Merrill Announces Sharply Increased Earnings in Third Quarter and Year-To-Date
Press release from the issuing company
ST. PAUL, Minn., Dec. 6 -- Merrill Corporation, a global, diversified communications and document services provider, today announced a 185 percent increase in earnings for the fiscal third quarter ended October 31, 2004 compared to the third quarter of fiscal 2004. Revenue for the quarter was $162 million, an increase of 12 percent, compared to the third quarter of fiscal 2004. Net income for the fiscal quarter ended October 31, 2004, was $4.1 million, an increase of $2.6 million from the $1.5 million for the same period in the prior fiscal year. Revenue for the first nine months of fiscal year 2005 was $531 million, an increase of 18 percent compared to the first nine months of fiscal 2004. Net income for the first nine months ended October 31, 2004, was $19.5 million, an increase of $11.8 million, from the $7.7 million for the same period in the prior fiscal year.
"We are very pleased with our continued strong performance this fiscal year-to-date, including our third quarter revenue and earnings performance," said John Castro, CEO of Merrill Corporation. "Levels of financial market activity continued to be strong, both domestically and internationally, during the third quarter, making it the fifth straight quarter with year-over-year growth in our Financial Document Services business. We achieved double-digit revenue growth third quarter-over-third quarter in our Realty Services business, excluding the impact of acquisitions. On a year-to-date comparison, all five of our business units achieved revenue growth. This overall revenue growth and improving gross margins drove higher operating margins and significantly improved net earnings," said Castro.
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