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Courier Starts Off Strong in New Fiscal Year

January 22, 2013
NORTH CHELMSFORD, MA—January 22, 2013—Courier Corp., one of America’s leading innovators in book manufacturing, publishing and content management, today announced results for the quarter ended December 29, 2012, the first quarter of its 2013 fiscal year. Revenues for the quarter were $64.8 million, up 3 percent from last year’s first-quarter sales of $62.9 million. Net income for the quarter was $2.4 million or $.21 per diluted share, up from $1.5 million or $.12 per diluted share in the first quarter of fiscal 2012, which included charges related to severance and post-retirement benefits and a gain from asset sales; excluding those items, net income for fiscal 2012’s first quarter was $.17 per diluted share. Details of those items can be found in the tables at the end of this release.

While the revenue increase was modest overall, larger gains were achieved in religious sales and at Courier Digital Solutions, which produces customized, offset-equivalent four-color academic textbooks and other short-run books using HP digital inkjet technology. During the quarter Courier announced plans to open a second digital facility in Indiana.

“It was a solid quarter in our book manufacturing business, led by Courier Digital Solutions,” said Courier chairman and CEO James F. Conway III. “Our investments in content management software and four-color digital inkjet technology have strengthened our leadership in the education market and brought us new business in specialty trade as well.

“In anticipation of further growth, we have begun work in preparation for the April startup of a second fully-integrated digital operation at our four-color offset facility in Kendallville, Indiana. The result will be to offer customers unprecedented flexibility in matching their print strategies to their inventory requirements across the full life cycle of every title, while facilitating nationwide distribution.

“In our publishing segment, revenues were down from last year, but the segment’s operating loss was smaller due to the effects of cost-cutting measures, several well-received new titles, and consumers’ positive response to our growing offering of e-books.

“Throughout the quarter, we continued to enjoy strong cash flow, which enabled us to reduce our debt by $5 million during the quarter. In November Courier’s Board of Directors authorized a new $10-million stock repurchase program and reaffirmed its commitment to the dividend based on its confidence in the company’s balance sheet, cash flow and business prospects. And today I am pleased to report that the Board has declared a dividend of $.21 per share, the same as last quarter.”
 

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