Courier Reports Year-End Financial Results: Revenue Up 5 Percent; EBITDA Comparable to Previous Year

For the full year of fiscal 2014, sales were $283 million, up 5 percent from $271 million for fiscal 2013. Income from continuing operations was $8.7 million or $.76 per diluted share. Fiscal 2014 results include non-cash impairment charges of $6.0 million related to FastPencil, a California software startup Courier acquired last year, partially offset by a reduction in the related contingent consideration liability of $4.1 million. Excluding this net impairment charge of $1.9 million or $.13 per diluted share, income from continuing operations was $10.2 million or $.89 per diluted share, compared to $11.5 million or $1.00 per diluted share in fiscal 2013. This year’s earnings decline was primarily attributable to operating losses at FastPencil.