RR Donnelley Names Thomas J. Quinlan, III Interim Chief Financial Officer; Announces Expected First-Quarter 2006 Earnings and R
April 27 2006 - 6:20AM
PR Newswire (US)
CHICAGO, April 27 /PRNewswire-FirstCall/ -- R.R. Donnelley &
Sons Company (NYSE:RRD) announced today that the company will
appoint Thomas J. Quinlan, III as its interim Chief Financial
Officer, effective May 11, 2006. Mr. Quinlan will replace Glenn R.
Richter, who will become Chief Administrative Officer of Nuveen
Investments. Mr. Richter will remain with RR Donnelley to complete
the first quarter financial reporting requirements and to ensure an
orderly transition. RR Donnelley intends to name a permanent Chief
Financial Officer following an appropriate process. Mr. Quinlan,
who also will continue as Executive Vice President, Operations, has
been with RR Donnelley and its predecessor companies since 2000,
serving in executive management positions in finance and
operations, including EVP, Treasurer from December 2000 until
December 2002. Mr. Quinlan has been primarily responsible for the
integration of RR Donnelley and Moore Wallace and the earlier
integration of Moore Corporation Limited and Wallace Computer
Services. He served previously in senior finance positions at World
Color Press and Walter Industries. He holds an MBA in finance from
St. John's University and a Bachelor of Science in finance from
Pace University. "Tom Quinlan is a seasoned financial executive who
is intimately familiar with our business and who brings fine
leadership skills to this new role," said Mark A. Angelson, RR
Donnelley's Chief Executive Officer. "I wish Glenn Richter well as
he pursues his new opportunity." The company expects its first
quarter 2006 non-GAAP earnings per fully diluted share will be
$0.55 to $0.57 and also reaffirms its previously announced earnings
guidance for the full year of 2006. The company will discuss its
first quarter results on its scheduled earnings conference call on
May 2. The company believes that certain non-GAAP measures, when
presented in conjunction with comparable GAAP (Generally Accepted
Accounting Principles) measures, are 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 these
indicators. These measures should be considered in addition to, not
a substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP. Non-GAAP net earnings exclude
restructuring and impairment charges and the results of
discontinued operations in the first quarter of 2006. A
reconciliation of GAAP net earnings per fully diluted share to
non-GAAP net earnings per fully diluted share for these adjustments
is presented in the attached table. About RR Donnelley RR Donnelley
(NYSE:RRD) is the world's premier full-service provider of print
and related services, including document-based business process
outsourcing. Founded more than 140 years ago, the company provides
solutions in commercial printing, direct mail, financial printing,
print fulfillment, forms and labels, 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. For more information, visit the company's web site at
http://www.rrdonnelley.com/. 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. R.R. Donnelley & Sons Company
Reconciliation of GAAP to Non-GAAP Net Earnings per Fully Diluted
Share (UNAUDITED) Three months ended March 31, 2006 Net earnings
per fully diluted share GAAP $0.49 to 0.51 Non-GAAP adjustments:
Restructuring and impairment charges, net (1) 0.05 Net loss from
discontinued operations (2) 0.01 Total non-GAAP adjustments 0.06
Non-GAAP $0.55 to 0.57 (1) Restructuring and impairment: Operating
results for the three months ended March 31, 2006 were affected by
the following restructuring and impairment charges: $13.6 million
for employee termination costs primarily associated with
restructuring actions; $2.6 million of other restructuring costs,
primarily lease termination costs; and $0.4 million for impairment
of other long-lived assets. (2) Net loss from discontinued
operations: Net loss from discontinued operations in 2006 primarily
reflects costs resulting from a subtenant bankruptcy related to a
facility previously occupied by the company's package logistics
business. DATASOURCE: R.R. Donnelley & Sons Company CONTACT:
Dan Leib, Vice President, Investor Relations, +1-312-326-7710, , or
Doug Fitzgerald, Sr. Vice President, Marketing, +1-630-322-6830, ,
both of RR Donnelley Web site: http://www.rrdonnelley.com/
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