Digital imaging/pre-media graphic service provider Schawk Inc. (SGK) Thursday said it slipped to a loss in the fourth quarter on hefty impairment charges related to European and Anthem operations. Result also reflects lower sales. The company also provided full year 2009 revenue forecast.
For the fourth quarter, net loss of Schawk was $58.37 million or $2.27 per share, compared to a profit of $7.80 million or $0.28 per share in the prior-year quarter.
Quarterly results include a $48.0 million of non-cash goodwill charges in 2008 relating to its European and Anthem operations, reflecting general decline in the global economy. Results also reflect an income tax benefit totaling $11.82 million, compared to provision of $6.26 million recorded in the year-earlier quarter.
On a non-GAAP basis, net loss, excluding items, was $0.31 million or $0.01 per share, compared to a profit of $8.24 million or $0.30 per share in the comparable quarter a year ago.
Net sales for the quarter declined to $108.90 million from $141.26 million in the same quarter a year ago.
Operating loss was $68.52 million, compared to operating income of $16.09 million in the year-ago quarter.
For the full-year 2008, net loss was $60.01 million or $2.24 per share, compared to $30.60 million or $1.10 per share a year ago. On a non-GAAP basis, net loss was $13.59 million or $0.51 per share for the year.
Sales for the year plunged to $494.18 million from $544.41 million in the prior year.
Looking ahead to full year 2009, the company expects full-year revenues in a range of $440 to $450 million.
SGK closed Thursday's regular trading at $7.84, down $0.24 or 2.97%, on a volume of 84,252 shares.
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