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

The book manufacturing segment focuses on three markets: education, religion, and specialty trade. Sales to the education market were $25.9 million in the fourth quarter, down 12% from a year earlier. For the year, education sales were $87.6 million, down 9% from fiscal 2008, with solid growth in sales of college textbooks offset by sharply reduced demand at the elementary and high school levels in conjunction with the nationwide squeeze on local and state spending. Sales to the religious market were down 6% to $15.6 million in the quarter, and down 9% to $59.6 million for the full year, reflecting the difficult fundraising environment faced by religious organizations. Sales to the specialty trade market were up 3% to $15.3 million in the quarter, and up 1% to $56.2 million for the full year, helped by growth in four-color sales and sales to new customers.