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R.R. Donnelley & Sons Company Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 3, 2011 04:07PM

R.R. Donnelley & Sons Company (RRD) filed Quarterly Report for the period ended 2011-06-30. R.r. Donnelley & Sons Company has a market cap of $3.77 billion; its shares were traded at around $18.15 with a P/E ratio of 10.4 and P/S ratio of 0.4. The dividend yield of R.r. Donnelley & Sons Company stocks is 5.7%. R.r. Donnelley & Sons Company had an annual average earning growth of 6.7% over the past 10 years.



Highlight of Business Operations:

2010 pre-tax restructuring and impairment charges: included charges of $6.1 million for employee termination costs, substantially all of which were associated with restructuring actions resulting from the reorganization of certain operations and the exiting of certain business activities; $3.1 million of other restructuring costs; and $1.5 million for impairment of long-lived assets.

Acquisition-related expenses: included pre-tax charges of $0.9 million ($0.8 million after-tax) related to legal, accounting and other expenses for the three months ended June 30, 2011, primarily associated with acquisitions completed. For the three months ended June 30, 2010, these pre-tax charges were $3.3 million ($3.1 million after-tax).

2011 loss on debt extinguishment: included a pre-tax loss of $68.6 million on the repurchases of $216.2 million of the 11.25% senior notes due February 1, 2019, $100 million of the 6.125% senior notes due January 15, 2017 and $100 million of the 5.50% senior notes due May 15, 2015. The $68.6 million pre-tax loss also includes the reclassification of a $0.5 million pre-tax loss from accumulated other comprehensive loss to loss on debt extinguishment due to the change in the hedged forecasted interest payments resulting from the repurchase of the 5.50% senior notes.

Acquisition-related expenses: included pre-tax charges of $1.3 million ($1.2 million after-tax) related to legal, accounting and other expenses for the six months ended June 30, 2011, primarily associated with acquisitions completed. For the six months ended June 30, 2010, these pre-tax charges were $5.3 million ($4.9 million after-tax).

2011 loss on debt extinguishment: included a pre-tax loss of $68.6 million on the repurchases of $216.2 million of the 11.25% senior notes due February 1, 2019, $100 million of the 6.125% senior notes due January 15, 2017 and $100 million of the 5.50% senior notes due May 15, 2015. The $68.6 million pre-tax loss also includes the reclassification of a $0.5 million pre-tax loss from accumulated other comprehensive loss to loss on debt extinguishment due to the change in the hedged forecasted interest payments resulting from the repurchase of the 5.50% senior notes.

On June 1, 2011, the Company issued $600.0 million of 7.25% senior notes due May 15, 2018. The net proceeds from the offering were used to repurchase $216.2 million of the 11.25% senior notes due February 1, 2019, $100 million of the 6.125% senior notes due January 15, 2017 and $100 million of the 5.50% senior notes due May 15, 2015. The remaining net proceeds were used for general corporate purposes and to repay outstanding borrowings under the unsecured and committed revolving credit agreement (the “Credit Agreement”). The repurchases resulted in a pre-tax loss on debt extinguishment of $68.6 million.

Read the The complete Report



Stocks Discussed: RRD,
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