Merrill Corporation Announces Increased Earnings in First Quarter
Press release from the issuing company
ST. PAUL, Minn., June 15 -- Merrill Corporation, a global, diversified communications and document services provider, today announced a three-fold (315 percent) increase in earnings for the fiscal first quarter ended April 30, 2004, compared to the first quarter of last year. Revenue for the quarter increased 23 percent compared to the first quarter of fiscal 2004 to $189 million and net income for the fiscal quarter ended April 30, 2004, was $11.2 million, an increase of $7.7 million from the same period in the prior fiscal year.
"We are very pleased with our record first quarter revenue and earnings," said John Castro, CEO of Merrill Corporation. "We achieved both revenue and earnings increases in each of our operating business units compared to the first quarter of fiscal 2004. More robust levels of financial market activity continued during the first quarter, resulting in strong revenue growth in our Financial Document Services business. That growth, coupled with ongoing improvements in our cost structure, delivered significant profits.
"Additionally, we continue to grow our diversified business, most notably marketing and communication services to the real estate industry and document management services to the legal industry," said Castro.
Earnings before interest expense, taxes, depreciation and amortization and other adjustments as defined in our Credit Agreement (Covenant EBITDA) for the fiscal quarter ended April 30, 2004, was $31.0 million, representing a 53 percent increase over the $20.3 million earned in the prior year's fiscal first quarter. Covenant EBITDA for the trailing 12 months ended April 30, 2004, was $78.4 million, compared to the Credit Agreement minimum requirement of $57.2 million.
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