Digital Sales Growth Drives Courier’s Positive Revenue Results
NORTH CHELMSFORD, MA—Nov. 20, 2012—Courier Corp. announced its fourth-quarter and full-year results for the fiscal year ended Sept. 29, 2012.
Revenues in the fourth quarter of fiscal 2012 were $77.1 million, up 5 percent from $73.7 million in last year’s fourth quarter. Net income for the quarter was $5.7 million, including restructuring costs of $1.5 million primarily related to the writedown of a one-color press. Excluding those costs, fourth-quarter net income was $6.6 million. In fiscal 2011, fourth-quarter net income was $6.4 million, including restructuring costs, and $6.5 million excluding those costs.
For the year, Courier’s sales were $261.3 million, up slightly from $259.4 million in fiscal 2011. Net income was $9.2 million, including restructuring costs of $3.3 million, as well as a first-quarter pretax gain of $0.6 million from the sale of certain non-operating assets. Excluding those items, net income for fiscal 2012 would have been $10.9 million.
The company’s net income was $134,000, including restructuring costs, a bad-debt provision related to Borders Group and an impairment charge related to Research & Education Association in the wake of the Borders’ bankruptcy. Excluding those charges, net income for fiscal 2011 would have been $10.7 million.
“After another challenging year in a sluggish economy, we were pleased to have a strong finish,” said Courier Chairman and CEO James F. Conway III. “We were especially pleased to reap the growing benefits of our steady investments in four-color digital inkjet technology, innovative content management solutions for the education and trade markets, and global distribution capabilities on behalf of our largest religious customer.
“It was a year of strong growth at Courier Digital Solutions, where sales increased 48 percent in response to escalating demand for college textbooks customized to individual course requirements and schedules. But it was also a year of growth in trade book sales as publishers increasingly utilized digital printing in combination with offset to capture the full life-cycle potential of every title. Separate from this trend, we also saw an increase in four-color offset sales from new and existing customers,” Conway continued.