Courier Corp. Reports Higher Sales and Earnings in Q1
NORTH CHELMSFORD, Mass.--(BUSINESS WIRE)--Jan. 20, 2005--Courier Corporation (Nasdaq: CRRC), one of America's leading book manufacturers and specialty publishers, today announced results for the quarter ending December 25, 2004, the first quarter of its 2005 fiscal year. Continuing its pattern of higher sales to the education market, the company reported $51.3 million in revenues for the quarter, up 10% from last year's first-quarter sales of $46.8 million. Net income for the quarter was $4.1 million or $.50 per diluted share, an increase of 6% over prior-year results of $3.9 million or $.48 per diluted share.
Both of the company's operating segments reported increased sales. Book manufacturing sales were up 8%, with strong textbook demand contributing to a 20% increase in four-color printing sales. Sales in Courier's specialty book publishing segment were up 13%, with most of the increase attributable to the inclusion of sales from Research & Education Association (REA), acquired by Courier in January 2004.
"Our new fiscal year is off to a promising start, especially in book manufacturing," said Courier Chairman and Chief Executive Officer James F. Conway III. "We continue to be rewarded for our willingness to invest in additional capacity at a time when others were cutting back. Growing demand for four-color textbooks helped keep our new press fully utilized, and sales trends were also positive in our other markets. In our publishing segment, the addition of REA enabled us to record double-digit sales growth, though Dover sales were up only modestly. At the same time, we are confident that recent investments in marketing and customer service, coupled with several key hires in management during the quarter, will lead to improved growth at Dover as the year progresses."
Book manufacturing sales up in all three markets
Courier's book manufacturing segment had first-quarter sales of $42.9 million, up 8% from last year's first quarter. Pretax income for the segment rose 15% in the quarter to $5.6 million or $.43 per diluted share, versus $4.8 million or $.39 per diluted share in 2004. Gross profit in the segment rose 5% to $11.9 million, but decreased as a percentage of sales to 27.8% from 28.6% in 2004, reflecting the effects of selectively lowered pricing tied to market share increases.
- People:
- Alan Rimm-Kaufman
- Angela Wolfe
- Bill LaPierre
- Carol Worthington-Levy
- Chris Kivlehan
- Conway
- Curt Barry
- Dan Lorenzini
- David A.
- David DeWees
- Debra Wilson Ellis
- Doug Williams
- Eric Kirby
- F. Curtis Barry Co.
- Geoffrey Robinson
- George Hague
- Geralynn Madonna
- Gina Valentino
- Hazel Grove Lane
- Herschell Gordon Lewis
- J. Chris Noell
- J. Schmid
- J.C. Whitney
- James F. Conway III
- Jim Gilbert
- Jones
- Jos Li
- Kevin
- Larry
- Laurie Harquail
- Lisa
- Marc Klein
- Nicholas C. Isasi
- Patricia Hursh
- Paul Miller
- Rick Collins
- Shari Altman
- Stephan Schambach
- Stephan Spencer
- Stephen R. Lett
- Places:
- America
- Mass.
- North Chelmsford