Our reported revenue and organic constant-currency revenue declined 7% and 10%, respectively, in Q1. The pandemic continues to negatively impact our revenue results, but the year-over-year decline was less severe in Q1 compared to Q4 across all segments Q1 FY2021 GAAP operating income increased $10.6 million year over year to $36.0 million. The negative revenue impact of the pandemic was offset by variable cost controls, advertising efficiency and fixed cost savings. We also had a year-over-year decrease in restructuring charges of $2.3 million. Our GAAP operating income benefited from about $4.0 million of COVID-19-related government incentives, primarily to offset wages for manufacturing and customer service team members in countries where demand decreased but roles were maintained.
The BoxMaker has agreed to acquire Tango Press. The parties expect closing to occur prior to the end of 2020.
Tango Press, headquartered in Springdale, AR, opened in 2016 as an all-digital production plant for corrugated packaging and displays. The company has a reputation in the marketplace for providing high-impact packaging and displays that meet customers’ unique needs, timeframe, and price points.
“The acquisition of Tango Press is a perfect complement to The BoxMaker and our web-to-print brand, Fantastapack.com. This addition gives us the opportunity to expand our reach and improve product distribution for digitally printed and finished packaging to businesses throughout the United States,” said Richard Brown, President and Co-Owner of The BoxMaker. “As an all-digital production plant, Tango Press’ business model and culture are a natural fit for The BoxMaker and we look forward to the expanded benefits that our combined facilities will deliver to clients.”
John Ballentine, President and Co-Founder of Tango Press states, “The combination of Tango Press and The BoxMaker will be a huge step in the advancement of digital printing and converting for the future of the packaging industry. By leveraging the best-in-class equipment, operations, people, service, knowledge, and technology we will be able to extend our offering and hasten our speed to market, allowing us to serve our customers’ needs better than ever.”
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