R.R. Donnelley Revenue, Income Rise
For the 2003 fiscal year revenue was up 1 percent from 2002 while net income increased 24 percent.
Donnelley called a 14 percent drop in Q4 domestic book revenue "disappointing" and added that reprint orders in the education and specialty segments were weaker than expected. Q4 print unit volumes increased in the magazine, catalog and retail business despite a decrease in magazine industry ad pages in the fourth quarter.
Growth in the print and package logistics businesses and the acquisition of Momentum Logistics contributed to a 12 percent Q4 increase in net sales for the logistics segment, the company said, but the segment reported an $11 million loss in the quarter compared with a $4 million profit in the 2002 Q4.
The company attributed the loss to factors including start-up costs for the new supercenter in York, PA, and higher-than-expected transportation costs.