Courier Reports Q4 Sales and Profit Dip
Book printing firm Courier Corp. says income fell 21% to $5.7 million on sales of $68.4 million, down 10%.
By Lisa Cross, Senior Editor -- Graphic Arts Online, November 9, 2009
Courier Corporation, North Chelmsford, MA, blamed the ecomony for a Q4 profit slide of 21% to $5.7 million and revenue fall of 10% to $68.4 million from the prior year. For the full year, Courier sales were $248.8 million, down from 11.1% from 2008. Impairment and restructuring chages of $20.4 million resulted in a net loss for the year of $3.1 million versus a loss of $370,000 last year.
Book manufacturing sales were down 8% for both the quarter ($58.8 million) and full year ($212.2 million), reflecting declines in educational and religious sales.
Sales to the education market were $25.9 million in Q4, down 12% from a year earlier. For the year, education sales were $87.6 million, down 9% from fiscal 2008, with solid growth in sales of college textbooks offset by reduced demand for elementary and high school textbooks--that result of a nationwide squeeze on local and state spending. Sales to the religious market were down 6% to $15.6 million in the quarter, and down 9% to $59.6 million for the full year, reflecting a difficult fundraising environment for religious organizations. Sales to the specialty trade market were up 3% to $15.3 million in Q4, and up 1% to $56.2 million for the full year, helped by growth in four-color sales and sales to new customers.
Gross profit for Courier's book manufacturing unit was $40.5 million in 2009, down from $55 million in the prior year.
Courier Q3 Sales Down 13.6%
07/19/2009Courier Reports Robust Q2 Sales
04/16/2006Courier Reports 10% Drop in Q4 Results
11/08/2009Courier Reports Q2 Down
04/20/2008
