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Courier Sales, Income Up in Third Quarter

Relateret indhold

Courier Corporation (Nasdaq: CRRC), one of America’s leading book

manufacturers and specialty publishers, today announced results for the

quarter ended June 26, 2010, the third quarter of its 2010 fiscal year.

Despite a sluggish economy and a highly competitive sales environment,

Courier posted gains in revenue and net income both for the quarter and

for the year to date. Revenues for the quarter were $64.9 million, up 6%

from last year’s third-quarter sales of $61.4 million. Third-quarter net

income was $1.8 million or $.15 per diluted share, versus $1.6 million

or $.14 per diluted share in fiscal 2009.

For the first nine months of fiscal 2010, Courier sales were $186.9

million, up 4% from $180.4 million in 2009. Net income through nine

months was $6.0 million or $.50 per diluted share, versus $3.6 million

or $.31 per diluted share last year, excluding restructuring and

impairment charges of $19.4 million incurred last year. Including those

charges, Courier reported a net loss for the first nine months of fiscal

2009 of $8.9 million or $.75 per diluted share. Details of last year’s

restructuring and impairment charges can be found in the table at the

end of this release.

Third-quarter sales were up in all three of Courier’s principal book

manufacturing markets of education, religion and specialty trade. In the

company’s publishing segment, sales were up at Research & Education

Association (REA) but down at Dover Publications and Creative Homeowner,

reflecting weak consumer spending and continuing caution among book

retailers.

Demand for four-color textbooks was particularly strong. Courier’s

Kendallville, Indiana four-color plant ran nearly at capacity through

much of the quarter, and the company’s Massachusetts-based digital print

operation began four-color production, ramping up smoothly, ahead of

previous expectations. In anticipation of continued growth in four-color

books, short-run editions and customized content, the company announced

plans to expand capacity at both plants over the coming year.

“With consumers and businesses still skittish about the economy, we

expected a challenging quarter,” said Courier Chairman and Chief

Executive Officer James F. Conway III. “Fortunately, we were able to

play to our strengths as a book manufacturer while modestly improving

financial performance in our publishing segment despite the soft retail

environment.

“At the same time, we kept our eye on the longer-term outlook and

continued to build on what is already an exceptionally efficient array

of manufacturing capabilities. Working closely with HP, we brought our

digital inkjet system up to speed in one-color, then moved on to

four-color production with a minimum of startup pains. In addition,

having committed to a fourth high-speed manroland press in April to

serve our burgeoning business in four-color textbooks, we have now

reached agreement on a second digital system from HP, which will enable

us to deliver offset quality across a growing range of short-run

applications.

“Our publishing businesses still face an uncertain sales environment and

a persistent shortfall in consumer confidence. In response, we continue

to tailor both our titles and our promotions to capture the positives

within that environment. And we continue to find new ways to make our

publishing operations nimbler and more efficient, from innovations in

web marketing to a recent consolidation of distribution facilities. I am

confident that when the environment improves, we will be ready to take

advantage of it.

“In the meantime, our balance sheet remains strong, with debt still at a

modest level despite this new round of technology investment. In keeping

with our performance and prospects, I’m pleased to announce that once

again, Courier’s Board of Directors has voted to declare our regular

quarterly dividend of $.21 per common share.”

Book manufacturing: four-color growth drives expansion plans

Courier’s book manufacturing segment had third-quarter sales of $56.8

million, up 8% from $52.7 million in fiscal 2009’s third quarter. The

segment’s operating income was $3.7 million, virtually flat from last

year’s third quarter. Gross profit in the segment was $10.0 million, or

18% of sales, versus $9.9 million, or 19% of sales, in the third quarter

of fiscal 2009, reflecting the very competitive pricing environment as

well as approximately $500,000 in startup costs related to the company’s

new digital operation, Courier Digital Solutions.

For the first nine months of fiscal 2010, book manufacturing sales were

$161.7 million, up 5% from the first nine months of fiscal 2009.

Nine-month operating income in the segment was $12.2 million, up 22%

from $10.0 million last year excluding restructuring costs, or $6.7

million including those costs. The segment’s gross profit through nine

months was $32.8 million or 20% of sales, up from $29.3 million or 19%

of sales last year excluding restructuring costs.

The book manufacturing segment focuses on three publishing markets:

education, religion, and specialty trade. Sales to the education

market were up 7% in the quarter and up 6% year-to-date, with increases

at both the college and elementary/high school levels. Sales to the specialty

trade market were up 22% from last year’s third quarter and up 9%

for the first nine months of fiscal 2010, helped by growth in new

accounts, computer game books and other four-color work. Sales to the religious

market were up 1% from last year’s third quarter and up 5% through nine

months.

“As indicated last quarter, robust demand for four-color textbooks kept

us busy throughout the spring,” said Mr. Conway. “But we also found time

to complete our integration of HP digital printing technology and

Highcrest Media. The result is an exceptionally powerful combination of

software and production solutions for our customers. Our decision to

order a second HP system reflects both the smooth startup of the first

one and our growing appreciation of its versatility and value based on

the books it’s already producing for Dover.”

Specialty publishing: consumer caution slows sales

Courier’s specialty publishing segment includes three businesses: Dover

Publications, a niche publisher with thousands of titles in dozens of

specialty trade markets; Research & Education Association (REA), a

publisher of test preparation books and study guides; and Creative

Homeowner, which publishes books on home design, decorating, landscaping

and gardening.

Third-quarter revenues for the segment were $10.9 million, down 4% from

$11.3 million in last year’s third quarter. REA continued to perform

well, with sales up 2% in the quarter and up 22% through the first nine

months of fiscal 2010. Sales at Dover were down 6% in the quarter, but

up 3% year-to-date. Creative Homeowner sales were down 4% in the quarter

and down 28% through nine months, reflecting continued weakness in home

center sales as well as the absence of revenues from a book distribution

service Creative Homeowner exited in fiscal 2009. However, Creative

Homeowner’s third-quarter operating loss of $406,000 was 30% less than

its loss in last year’s third quarter. Overall, the segment lost

$424,000 in the quarter, versus an operating loss of $624,000 a year

earlier.

For the first nine months of fiscal 2010, specialty publishing sales

were $34.1 million, down 2% from $34.9 million in fiscal 2009. The

segment’s nine-month operating loss was $925,000, with excellent results

at REA offset by losses at Dover and Creative Homeowner. For the first

nine months of fiscal 2009, the segment’s operating loss was $3.1

million, including $500,000 in restructuring costs.

“Given the uneven state of the recovery, many consumers chose to stay on

the sidelines,” said Mr. Conway. “Only REA, with its very targeted

offering, was able to extend its gains into the third quarter. The

uncertain housing market continued to hamper Creative Homeowner sales.

At Dover, children’s books and math and science titles did well, but

others were off as caution prevailed among readers and retailers. We did

make progress behind the scenes, deploying much-improved Web marketing

technology at Dover and a more economical distribution solution for

Creative Homeowner. We also began taking advantage of the quality and

cost benefits of our new digital inkjet system to inject new life into

Dover’s backlist. We’ll do more of that in coming quarters as we

continue to execute efficiently while positioning ourselves for the fall

season.”

Outlook

“We enter the fourth quarter pleased with our continued growth in

four-color business for the education and trade markets,” said Mr.

Conway. “But the sales environment remains challenging for publishers of

all kinds, including our own brands. As a result, we expect competition

to remain keen everywhere on the manufacturing side. At the same time,

I’m confident that our balanced addition of short- and long-run, one- to

four-color capacity will help us improve our margins, increase our

market share and extend our widely recognized service edge in our chosen

segments of the book industry. Our strategy of focusing on long-term

markets, anticipating customer needs and operating with exceptional

efficiency should continue to deliver the returns our shareholders

expect.

“For fiscal 2010 overall, we expect to achieve total sales of between

$258 million and $263 million. We expect earnings per diluted share of

between $.80 and $.95, after allowing for approximately $.05 to $.07 per

share from startup costs related to our digital print operation. This

compares with fiscal 2009 earnings of $.86 per diluted share, excluding

restructuring and impairment charges.

“Factors not incorporated into our guidance include the potential impact

of continued weakness in the credit markets on customers, competitors

and vendors in both of our business segments, and the possibility of

future impairment or restructuring charges.

“In addition to measuring our performance by generally accepted

accounting principles, we also track several non-GAAP measures including

EBITDA (earnings before interest, taxes, depreciation and amortization)

as an additional indicator of the company's operating cash flow

performance. This measure should be considered in addition to, not a

substitute for or superior to, measures of financial performance

prepared in accordance with GAAP. In fiscal 2010, we expect EBITDA to be

between $38 million and $41 million, compared to $37 million, excluding

impairment and restructuring charges in fiscal 2009.”

About Courier Corporation

Courier Corporation prints, publishes and sells books. Headquartered in

North Chelmsford, Massachusetts, Courier has two business segments,

full-service book manufacturing and specialty book publishing. For more

information, visit www.courier.com.

This news release includes forward-looking statements.

Statements

that describe future expectations, plans or strategies are considered

“forward-looking statements” as that term is defined under the Private

Securities Litigation Reform Act of 1995 and releases issued by the

Securities and Exchange Commission.

The words “believe,”

“expect,” “anticipate,” “intend,” “estimate” and other expressions which

are predictions of or indicate future events and trends and which do not

relate to historical matters identify forward-looking statements.

Such

statements are subject to risks and uncertainties that could cause

actual results to differ materially from those currently anticipated.

Some of the factors that could affect actual results include, among

others, changes in customers’ demand for the Company’s products,

including seasonal changes in customer orders and shifting orders to

lower cost regions, changes in market growth rates, changes in raw

material costs and availability, pricing actions by competitors and

other competitive pressures in the markets in which the Company

competes, consolidation among customers and competitors, success in the

execution of acquisitions and the performance and integration of

acquired businesses including carrying value of intangible assets,

restructuring and impairment charges required under generally accepted

accounting principles, changes in operating expenses including medical

and energy costs, changes in technology including migration from

paper-based books to digital, difficulties in the start up of new

equipment or information technology systems, changes in copyright laws,

changes in consumer product safety regulations, changes in environmental

regulations, changes in tax regulations, changes in the Company’s

effective income tax rate and general changes in economic conditions,

including currency fluctuations, changes in interest rates, changes in

consumer confidence, changes in the housing market, and tightness in the

credit markets.

Although the Company believes that the

assumptions underlying the forward-looking statements are reasonable,

any of the assumptions could be inaccurate, and therefore, there can be

no assurance that the forward-looking statements will prove to be

accurate.

The forward-looking statements included herein are made

as of the date hereof, and the Company undertakes no obligation to

update publicly such statements to reflect subsequent events or

circumstances.

 

 

 

 

 

 

 

 

COURIER CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share amounts)

 

QUARTER ENDED

NINE MONTHS ENDED

June 26,

June 27,

June 26,

June 27,

2010

2009

2010

2009

 

Net sales

$64,919

$61,390

$186,902

$180,397

Cost of sales

51,036

 

47,313

 

141,423

 

141,269

 

 

Gross profit

13,883

14,077

45,479

39,128

 

Selling and administrative expenses

10,877

11,305

35,374

36,462

Impairment charge (1)

-

 

-

 

-

 

15,607

 

 

Operating income (loss)

3,006

2,772

10,105

(12,941

)

 

Interest expense, net

130

 

153

 

367

 

574

 

 

Income (loss) before taxes

2,876

2,619

9,738

(13,515

)

 

Income tax provision (benefit)

1,106

 

1,007

 

3,749

 

(4,657

)

 

Net income (loss)

$1,770

 

$1,612

 

$5,989

 

($8,858

)

 

Net income (loss) per diluted share

$0.15

 

$0.14

 

$0.50

 

($0.75

)

 

Cash dividends declared per share

$0.21

 

$0.21

 

$0.63

 

$0.63

 

 

Wtd. average diluted shares outstanding

11,962

11,871

11,937

11,844

 

SEGMENT INFORMATION:

 

Net sales:

Book Manufacturing

$56,838

$52,691

$161,659

$153,472

Specialty Publishing

10,854

11,327

34,136

34,888

Elimination of intersegment sales

(2,773

)

(2,628

)

(8,893

)

(7,963

)

Total

$64,919

$61,390

$186,902

$180,397

 

Operating income (loss):

Book Manufacturing

$3,727

$3,740

$12,224

$6,676

Specialty Publishing

(424

)

(624

)

(925

)

(3,117

)

Impairment charge (1)

-

-

-

(15,607

)

Stock based compensation

(329

)

(347

)

(1,012

)

(1,072

)

Intersegment profit

32

 

3

 

(182

)

179

 

Total

$3,006

$2,772

$10,105

($12,941

)

 

 

(1) This amount represents a non-cash pre-tax impairment charge

related to Dover Publications, Inc. which, on an after-tax basis,

was $10.1 million, or $0.86 per diluted share.

 

 

 

 

 

 

 

 

COURIER CORPORATION

SEGMENT RESULTS OF OPERATIONS (Unaudited)

(In thousands)

 

 

BOOK MANUFACTURING SEGMENT

QUARTER ENDED

NINE MONTHS ENDED

June 26,

June 27,

June 26,

June 27,

2010

2009

2010

2009

 

Net sales

$56,838

$52,691

$161,659

$153,472

Cost of sales

46,847

 

42,824

 

128,856

 

126,964

 

 

Gross profit

9,991

9,867

32,803

26,508

 

Selling and administrative expenses

6,264

 

6,127

 

20,579

 

19,832

 

 

Operating income

$3,727

 

$3,740

 

$12,224

 

$6,676

 

 

 

 

 

 

 

SPECIALTY PUBLISHING SEGMENT

QUARTER ENDED

NINE MONTHS ENDED

June 26,

June 27,

June 26,

June 27,

2010

2009

2010

2009

 

Net sales

$10,854

$11,327

$34,136

$34,888

Cost of sales

6,992

 

7,120

 

21,276

 

22,447

 

 

Gross profit

3,862

4,207

12,860

12,441

 

Selling and administrative expenses

4,286

 

4,831

 

13,785

 

15,558

 

 

Operating income (loss)

($424

)

($624

)

($925

)

($3,117

)

 

 

 

 

COURIER CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited)

(In thousands)

 

 

June 26,

September 26,

ASSETS

2010

2009

 

Current assets:

Cash and cash equivalents

$113

$492

Investments

1,064

1,017

Accounts receivable

36,340

34,176

Inventories

40,724

38,026

Deferred income taxes

4,675

4,462

Other current assets

1,996

1,404

Total current assets

84,912

79,577

 

Property, plant and equipment, net

91,046

89,754

Goodwill and other intangibles

31,816

28,700

Prepublication costs

8,426

9,194

Other assets

1,263

1,212

 

Total assets

$217,463

$208,437

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

Current liabilities:

Current maturities of long-term debt

$778

$96

Accounts payable

11,270

10,974

Accrued taxes

441

3,032

Other current liabilities

14,588

13,048

Total current liabilities

27,077

27,150

 

Long-term debt

21,651

13,514

Deferred income taxes

1,064

177

Other liabilities

3,515

3,006

 

Total liabilities

53,307

43,847

 

Total stockholders' equity

164,156

164,590

 

Total liabilities and stockholders' equity

$217,463

$208,437

 

COURIER CORPORATION

CONSOLIDATED STATEMENTS OF FREE CASH FLOW (Unaudited)

(In thousands)

 

 

 

 

For the Nine Months Ended

June 26,

June 27,

2010

2009

 

Operating activities:

Net income (loss)

$5,989

($8,858

)

Adjustments to reconcile net income (loss) to

cash provided from operating activities:

Depreciation and amortization

15,527

15,824

Impairment charge

-

15,607

Stock based compensation

1,012

1,073

Deferred income taxes

674

(3,813

)

Changes in working capital

(6,418

)

(4,737

)

Other, net

(432

)

(150

)

 

Cash provided from operating activities

16,352

14,946

 

Investments in organic growth:

Capital expenditures

(12,635

)

(5,601

)

Prepublication costs

(3,151

)

(3,119

)

Proceeds from disposition of assets

590

 

-

 

 

Free cash flow

1,156

 

6,226

 

 

Other investing and financing activities:

Long-term borrowings, net

8,819

878

Cash dividends

(7,548

)

(7,495

)

Proceeds from stock plans

241

412

Business acquisition, net of cash acquired

(3,000

)

-

Other

(47

)

(72

)

 

Cash used for other investing and financing activities

(1,535

)

(6,277

)

 

Decrease in cash and cash equivalents

($379

)

($51

)

 

RECONCILIATION TO GAAP PRESENTATION

 

Investing activities:

Capital expenditures

($12,635

)

($5,601

)

Business acquisition, net of cash acquired

(3,000

)

-

Prepublication costs

(3,151

)

(3,119

)

Proceeds from disposition of assets

590

-

Other

(47

)

(72

)

Cash used for investing activities

($18,243

)

($8,792

)

 

Financing activities:

Long-term borrowings, net

8,819

878

Cash dividends

(7,548

)

(7,495

)

Proceeds from stock plans

241

 

412

 

Cash used for financing activities

$1,512

 

($6,205

)

 

Other non-GAAP measures - EBITDA:

Net income (loss)

$5,989

($8,858

)

Income tax provision (benefit)

3,749

(4,657

)

Interest expense, net

367

574

Depreciation and amortization

15,527

15,824

Impairment charge

-

15,607

Restructuring costs

(200

)

3,794

 

EBITDA

$25,432

 

$22,284

 

 

In addition to measuring our performance by generally accepted

accounting principles, we also track several non-GAAP measures

including Free Cash Flow and EBITDA (earnings before interest,

taxes, depreciation and amortization) as additional indicators of

the company's operating cash flow performance. These measures should

be considered in addition to, not a substitute for or superior to,

measures of financial performance prepared in accordance with GAAP.

 

 

 

 

 

 

 

 

 

 

COURIER CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

(In thousands)

 

Quarter Ended

Nine Months Ended

BOOK MANUFACTURING SEGMENT

June 27, 2009

June 27, 2009

GAAP

Restruc-

Non-

GAAP

Restruc-

Non-

Basis

turing

GAAP

Basis

turing

GAAP

Measures

 

Costs (1)

 

Measures

Measures

 

Costs (1)

 

Measures

 

Net sales

$52,691

$52,691

$153,472

$153,472

Cost of sales

42,824

 

 

(65

)

 

42,759

 

126,964

 

 

(2,819

)

 

124,145

 

 

Gross profit

9,867

65

9,932

26,508

2,819

29,327

 

Selling and administrative expenses

6,127

 

 

-

 

 

6,127

 

19,832

 

 

(491

)

 

19,341

 

 

Operating income (loss)

$3,740

 

 

$65

 

 

$3,805

 

$6,676

 

 

$3,310

 

 

$9,986

 

 

 

 

Quarter Ended

Nine Months Ended

SPECIALTY PUBLISHING SEGMENT

June 27, 2009

June 27, 2009

GAAP

Restruc-

Non-

GAAP

Restruc-

Non-

Basis

turing

GAAP

Basis

turing

GAAP

Measures

 

Costs (1)

 

Measures

Measures

 

Costs (1)

 

Measures

 

Net sales

$11,327

$11,327

$34,888

$34,888

Cost of sales

7,120

 

0

 

7,120

 

22,447

 

(107

)

22,340

 

 

Gross profit

4,207

-

4,207

12,441

107

12,548

 

Selling and administrative expenses

4,831

 

 

-

 

 

4,831

 

15,558

 

 

(377

)

 

15,181

 

 

Operating income (loss)

($624

)

 

$0

 

 

($624

)

($3,117

)

 

$484

 

 

($2,633

)

 

 

(1)

In fiscal 2009, restructuring costs included employee severance

expenses related to cost savings initiatives in both of the

Company's segments as well as ceasing Creative Homeowner's

distribution service within the Specialty Publishing segment.

Restructuring costs also included expenses related to closing the

Book-mart Press manufacturing facility within the Book Manufacturing

segment.

Courier Corporation

James F. Conway III, 978-251-6000

Chairman,

President and Chief Executive Officer

or

Peter M. Folger,

978-251-6000

Senior Vice President and Chief Financial Officer

www.courier.com

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