Courier Announces Sale of Courier Custom Publishing.Business Editors NORTH CHELMSFORD, Mass.--(BUSINESS WIRE)--Dec. 17, 2002 Courier Corporation (Nasdaq:CRRC CRRC Cool Roof Rating Council CRRC Combat Rubber Raiding Craft CRRC Caucasus Research Resource Center CRRC California Refuse Removal Council CRRC Chesapeake Regional Ranges Cooperative CRRC Construction Requirements Review Committee CRRC Combat Rigid Raiding Craft ), today announced the sale of the assets of its wholly-owned subsidiary, Courier Custom Publishing, Inc. to ProQuest Information and Learning Co. of Ann Arbor, Michigan  “Ann Arbor” redirects here. For other uses, see Ann Arbor (disambiguation). Ann Arbor is a city in the U.S. state of Michigan and the county seat of Washtenaw County. . Courier Custom Publishing provides customized teaching materials including multi-publisher coursepacks as well as out-of-print book reproductions and books authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: by professors for classroom use. The proceeds of the sale were $1.5 million and will result in an after-tax gain of approximately $0.8 million or $.15 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share in Courier's first quarter which ends on December 28, 2002. The sale is expected to increase the company's previous earnings guidance for fiscal year 2003 by $.15 per diluted share (the amount of the gain) to $3.50 to $3.65 per diluted share and reduce previous guidance on fiscal year 2003 sales to $209 to $215 million. "The sale will allow us to focus more of our time and energy on Dover Publications," said James F. Conway III, chairman and chief executive officer of Courier. "Dover is a much larger business and holds far greater opportunity for us. The knowledge and skills we have developed with Courier Custom Publishing, particularly in the area of e-commerce and electronic direct marketing, are allowing us to greatly enhance Dover's value." About Courier Corporation Courier Corporation publishes, prints and sells books. Headquartered in North Chelmsford, Massachusetts North Chelmsford is a part of the U.S. town of Chelmsford, Massachusetts. Although North Chelmsford has its own zip code, library, post office, police station, fire station, and local calling area, it is run by the same local town government and is part of the same school district , Courier has three business segments: full-service book manufacturing, specialty book publishing book publishing. The term publishing means, in the broadest sense, making something publicly known. Usually it refers to the issuing of printed materials, such as books, magazines, periodicals, and the like. and customized education. For more information, visit www.courier.com. This news release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Statements that describe future expectations, plans or strategies are considered "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and releases issued by the Securities and Exchange Commission. The words "believe", "expect", "anticipate", "intend", "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Such statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated. Factors that could affect actual results include, among others, changes in customers' demand for the Company's products, changes in raw material costs and availability, seasonal changes in customer orders, pricing actions by competitors, changes in copyright laws, changes in technology, consolidation among customers and competitors, success in the integration of acquired businesses, changes in tax policy including export credits and general changes in economic conditions. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements will prove to be accurate. The forward-looking statements included herein are made as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" , and the Company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. |
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