Courier Announces Sale of Courier Custom Publishing
Wednesday, December 18, 2002
NORTH CHELMSFORD, Mass.--Dec. 17, 2002--Courier Corporation, 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. Courier Custom Publishing provides customized teaching materials including multi-publisher coursepacks as well as out-of-print book reproductions and books authorized 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 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."