Merrill Corporation Reports Record Annual Revenues and Operating Income
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 revenue and operating income results for the fiscal fourth quarter and year ending January 31, 2005.
Revenues in the fourth quarter increased 15 percent to $166.7 million, compared to $144.8 million in the prior year's fourth quarter. Net income in the fourth quarter increased $1.7 million to $2.4 million, compared to $0.7 million in the prior year's fourth quarter.
For the full fiscal year ended January 31, 2005, revenue increased 17 percent to $697.9 million, compared to $596.2 million in fiscal year 2004 and operating income increased by $17.5 million to $69.4 million compared to $51.9 million while net income increased by $13.0 million to $21.4 million for fiscal year 2005, compared to $8.4 million in fiscal year 2004.
"Last year's record performance is a credit to our clients and employees worldwide" said John Castro, CEO of Merrill Corporation. "While fiscal year 2005 was led by Financial Document Services, we saw double digit growth in most of our diversifying businesses."
Earnings before interest, income taxes, depreciation and amortization (EBITDA) for fiscal year ended January 31, 2005 was $86.2 million, representing a 28 percent increase over the $67.3 million EBITDA generated in the prior fiscal year. EBITDA is often of interest to lenders and investors as a key performance measure.
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