Courier Corporation Declares Quarterly Dividend and Announces New Share Repurchase Plan

  Courier Corporation Declares Quarterly Dividend and Announces New Share
  Repurchase Plan

Business Wire

NORTH CHELMSFORD, Mass. -- November 20, 2012

The Board of Directors of  Courier Corporation (Nasdaq: CRRC), has declared a
dividend of 21.0 cents per common share, payable December 14, 2012 to
stockholders of record on November 30, 2012. The amount of the dividend is the
same as declared in the previous quarter.

The Board of Directors also authorized the repurchase of up to $10 million of
the Company's outstanding common stock to be carried out over the next twelve
months. Share repurchases will take place from time to time at management's
discretion depending on market conditions, share price and other factors,
either on the open market or privately negotiated, and may include repurchases
pursuant to Securities and Exchange Commission Rule 10b5-1 nondiscretionary
trading programs. The share repurchase program may be suspended or terminated
at any time without prior notice.

Courier Chairman and Chief Executive Officer James F. Conway III stated, “In
addition to authorizing the new stock repurchase program, the Board reaffirmed
its commitment to the dividend, based on its confidence in the continuing
strength of the company’s balance sheet, cash flow and business prospects.
These steps support our goal of returning value to shareholders.”

About Courier Corporation

Courier Corporation is America’s third largest book manufacturer and a leader
in content management and customization in new and traditional media. It also
publishes books under three brands offering award-winning content and more
than 10,000 titles. Founded in 1824, Courier is headquartered in North
Chelmsford, Massachusetts. For more information, visit www.courier.com.

This news release includes forward-looking statements, including statements
relating to the continuation of the Company’s dividend for fiscal year 2013,
expansion into e-books and digital content offerings, and the Company’s
financial expectations for fiscal year 2013, including sales, EBITDA, earnings
per share and capital expenditures. Statements that describe future
expectations, plans or strategies are considered “forward-looking statements”
as that term is defined under the Private Securities Litigation Reform Act of
1995 and releases issued by the Securities and Exchange Commission. The words
“believe,” “expect,” “anticipate,” “intend,” “estimate” and other expressions
which are predictions of or indicate future events and trends and which do not
relate to historical matters identify forward-looking statements. Such
statements are subject to risks and uncertainties that could cause actual
results to differ materially from those currently anticipated. Factors that
could affect actual results include, among others, changes in customers’
demand for the Company’s products, including seasonal changes in customer
orders and shifting orders to lower cost regions, changes in market growth
rates, changes in raw material costs and availability, pricing actions by
competitors and other competitive pressures in the markets in which the
Company competes, consolidation among customers and competitors, insolvency of
key customers or vendors, changes in the Company’s labor relations, changes in
obligations of multiemployer pension plans, success in the execution of
acquisitions and the performance and integration of acquired businesses
including carrying value of intangible assets, restructuring and impairment
charges required under generally accepted accounting principles, changes in
operating expenses including medical and energy costs, changes in technology
including migration from paper-based books to digital, difficulties in the
start up of new equipment or information technology systems, changes in
copyright laws, changes in consumer product safety regulations, changes in
environmental regulations, changes in tax regulations, changes in the
Company’s effective income tax rate and general changes in economic
conditions, including currency fluctuations, changes in interest rates,
changes in consumer confidence, changes in the housing market, and tightness
in the credit markets. Although the Company believes that the assumptions
underlying the forward-looking statements are reasonable, any of the
assumptions could be inaccurate, and therefore, there can be no assurance that
the forward-looking statements will prove to be accurate. The forward-looking
statements included herein are made as of the date hereof, and the Company
undertakes no obligation to update publicly such statements to reflect
subsequent events or circumstances.

Contact:

Courier Corporation
James F. Conway III, 978-251-6000
Chairman, President and Chief Executive Officer
or
Peter M. Folger, 978-251-6000
Senior Vice President and Chief Financial Officer
www.courier.com