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Courier Corp. Reports Sales, Income Up for First Quarter

January 21, 2014
NORTH CHELMSFORD, MA—January 21, 2014—Courier Corp., one of America’s leading innovators in book manufacturing, publishing and content management, announced results for the quarter ended December 28, 2013, the first quarter of its 2014 fiscal year. Revenues for the quarter were $72.8 million, up 12 percent from $64.8 million in last year’s first quarter. Net income for the quarter was $2.6 million, up 9 percent over fiscal 2013. Net income per diluted share was $.23, up 10 percent from last year.

Courier reported strong sales growth in all three of its principal book manufacturing markets of education, religious and specialty trade. Revenues were up in both digital and offset production at the company’s Massachusetts and Indiana plants. In Courier’s publishing segment, first-quarter sales were even with last year, and the segment’s operating loss was cut nearly in half.

“Once again we began the year with a solid quarter, helped by strong performance in our major markets and continued sales growth at our digital facilities,” said Courier Chairman and CEO James F. Conway III. “It was also a busy quarter at our Kendallville offset plant, which ran close to capacity to meet rising four-color demand in the education market. For the second quarter in a row, textbook sales rose not only at the college level but also at the elementary and high school level, providing further indication that the elementary and high school market may finally be recovering as the economy improves and schools return to higher funding levels."

He continued: “Customized textbooks continued to be an important component of our education business. Several years of sustained growth have proven not only their value to students, but also the merits of producing them through our combination of proprietary software and HP digital inkjet technology. After successfully replicating our Massachusetts-based manufacturing model in Indiana last spring, we began investigating ways to leverage our technology and expertise in other promising markets. Our October announcement of a three-way partnership with Santillana and Digital Page, leaders in digital textbook publishing and digital print in Brazil, signals our impending entry into the largest education market in Latin America."

Conway also noted: “Meanwhile, our publishing segment continued to turn out appealing new products with a lean organization focused on core strengths and promising opportunities. Several well-received new titles and good growth in online sales helped offset continued attrition in bricks-and-mortar sales channels. With revenues virtually unchanged from last year, the segment still managed to reduce its operating loss by 47 percent. With strong cash flow throughout the quarter, we continued to invest in new markets and technologies, adding another digital press in Kendallville and pursuing opportunities in Brazil. Today I am pleased to report that once again our Board of Directors has declared a dividend of $.21 per share, the same as last quarter.”

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