Exhibit 99.1

RR DONNELLEY REPORTS FIRST-QUARTER 2012 RESULTS

Highlights:

CHICAGO, May 2, 2012 – R.R. Donnelley & Sons Company (NASDAQ: RRD) today reported first-quarter net earnings attributable to common shareholders of $37.4 million, or $0.21 per diluted share, on net sales of $2.5 billion compared to net earnings of $33.9 million, or $0.16 per diluted share, on net sales of $2.6 billion in the first quarter of 2011. First-quarter 2012 net earnings attributable to common shareholders included pre-tax charges for restructuring ($40.7 million) and impairment ($9.3 million, non-cash), a loss on debt extinguishment ($12.1 million), acquisition-related expenses ($0.3 million) and a $19.8 million pre-tax favorable adjustment to accounts receivable for prior periods’ over-accruals of rebates owed to certain customers within the office products reporting unit in the U.S. Print and Related Services segment. First-quarter 2011 net earnings attributable to common shareholders included pre-tax charges for restructuring ($42.7 million) and impairment ($8.1 million, non-cash) and acquisition-related expenses ($0.4 million).

The Company believes that certain non-GAAP measures, when presented in conjunction with comparable GAAP (Generally Accepted Accounting Principles) measures, are useful because that information is an appropriate measure for evaluating the Company’s operating performance. Internally, the Company uses this non-GAAP information as an indicator of business performance, and evaluates management’s effectiveness with specific reference to these indicators. These measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

Non-GAAP net earnings attributable to common shareholders totaled $78.8 million, or $0.44 per diluted share, in the first quarter of 2012 compared to $68.6 million, or $0.33 per diluted share, in the first quarter of 2011. First-quarter non-GAAP net earnings attributable to common shareholders exclude restructuring and impairment charges and acquisition-related expenses for both years as well as the loss on debt extinguishment in 2012. For non-GAAP comparison purposes, the effective tax rate decreased to 29.3% in the first quarter of 2012 from 32.7% in the first quarter of 2011, resulting from a release of valuation allowances on deferred tax assets within Europe. A reconciliation of GAAP net earnings attributable to common shareholders to non-GAAP net earnings attributable to common shareholders is presented in the attached schedules.

“We are pleased with our first-quarter results,” said Thomas J. Quinlan III, RR Donnelley's President and Chief Executive Officer. “The revenue trend improved from the fourth quarter of 2011, reflecting a favorable trend in customer demand and new customer wins that we added to the platform during the quarter. We expect this improved trend, in conjunction with our continuing cost management efforts, to have a positive impact going forward.”

RR DONNELLEY REPORTS FIRST-QUARTER 2012 RESULTS

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Business Review

The Company reports its results in two reportable segments: 1) U.S. Print and Related Services and 2) International. The Company reports as Corporate its unallocated expenses associated with general and administrative activities.

Summary

Net sales in the quarter were $2.5 billion, down $58.6 million, or 2.3%, from the first quarter of 2011. Pro forma for acquisitions, net sales decreased 2.7%, due to volume declines in certain product offerings, price erosion and a 76 basis point unfavorable impact of changes in foreign exchange rates, partially offset by an adjustment to accounts receivable for prior periods’ over-accruals of rebates owed to certain customers within the office products reporting unit. Gross margin of 23.0% in the first quarter of 2012 declined from 24.3% in the first quarter of 2011 as an unfavorable product mix, pricing pressure and the reinstatement of the Company’s 401k plan match more than offset lower pension expense and the impact of the rebate adjustment. SG&A expense as a percentage of net sales in the first quarter of 2012 improved to 11.2% from 12.7% in the first quarter of 2011 primarily due to productivity improvements as well as lower pension and variable compensation expenses. Operating earnings of $121.4 million, which were impacted by restructuring and impairment charges and acquisition-related expenses totaling $50.3 million in the first quarter of 2012, compared to operating earnings of $109.4 million in the first quarter of 2011, which included restructuring and impairment charges and acquisition-related expenses totaling $51.2 million.

Excluding restructuring and impairment charges and acquisition-related expenses, non-GAAP operating margin improved to 6.8% in the first quarter of 2012 from 6.2% in the first quarter of 2011. Lower pension expense, the customer rebate adjustment, lower depreciation and amortization, productivity improvements and lower variable compensation expense more than offset an unfavorable product mix and continued pricing pressure.

Segments

Net sales for the U.S. Print and Related Services segment decreased 3.1% from the first quarter of 2011 to $1.9 billion in the first quarter of 2012. Pro forma for acquisitions, net sales in the segment decreased 3.6%, as volume declines in books and directories, variable print and financial print, lower pass-through paper sales and continued pricing pressure across the segment more than offset the customer rebate adjustment and volume increases in logistics. The segment’s operating income of $139.2 million in the first quarter of 2012, which was negatively impacted by charges for restructuring and impairment of $39.7 million, decreased $2.7 million from operating income of $141.9 million in the first quarter of 2011, which included charges for restructuring and impairment of $38.2 million. The segment’s non-GAAP operating margin of 9.5% in the first quarter of 2012 improved 20 basis points from the first quarter of 2011, as productivity improvements, the customer rebate adjustment, lower depreciation and amortization, and lower variable compensation expense more than offset volume declines, an unfavorable product mix, pricing pressure and a lower recovery on by-products.

Net sales for the International segment of $643.5 million increased slightly from the first quarter of 2011. Volume growth in business process outsourcing, Asia and Latin America and higher pass-through paper sales in Europe were mostly offset by a $19.7 million (307 basis points) unfavorable impact of changes in foreign exchange rates, volume declines in Europe and the impact of continued pricing pressure across the segment. The segment’s operating income of

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$30.6 million in the first quarter of 2012, which was negatively impacted by charges for restructuring and impairment of $5.4 million, decreased $13.5 million from operating income of $44.1 million in the first quarter of 2011, which included charges for restructuring and impairment of $9.2 million. The segment’s non-GAAP operating margin declined to 5.6% in the first quarter of 2012 from 8.3% in the first quarter of 2011 as pricing pressure, wage and other inflationary increases in certain countries and an unfavorable product mix were only partially offset by lower depreciation and amortization and lower variable compensation expense.

Unallocated Corporate operating expenses decreased to $48.4 million in the first quarter of 2012 as compared to $76.6 million in the first quarter of 2011. Excluding charges for restructuring and impairment and acquisition-related expenses totaling $5.2 million in the first quarter of 2012 and $3.8 million in the first quarter of 2011, unallocated Corporate operating expenses decreased $29.6 million to $43.2 million in the first quarter of 2012. Lower pension expense, a lower provision for bad debt, productivity improvements and lower variable compensation expense were partially offset by the reinstatement of the 401k match and higher benefits-related expense.

Outlook—2012 Full-Year Guidance

For the full year of 2012, the Company continues to project non-GAAP net earnings per diluted share to be in the range of $1.84 to $1.92. This guidance assumes no additional shares are repurchased pursuant to the current authorization from the Company’s board of directors. The non-GAAP effective tax rate for 2012 is expected to be in the range of 29% to 32%. GAAP net earnings per diluted share in 2012 may include restructuring and impairment charges, acquisition-related expenses, the resolution of certain tax items and other items that are not currently determinable, but may be significant. For that reason, the Company is unable to provide full-year GAAP net earnings estimates at this time. In addition, the Company continues to project 2012 operating cash flow less capital expenditures of at least $500 million.

Conference Call

RR Donnelley will host a conference call and simultaneous webcast to discuss its first-quarter results today, Wednesday, May 2, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). The live webcast will be accessible on RR Donnelley’s web site: www.rrdonnelley.com. Individuals wishing to participate can join the conference call by dialing 847.413.9014, confirmation number 32251771. A webcast replay will be archived on the Company’s web site for 30 days after the call. In addition, a telephonic replay of the call will be available for seven days at 630.652.3042, passcode 9850121#.

About RR Donnelley

RR Donnelley (NASDAQ: RRD) is a global provider of integrated communications. The Company works collaboratively with more than 60,000 customers worldwide to develop custom communications solutions that reduce costs, drive top-line growth, enhance ROI and ensure compliance. Drawing on a range of proprietary and commercially available digital and conventional technologies deployed across four continents, the Company employs a suite of leading Internet-based capabilities and other resources to provide premedia, printing, logistics and business process outsourcing services to clients in virtually every private and public sector.

For more information, and for RR Donnelley's Corporate Social Responsibility Report, visit the company's web site at http://www.rrdonnelley.com.

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Use of Forward-Looking Statements

This news release contains “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. The Company does not undertake to and specifically declines any obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect future events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events. The factors that could cause material differences in the expected results of RR Donnelley include, without limitation, the following: the successful execution and integration of acquisitions and the performance of the company’s businesses following acquisitions; the ability to implement comprehensive plans for the integration of the sales force, cost containment, asset rationalization and other key strategies; competitive pressures in all markets in which the company operates; the volatility and disruption of the capital and credit markets, and adverse changes in the global economy; our ability to access unsecured debt in the capital markets and the reliability of the participants to our contractual lending and insurance agreements; factors that affect customer demand, including changes in postal rates and postal regulations, changes in the capital markets, changes in advertising markets, the rate of migration from paper-based forms to digital format, customers’ budgetary constraints and customers’ changes in short-range and long-range plans; customers’ financial strength; shortages or changes in availability, or increases in costs of, key materials (such as ink, paper and fuel); and other risks and uncertainties described in RR Donnelley’s periodic filings with the Securities and Exchange Commission (SEC). Readers are strongly encouraged to read the full cautionary statements contained in RR Donnelley’s filings with the SEC.

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R. R. Donnelley & Sons Company

Condensed Consolidated Balance Sheets

As of March 31, 2012 and December 31, 2011

(UNAUDITED)

(in millions, except per share data)

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R. R. Donnelley & Sons Company

Condensed Consolidated Statements of Operations

For the Three Months Ended March 31, 2012 and 2011

(UNAUDITED)

(in millions, except per share data)

The Company believes that certain non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful because that information is an appropriate measure for evaluating the Company’s operating performance. Internally, the Company uses this non-GAAP information as an indicator of business performance, and evaluates management’s effectiveness with specific reference to this indicator. These measures should be considered in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

RR DONNELLEY REPORTS FIRST-QUARTER 2012 RESULTS

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R.R. Donnelley & Sons Company

Reconciliation of GAAP to Non-GAAP Measures

For the Three Months Ended March 31, 2012 and 2011

(UNAUDITED)

(in millions, except per share data)

RR DONNELLEY REPORTS FIRST-QUARTER 2012 RESULTS

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R. R. Donnelley & Sons Company

Segment GAAP to Non-GAAP Operating Income and Margin Reconciliation

For the Three Months Ended March 31, 2012 and 2011

(UNAUDITED)

(in millions)

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R. R. Donnelley & Sons Company

Condensed Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2012 and 2011

(UNAUDITED)

(in millions)

RR DONNELLEY REPORTS FIRST-QUARTER 2012 RESULTS

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R.R. Donnelley & Sons Company

Reconciliation of Reported to Pro Forma Net Sales

For the Three Months Ended March 31, 2012 and 2011

(UNAUDITED

(in millions)

The reported results of the Company include the results of acquired businesses from the acquisition date forward. The Company has provided this schedule to reconcile reported net sales for the three months ended March 31, 2012 and 2011 to pro forma net sales as if the acquisitions took place as of January 1, 2011.

There were no acquisitions during the three months ended March 31, 2012.

For the three months ended March 31, 2011, the adjustment for net sales of acquired businesses reflects the net sales of Journalism Online (acquired March 24, 2011), Helium, Inc. (acquired June 21, 2011), Sequence Personal LLC (acquired August 15, 2011), LibreDigital, Inc. (acquired August 16, 2011), Genesis Packaging & Design Inc. (acquired September 6, 2011) and StratusGroup, Inc. (acquired November 21, 2011).

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R.R. Donnelley & Sons Company

Liquidity Summary

As of March 31, 2012 and December 31, 2011

(UNAUDITED)

(in millions)