Donnelley (R.R.) & Sons Co. (NYSE:RRD.WI)
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R.R. Donnelley & Sons Company (NYSE:RRD):
Revises full-year 2008 non-GAAP earnings per diluted share from
continuing operations guidance to be between $2.80 and $2.90
Board of Directors declares a regular quarterly dividend of 26 cents
per common share and currently plans to maintain present quarterly
dividend
Will release final fourth-quarter and full-year 2008 results on
February 25, 2009 before the market opens and host a conference call
at 10:00 am eastern time on the same day
R.R. Donnelley & Sons Company (NYSE:RRD) announced
today revised 2008 non-GAAP earnings per diluted share from continuing
operations guidance of between $2.80 and $2.90, compared to previous
guidance of $3.08 to $3.11. The guidance is based on expected full-year
revenue of approximately $11.5 billion and an average fully diluted
share base of approximately 211 million for the year. Full-year capital
expenditures are expected to be approximately $335 million. At the end
of 2008, cash and equivalents are expected to be approximately $315
million and additional available liquidity under the Company’s $2
billion committed revolving credit facility is expected to be
approximately $1.5 billion. The implied fourth-quarter 2008 expected
results are non-GAAP earnings per diluted share from continuing
operations of between $0.51 and $0.61 on an average fully diluted share
base of approximately 205 million and revenue of approximately $2.7
billion.
“Since we observed credit markets tightening in mid-2007 we have been
taking timely and difficult actions to ensure that we match expenses
with revenues and maintain strong liquidity,” said Thomas J. Quinlan
III, RR Donnelley’s President and Chief Executive Officer. “We will also
continue to invest in support of our customers and to be responsive to
the challenges and opportunities presented by these unprecedented global
economic conditions.”
RR Donnelley’s Board of Directors declared a regular quarterly dividend
of 26 cents per common share. The dividend is payable March 2, 2009, to
stockholders of record as of the close of business on January 23, 2009.
The Board of Directors currently plans to continue to pay the present
quarterly dividend of $0.26 per share.
“We believe that the rate of economic change remains elevated,”
continued Quinlan. “As a consequence of the unpredictable global
environment and its potential impacts on competitors and customers, we
do not expect to provide full-year earnings per share guidance for 2009
on our February 25 conference call. However, we look forward to
providing detail behind our strategic and operational plans at that
time.”
For the fourth quarter and full year of 2008, non-GAAP net earnings per
diluted share from continuing operations exclude restructuring and
impairment charges, certain investment gains or losses and non-recurring
income tax items, the exact amount of which are not currently
determinable, but may be significant. For that reason, the company is
unable to provide fourth quarter and full-year GAAP net earnings
estimates at this time. Furthermore, the expected fourth quarter and
full-year 2008 non-GAAP results are subject to completion of the
Company’s year-end accounting processes, which include the finalization
of several potentially significant items that could affect these
results. These items include, among others, the valuation of accounts
receivable and inventories, estimation of certain contingent
liabilities, and the finalization of the Company’s provision for income
taxes. Final results could also be affected by certain subsequent events
in accordance with GAAP.
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.
Conference Call Details
RR Donnelley will host a conference call and simultaneous webcast to
discuss its fourth -quarter results on Wednesday, February 25, 2009 at
10:00 a.m. Eastern Time (9:00 a.m. Central Time). The live webcast will
be accessible on RR Donnelley's web site: www.rrdonnelley.com
. Individuals wishing to participate can join the conference call by
dialing 706.634.1139. A webcast replay will be archived on the Company's
web site for 30 days after the call. In addition, a telephonic replay of
the call will be available for seven days at 706.645.9291, passcode
79873109.
About RR Donnelley
RR Donnelley (NYSE: RRD) is the world's premier full-service provider of
print and related services, including business process outsourcing.
Founded more than 140 years ago, the company provides products and
solutions in commercial printing, direct mail, financial printing, print
fulfillment, labels, forms, logistics, call centers, transactional
print-and-mail, print management, online services, digital photography,
color services, and content and database management to customers in the
publishing, healthcare, advertising, retail, technology, financial
services and many other industries. 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.
Use of Forward-Looking Statements
This news release may contain "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. 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.