Reversing year-ago losses from good will write-downs for Moore Wallace and Office Tiger, RR Donnelley reported $145.1 million Q2 2008 net earnings from continuing operations vs. a net loss of $69.4 million in the year-ago period. Net sales of $2.9 billion were up 4.6% versus the prior year's quarter. As it pursues a stock buyback, earnings (non-GAAP) per share from continuing operations of $156.4 million were up 9% per diluted share from 2007. The printer repurchased 5 million shares year-to-date and is authorized to buy another 5 million shares

　　Last year Q2 net earnings from continuing operations included pre-tax charges for reorganization of operations and exiting the business outsourcing activities acquired with Office Tiger. Second quarter results included pre-tax charges for impairment ($316.7 million) and restructuring ($13.8 million), totaling $330.5 million, the company says. The quarter's results were also boosted by acquisitions of Von Hoffmann (May 2007), Cardinal Brands (December 2007) and Pro Line Printing (March 2008). 

　　Results track a pre-release announcement made July 16. "We are pleased with our results in the context of challenging global economic conditions," says Thomas Quinlan III, RR Donnelley president and CEO. "The preparation and diligence in continuously managing our cost structure paid off as operating margins expanded, driven by our U.S. Print and Related Services segment."

　　Donnelley says the most recent acquisitions carried a lower operating margin than it historically achieves.  Favorable foreign exchange rates also helped, offset in part by continued price pressure and volume declines.

　　Separately, Donnelley announced last week that it was expanding its financial services with real estate investment analysis. A new 20:20 Performance Risk Certification provides what it calls "the first true loan-level certification based on dependable credit and collateral risk modeling that reflects the behavior and activity of more than 5.4 million loans." It is designed to evaluate residential mortgage-backed securities so investors can avoid losses through pre-purchase evaluation modeling and on-going monitoring of pool activity.

[时间：2008-08-08  作者：admin  来源：互联网|#]