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Courier's Revenues, Net Income Rebound in First Quarter

January 20, 2010
NORTH CHELMSFORD, MA—January 20, 2010—Courier Corp. (Nasdaq: CRRC), one of America’s leading book manufacturers and specialty publishers, today announced improved sales and earnings for the quarter ended December 26, 2009, the first quarter of its 2010 fiscal year, reflecting improvements in both of the company’s business segments. Revenues for the quarter were $63.1 million, up 6% from last year’s first-quarter sales of $59.6 million. Net income for the quarter was $2.8 million, compared to $0.7 million in the first quarter of fiscal 2009. Net income per diluted share for the quarter was $.23, versus $.06 in the first quarter of fiscal 2009.

Among Courier’s publishing businesses, sales were up at both Dover Publications and Research & Education Association (REA). Sales at Creative Homeowner were down, though the prior-year comparison included book distribution revenues from a service the company no longer offers. In the company’s book manufacturing segment, gains were strongest in religious scriptures and college textbooks.

“We worked hard to make this quarter happen,” said Courier Chairman and Chief Executive Officer James F. Conway III. “We had help from key customers, and from a modest improvement in consumer confidence as the recession started to ease. But it was still tough going for many publishers and retailers. Our answer, as always, was to go the extra mile for every customer and every situation. While weak sales at home centers continued to hamper performance at Creative Homeowner, Dover and REA both profited from their strong product launches and ramped-up consumer marketing. In book manufacturing, it was particularly gratifying to see a rebound in religious sales after three down quarters, not to mention our continued strong performance in the college textbook market.

“We had other achievements in the quarter as well. Preparations for our installation of a new digital printing system continued, on time and on budget, at our home base in North Chelmsford, Massachusetts. Finally, between leaner operations and improved results, we were able to bring our debt down by another $5 million to under $9 million, leaving us well positioned for future growth.”

Book manufacturing earnings up 59% on 8% sales gain

Courier’s book manufacturing segment had first-quarter sales of $54.8 million, up 8% from $50.9 million in last year’s first quarter. The segment’s operating income was $5.7 million, up 59% from $3.6 million a year ago. Gross profit in the segment rose to $13.1 million from $10.6 million in fiscal 2009, and rose as a percentage of sales to 23.8% from last year’s figure of 20.9%.
 

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