Rrd Case

In: Business and Management

Submitted By rahultikekar
Words 2163
Pages 9
Final Case Study
Special Topics in Corporate Finance
RR DONNELLEY AND SONS CO
(Rated BBB- by S&P and Baa3 by Moody’s)

Submitted by: Rahul Tikekar
Semester: Spring 2011

Summary:
RR Donnelley (RRD) founded in 1864 is a global provider of integrated communications. The Company’s headquarter is in Chicago, Illinois and has manufacturing operations in North America, Latin America, Asia and Europe. The company employees approximately 55,000 people worldwide. The corporate credit rating for RRD was downgraded by both Moody’s and S&P to BBB- and Baa3 following the management’s decision of $1.0 billion share buyback, the debt financed acquisition of financial printer Bowne & Co. Inc. which suggests that the company is leveraging above the normal threshold values. The Company is also under severe pressure because commercial printing is in decline as it loses it share to digital communication and the current supply/demand balance is quite poor.

Business:
RRD employs a suite of leading Internet-based capabilities and other resources to provide pre-media, printing, logistics and business process outsourcing products and services to leading clients in private and public sector. The Company has two business segments (see Chart1&2) * US Print and Related Services (for 2010:75% of consolidated net sales, 98% of Income from continuing operations). * International (for 2010:25% of consolidated net sales, 2% of Income from continuing operations).
Net sales for the U.S. Print and Related Services segment for the year ended December 31, 2010 were $7,532.2 million, and an operating margin of 8.5%. Net sales for the International segment for the same period were $2,486.7 million and an operating margin of 6%. The US Print and Related Services contributed to about three quarter of total sales and to about 98% of net income from continuing operations.…...

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