Schawk Announces Fourth-Quarter and Full-Year 2009 Results

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Mar 15, 2010. Schawk, reported fourth-quarter and full-year 2009 results. Net income in the fourth quarter of 2009 was $3.7 million, or $0.15 per diluted share, versus a net loss of $58.4 million, or $2.27 per diluted share, in the fourth quarter of 2008. For the full year of 2009, net income was $19.5 million, or $0.78 per diluted share, compared to a net loss of $60.0 million, or $2.24 per diluted share, in the comparable prior-year period. Net income for the fourth quarter and full year of 2008 was negatively impacted by a $48.0 million goodwill impairment charge. The negative after-tax impact of the goodwill impairment charge was $1.77 per diluted share for the fourth quarter of 2008 and $1.70 per diluted share for the full year of 2008. Net income for the full year of 2009 was positively impacted by the receipt of $9.2 million in cash as part of a settlement related to an escrow account that had been established to pay indemnity claims in connection with the Company's 2005 acquisition of Seven Worldwide Holdings, Inc., of which $5.0 million was reported as income in the third quarter of 2009. The full-year 2009 after-tax benefit of the indemnity settlement income was $0.20 per diluted share.

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