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Courier Corporation (Nasdaq: CRRC), one of America’s leading book manufacturers and specialty publishers, today announced results for the quarter ended June 23, 2012, the third quarter of its 2012 fiscal year. Revenues were $58.9 million, down 5% from last year’s third-quarter revenues of $61.9 million. Net income was $1.6 million or $.13 per diluted share, including severance costs of $235,000 in conjunction with the previously announced consolidation of one-color printing operations, versus a loss of $3.1 million or $.26 per diluted share in the third quarter of fiscal 2011, including a non-cash, pre-tax impairment charge of $8.6 million, or $.43 per diluted share. Excluding the impairment charge related to Research & Education Association (REA) in the wake of the Borders Group bankruptcy, adjusted net income for the third quarter of fiscal 2011 was $2.0 million or $.17 per diluted share.
For the first nine months of fiscal 2012, Courier revenues were $184.2 million, down slightly from $185.7 million in fiscal 2011. Net income for the year to date was $3.5 million or $.29 per diluted share, including pretax charges totaling $1.8 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 nine months of fiscal 2011, the company’s net loss was $6.3 million or $.52 per diluted share, including second-quarter restructuring costs and a bad-debt provision related to Borders as well as the third-quarter impairment charge. Excluding those items for both periods, adjusted net income for the first nine months of fiscal 2012 was $4.2 million or $.35 per diluted share, compared to $4.0 million or $.34 per diluted share for the first nine months of fiscal 2011. Details for these items can be found in the tables at the end of this release.
Third-quarter results in Courier’s book manufacturing segment were affected by a shift in ordering patterns in the education market, with textbook publishers tightening their inventory management in the current economy by reducing print quantities and timing book production to the start of each semester. As a result, while education sales picked up as the quarter progressed, revenues were down from the previous year. In Courier’s specialty book publishing segment, sales were lower at two of its three businesses, but the continued streamlining of publishing operations enabled the segment to narrow its losses from the prior year.