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

For the full year, book manufacturing sales were $212.2 million, down 8% from $229.8 million in fiscal 2008. The segment’s full-year operating income was $14.7 million, including restructuring costs of $4.3 million. In fiscal 2008 the segment’s operating income was $26.2 million.

The segment’s gross profit was $14.0 million or 23.9% of sales in the fourth quarter, versus $16.2 million or 25.5% a year ago. Gross profit in fiscal 2009 was $40.5 million or 19.1% of sales, down from $55.0 million or 24.0% of sales last year, indicating the recession’s continuing impact on sales, pricing pressure and capacity utilization, as well as a decline in revenue from recycled paper. The fourth-quarter improvement reflected the cumulative benefit of the cost-reduction measures described above.