Courier Reports Sales Increase, Return to Profitability

For the full year, book manufacturing sales were $222.8 million, up 5 percent from $212.2 million in fiscal 2009. The segment's full-year operating income was $19.1 million. Last year's operating income was $19.0 million, excluding restructuring costs.

The segment's gross profit was $14.0 million or 22.8 percent of sales in the fourth quarter, versus $15.0 million or 25.5 percent a year ago excluding restructuring costs. Gross profit for fiscal 2010 was $46.8 million or 21.0 percent of sales, up from $44.3 million or 20.9 percent of sales last year excluding restructuring costs. Factors affecting margins included a very competitive pricing environment, improved capacity utilization earlier in the year, increased recycling income, and cost-reduction measures.