LSC Communications Completes Acquisition of CREEL

Taylor Corporation announced today the rebranding of three companies acquired over the past two decades to better reflect its “Taylor United” corporate strategy. The three companies are Curtis 1000, a leading provider of commercial print and packaging; Vectra Visual, known for design-forward solutions in retail signage and merchandising; and Optima Graphics, one of the nation’s leading wholesale suppliers to the trade show and event markets. Together, the companies comprise the newly-named Taylor Print & Visual Impressions, Inc., led by enterprise group president Mike Robinson. The newly created group encompasses 2,250 employees, 17 facilities and a diverse range of print capabilities, all supported by marketing, data and analytics designed to optimize the creation of high-impact brand communications and experiences.

Fourth Quarter Financial Highlights and Recent Events * Total revenue increased by 11.1% to $54.6 million, from $49.2 million in the fourth quarter of 2019. * Envelope segment revenue was up 13.2% to $40.5 million, from $35.7 million in the fourth quarter of 2019. * Packaging and specialty products segment revenue increased by 5.4% to $14.2 million, from $13.4 million. * EBITDA1was $4.6 million, down from $6.8 million in the fourth quarter of 2019 resulting primarily from a non-cash asset impairment charge of $2.8 million and a restructuring expense of $1.8 million. * Net Earnings at $0.3 million, down from $2.3 million in the fourth quarter of 2019 from the above mentioned non-recurring items. Fiscal Year Financial Highlights * Total revenue increased by 6.7% to $204.6 million, from $191.7 million in 2019. * Envelope segment revenue was up 6.8% to $146.5 million, from $137.1 million in 2019. * Packaging and specialty products segment revenue was up 6.5% to $58.1 million, from $54.5 million. * EBITDA1 was $27.2 million, which include a fourth quarter non-cash asset impairment charge of $2.8 million and restructuring expenses of $1.8 million, up $1.9 million from $25.3 million in 2019. * Net Earnings were $7.5 million, which include the above mentioned non-recurring items, increased $0.4 million from $7.1 million in 2019.

Sheridan’s parent company, CJK Group, has approved several new equipment acquisitions for the Sheridan facilities, bringing even more state-of-the-art capabilities to five of its nine locations. The Sheridan Pennsylvania facility will install an HP T250 Series PageWide Inkjet Web Press equipped with an in-line Magnum Finishing Line, and will implement an upgrade of two HP T240 Series PageWide Inkjet Web Presses to the T250 format with the new T250 Core, Vision System, and DFE – all planned for this fall. In addition, a Muller Martini Infinitrim Three-Knife Trimmer will be integrated with an existing Vareo Perfect Binder, resulting in the most efficient means of binding and trimming ultrashort-run books down to a quantity of one. That installation is slated for this summer. The Sheridan Kentucky and Sheridan Michigan plants will each implement an HP DFE Base and Vision System Upgrade to their HP Series PageWide Inkjet Web Presses (HP T400 Series in Kentucky and HP T300 Series in Michigan). The Sheridan Wisconsin facility will add to its digital fleet with the installation of a new HP Indigo 12000 Sheetfed Toner Press this spring.