RR Donnelley Revises Full-Year 2008 Non-GAAP Guidance; Board of Directors Declares Quarterly Dividend & Currently Plans to Ma...
09 January 2009 - 10:30PM
Business Wire
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.
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