Courier Corporation (Nasdaq: CRRC), one of America’s leading innovators in book manufacturing, publishing and content management, today announced fourth-quarter and full-year results for its fiscal year ended September 29, 2012.
Courier’s 2012 fiscal year had 53 weeks, with the extra week included in the fourth quarter. Fourth-quarter revenues in fiscal 2012 were $77.1 million, up 5% from $73.7 million in last year’s fourth quarter. Net income for the quarter was $5.7 million or $.50 per diluted share, including restructuring costs of $1.5 million or $.08 per diluted share primarily related to the writedown of an unutilized one-color press. Excluding those costs, fourth-quarter net income was $6.6 million or $.58 per diluted share. In fiscal 2011, fourth-quarter net income was $6.4 million or $.53 per diluted share including restructuring costs, and $6.5 million or $.54 per diluted share excluding those costs.
For fiscal 2012, Courier sales were $261.3 million, up slightly from $259.4 million in fiscal 2011. Net income was $9.2 million or $.77 per diluted share, including restructuring costs of $3.3 million or $.17 per diluted share as well as a first-quarter pretax gain of $0.6 million from the sale of certain non-operating assets. Excluding those items, net income for fiscal 2012 would have been $10.9 million or $.91 per diluted share. In fiscal 2011, Courier’s net income was $134,000 or $.01 per diluted share including restructuring costs, a bad-debt provision related to Borders Group Inc. and an impairment charge related to Research & Education Association in the wake of the Borders bankruptcy. Excluding those charges, net income for fiscal 2011 would have been $10.7 million or $.89 per diluted share. Details of the restructuring costs, impairment charges and other items for both years can be found in the tables at the end of this release.
“After another challenging year in a sluggish economy, we were pleased to have a strong finish,” said Courier Chairman and Chief Executive Officer James F. Conway III. “We were especially pleased to reap the growing benefits of our steady investments in four-color digital inkjet technology, innovative content management solutions for the education and trade markets, and global distribution capabilities on behalf of our largest religious customer.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV