R.R. Donnelley & Sons Co. reported third quarter revenue of $1.2 billion, down 9% from the same period in 2001.
Net income, excluding unusual items such as restructuring charges and impairment charges of $23 million, was $61 million, up 13% from $54 million a year ago.
The Chicago-based company’s results were bolstered by aggressive actions over the past two years to reduce the overall cost structure. The actions, in total, are expected to reduce the company’s cost structure by $175 million on an annualized basis. The benefit from these actions during the third quarter — expected to reduce R.R. Donnelley’s cost structure by $175 million on an annualized basis — helped offset revenue declines across the company, most significantly in financial services and magazines, catalogs and retail.
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