10 February 2005 – Northbrook (IL): General Binding Corporation’s (GBC) Q4 has bounced back into the black.
The manufacturer reported net income of $6.6 million, or EPS of $0.39, opposed to a loss of $3.1 million, or $0.19 a share in last year’s Q4. Sales lifted 4.9 per cent to $191.2 million.
For the full year, sales rose 2.1 per cent to $712.3 million while net earnings totalled $14.8 million, or EPS of $0.88, compared to a loss of $3.3 million, or $0.20 per share, in 2003.
Reflecting on the results, chairman and president/CEO Dennis Martin said: "This year’s market environment was competitive, and it emphasised the importance of our strong foundation. While it did not turn out to be the exemplary year we had thought possible, we made significant progress."
Martin added that during 2004, GBC reduced its net debt by $9.8 million to $282.6 million.