Brief: Quad Says Implemented Temporary Salary Reductions For Over 300 Leaders

Quad/Graphics

02/04/2020 23:25

April 2 (Reuters) - Quad/Graphics Inc  QUAD.N :
    * QUAD PROVIDES BUSINESS UPDATE RELATED TO COVID-19
    * QUAD/GRAPHICS INC - IMPLEMENTED TEMPORARY SALARY
REDUCTIONS FOR
OVER 300 LEADERS
    * QUAD/GRAPHICS INC - 50% SALARY REDUCTION FOR CEO
    * QUAD/GRAPHICS - 35% SALARY REDUCTION FOR OTHER NAMED
EXECUTIVE
OFFICERS
    * QUAD/GRAPHICS INC - AT RECOMMENDATION OF BOARD OF
DIRECTORS,
TEMPORARILY REDUCED DIRECTORS' FEES BY 50%
    * QUAD/GRAPHICS INC - IMPLEMENTED A TEMPORARY EMPLOYEE
FURLOUGH
PROGRAM WITH COMPANY-PAID MEDICAL BENEFITS
    * QUAD/GRAPHICS INC - SUSPENDED PRODUCTION AT SEVERAL
MANUFACTURING FACILITIES
    * QUAD/GRAPHICS INC - DELAYED CAPITAL SPENDING PROJECTS
    * QUAD/GRAPHICS INC - INCREASED BORROWINGS BY $100 MILLION
UNDER
CREDIT FACILITY TO INCREASE CASH ON HAND TO APPROXIMATELY $200
MILLION
    * QUAD/GRAPHICS INC - WITHDRAWING ITS FULL-YEAR 2020
FINANCIAL
GUIDANCE ISSUED ON FEBRUARY 18, 2020
    * QUAD/GRAPHICS INC - BOARD OF DIRECTORS MADE PROACTIVE
DECISION
TO TEMPORARILY SUSPEND COMPANY'S QUARTERLY DIVIDEND OF $0.15 PER
SHARE
    * QUAD/GRAPHICS - REMAINS COMMITTED TO PAYING A DIVIDEND
OVER
LONG-TERM AND TO SEEK TO RESUME DIVIDEND FOLLOWING STABILIZATION
OF OPERATING ENVIRONMENT
    * QUAD/GRAPHICS INC - HAVE IMPLEMENTED A TEMPORARY FURLOUGH
PROGRAM THROUGHOUT ALL AREAS OF COMPANY
    * QUAD/GRAPHICS INC - HAVE TEMPORARILY CEASED OPERATIONS AT
A
NUMBER OF OUR MANUFACTURING FACILITIES

Source text for Eikon:  ID:nBw5FVTF3a 
Further company coverage:  QUAD.N 

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