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Thursday, April 02, 2020 6:12:24 PM
Source: Business Wire
Company Takes Actions to Realign Business in Response to Changes in Near Term Customer Demand
Quad/Graphics, Inc. (NYSE: QUAD) (“Quad” or the “Company”) today provided a business update on its actions taken in response to the COVID-19 pandemic.
Quad has been executing business continuity plans focused on protecting the health and well-being of its employees, while also continuing to service customers, and protect the long-term financial health of the Company as the COVID-19 pandemic evolves.
“The health and safety of our employees remains our top priority,” said Joel Quadracci, Quad’s Chairman, President and CEO. “We have directed employees who can work from home to do so, as well as implemented additional social distancing and sanitizing precautions to ensure the safety of our employees working in essential manufacturing facilities. We have implemented a temporary furlough program throughout all areas of the Company and have temporarily ceased operations at a number of our manufacturing facilities. We will continue to prioritize the health and well-being of our employees while making the tough but necessary decisions to protect the financial health of Quad. Through it all, we will continue to provide extraordinary client service and quality to quickly meet our clients changing needs and innovate new ideas to help them maintain business continuity and consumer engagement during this period of uncertainty.”
Recent COVID-19 Actions:
Suspended all domestic and international travel;
Implemented temporary salary reductions for over 300 leaders, including a 50% salary reduction for the CEO and a 35% reduction for the other named executive officers;
At the recommendation of the Board of Directors, temporarily reduced directors’ fees by 50%;
Implemented a temporary employee furlough program with Company-paid medical benefits;
Changed vacation policies;
Suspended production at several manufacturing facilities where declining client volume or other effects of the pandemic have impacted the Company’s ability to operate;
Delayed capital spending projects; and
Increased borrowings by $100 million under the credit facility to increase cash on hand to approximately $200 million to ensure continued financial flexibility.
Given the uncertainty of the duration of the COVID-19 pandemic, Quad is withdrawing its full-year 2020 financial guidance issued on February 18, 2020. Additionally, due to uncertainty in customer demand as a result of COVID-19, the Board of Directors made the proactive decision to temporarily suspend the Company’s quarterly dividend of $0.15 per share. The Company remains committed to paying a dividend over the long-term and will seek to resume the dividend following stabilization of its operating environment.
Added Quadracci: “We have faced tough times before and persevered. While the COVID-19 pandemic is unique and presents uncertainty, I am confident in our ability to find a better way and weather this storm.”
Recent QUAD News
- Quad Announces Collaboration with Google Cloud to Launch Next-Generation, AI-Powered Marketing Solutions • PR Newswire (US) • 09/23/2024 01:00:00 PM
- Quad and the Quadracci family's Windhover Foundation deepen commitment to The BrandLab • PR Newswire (US) • 09/18/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/29/2024 02:07:20 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/21/2024 03:12:05 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/20/2024 04:29:03 PM
- Quad to Participate in Upcoming Investor Conferences and Announces 2024 Investor Day • PR Newswire (US) • 08/19/2024 01:00:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/16/2024 04:24:26 PM
- Quad Welcomes Courtney Ballantini as Head of Client Experience at Rise • PR Newswire (US) • 08/15/2024 01:00:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/31/2024 10:26:59 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/31/2024 07:01:41 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/30/2024 09:03:15 PM
- Quad Reports Second Quarter and Year-to-Date 2024 Results • PR Newswire (US) • 07/30/2024 08:30:00 PM
- Quad Declares Quarterly Dividend of $0.05 Per Share • PR Newswire (US) • 07/23/2024 01:00:00 PM
- Quad to Host Call to Discuss Second Quarter 2024 Results • PR Newswire (US) • 07/17/2024 12:00:00 PM
- Quad expands In-Store Connect retail media network with regional grocer Homeland • PR Newswire (US) • 07/09/2024 01:00:00 PM
- Quad and Swiftly partner to advance digital in-store retail media network • PR Newswire (US) • 06/18/2024 01:00:00 PM
- Quad debuts on MM+M Agency 100 at no. 22 • PR Newswire (US) • 06/12/2024 07:00:00 PM
- Quad to Present at Sidoti Virtual Investor Conference • PR Newswire (US) • 06/06/2024 01:00:00 PM
- Quad elevates 3D scanning for omnichannel applications • PR Newswire (US) • 06/04/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/03/2024 03:52:12 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/29/2024 04:43:59 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/24/2024 08:55:15 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 07:16:35 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 07:12:27 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 07:09:19 PM
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