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Courier Reports Solid First Quarter

Stocks in this article: CRRC

Courier Corporation (Nasdaq: CRRC), one of America’s leading book manufacturers and specialty publishers, today announced results for the quarter ended December 24, 2011, the first quarter of its 2012 fiscal year. Revenues for the quarter were $62.9 million, up 3% from last year’s first-quarter sales of $61.2 million. Net income for the quarter was $1.5 million or $.12 per diluted share, compared to $1.7 million or $.14 per diluted share in the first quarter of fiscal 2011. Results in this year’s first quarter included a pretax charge of $1.5 million related to severance and post-retirement benefit costs, as well as a pretax gain of $0.6 million from the sale of certain non-operating assets. Excluding these transactions, income for the quarter was $.17 per diluted share. Details of these transactions can be found in the tables at the end of this release.

Sales gains were concentrated in Courier’s book manufacturing segment, reflecting the effects of multi-year agreements with key customers in the education and religious markets, with particularly strong growth in Courier Digital Solutions’ customized college textbook business. Sales in the company’s publishing segment were down from last year’s first quarter, which included nearly $500,000 in sales to Borders Group. Borders filed for bankruptcy in February 2011 and completed the liquidation of its store inventories in September, eliminating a major outlet for books and undercutting sales at other booksellers during this period.

“Our book manufacturing segment got the new fiscal year off to a solid start,” said Courier Chairman and Chief Executive Officer James F. Conway III. “It was particularly gratifying to see positive sales trends in all three of our major markets of education, religion and specialty trade. Our publishing segment had a challenging quarter as the industry continued to work through the effects of the Borders liquidation and Creative Homeowner continued to suffer from the troubles in America’s housing sector. However, the segment achieved several important milestones, including the release of over 1,000 titles in e-book format and the launch of REA’s new All Access™ program, which combines printed study guides, online diagnostics and a mobile flashcard app into a powerful new resource for AP test preparation.

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