Courier Reports Seasonal Pattern for Q2 Results

Courier’s book manufacturing segment had second-quarter sales of $55.9 million, up slightly from $55.5 million in the same period last year. For fiscal 2013 to date, book manufacturing sales were $113.4 million, up from $111.5 million in the first half of fiscal 2012. The segment’s second-quarter operating income was $1.4 million, versus $2.3 million a year ago. On a year-to-date basis, operating income was $6.9 million, up 5 percent from $6.6 million for the same period last year, which included the first-quarter items mentioned above. Gross profit for the second quarter was $8.4 million or 15.0 percent of sales, versus $9.1 million or 16.5 percent of sales last year. Gross profit for the first half of fiscal 2013 was $21.4 million or 18.9 percent of sales, compared to $21.6 million or 19.4 percent of sales in fiscal 2012. The decline in gross profit reflected a competitive pricing environment, reduced recycling income and startup costs related to the new digital production facility in Kendallville, IN.