The Board of Directors of Courier Corporation (Nasdaq: CRRC), has
declared a dividend of 21.0 cents per common share, payable December 14,
2012 to stockholders of record on November 30, 2012. The amount of the
dividend is the same as declared in the previous quarter.
The Board of Directors also authorized the repurchase of up to $10
million of the Company's outstanding common stock to be carried out over
the next twelve months. Share repurchases will take place from time to
time at management's discretion depending on market conditions, share
price and other factors, either on the open market or privately
negotiated, and may include repurchases pursuant to Securities and
Exchange Commission Rule 10b5-1 nondiscretionary trading programs. The
share repurchase program may be suspended or terminated at any time
without prior notice.
Courier Chairman and Chief Executive Officer James F. Conway III stated,
“In addition to authorizing the new stock repurchase program, the Board
reaffirmed its commitment to the dividend, based on its confidence in
the continuing strength of the company’s balance sheet, cash flow and
business prospects. These steps support our goal of returning value to
shareholders.”
About Courier Corporation
Courier Corporation is America’s third largest book manufacturer and a
leader in content management and customization in new and traditional
media. It also publishes books under three brands offering award-winning
content and more than 10,000 titles. Founded in 1824, Courier is
headquartered in North Chelmsford, Massachusetts. For more information,
visit www.courier.com.
This news release includes forward-looking statements, including
statements relating to the continuation of the Company’s dividend for
fiscal year 2013, expansion into e-books and digital content offerings,
and the Company’s financial expectations for fiscal year 2013, including
sales, EBITDA, earnings per share and capital expenditures. Statements
that describe future expectations, plans or strategies are considered
“forward-looking statements” as that term is defined under the Private
Securities Litigation Reform Act of 1995 and releases issued by the
Securities and Exchange Commission. The words “believe,”
“expect,” “anticipate,” “intend,” “estimate” and other expressions which
are predictions of or indicate future events and trends and which do not
relate to historical matters identify forward-looking statements. Such
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those currently anticipated.
Factors that could affect actual results include, among others,
changes in customers’ demand for the Company’s products, including
seasonal changes in customer orders and shifting orders to lower cost
regions, changes in market growth rates, changes in raw material costs
and availability, pricing actions by competitors and other competitive
pressures in the markets in which the Company competes, consolidation
among customers and competitors, insolvency of key customers or vendors,
changes in the Company’s labor relations, changes in obligations of
multiemployer pension plans, success in the execution of acquisitions
and the performance and integration of acquired businesses including
carrying value of intangible assets, restructuring and impairment
charges required under generally accepted accounting principles, changes
in operating expenses including medical and energy costs, changes in
technology including migration from paper-based books to digital,
difficulties in the start up of new equipment or information technology
systems, changes in copyright laws, changes in consumer product safety
regulations, changes in environmental regulations, changes in tax
regulations, changes in the Company’s effective income tax rate and
general changes in economic conditions, including currency fluctuations,
changes in interest rates, changes in consumer confidence, changes in
the housing market, and tightness in the credit markets. Although
the Company believes that the assumptions underlying the forward-looking
statements are reasonable, any of the assumptions could be inaccurate,
and therefore, there can be no assurance that the forward-looking
statements will prove to be accurate. The forward-looking
statements included herein are made as of the date hereof, and the
Company undertakes no obligation to update publicly such statements to
reflect subsequent events or circumstances.
