McGraw-Hill Ryerson Reports Third Quarter Results
(firmenpresse) - WHITBY, ONTARIO -- (Marketwire) -- 10/28/11 -- McGraw-Hill Ryerson Limited (TSX: MHR) -
Attention: Business/Financial Editors
Summary
Our revenues are typically more heavily weighted towards the second half of the calendar year leading up to beginning of the school season. In the third quarter, McGraw-Hill Ryerson's revenues generally exceed the total of the first two quarters combined. Sales and net income in the third quarter this year were above that of prior year's third quarter.
Three Months Ended September 30, 2011
Total revenue for the third quarter increased by 1.8% to $35.9 million in 2011 compared to $34.7 million in 2010, driven by an increase in sales in the School Division.
The Higher Education Division sales remained consistent with a slight increase of $0.4 million over the third quarter of 2010 to $24.5 million, as a result of increased Canadian product sales. Digital and custom products continue to be a growth area for this Division.
The School Division sales increased 4.7% to $8.1 million in the third quarter of 2011, from $7.7 million in the corresponding quarter of 2010. This increase was mainly driven by orders placed by the Western provinces.
In the Professional Division, sales decreased by $0.1 million in the third quarter of 2011 to $1.8 million, from $1.9 million in the comparative period of the prior year.
Other Revenue, representing billed freight, copyright licensing, translation fees, sales commission for U.S. digital products and rental revenue from the tenant at the Company's Whitby, Ontario facility increased in the third quarter of 2011 compared to the third quarter of 2010 as a result of the timing of payments of copyright revenue.
Income before tax was $10.9 million compared to $9.5 million in the third quarter last year. This variance was mainly the result of higher revenue.
Nine Months Ended September 30, 2011
Total revenue for the first nine months increased by 3.0% to $61.3 million in 2011 compared to $59.5 million in 2010, driven by an increase in sales in the School Division.
The Higher Education Division sales decreased slightly by $0.6 million to $36.4 million compared to the first nine months of 2010. Increased competition from used and rental textbooks is causing a decrease in imported product sales. Digital and custom products continue to be a growth area for this Division.
The School Division sales increased 15.2% to $18.2 million in the first nine months of 2011, from $15.8 million in the corresponding period of 2010. This increase was mainly driven by increased ordering from the Western provinces.
In the Professional Division, sales decreased by $0.6 million in the first nine months of 2011 to $4.2 million, from $4.8 million in the comparative period of the prior year. This decrease was caused by reduced orders from retailers.
Other Revenue, representing billed freight, copyright licensing, translation fees, sales commission for U.S. digital products and rental revenue from the tenant at the Company's Whitby, Ontario facility increased in the first nine months of 2011 compared to the first nine months of 2010. The increase is the result of timing of payments for copyright licensing.
Year to date income before tax was $8.8 million, compared to $6.4 million for the same period last year. This increase in income was mainly caused by the sales increase.
Notice to Reader
The attached financial statements have been prepared by management of McGraw-Hill Ryerson Limited. The financial statements for the three and nine month periods ended September 30, 2011 and 2010 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. Revenue in 2010 was $81 million. Additional information is available at .
Contacts:
McGraw-Hill Ryerson Limited
Brenda Arseneault
Acting Chief Financial Officer
(905) 430-5223
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Datum: 28.10.2011 - 14:00 Uhr
Sprache: Deutsch
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