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Courier Corporation Increases Earnings Guidance, Cash Position Strengthened

Press release from the issuing company

Fourth Quarter Earnings to Exceed Earlier Projections NORTH CHELMSFORD, Mass.- Oct. 29, 2002--Courier Corporation, 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 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 earnings on Thursday morning, November 7, 2002, followed by a conference call that afternoon at 2:30 p.m. ET.