Courier Reports Sales Increase, Return to Profitability

“Courier's non-cash, pre-tax impairment charge of $4.7 million related to Creative Homeowner reflects the systemic problems it currently faces in the home improvement market. For the last two years we have aggressively reduced costs at Creative Homeowner as that market has contracted. Yet within this shrinking market, Creative Homeowner products have actually gained share, reflecting their continuing excellence and relevance. Apart from editorial, virtually all Creative Homeowner functions have now been folded into unified publishing segment operations. And when the market eventually recovers, I'm confident that Creative Homeowner will be able to capitalize on it with outstanding titles calibrated to consumers' evolving needs."