Courier Reports Education Sales Up, Borders Fallout Induces Loss

The loss of sales to Borders was particularly damaging to Courier’s Research & Education Association (REA) publishing business, for which the bookseller had been a key customer. Faced with continuing uncertainty about the fate of the remaining Borders stores, Courier took a pre-tax, non-cash impairment charge of $8.6 million. As a result, the company reported a third-quarter net loss of $3.1 million.