For the quarter, net income decreased 26.3% to $58.1 million compared to $78.8 million in the year ago quarter, and earnings per diluted share were $0.84 compared to $1.14 in the year ago quarter. Adjusted for certain items, the Company reported fourth quarter net income of $72.5 million and earnings per diluted share of $1.05 as compared to net income of $86.8 million and earnings per diluted share of $1.26 in the year ago quarter. Fourth quarter 2016 GAAP results included impairment and restructuring charges and other items totaling a $0.21 reduction in earnings per diluted share. See the supporting schedules to this earnings release labeled “Reconciliation of GAAP Reported to Non-GAAP Adjusted Financial Measures” for a reconciliation of the GAAP to non-GAAP financial measures. For fiscal 2016, net income decreased 22.4% to $146.9 million compared to $189.3 million, and earnings per diluted share were $2.13 compared to $2.67 a year ago. Adjusted for certain items, the Company reported fiscal 2016 net income of $179.7 million and earnings per diluted share of $2.60 as compared to net income of $204.7 million and earnings per diluted share of $2.88 a year ago. Fiscal 2016 GAAP results included impairment and restructuring charges and other items totaling a $0.47 reduction in earnings per diluted share. See the supporting schedules to this earnings release labeled “Reconciliation of GAAP Reported to Non-GAAP Adjusted Financial Measures” for a reconciliation of the GAAP to non-GAAP financial measures. click Read More below for additional detail
Following a year of extraordinary disruption to the nation’s educational system and the necessary shift to online instruction, parents of students in grades K-12 have reached a clear consensus: When it comes to books, the physical version matters.
Parents are acutely focused on what their children learn and are convinced they will learn more via printed materials, according to national study conducted in the United States recently by pollster Frank Luntz. The survey of 1,000 parents with school-aged children across the country found the following:
*Virtually every parent wants physical materials as a part of student learning. 85% of parents want physical books in some form, and 88% think they are essential learning tools for long-term student success.
*76% of parents find physical books “extremely/very” impactful, compared to 68% for online/digital books.
*When given the choice of only one or the other, 69% of parents prefer physical materials and only 31% choose online materials.
*Physical books matter greatly in school board elections. 71% of parents would be more likely to vote for a school board member who supports students learning with physical materials – over the 29% who would prefer a member who wants online materials.
*The frustrations with online learning during COVID are real. More than 80% of parents from all backgrounds (including 74% of those who typically favor online materials) believe physical materials would have made their jobs easier helping their students from home.
“As a manufacturer of sustainable recycled paper we are glad to see the important role that printed documents play in children’s education and are proud to be part of it,” said Renée Yardley, Sr VP Sales and Marketing at Rolland Papers.
In addition to the survey, Dr. Naomi Baron of American University, penned a whitepaper summarizing the scientific research of the benefits of print reading versus digital reading. Both the survey information and the whitepaper can be found on the BMI website.
The survey was put together by the Book Manufacturers’ Institute (BMI), a non-profit trade association. Rolland is a proud member of the BMI and was excited to help sponsor this research.