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COURIER REPORTS SECOND QUARTER RESULTS

 LOWELL, Mass., April 16 /PRNewswire/ -- Courier Corporation (NASDAQ:CRRC) today reported profitable results for its second quarter, continuing the company's first quarter return to profitability.
 For its second fiscal quarter, ended March 27, 1993, Courier reported net income of $276,000 or 15 cents per share, on sales of $28.9 million. For the comparable period last year, the company reported a loss of $2 million or $1.15 per share on sales of $30.8 million.
 For the first six months of fiscal 1993, Courier reported net income of $802,000 or 45 cents per share on sales of $55.2 million compared to a loss of $1.9 million or $1.10 per share on sales of $61.7 in the corresponding period last year.
 James F, Conway III, president and CEO, pointed out that the company's 1992 results "reflected heavy losses sustained by Courier International before we closed it down in September, 1992. Free of that burden we have now achieved our second consecutive quarter of profitability in what has traditionally been our most difficult quarter," he said.
 Eliminating the Courier International results, last year's second quarter produced a loss of $200,000 or 11 cents per share, on revenues from U.S. operations of $29.8 million. By comparison, gains in profitability in this year's second quarter produced profitable operating results despite a 3 percent reduction in sales.
 "These gains are the direct result of Courier's aggressive pursuit of our total quality and customer satisfaction goals. They also tell us that our cost-containment efforts are succeeding," Conway said. He noted that "Courier continued to generate cash from operations which was used to reduce outstanding debt by almost $3 million in the second quarter and $5.5 million in the first six months of the year, significantly improving our overall financial condition."
 Conway also reported that Courier's new Electronic Publishing Innovations Center (EPIC) continues to gain enthusiastic acceptance by customers. Launched in October, 1992 EPIC combines electronic publishing, production, distribution and administrative services into a single integrated unit that simplifies the entire publishing cycle. Last month, EPIC inaugurated Courier Consults, a comprehensive offering of customized training and consulting services which will be offered to customers nationwide.
 "Our on-going strategy is to anticipate the changing needs of our customers by offering services like EPIC that are truly innovative, ones that help them to respond quickly and cost effectively to the demands of their markets," Conway said.
 Courier Corporation, headquartered in Lowell, Mass., is a leading produce of books and bibles, reference texts, directories, technical manuals and software documentation. The company is also a leader in electronic prepress, consulting, training and fulfillment services to the publishing industry. Courier operates subsidiaries in Westford, Stoughton and North Chelmsford, Mass., Philadelphia, Penn., and Kendallville, Indiana, as well as electronic prepress service centers in North Chelmsford, Mass., and San Mateo, Calif. The company's common stock trades on the NASDAQ National Stock Market under the symbol CRRC.
 COURIER CORPORATION
 Consolidated Statements of Income (Unaudited)
 (Dollars in Thousands, except per share amounts)
 Quarter Ended Six Months Ended
 3/27/93 3/28/92 3/27/93 3/28/92
 Net sales $28,903 $30,819 $55,173 $61,707
 Cost of sales 24,393 28,246 46,005 54,162
 Gross profit 4,510 2,573 9,168 7,545
 Selling & administrative
 expenses 3,955 4,055 7,731 7,993
 Interest expense, net 455 628 941 1,315
 Other income (expense) net 322 (4) 656 93
 Income (loss) before taxes 422 (2,114) 1,152 (1,670)
 Provision (benefit) for
 income taxes 146 (117) 350 239
 Net income (loss) $276 $(1,997) $802 $(1,909)
 Net income (loss)
 per share 15 cents ($1.15) 45 cents ($1.10)
 Weighted average shares
 outstanding 1,794,000 1,739,000 1,781,000 1,738,000
 -0- 4/16/93
 /CONTACT: James F. Conway, III and Robert P. Story, Jr. 508-458-6351, both of Courier Corp./
 (CRRC)


CO: Courier Corporation ST: Massachusetts IN: PUB SU: ERN

1350 -- NE008 -- 6834 04/16/93 14:28 EDT
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Publication:PR Newswire
Date:Apr 16, 1993
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