Courier Records Modest Declines in Q4, Net Loss for Fiscal Year

For fiscal 2009 overall, Courier sales were $248.8 million, down from $280.3 million in 2008. Net loss for the year was $3.1 million or $.27 per share, versus a loss of $370,000 or $.03 per share last year. The net loss in fiscal 2009 reflects a non-cash, pre-tax impairment charge of $15.6 million taken earlier in the year, as well as restructuring costs of $4.8 million. Excluding these charges, net income for fiscal 2009 would have been $10.2 million or $.86 per diluted share. The net loss in fiscal 2008 included a pre-tax impairment charge of $23.6 million; excluding this charge, fiscal 2008 net income would have been $15 million or $1.22 per diluted share.