Courier Corporation (Nasdaq: CRRC), one of America’s leading book manufacturers and specialty publishers, today announced results for the quarter ended March 24, 2012, the second quarter of its 2012 fiscal year. Revenues were $62.4 million, down slightly from last year’s second-quarter revenues of $62.7 million. However, the company’s second-quarter net income of $440,000 or $.04 per diluted share represented an improvement over last year’s second-quarter net loss of $4.8 million or $.40 per diluted share, which included restructuring costs associated with the closing of a plant in Stoughton, Massachusetts, and the write-down of $750,000 in receivables following the bankruptcy of Borders Group Inc. Excluding the restructuring costs and bad-debt provision, last year’s second-quarter net income was $342,000 or $.03 per diluted share.
For the first six months of fiscal 2012, Courier revenues were $125.3 million, up from $123.8 million in fiscal 2011. Net income for the year to date was $1.9 million or $.16 per diluted share, including a first-quarter pretax charge of $1.5 million related to severance and post-retirement benefit costs and a first-quarter pretax gain of $0.6 million from the sale of certain non-operating assets. For the first six months of fiscal 2011, the company’s net loss was $3.2 million or $.26 per diluted share, including the second-quarter restructuring costs and bad-debt provision. Excluding those items for both periods, net income for the first six months of fiscal 2012 was $2.5 million or $.21 per diluted share, compared to $2.0 million or $.17 per diluted share for the corresponding period last year. Details for these items can be found in the tables at the end of this release.
The second quarter of Courier’s fiscal year has traditionally been its slowest, a phenomenon compounded by this year’s unusually early quarterly close on March 24, in advance of traditional spring publishing promotions and normal seasonal increases in activity in the education market. In the company’s book manufacturing segment, second-quarter sales were up in both the specialty trade and education markets, but off in the religious market against an exceptionally strong second quarter last year. For the year to date, book manufacturing sales were up in all three markets, with the largest gains in specialty trade. In Courier’s publishing segment, second-quarter sales were up at Dover Publications but down elsewhere, while six-month sales remained down throughout the segment.