R.R. Donnelley & Sons Company (RRD, Financial) filed Quarterly Report for the period ended 2010-06-30.
R.r. Donnelley & Sons Company has a market cap of $3.53 billion; its shares were traded at around $17.11 with a P/E ratio of 10 and P/S ratio of 0.4. The dividend yield of R.r. Donnelley & Sons Company stocks is 6.1%. R.r. Donnelley & Sons Company had an annual average earning growth of 5.5% over the past 10 years.RRD is in the portfolios of Jim Simons of Renaissance Technologies LLC, Jeremy Grantham of GMO LLC, Richard Aster Jr of Meridian Fund, Pioneer Investments, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC, Manning & Napier Advisors, Inc, James Barrow of Barrow, Hanley, Mewhinney & Strauss.
2010 restructuring and impairment charges: included charges of $15.3 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; $8.4 million of other restructuring costs; and $2.5 million for impairment of long-lived assets.
Acquisition-related expenses: included pre-tax charges of $5.3 million ($4.9 million after-tax) related to legal, accounting and other expenses for the six months ended June 30, 2010 associated with current year acquisitions contemplated. For the six months ended June 30, 2009, these pre-tax charges were $1.4 million ($0.9 million after-tax) for both acquisitions completed or contemplated.
For the three months ended June 30, 2010, the Company recorded a net restructuring and impairment provision of $10.7 million compared to $48.2 million in the same period of 2009. In 2010, these charges included $6.1 million for workforce reductions of 412 employees (of whom 384 were terminated as of June 30, 2010) associated with actions resulting from the reorganization of certain operations. These charges primarily related to the reorganization of certain operations within the business process outsourcing and Latin America reporting units within the International segment and the reorganization of certain operations within the magazine, catalog and retail insert reporting unit within the U.S. Print and Related Services segment. In addition, the Company recorded $1.5 million of impairment charges of other long-lived assets and $3.1 million of other restructuring costs, including lease termination and other facility closure costs. Restructuring charges for the three months ended June 30, 2009 included $24.8 million for workforce reductions of 598 employees (all of whom were terminated as of June 30, 2010) associated with actions resulting from the reorganization of certain operations. These actions included the closing of one catalog, magazine and retail insert manufacturing facility and two book manufacturing facilities within the U.S. Print and Related Services segment and the closing of one business process outsourcing facility and one Global Turnkey Solutions manufacturing facility within the International segment. In addition, the Company recorded $8.1 million of impairment charges of other long-lived assets and $15.3 million of other restructuring costs, including lease termination and other facility closure costs. Management believes that certain restructuring activities will continue throughout the remainder of 2010, as the Company continues to streamline its manufacturing, sales and administrative operations.
Depreciation and amortization decreased $8.9 million to $134.8 million for the three months ended June 30, 2010 compared to the same period in 2009, primarily due to reduced capital expenditures as compared to historical levels. Depreciation and amortization included $24.3 million and $24.4 million of amortization of purchased intangibles related to customer relationships, patents, trade names, licenses and non-compete agreements for the three months ended June 30, 2010 and 2009, respectively.
Net earnings from operations attributable to RR Donnelley common shareholders for the three months ended June 30, 2010 was $88.8 million, or $0.42 per diluted share, compared to $25.2 million, or $0.12 per diluted share, for the three months ended June 30, 2009. In addition to the factors described above, the per share results reflect an increase in weighted-average diluted shares outstanding of 2.2 million due to higher dilution resulting from increases in the stock price and the issuance of shares related to the vesting of restricted stock units and stock options.
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R.r. Donnelley & Sons Company has a market cap of $3.53 billion; its shares were traded at around $17.11 with a P/E ratio of 10 and P/S ratio of 0.4. The dividend yield of R.r. Donnelley & Sons Company stocks is 6.1%. R.r. Donnelley & Sons Company had an annual average earning growth of 5.5% over the past 10 years.RRD is in the portfolios of Jim Simons of Renaissance Technologies LLC, Jeremy Grantham of GMO LLC, Richard Aster Jr of Meridian Fund, Pioneer Investments, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC, Manning & Napier Advisors, Inc, James Barrow of Barrow, Hanley, Mewhinney & Strauss.
Highlight of Business Operations:
Acquisition-related expenses: included pre-tax charges of $3.3 million ($3.1 million after-tax) related to legal, accounting and other expenses for the three months ended June 30, 2010 associated with current year acquisitions contemplated. For the three months ended June 30, 2009, these pre-tax charges were $1.4 million ($0.9 million after-tax) for both acquisitions completed or contemplated.2010 restructuring and impairment charges: included charges of $15.3 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; $8.4 million of other restructuring costs; and $2.5 million for impairment of long-lived assets.
Acquisition-related expenses: included pre-tax charges of $5.3 million ($4.9 million after-tax) related to legal, accounting and other expenses for the six months ended June 30, 2010 associated with current year acquisitions contemplated. For the six months ended June 30, 2009, these pre-tax charges were $1.4 million ($0.9 million after-tax) for both acquisitions completed or contemplated.
For the three months ended June 30, 2010, the Company recorded a net restructuring and impairment provision of $10.7 million compared to $48.2 million in the same period of 2009. In 2010, these charges included $6.1 million for workforce reductions of 412 employees (of whom 384 were terminated as of June 30, 2010) associated with actions resulting from the reorganization of certain operations. These charges primarily related to the reorganization of certain operations within the business process outsourcing and Latin America reporting units within the International segment and the reorganization of certain operations within the magazine, catalog and retail insert reporting unit within the U.S. Print and Related Services segment. In addition, the Company recorded $1.5 million of impairment charges of other long-lived assets and $3.1 million of other restructuring costs, including lease termination and other facility closure costs. Restructuring charges for the three months ended June 30, 2009 included $24.8 million for workforce reductions of 598 employees (all of whom were terminated as of June 30, 2010) associated with actions resulting from the reorganization of certain operations. These actions included the closing of one catalog, magazine and retail insert manufacturing facility and two book manufacturing facilities within the U.S. Print and Related Services segment and the closing of one business process outsourcing facility and one Global Turnkey Solutions manufacturing facility within the International segment. In addition, the Company recorded $8.1 million of impairment charges of other long-lived assets and $15.3 million of other restructuring costs, including lease termination and other facility closure costs. Management believes that certain restructuring activities will continue throughout the remainder of 2010, as the Company continues to streamline its manufacturing, sales and administrative operations.
Depreciation and amortization decreased $8.9 million to $134.8 million for the three months ended June 30, 2010 compared to the same period in 2009, primarily due to reduced capital expenditures as compared to historical levels. Depreciation and amortization included $24.3 million and $24.4 million of amortization of purchased intangibles related to customer relationships, patents, trade names, licenses and non-compete agreements for the three months ended June 30, 2010 and 2009, respectively.
Net earnings from operations attributable to RR Donnelley common shareholders for the three months ended June 30, 2010 was $88.8 million, or $0.42 per diluted share, compared to $25.2 million, or $0.12 per diluted share, for the three months ended June 30, 2009. In addition to the factors described above, the per share results reflect an increase in weighted-average diluted shares outstanding of 2.2 million due to higher dilution resulting from increases in the stock price and the issuance of shares related to the vesting of restricted stock units and stock options.
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