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Courier Records Net Income Gain Compared to Net Loss in Q2 2011

April 19, 2012
NORTH CHELMSFORD, MA—Apr 19, 2012—Courier Corp., one of America’s leading book manufacturers and specialty publishers, announced results for the quarter ended March 24, 2012, the second quarter of its 2012 fiscal year. Revenues were $62.4 million, down slightly from last year’s second-quarter revenues of $62.7 million. However, the company’s second-quarter net income of $440,000 represents an improvement over last year’s second-quarter net loss of $4.8 million.

For the first six months of fiscal 2012, Courier revenues were $125.3 million, up from $123.8 million in fiscal 2011. Net income for the year to date was $1.9 million, including a first-quarter pretax charge of $1.5 million related to severance and post-retirement benefit costs and a first-quarter pretax gain of $0.6 million from the sale of certain non-operating assets.

For the first six months of fiscal 2011, the company’s net loss was $3.2 million, including the second-quarter restructuring costs and bad-debt provision. Excluding those items for both periods, net income for the first six months of fiscal 2012 was $2.5 million, compared to $2.0 million for the corresponding period last year. Details for these items can be found in the tables at the end of this release.

The second quarter of Courier’s fiscal year has traditionally been its slowest, a phenomenon compounded by this year’s unusually early quarterly close on March 24, in advance of traditional spring publishing promotions and normal seasonal increases in activity in the education market.

In the company’s book manufacturing segment, second-quarter sales were up in both the specialty trade and education markets, but off in the religious market against an exceptionally strong second quarter last year. For the year to date, book manufacturing sales were up in all three markets, with the largest gains in specialty trade.

In Courier’s publishing segment, second-quarter sales were up at Dover Publications but down elsewhere, while six-month sales remained down throughout the segment.

“Last year both of our business segments were hit hard in the second quarter by the collapse of Borders,” said Courier Chairman and CEO James F. Conway III. “This year we saw some positive signs that consumers are starting to turn to other book retailers, as shown by our solid growth in book manufacturing sales to the specialty trade market through both the quarter and the first half of the year.

“Nonetheless, we continue to manage costs carefully, aligning our resources with changing markets and seasonal demand patterns. To that end we made further consolidations both in book manufacturing and in our publishing businesses. Helped by these prudent measures and by our continuing strong cash flow, our financial condition remains as strong as ever, with our debt down by $5 million since the start of fiscal 2012 and our $100-million credit facility extended through March 2016.
 

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