An 11% increase in its manufacturing segment offset a 3% decline in its publishing group leading to an overall 9% revenue increase at Courier Corp. for the third quarter ended June 29 with sales hitting $64.1 million. Net income moved up to $1.7 million from $1.6 million in last year’s third quarter.
Within its book manufacturing segment, sales to the education market were up 18% in the quarter and up 9% for the nine month period, with the largest proportion of sales at the college and university levels. Sales to the religious market were up 7% in the third quarter and up 4% for the first nine months of the year, and sales to the specialty trade market were up 4% in the third quarter, but down 1% for the first nine months of the fiscal year. Sales at Courier Digital Solutions continued to account for a growing percentage of total book manufacturing sales in both education and specialty trade, Courier said. The company also noted that it is installing a second HP T-410 wide-body digital inkjet press in its Kendallville, Ind. plant, with the installation, to cost $12 million, expected to be completed in October.
In the publishing group, while revenue fell 3% the operating loss for the quarter was cut to $889,000 from $975,000 last year. For fiscal 2013 to date, segment sales were $27.3 million, compared to $28.2 million for the first nine months of last year. E-book sales for the first nine months of fiscal 2013 exceeded the $1 million mark. The segment’s operating loss through nine months was $2.4 million, down from a loss of $3.9 million for the corresponding period last year. Within the segment, third quarter and year-to-date sales were both up modestly at Dover, helped by growing e-book sales and higher sales to large retailers, but down at REA and Creative Homeowner. Creative Homeowner, with a reduced cost structure, was slightly profitable during the quarter despite the sales decline, Courier said.