Courier Swings from Loss to Net Income of $1.6 Million on Sales of $59 Million

The book manufacturing segment focuses on three markets: education, religious, and specialty trade.

• Sales to the education market were down 12 percent in the quarter and down 3 percent for the year to date, with publishers managing inventories tightly and taking advantage of available capacity.
• Sales to the religious market were down 3 percent from fiscal 2011 in the third quarter; through the first nine months religious sales were even with last year, but sales to the company’s largest religious customer were up 2 percent.
• Sales to the specialty trade market were up 1 percent in the quarter and up 6 percent for the year to date, reflecting increased orders at Courier Digital Solutions and a return to more traditional ordering patterns as the marketplace continues to assimilate the loss of Borders.

“Our third quarter illustrated the continuing shift in the textbook market’s seasonal ordering cycle,” said Conway. “Between the uncertain economy and the budget crunch in state governments, many textbook publishers have chosen to reduce print quantities, time their orders closer to the start of the school year and, where appropriate, order separately for each semester. Fortunately, our efficient combination of digital and offset facilities has enabled us to respond effectively, and we are ready for the strong fourth quarter we foresee.