Courier Corporation Announces Stock Split and Increased Dividend
Press release from the issuing company
NORTH CHELMSFORD, Mass.--March 10, 2005-- Courier Corporation, one of America's leading book manufacturers and specialty publishers, announced today that its Board of Directors, at a regularly scheduled meeting, declared a three-for-two stock split of its common stock and will maintain its quarterly cash dividend of $.10 per share, effecting a 50% dividend increase.
James F. Conway, III, Chairman and Chief Executive Officer stated, "The stock split and dividend increase reflect Courier's achievements over the last several years, our strong financial position and our confidence in the Company's future prospects. We are committed to enhancing shareholder value and these actions contribute to this effort."
The split will be effected in the form of a 50% stock dividend to be distributed on May 27, 2005 to shareholders of record on May 6, 2005. Following the stock split, there will be approximately 12 million shares outstanding. In addition, the quarterly cash dividend of $.10 per post-split share of common stock is 50% higher than the $.067 cents per post-split share declared in the previous quarter. This dividend increase, the Company's second this fiscal year, will also apply to shareholders of record on May 6, 2005 and will be paid on May 27, 2005, after the effect of the stock split.
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