Donnelley Earnings Climb on Moore Wallace Acquisition

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R.R. Donnelley & Sons Co. reported fourth-quarter 2004 net earnings yesterday of $136.8 million, a 40 percent increase over the same period in 2003, thanks largely to its acquisition of Moore Wallace.

Sales rose 77 percent to $2.11 billion from $1.19 billion in Q4 2003. Donnelley attributed the boost in sales to the Moore Wallace deal, which was completed in February 2004, as well as increasing activity in its book and financial print businesses, its international markets and its publishing and retail services segment.

Full-year 2004 net earnings were $264.9 million, up from $191.9 million in 2003. Full-year net sales for 2004 were $7.2 billion versus $4.2 billion in 2003.

The company said it incurred $85 million in restructuring charges in 2004, mostly involving its ongoing integration with Moore Wallace. Donnelley eliminated 3,214 positions last year.

Scott Hovanyetz covers telemarketing, production and printing and direct response TV marketing for DM News and To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting


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