Printer Friendly

COURIER REGAINS PROFITABILITY IN FIRST QUARTER

 LOWELL, Mass., Jan. 21 /PRNewswire/ -- Courier Corporation (NASDAQ: CRRC) (OTC) today reported a return to profitability in the first quarter of fiscal 1993, after closing 1992 with a loss. For the quarter, Courier reported net income of $526,000 or 30 cents per share, on sales of $26.3 million. For the comparable period last year, Courier reported net income of $88,000 or 5 cents per share on sales of $30.9 million.
 "We are encouraged by these results," stated Courier President James F. Conway III. "We have undertaken major strategic initiatives in such key areas as customer satisfaction, technological innovation, product quality and cost containment, and our first quarter results affirm that these initiatives are succeeding."
 Conway attributed the earnings improvement primarily to the closing of the company's international operation in Scotland and the elimination of the succession of quarterly losses sustained there prior to the plant being shut down in September 1992. "Our international operation lost $500,000 or 30 cents per share on sales of $1 million in last year's first quarter. However, Scotland is behind us, and there will be no charges related to this operation in fiscal 1993," he said.
 For the first quarter of fiscal 1993, Courier's U.S. operations produced earnings of $526,000 or 30 per share, on revenues of $26.3 million. In the comparable period last year, the company reported U.S. earnings of approximately $600,000 or 35 cents per share on revenues of $29.9 million.
 The impact on earnings of lower first quarter sales was offset partially by cost savings from an 8 percent work force reduction in the previous quarter and by $150,000 in income from a life insurance policy.
 Conway cited lower purchases of software documentation and technical manuals by high technology customers in the first quarter of 1993 as the reason for the year-to-year decline of 12 percent in first quarter revenues. "Our sales to high technology customers are tied directly to their new product cycles, so in any given quarter, our sales can be impacted by product introductions. Nonetheless, high technology has been our fastest growing segment for the past few years, and we expect this segment to rebound over the remainder of 1993," he said.
 Conway reported that Courier's sales to educational publishers "showed strong growth in the first quarter, and we expect that the adoption of new textbooks in a number of states will sustain the strength in this market for the remainder of the year."
 "Our continuing ability to generate cash from operations in the first quarter is particularly gratifying. It is allowed us to pay down our outstanding debt by almost $3 million in the quarter, significantly strengthening our overall financial condition," Conway concluded.
 Courier Corporation, headquartered in Lowell, Mass., is a leading producer of books and Bibles, reference texts, directories, technical manuals and software documentation. The company is also a leader in electronic prepress, consulting, training and fulfillment services to the publishing industry. Courier operates subsidiaries in Westford, Stoughton and North Chelmsford, Mass.; Philadelphia, Kendallville, Ind., as well as electronic prepress services centers in Westford, Mass., and San Mateo, Calif. The NASDAQ symbol for Courier is CRRC.
 Courier Corporation
 Consolidated Statements Of Income (Unaudited)
 (Dollars in thousands, except per share amounts)
 First Quarter Ended
 Dec. 26, 1992 Dec. 28, 1991
 Net sales $26,270 $30,888
 Cost of sales 21,612 25,916
 Gross profit 4,658 4,972
 Selling and administrative
 expenses 3,776 3,938
 Interest expense, net 486 687
 Other income, net 334 97
 Income before taxes 730 444
 Provision for income taxes 204 356
 Net income $526 $88
 Net income per share 30 cents 5 cents
 Weighted average shares
 outstanding 1,769,501 1,736,279
 -0- 1/21/93
 /CONTACT: James F. Conway, III, president and chief executive officer or Robert P. Story, Jr., senior vice president and chief financial officer, both of Courier Corp., 508-458-6351/
 (CRRC)


CO: Courier Corporation ST: Massachusetts IN: CPR SU: ERN

DD -- NE005 -- 7286 01/21/93 10:00 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 21, 1993
Words:674
Previous Article:HOUGHTON MIFFLIN COMPANY REPORTS 1992 RESULTS
Next Article:ANDOVER TOGS, INC. NAMES BRUCE KATZ AS PRESIDENT OF ITS SASSON GIRL'S DIVISION
Topics:


Related Articles
COURIER CORPORATION REPORTS FOURTH QUARTER AND FISCAL YEAR LOSS; COURIER INTERNATIONAL CLOSED
COURIER REPORTS THIRD QUARTER RESULTS
COURIER REPORTS STRONG FIRST QUARTER EARNINGS GROWTH
COURIER CORPORATION REPORTS THIRD QUARTER EARNINGS
Courier Corporation Reports Strong First Quarter Earnings Growth
Courier Corporation Continues Double-Digit Growth in First Quarter.
Courier Corporation Reports Strong Earnings Growth in Second Quarter.
Courier Posts Third Consecutive Year of Record Growth.
Courier Corporation Announces First Quarter 2001 Financial Results Conference Call and Results Release.
Courier Reports Revenue and Earnings Gains for First Quarter 2001.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters