, forms and labels, direct
mail, financial printing, print fulfillment, business communication
outsourcing, logistics, online services, digital photography, color services,
and content and database management. The largest companies in the world and
others rely on RR Donnelley's scale, scope and insight through a comprehensive
range of online tools, variable printing services and market- specific
solutions. For more information, visit the company's web site at
http://www.rrdonnelley.com/ .
Use of Forward-Looking Statements
This news release contains "forward-looking statements" as defined in the U.S.
Private Securities Litigation Reform Act of 1995. Readers are cautioned not to
place undue reliance on these forward-looking statements and any such
forward-looking statements are qualified in their entirety by reference to the
following cautionary statements. All forward-looking statements speak only as
of the date of this news release and are based on current expectations and
involve a number of assumptions, risks and uncertainties that could cause the
actual results to differ materially from such forward-looking statements.
Many of the factors that could cause material differences in the expected
results of RR Donnelley relate to the integration of Moore Wallace
Incorporated, which was acquired by RR Donnelley on February 27, 2004. These
factors include, without limitation, the following: the development and
execution of comprehensive plans for asset rationalization, the ability to
eliminate duplicative overhead without excessive cost or adversely affecting
the business, the potential loss of customers and employees as a result of the
transaction, the ability to achieve procurement savings by leveraging total
spending across the organization, the success of the organization in leveraging
its comprehensive product offering to the combined customer base as well as the
ability of the organization to complete the integration of the combined
companies without losing focus on the business. In addition, the ability of the
combined company to achieve the expected net sales, accretion and synergy
savings will also be affected by the effects of competition (in particular the
response to the transaction in the marketplace), the effects of pricing of
paper and other raw materials and fuel price fluctuations and shortages of
supply, the rate of migration from paper-based forms to digital formats, the
impact of currency fluctuations in the countries in which RR Donnelley
operates, general economic and other factors beyond the combined company's
control, and other risks and uncertainties described in RR Donnelley's periodic
filings with the Securities and Exchange Commission (SEC). Readers are strongly
encouraged to read the full cautionary statements contained in RR Donnelley's
filings with the SEC. RR Donnelley disclaims any obligation to update or revise
any forward-looking statements.
DATASOURCE: R.R. Donnelley & Sons Company
CONTACT: Media, Doug Fitzgerald, Sr. Vice President, Marketing &
Communications, +1-312-326-7740, , Investors, Dan Leib
Vice President, Investor Relations, +1-312-326-7710, , both
of R.R. Donnelley & Sons Company
Web site: http://www.rrdonnelley.com/