The directory world is going digital forcing the world’s largest directory printer to close plants.
R.R. Donnelley & Sons Company reported a fourth-quarter net loss attributable to common shareholders of $326.7 million. The operating loss of $317.1 million, which was impacted by restructuring and impairment charges, the pension curtailment gain, the contingent compensation and acquisition expenses totaling $483.9 million in the fourth quarter of 2011, compared to operating income of $85.7 million in the fourth quarter of 2010, which included restructuring and impairment charges and acquisition expenses totaling $88.6 million.
Total non-gap revenues grew by 6% to US$ 10,611 million in 2011 versus US$ 10,018.9 million in 2010. Management had indicated in its January guidance that it had seen a slowing of revenue momentum during the closing weeks of last year. It also indicated that it saw some margin compression, which was primarily a result of print volume declines. Operating income was US$ 711.8 million versus US$ 726.9 in 2010. For the full year, operating cash flow was up more than 25% as compared with 2010 delivering free cash flow of $695 million. That was at the high end of the revised guidance that we provided in mid-January.
R.R. Donnelley & Sons has closed a number of directory printing plants during 2011 and it opened a new printing facility in China to service global customers. Source: Marketwatch
