Courier Announces Sale of The Home School
Friday, March 09, 2001
NORTH CHELMSFORD, Mass., March 9 Courier Corporation (Nasdaq: CRRC), today announced the sale of the assets of its wholly-owned subsidiary, The Home School, Inc., to privately held Christian Book Distributors, Inc. of Peabody, Mass. The Home School is a direct marketer of educational materials to families engaged in educating children at home. The proceeds of the sale were $0.8 million and will result in a second quarter after-tax gain for Courier of approximately $150,000 or $.04 per diluted share. The sale is not expected to have an impact on the company's previous earnings projection for fiscal year 2001 of $3.50 to $3.70 per diluted share (excluding the first quarter real estate gain of $.16 per diluted share). "The sale will allow us to focus more of our time and energy on recently acquired 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 The Home School, particularly in the area of e-commerce and electronic direct marketing, are allowing us to greatly enhance Dover's value. Earlier this week, we announced the launch of Dover's inaugural e-commerce site, www.DoverPublications.com, which enables consumers to browse Dover's entire collection of 7,500 titles and either quickly and easily purchase direct from Dover or locate a store near them that carries Dover books. Customers are also able to participate in Dover's Online Family - a program that fosters dialog between readers and Dover's editors."