SUSSEX, WI (WTAQ) - Wisconsin’s largest printing company made $40 million dollars this summer, after losing money during the same quarterly period a year ago.
Quad/Graphics of Sussex recovered from a loss of $22 million from July through September of 2011. Its earnings totaled 84 cents a share, compared to a 48 cent loss the year before.
Quad’s sales dropped over 6 percent due to both a decline in print volumes, and pricing pressures.
Company president Joel Quadracci said the firm’s most recent performance was about what it expected. He said the firm expanded and renewed various printing agreements with customers – while staying diligent with its ongoing efforts to cut costs and improve productivity.
Quad said it generated $53 million in free-cash-flow during the most recent quarter, and it paid down $16 million of debt.
Quadracci said the debt repayments allowed his firm to take advantage of new opportunities, like its recent purchase of the bankrupt printer Vertis of Baltimore. Quad is spending just over a quarter-billion dollars to buy Vertis. The deal is expected to be finalized early next year.