EFI Announces New VUTEk h+ Series Hybrid Printers with Future-proofing Enhancements for Sign and Display Producers

Because several areas in Michigan failed to achieve compliance with the National Ambient Air Quality Standard for ozone, the Michigan Department of Environment, Great Lakes, and Energy (EGLE) is moving forward with a series of new regulations designed to reduce the precursors of ozone, which are volatile organic compounds (VOC) and nitrogen oxides (NOx). The Michigan counties designated as nonattainment include those in the West and the Detroit area and include Berrien, Livingston, Macomb, Monroe, Oakland, St. Clair, Washtenaw, and Wayne. In addition, portions of Allegan and Muskegon counties are also designated as nonattainment. The inability to demonstrate compliance with the ozone standard has triggered requirements in the Clean Air Act requiring EGLE to develop and implement a new set of air pollution control regulations designed to reduce emissions of VOCs and NOx. EGLE will have to adopt federal Environmental Protection Agency guidelines on a variety of industries including printing since VOCs are emitted.

R.R. Donnelley & Sons Company announced the expiration of the “go-shop” period set forth in the previously announced definitive merger agreement with affiliates of Atlas Holdings LLC, dated as of November 3, 2021, the receipt of an “Alternative Acquisition Proposal” as defined in the Atlas Merger Agreement and further developments with respect to a previously announced proposal from Chatham Asset Management, LLC. Under the terms of the Atlas Merger Agreement, affiliates of Atlas have agreed to acquire the Company for $8.52 per share in cash. As previously announced, RRD received an unsolicited proposal from Chatham on November 16, 2021 to acquire all of the outstanding shares of RRD not already owned by Chatham for $9.10 per share in cash, and thereafter the Company has been engaged in negotiations with Chatham regarding the terms and conditions of the Chatham Proposal. In addition, on November 27, 2021 and as part of its “go-shop” process, RRD received an Alternative Acquisition Proposal from a strategic party for $10.00 per share in cash, subject to other terms and conditions (the “Go-Shop Proposal”). On November 28, 2021, the Board of Directors of the Company determined, in good faith after consultation with its outside financial advisor and legal counsel, that each of the Chatham Proposal and Go-Shop Proposal would reasonably be expected to lead to a “Superior Proposal” (as defined in the Atlas Merger Agreement), thereby making each of Chatham and such strategic party an “Excluded Party” under the terms of the Atlas Merger Agreement. At this time, the Board has not determined that the Chatham Proposal or the Go-Shop Proposal constitutes a Superior Proposal, and there can be no assurances that a transaction will result from either proposal or that any alternative transaction will be entered into or consummated.

Q4 2023 *Revenue of $1.77 billion, down 9.1 percent year-over-year or down 10.6 percent in constant currency. *GAAP net loss of $(58) million, down $179 million, year-over-year, respectively. This quarter includes an after-tax Restructuring and related costs, net charge of $78 million, related to the recently announced workforce reduction. *Operating cash flow of $389 million, up $203 million year-over-year. FY 2023 *Revenue of $6.89 billion, down 3.1 percent year-over-year, or down 3.3 percent in constant currency. *GAAP net income of $1 million, up $323 million, year-over-year, respectively. 2023 includes a Q4 after-tax Restructuring and related costs, net charge of $78 million, related to the recently announced workforce reduction. 2022 includes an after-tax non-cash goodwill impairment charge of $395 million. *Operating cash flow of $686 million, up $527 million year-over-year.