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Merrill Corporation Announces Increased Revenues in Q1

Press release from the issuing company

ST. PAUL, Minn., June 15 -- Merrill Corporation, a global, diversified communications and document services provider, today announced increased revenues for the fiscal first quarter ending April 30, 2005, compared to the first quarter of last year. Revenue for the quarter increased 9 percent to $207 million with approximately half of the increase attributed to three recent acquisitions. Net income for the fiscal quarter ending April 30, 2005 was $27.3 million, an increase of $16.1 million from the same period in the prior fiscal year. $18.6 million of fiscal first quarter net income was the result of the cumulative effect of a change in accounting principle, the adoption of SFAS 150 (relating to redeemable preferred stock). Excluding this item, net income decreased $2.5 million in the first quarter of fiscal year 2006 compared to the same quarter in fiscal 2005. "We are satisfied with our first quarter revenue and earnings given the impact of reduced capital markets activity on our financial transaction business," said John Castro, CEO of Merrill Corporation. "Acquisitions completed in the second half of last year and the first quarter of this year fueled the growth of our diversified businesses and helped offset the fact that this is in an off-year for election ballot printing." "We achieved solid revenue growth in all of our business units," said Castro. "Revenue was particularly strong in Realty Marketing Services, Financial Services and Document Management Services." Earnings before interest expense, taxes, depreciation and amortization and other non-cash adjustments (EBITDA) for the fiscal quarter ending April 30, 2005, was $29.5 million, representing a 5 percent decrease from $31.0 million in the prior year's fiscal first quarter.

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