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

Book manufacturing sales gains offset by FastPencil results
Courier’s book manufacturing segment reported fourth-quarter sales of $77 million, up slightly from $76 million last year. For the full year, book manufacturing sales were $259 million, up 5 percent from $247 million in fiscal 2013. Fourth-quarter operating income in the segment was $10.6 million, versus $10.8 million last year. Full-year operating income was $18.2 million, versus $22.0 million last year. While operating losses at FastPencil were the principal factor affecting year-over-year results, other factors impacting both the quarter and the year included pricing pressures, depreciation expense associated with the expansion of digital capacity, and foreign exchange and other costs associated with company operations in Brazil.