Courier Swings from Loss to Net Income of $1.6 Million on Sales of $59 Million

NORTH CHELMSFORD, MA—July 24, 2012—Courier Corp. announced results for its quarter ended June 23, 2012, the third quarter of its 2012 fiscal year. Revenues were $58.9 million, down 5 percent from last year’s third-quarter revenues of $61.9 million.

Net income was $1.6 million, including severance costs of $235,000 in conjunction with the previously announced consolidation of one-color printing operations, vs. a loss of $3.1 million in the third quarter of fiscal 2011, including a non-cash, pre-tax impairment charge of $8.6 million. Excluding the impairment charge related to Research & Education Association (REA) in the wake of the Borders Group bankruptcy, adjusted net income for the third quarter of fiscal 2011 was $2.0 million.