McGraw-Hill Ryerson Reports Second Quarter Results
(firmenpresse) - WHITBY, ONTARIO -- (Marketwire) -- 07/27/12 -- McGraw-Hill Ryerson Limited (TSX: MHR) -
Attention: Business/Financial Editors -
Summary
The Company generally reports a modest net income for the second quarter of the year as sales are more heavily weighted to the second half. For the second quarter in 2012, net income is $0.2 million compared to $0.5 million in the second quarter of last year as a result of lower sales. As expenses are more evenly distributed over the course of the year, the Company generally reports a net loss in the first half of each year. For the first half of 2012, the net loss is $2.5 million compared to a net loss of $1.6 million in the first half of 2011.
Three Months Ended June 30, 2012
Total revenue for the second quarter decreased by 10.5% to $15.0 million in 2012 compared to $16.7 million in 2011.
The Higher Education Division sales decreased by $0.9 million in the second quarter of 2012 to $6.9 million. Despite the decline, digital and custom products continue to be a growth area for this Division.
The School Division sales decreased $0.8 million to $6.3 million in the second quarter of 2012 from $7.1 million in the corresponding quarter of 2011. This decrease was mainly driven by nonrecurring orders placed in 2011 by the Atlantic and Western provinces.
In the Professional Division, sales decreased by $0.1 million in the second quarter of 2012 to $1.2 million.
Cost of goods sold decreased to $4.9 million from $5.5 million last year. The decrease of 11.5% is consistent with the decrease in sales.
Income before taxes was $0.4 million compared to $0.8 million in the second quarter last year, mainly the result of the decrease in sales.
Six Months Ended June 30, 2012
Total revenue for the first six months decreased by 10.0% to $22.9 million in 2012 compared to $25.4 million in 2011.
The Higher Education Division sales decreased $1.0 million compared to the first half of 2011 to $10.9 million. This decrease is mostly the result of customers delaying orders until closer to the beginning of the school year. Digital and custom products continue to be a growth area for this Division.
The School Division sales decreased 12.0% to $9.0 million in the first half of 2012 from $10.2 million in the corresponding quarter of 2011. This decrease was mainly driven by nonrecurring orders placed in 2011 by the Atlantic and Western provinces.
In the Professional Division, sales decreased by $0.1 million in the first half of 2012 to $2.3 million, from $2.4 million in the comparative period of the prior year. This decrease was caused in part by reduced orders and increased returns from retailers and distributors. Sales of print products have migrated to e-book offerings where the channel is still being developed and average unit revenues are lower.
Cost of goods sold decreased to $7.5 million from $8.3 million for the first six months of 2011.
Operating expenses increased slightly to $15.7 million during the first half of 2012 compared to $15.5 million in the comparative period of the prior year as a result of one-time legal fees.
Year to date loss before taxes was $3.2 million compared to $2.1 million in the first half of last year. The variance was mainly a reflection of the decrease in sales.
Notice to Reader
The attached financial statements have been prepared by management of McGraw-Hill Ryerson Limited. The financial statements for the three and six month period ended June 30, 2012 and June 30, 2011 have not been reviewed by the auditors of McGraw-Hill Ryerson Limited.
In business since 1944, McGraw-Hill Ryerson Limited is a leading Canadian publisher of educational resources, and information products and services for lifelong learning and enjoyment. Total revenue in 2011 was $82 million. Additional information is available at .
Contacts:
McGraw-Hill Ryerson Limited
Brenda Arseneault
Vice-President and Chief Financial Officer
(905) 430-5223
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Datum: 27.07.2012 - 20:00 Uhr
Sprache: Deutsch
News-ID 169517
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