Merrill Corporation Announces Record Operating Results
Press release from the issuing company
St. Paul, Minn. - Merrill Corporation (www.merrillcorp.com ), a global, diversified communications and document services provider, today announced record quarterly revenue for its fiscal second quarter ending July 31, 2005, and record revenue and net income for the six months ending July 31, 2005.
Revenue increased $30.4 million, or 16.9 percent, to $209.9 million for the fiscal second quarter ending July 31, 2005, from $179.5 million for the same period one year ago. Net income was $8.2 million for the second fiscal quarter compared to $4.1 million for the second fiscal quarter ending July 31, 2004. Approximately $7.1 million of the fiscal second quarter revenue increase was attributed to three recent acquisitions.
Revenue increased $47.7 million, or 12.9 percent, to $416.6 million for the six months ending July 31, 2005, from $368.9 million for the same period one year ago. Net income, including a $18.6 million gain on cumulative effect of a change in accounting principle related to redeemable preferred stock (SFAS 150), was $35.5 million for the six months ending July 31, 2005, compared to $15.4 million for the six months ending July 31, 2004.
Approximately $15.1 million of the six month revenue increase was attributed to three recent acquisitions.
"We are very pleased with our strong second quarter and year-to-date performance despite volatile capital markets during the past six months," said John Castro, CEO of Merrill Corporation. "Our diversification strategy continues to yield positive results as demand for new products and services such as Merrill DataSite and our Strategic Communication Services' fulfillment offerings posted strong growth. Although our traditional financial transaction business was strong, revenue and profit generated from our other businesses, particularly Document Management Services, fueled these record operating results."
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