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COURIER REPORTS THIRD QUARTER RESULTS

 LOWELL, Mass., July 19 /PRNewswire/ -- Continuing the trend of increasing profitability, Courier Corporation (NASDAQ-NMS: CRRC) today reported improved third quarter earnings.
 For its third fiscal quarter ended June 26, 1993, Courier reported net income of $603,000 or 33 cents per share on sales of $30.5 million. For the comparable period last year, which included losses sustained by Courier International, the company reported a loss of $408,000 or 23 cents per share on sales of $30.4 million. When international results are excluded from the comparison, Courier's 1993 third quarter net income grew by 23 percent on sales growth of 6 percent. Excluding international results, 1992 third quarter net income was $490,000 or 28 cents per share on sales of $28.7 million. (Courier closed its international subsidiary at the end of Fiscal 1992).
 For the nine months ended June 26, 1993, Courier reported net income of $1.4 million or 78 cents per share on sales of $85.6 million. Through the first nine months of fiscal 1992, the company reported a loss of $2.3 million of $1.33 per share on sales of $92.1 million. Excluding international results, Courier's 1992 nine month net income was $.9 million or 51 cents per share on sales of $88.4 million.
 Courier President James F. Conway III, attributed the 23 percent gain in third quarter net income to benefits achieved through productivity improvements, cost cutting programs and sales growth. Conway added that "We will continue to aggressively manage our cost structure to lower our overall operating costs."
 Commenting on other developments, Conway stated, "We are also pleased by the enthusiasm in the market place for Courier's Electronic Publishing Innovations Center (EPIC). This new operation integrates electronic publishing and distribution services aimed at simplifying and accelerating the entire publishing cycle. In response to growing customer demand, we increased EPICs on-demand printing capacity four fold in the third quarter. This exciting new business is in a start up phase and, as expected, has not yet reached the critical mass necessary to achieve profitability. This is anticipated in early 1994."
 Courier Corporation, headquartered in Lowell, Mass., is a leading producer 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, and Kendallville, Indiana, as well as electronic prepress service centers in North Chelmsford, and San Mateo, Calif. The Company's common stock trades on the Nasdaq Stock Market under the Symbol CRRC.
 COURIER CORPORATION
 Consolidated Statements of Income (Unaudited)
 (Dollars in Thousands, except per share amounts)
 Quarter Ended Nine Months Ended
 6/26/93 6/27/92 6/26/93 6/27/92
 Net sales $30,457 $30,385 $85,630 $92,092
 Cost of sales 25,353 25,989 71,358 80,151
 Gross profit 5,104 4,396 14,272 11,941
 Selling & administrative
 expenses 3,961 4,158 11,692 12,151
 Interest expense, net 432 547 1,373 1,862
 Other income, net 247 146 903 239
 Income (loss) before taxes 958 (163) 2,110 (1,833)
 Provision for income taxes 355 245 705 484
 Net income (loss) $603 $(408) $1,405 $(2,317)
 Net income (loss) per
 share 33 cents (23 cents) 78 cents $(1.33)
 Weighted average shares
 outstanding 1,845,000 1,769,000 1,802,000 1,748,000
 -0- 7/19/93
 /CONTACT: James F. Conway III, president and chief executive officer or Robert P. Story, Jr., senior vice president and chief financial officer, both of Courier Corp., 508-458-6351/
 (CRRC)


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

JL-DJ -- NE012 -- 3173 07/19/93 15:05 EDT
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Publication:PR Newswire
Date:Jul 19, 1993
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