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Courier’s Strong Quarter for Book Manufacturing Boosts Its Results

November 15, 2011
NORTH CHELMSFORD, MA—Nov. 15, 2011—Courier Corp., one of America’s leading book manufacturers and specialty publishers, announced fourth-quarter and full-year results for its fiscal year ended Sept. 24, 2011.

Courier’s fourth-quarter 2011 revenues were $73.7 million, up 5 percent from $70.2 million in last year’s fourth quarter. Net income for the quarter was up sharply to $6.4 million. In fiscal 2010, fourth-quarter net income was $1.1 million, including a $4.7 million pretax impairment charge, or $4.2 million, excluding that impairment charge.

For fiscal 2011 overall, Courier sales were $259.4 million, up slightly from $257.1 million in fiscal 2010. Net income for the year was $134,000, including earlier charges for impairment, restructuring and the writedown of receivables from Borders Group Inc. Excluding these charges, net income for fiscal 2011 would have been $10.7 million or $.89 per diluted share.

For fiscal 2010, its net income was $7.1 million, including the fourth-quarter impairment charge, or $10.2 million, excluding it.

“We finished this challenging year with significant achievements in both of our business segments,” said Courier Chairman and CEO James F. Conway III. “Our book manufacturing segment had one of the best quarters in its history, as we continued to benefit from our leadership in technology and service to the education and religious markets.

“Sales to the specialty trade market continued to be down, reflecting the same forces that have constrained our publishing businesses for the last several quarters. As a result, over the course of the year we made painful adjustments in both our manufacturing and publishing segments to streamline operations and reduce costs, including the March closure of our Stoughton plant. Yet both segments also achieved important milestones with continuing promise for the future.

“Our investment in Courier Digital Solutions more than justified itself with explosive growth in customized textbooks filling all three presses through a busy summer season. At the same time, Courier Publishing ramped up its investment in digital and online offerings across all three of its businesses,” Conway added.

“Throughout the year, we maintained our solid cash flow and strong financial position, reducing our debt by $2 million from a year earlier to $21.5 million. With new presses up and running both at Courier Digital Solutions and at our Kendallville, IN four-color offset plant, the current round of capital expenditures is winding down. In its wake, we are better positioned than ever to deliver excellent service to our customers, many of whom face the same market challenges as we do. Helping them succeed remains the surest path to our own success,” Conway continued.
 

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