|
Article Excerpt
Fourth-Quarter Income In Line with Prior Guidance
NORTH CHELMSFORD, Mass. -- 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 26, 2009.
With the recession affecting sales in both of the company's business segments, Courier's consolidated fourth-quarter revenues were $68.4 million, down 10% from $76.3 million in last year's fourth quarter. Net income for the fourth quarter was $5.7 million or $.48 per diluted share, versus $7.2 million or $.60 per diluted share in the fourth quarter of fiscal 2008. Excluding a fourth-quarter restructuring charge, net income would have been $.54 per diluted share, in line with previous guidance.
For fiscal 2009 overall, Courier sales were $248.8 million, down from $280.3 million in 2008. Net loss for the year was $3.1 million or $.27 per share, versus a loss of $370,000 or $.03 per share last year. The net loss in fiscal 2009 reflects a non-cash, pre-tax impairment charge of $15.6 million taken earlier in the year, as well as restructuring costs of $4.8 million. Excluding these charges, net income for fiscal 2009 would have been $10.2 million or $.86 per diluted share. The net loss in fiscal 2008 included a pre-tax impairment charge of $23.6 million; excluding this charge, fiscal 2008 net income would have been $15 million or $1.22 per diluted share.
In Courier's specialty publishing segment, with consumer spending down and book retailers managing inventories tightly, sales for the year were down 24%. Much of this decline occurred at Creative Homeowner, the business most directly affected by the weak housing market. However, more than 70% of the reduction in Creative Homeowner sales was due to the winding-down of its unprofitable book distribution operation early in 2009, a move which enabled Creative Homeowner to reduce its operating loss substantially from a year ago. The weak economy also affected the publishing segment's other two businesses, Dover Publications and...
|
|
Looking for additional articles?
Search our database of over 3 million articles.
Looking for more in-depth information on this industry?
Search our complete database of Industry & Market reports by text, subject, publication
name or publication date.
About Goliath
Whether you're looking for sales prospects, competitive information, company
analysis or best practices in managing your organization,
Goliath can help you meet your business needs.
Our extensive business information databases empower business
professionals with both the breadth and depth of credible,
authoritative information they need to support their business
goals. Whether it be strategic planning, sales prospecting,
company research or defining management best practices -
Goliath is your leading source for accurate information.
|
|
