Courier Starts Off Strong in New Fiscal Year

“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.”