At the close of the first half this year, Quad/Graphics, the Sussex, Wisconsin-based printer and media services company, marked the official end to the integration of its purchase of Worldcolor two years ago. And while the company was able to pay a $.25 quarterly dividend, revenues were down about $8 million at the end of the half, to $1.92 billion, when compared to the same period last year.

According to the company, the savings produced by the Worldcolor deal will exceed initial guidance by 20 percent, reaching more than $275 million in annual cost reductions. "Our one-time cost to achieve these synergies will be less than $225 million, well within the expected range of $195 million to $240 million, resulting in a ratio of approximately 80 cents of cost for every dollar of synergy," says Quad/Graphics chairman and CEO Joel Quadracci in a release on the year-to-date financials.

The company’s EBITDA shrunk as well, down $20 million to $238 million compared to first-half 2011.

Nevertheless, Quad/Graphics’ free cash-flow was up by $65 million to $167 million at the half, and the company was able to pay back $132 million in debt, bringing the leverage ratio to 2.2x.

At the end of 2011, the company had better-than-expected cash-flow and EBITDA results at $340 million and $638 million respectively.