Canadian Printer, St. Joseph Corporation Reports 2001 Earnings, Sales Up 5%
Press release from the issuing company
CONCORD, ON, March 7 - St. Joseph Corporation today announced its unaudited consolidated financial results for the fourth quarter and for the year ended December 31, 2001.
Sales for the fourth quarter were $77.5 million, an increase of $2.4 million or 3% over the fourth quarter in 2000. For the year ended December 31, 2001, sales were $296.4 million compared with $282.8 million a year ago, representing a 5% increase. Earnings before taxes (EBT) for the fourth quarter were $5.4 million, representing an increase of $0.7 million or 15% over the same period in 2000. For the full year, EBT has increased 9% to $14.4 million compared with $13.3 million a year ago.
"We are very pleased with our solid performance in the fourth quarter and for another record setting year as a whole." said Tony Gagliano, Executive Chairman and CEO. "Despite the continuing slowdown in the Canadian economy, we are very proud of our achievements in 2001 and of delivering on our projections to end the year with high single digit bottom line growth." In spite of these challenging times St. Joseph's profit margins have actually increased from last year due to efficiencies in our operations. In addition, the company generated $17.2 million of free cash flow from operations for the year, which was used to finance acquisitions.
"We have a very solid foundation, a strong balance sheet and good cash flow which position us well for further growth in 2002 as the economy improves. We also have a very dedicated management team who is focused on the long-term success of the organization. Now that we have closed our acquisition of Key Media we will focus on integrating this business into our existing publishing operations. We are confident that this will prove to be another good purchase for the company."
St. Joseph Corporation is the largest privately owned print, publishing and digital communications company in Canada. Its services include fully integrated, high quality commercial print and print-related services including content creation, marketing communications and print-on-demand solutions to customers throughout North America.
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