Courier Q1 Profit Down - Quick Facts

(RTTNews) - Courier Corp. (CRRC) reported that its first-quarter net income declined to $1.80 million or $0.16 per share, from $2.65 million or $0.23 per share in the prior year.

The latest-quarter results included approximately $800,000, or $0.07 per share, of transaction costs associated with the pending acquisition of Courier by R.R. Donnelley & Sons Company (RRD), and the terminated agreement with Quad/Graphics, Inc. (QUAD).

Results also include $870,000, or $0.05 per diluted share, of losses on foreign currency translation related to the November acquisition of a 60% interest in a Brazilian-based digital printer.

Excluding these costs, net income for the recent quarter was $3.2 million or $0.28 per share.

Revenues for the quarter were $66.49 million, down about 8% from $72.26 million in last year's first quarter.

As separately announced today, Courier has terminated its previously announced merger agreement with Quad/Graphics, and Courier and RR Donnelley have signed a definitive agreement by which RR Donnelley will acquire Courier for $23.00 per share in cash or 1.3756 RR Donnelley common shares, subject to pro ration. The completion of the RR Donnelley transaction is subject to customary closing conditions, including regulatory approval and approval of Courier's shareholders.

In light of the pending acquisition by RR Donnelley, Courier said it has discontinued its financial guidance, and Courier's previous guidance for fiscal 2015 should therefore not be relied upon.