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 LOWELL, Mass., Nov. 4 /PRNewswire/ -- Courier Corporation (NASDAQ: CRRC) continued its strong turnaround from 1992 losses by posting its fourth consecutive quarter of profitability to close out its fiscal year, which ended Sept. 25, 1993.
 For its fourth quarter ended Sept. 25, 1993, Courier reported net income of $784,000 or 42 cents per share on sales of $29.6 million compared to a loss of $3.7 million or $2.10 per share on sales of $29.8 million in the fourth quarter of 1992. Prior year results included operating losses and a related charge to shut down the company's Scottish manufacturing plant in September 1992. Excluding international operations from last year's fourth quarter results, Courier showed a loss of $525,000 or 30 cents per share on sales of $28.5 million.
 For the full year, Courier reported net income of $2.2 million or $1.20 per share on sales of $115.2 million compared to a loss of $6.0 million or $3.44 per share in 1992 on sales of $121.9 million. Excluding international operations from the prior year results, the company earned $365,000 or 21 cents per share on sales of $117.0 million.
 Company President James F. Conway III said that Courier accomplished the four key objectives it had set at the beginning of 1993. "The first was an immediate and sustained return to profitability, which we achieved through aggressive cost-cutting. In the fourth quarter alone, we further reduced spending at an annualized rate in excess of $2 million," he said.
 "We met our second goal -- to strengthen our selling efforts -- by fostering partnerships through focused customer programs. These efforts produced positive results. Courier started Fiscal 1993 slowly and gathered momentum as the year progressed; our sales for the second half increased by 5 percent and our business has continued to improve as we enter Fiscal 1994," he said.
 The emergence of Courier EPIC (short for, Electronic Publishing Innovations Center) met the company's third objective, according to Conway. "We set out to develop an electronic publishing operation capable of providing fully integrated production and distribution capabilities using advanced technologies in a variety of innovative techniques. We have been very gratified by customer enthusiasm for Courier EPIC, which has attracted new users throughout its first year of operation. The early returns on our R&D investment in EPIC have been encouraging, and we are very excited about the prospects for 1994 and beyond," he said.
 Conway explained that Courier's fourth objective was to rethink and recalibrate the company's strategic plans. "We have worked closely with our customers to understand their challenges and the changing needs of their customers. We are expanding our capabilities in ways which offer innovative solutions designed to provide competitive advantages and lower overall costs in markets where we choose to compete. This process led us to re-engineer our organization into six Strategic Business units (SBUs), each dedicated to a major market segment that is staffed by experts in that business. These SBUs will strengthen relationships with customers and make us even more accessible and responsive to their needs," he said.
 Courier enhanced its strategic marketing expertise with the addition last month of Thomas G. Osenton as senior vice president, chief marketing officer. Osenton joins Courier from the Times Mirror Company where he served as president/CEO and publisher of The Sporting News Publishing Company since 1989. "Tom Osenton is a respected publishing veteran who brings a strong new marketing dimension to our management team. We will continue to recruit new people with new ideas and new perspectives who can help Courier achieve its vision," said Conway.
 "As we leave 1993, we are pleased with the progress made. Our financial condition is greatly strengthened, we have a new customer-focused organization and forward-looking management team to lead it. We look forward to continuing growth in sales and earnings in the year ahead. In light of our strengthened financial condition and our confidence in the future prospects for the company, I am pleased to report that the Board of Directors of Courier today voted to declare a quarterly dividend of 5 cents per common share payable on Dec. 3, 1993," he concluded.
 Courier Corporation, headquartered in Lowell, Mass., is a pioneer in innovative electronic publishing technology involving the preparation, production, storage and distribution of information in a variety of media and formats, including compact disks, computer diskettes, and traditional books. Their products include Bibles and reference texts, books, software manuals and technical documentation. Courier EPIC, an electronic publishing innovations center that combines electronic prepress, on-demand reproduction, kitting and fulfillment, consulting and electronic library services, is located in North Chelmsford, Mass. Courier Corporation operates additional facilities in Westford and Stoughton, Mass.; Philadelphia, Pa.; Kendallville, Ind.; and San Mateo, Calif.
 Consolidated Statements of Income
 (Dollars in Thousands, except per share amounts)
 Quarter Ended Year Ended
 Sept. 25, Sept. 26, Sept. 25, Sept. 26,
 1993 1992 1993 1992
 Net sales $29,608 $29,786 $115,238 $121,878
 Cost of sales 24,092 26,435 95,450 106,586
 Gross profit 5,516 3,351 19,788 15,292
 Selling & administrative
 expenses 4,006 5,011 15,698 17,162
 Interest expense, net 442 522 1,815 2,384
 Other income (expense) net 177 (5,434) 1,080 (5,195)
 Inc.(loss) bef. taxes 1,245 (7,616) 3,355 (9,449)
 Provision (benefit) for
 income taxes 461 (3,893) 1,166 (3,409)
 Net income (loss) $784 ($3,723) $2,189 ($6,040)
 Net inc. (loss)
 per share 42 cents ($2.10) $1.20 ($3.44)
 Weighted avg.
 shares outstng. 1,885,000 1,771,000 1,823,000 1,754,000
 -0- 11/4/93
 /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/

co: Courier Corporation ST: Massachusetts IN: PUB CPR SU: ERN

DJ-JL -- NE017 -- 0841 11/04/93 15:02 EST
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Date:Nov 4, 1993

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