Courier Reports Sales Increase, Return to Profitability
“The road back from recession is rarely a straight line. But we're on it, and gaining speed from day to day,” said Conway. “The competitive environment remains intense, but we have more to offer to help publishers succeed through the full life cycle of every title. Our combination of technologies is unsurpassed, and our expertise and attitude add value for customers every day. Between those valued relationships and our investments in new capacity, we expect to achieve further sales gains in fiscal 2011.
“Having seen capital expenditures rise from $10 million in fiscal 2009 to $28 million in fiscal 2010, we expect them to drop by about $10 million in fiscal 2011, as most of the spending on Courier Digital Solutions and our new Kendallville press has already been accounted for. Yet for the first time, we will have nearly a full year to benefit from those investments--and not only as a book manufacturer, but also as a publisher. By doing more for less with our combination of digital and offset platforms, our publishing businesses will be able to reach out more effectively to retailers and consumers with new niche products and an expanded backlist, generating further gains as the economy improves.
“For fiscal 2011 overall, we expect to achieve total sales of between $269 million and $288 million, an increase of between 5 percent and 12 percent over fiscal 2010. We expect earnings per diluted share of between $.85 and $1.15, versus our fiscal 2010 earnings of $.85 per diluted share, excluding the impairment charge.
“In addition to measuring our performance by generally accepted accounting principles, we also track several non-GAAP measures including EBITDA (earnings before interest, taxes, depreciation and amortization) as an additional indicator of the company's operating cash flow performance. This measure should be considered in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. In fiscal 2011, we expect EBITDA to be between $41 million and $47 million, compared to $38 million in fiscal 2010, excluding impairment and restructuring charges.