Courier Reports Sales Up, Earnings Down Due to Plant Closure

In March, Courier closed its smallest book manufacturing plant, a leased facility in Stoughton, MA, with 110 employees. In conjunction with the plant closing, it took a pre-tax charge of $7.5 million or $.39 per diluted share for severance, pension withdrawal liabilities, anticipated lease costs and other related expenses. Overall, Courier expects the closing to have a cash impact of approximately $3 million over the remainder of fiscal 2011, with annualized pre-tax savings of approximately $4.5 million.