Courier Corp. says Q4 sales will be up 7% to 11%
Book maker and specialty publisher Courier Corp. (Nasdaq: CRRC) announced during a morning conference call it expects sales of between $89 million and $93 million for the fourth quarter ending September 30. The North Chelmsford, Mass.-based company’s guidance is 7% to 11% above last year’s fourth-quarter revenue of $83.4 million. Courier also said it expects earnings per share to be between $0.86 and $0.91 per share.
Courier expects annual sales to be in the range of $303 million to $307 million, compared with $269 million in 2006. The company expects annual earnings per share of between $2.15 and $2.20, compared with earnings per share of $1.90 in 2006.
Before the start of trading, Courier announced revenue of $73.4 million for the third quarter ended June 30, up from $70.4 million in the same period in 2006. Record education sales and the inclusion of Creative Homeowner – which was acquired by Courier in April 2006 – were key factors, according to a release. Courier reported a net income of $6.7 million, or $0.53 per share, compared with $6.1 million, or $0.48, in the year-ago period.
Wall Street analysts were expecting revenue of $70.4 million and earnings per share of $0.54.
“For years, I’ve been touting the merits of our market-focused strategy and our steady move toward a balanced portfolio of businesses that span both the manufacturing and publishing side of the book business,” CEO Jim Conway said during a conference call this morning. “Focus and balance don’t automatically go together, but they do at Courier. This past quarter was a perfect illustration of why it’s a good idea.”
Courier is upgrading its Philadelphia plant, which produces religious publications. Later this year, Conway said the company is installing a “new, state-of-the-art press including exclusive custom technology designed specifically for the religious market.”
“We are confident that these investments will lead to both more efficient operations and a higher volume of scripture production than ever,” Conway said.
The company’s religious sales are down slightly this year, Conway said, but the company is confident about its long-term prospects. The soft results are due to a major customer’s order timing, he said.
This morning, Courier Corp. declared a dividend of $0.18 per common share that will be payable August 31 to stockholders of record on August 10.
In midday Wednesday trading, shares of Courier are down $0.86, or 2.214%, at $39.97. Over the last 52 weeks, the company’s shares have ranged between $33 and $42.30.
