CHICAGO (AP) - Printing services provider R.R. Donnelley & Sons Co. said
Tuesday its first-quarter profit rose 31 percent, helped by a large tax benefit.
Net income rose to $182.5 million, or 85 cents per share, from $138.8
million, or 63 cents per share, in the prior year.
Excluding restructuring and impairment charges, earnings from continuing
operations grew to $148.5 million, or 69 cents per share, from $145.9 million,
or 66 cents per share, to meet the expectations of analysts polled by Thomson
Financial.
The company's tax rate decreased to 16.3 percent from 32.8 percent a year
ago, mainly reflecting a $38 million gain on the settlement of certain federal
income tax audits for the years 2000 through 2002.
Revenue climbed 8 percent to $3 billion from $2.79 billion on contributions
from acquisitions and the favorable impact of the weaker dollar on international
revenue.
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