Courier Corporation Increases Earnings Guidance; Fourth Quarter Earnings to Exceed Earlier Projections.Business Editors NORTH CHELMSFORD, Mass.--(BUSINESS WIRE)--Oct. 29, 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 ), one of America's leading book manufacturers and specialty publishers, today issued revised earnings guidance for the fiscal year ending September 28, 2002, due to strong fourth quarter performance which exceeded the company's earlier guidance. Based on preliminary results, Courier now expects to report earnings of $3.02 to $3.06 per diluted share for fiscal year 2002. The company's previous guidance had been in the range of $2.80 to $2.90 per diluted share. Sales for the year are still expected to conform to previous guidance of $202 to $206 million, though on the lower end of that range. Courier attributed the anticipated earnings increase to stronger-than-expected fourth quarter performance, with continued growth in margins in all three of its operating segments (book manufacturing, specialty publishing and custom education). The company also continued to benefit from strong cash flow, which enabled it to finish paying off its revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. line during the fourth quarter and end the fiscal year with cash of approximately $5 million. Courier expects to report its full fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. earnings on Thursday morning, November 7, 2002, followed by a conference call that afternoon at 2:30 p.m. ET. About Courier Corporation Courier Corporation prints, publishes 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 lines of business: full-service book manufacturing, specialty publishing and customized education. For more information, visit www.courier.com. Portions of this release contain forward-looking statements within the meaning of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of 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. Such statements are subject to important factors, which could cause Courier's actual results to differ materially from those anticipated by the forward-looking statements. These factors could include those referenced in the Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. or as may be described from time to time in Courier's subsequent SEC filings. |
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