Courier Reports Seasonal Pattern for Q2 Results
NORTH CHELMSFORD, MA—May 1, 2013—Courier Corp., one of America’s leading innovators in book manufacturing, publishing and content management, announced results for the quarter ended March 30, 2013, the second quarter of its 2013 fiscal year. Revenues were $61.8 million, slightly below last year’s second-quarter revenues of $62.4 million. Net income for the quarter was $336,000 or $.03 per diluted share, versus $440,000 or $.04 per diluted share in last year’s second quarter.
For the first six months of fiscal 2013, Courier revenues were $126.5 million, up from $125.3 million in fiscal 2012. Net income for the year to date was $2.8 million or $.24 per diluted share, versus $1.9 million or $.16 per diluted share for the first half of last year, which included first-quarter charges related to severance and post-retirement benefits and a gain from asset sales; excluding those items, net income for the first half of fiscal 2012 was $2.5 million or $.21 per diluted share.
The second quarter of Courier’s fiscal year is usually its slowest, coming in between the traditional busy seasons in the education market. In the company’s book manufacturing segment, second-quarter sales were up from a year ago overall, led by increased sales in the specialty trade market. Sales were flat in the religious market and down in the education market, where the number of textbook orders was up, but print quantities were lower. For the year to date, education and religious sales were up, but trade sales marginally lower. In Courier’s publishing segment, sales were down slightly for both the quarter and the year to date.
“In many respects it was a typical second quarter for us,” said Courier Chairman and CEO James F. Conway III. “We had good results with key customers, but revenues hovered at essentially the same level as a year ago. We maintained our pattern of steady growth with our largest religious customer, and we completed the buildout of our new digital printing facility in Kendallville, IN. On the publishing side, we were able to reduce losses substantially, and Creative Homeowner actually turned a small profit.