Courier Corporation (Nasdaq: CRRC), one of America’s leading book manufacturers and specialty publishers, today announced fourth-quarter and full-year results for its fiscal year ended September 24, 2011.
Courier’s fourth-quarter 2011 revenues were $73.7 million, up 5% from $70.2 million in last year’s fourth quarter. Net income for the quarter was up sharply to $6.4 million or $.53 per diluted share. In fiscal 2010, fourth-quarter net income was $1.1 million or $.09 per diluted share including a $4.7 million pretax impairment charge, and $4.2 million or $.35 per diluted share excluding that impairment charge.
For fiscal 2011 overall, Courier sales were $259.4 million, up slightly from $257.1 million in fiscal 2010. Net income for the year was $134,000 or $.01 per diluted share including earlier charges for impairment, restructuring and the writedown of receivables from Borders Group Inc. Excluding these charges, net income for fiscal 2011 would have been $10.7 million or $.89 per diluted share. For fiscal 2010, net income was $7.1 million or $.60 per diluted share including the fourth-quarter impairment charge, and $10.2 million or $.85 per diluted share excluding it. Details of the impairment charges and other costs can be found in the tables at the end of this release.
“We finished this challenging year with significant achievements in both of our business segments,” said Courier Chairman and Chief Executive Officer James F. Conway III. “Our book manufacturing segment had one of the best quarters in its history, as we continued to benefit from our leadership in technology and service to the education and religious markets.“Sales to the specialty trade market continued to be down, reflecting the same forces that have constrained our publishing businesses for the last several quarters. As a result, over the course of the year we made painful adjustments in both our manufacturing and publishing segments to streamline operations and reduce costs, including the March closure of our Stoughton plant. Yet both segments also achieved important milestones with continuing promise for the future. Our investment in Courier Digital Solutions more than justified itself with explosive growth in customized textbooks filling all three presses through a busy summer season. At the same time, Courier Publishing ramped up its investment in digital and online offerings across all three of its businesses.