This was equivalent to US$3.35 per diluted share, compared with US$1.37 in the 2007 quarter.

Revenue for the quarter came in at US$2.79bn (A$4.31bn), nearly 10% down from US$3.09bn (A$4.77bn) in the same three months in 2007. The company generated more than US$1bn in cash for 2008 as a whole.

The financial results were announced as RR Donnelley revealed it had been awarded a multi-year US$500m (A$772m) deal by the Publishing Group of America.

RR Donnelley president and chief executive Thomas J. Quinlan III said: “Volatility in the global economy has resulted in significant declines in demand across nearly all of the diverse industries that we serve.”

He added: “Though our industry has been adversely impacted, we generated over US$1bn in cash from operations in 2008. We will continue to focus on two primary elements of our strategy.

“These are to achieve operational excellence in serving our customers and to maintain a very strong liquidity position by maximising cash flow and deploying it prudently.”

In January, the company announced it was to raise US$400m (A$588m) through a debt offering that will be used to meet its short-term debt requirements.

The company’s share price closed around 3% down to US$8.64.

Read the original article at www.printweek.com.

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