Courier Renegotiates Agreement with Brazil Textbook Printer

  Courier Renegotiates Agreement with Brazil Textbook Printer

              Will Acquire Controlling Interest in Digital Page

Business Wire

NORTH CHELMSFORD, Mass. -- August 8, 2014

Courier Corporation (Nasdaq: CRRC), one of America’s leading innovators in
book manufacturing, publishing and content management, today announced that it
has renegotiated its agreement with Digital Page Grafica e Editora, a digital
textbook printer based in Sao Paulo, Brazil. Under the revised terms, Courier
will hold a 60% interest in Digital Page in place of the original 40% for the
same $9 million investment amount as previously agreed, following the closing
of the restructured transaction. The closing is expected to take place by the
end of the calendar year.

Last October, Courier entered into an Investment Agreement to acquire a 40%
equity interest in Digital Page for approximately $9 million. Subsequently,
Courier funded bridge loans to Digital Page totaling $4.5 million, secured by
a pledge of 40% of Digital Page’s equity interest. The bridge loans were to be
credited toward the purchase price upon the closing of the Investment
Agreement and matured on June 18, 2014.

As a result of Digital Page’s financial condition and inability to fulfill
certain closing conditions set forth in the Investment Agreement, Courier
entered into negotiations with the founder of Digital Page to restructure the
investment, which concluded with mutually acceptable terms.

The agreement with Digital Page complements Courier’s agreement to license a
version of its proprietary textbook customization platform to Santillana,
which already has its own long-term printing and book manufacturing agreement
with Digital Page. Through this three-way relationship, Courier hopes to
extend its North American market leadership in customized four-color textbooks
to South America’s largest education market.

About Courier Corporation

Courier Corporation is America’s second 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
thousands of titles. Founded in 1824, the company is headquartered in North
Chelmsford, Massachusetts. For more information, visit

This news release includes forward-looking statements, including statements
relating to the Company's financial expectations for fiscal year 2014,
including sales, EBITDA and earnings per share. 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.
Some of the factors that could affect actual results include, among others,
pricing actions by competitors and other competitive pressures in the markets
in which the Company competes, consolidation among customers and competitors,
changes in customers’ demand for the Company’s products, including seasonal
changes in customer orders and shifting orders to lower cost regions,
increased concentration with a few customers, success in the execution of
acquisitions and the performance and integration of acquired businesses
including carrying value of intangible assets and contingent consideration,
performance of investments in foreign subsidiaries and exposure to risks of
operating internationally, restructuring and impairment charges required under
generally accepted accounting principles, insolvency of key customers or
vendors, changes in technology including migration from paper-based books to
digital, changes in market growth rates, changes in obligations of
multiemployer pension plans 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, changes in raw material costs and availability, changes in the
Company’s labor relations, changes in operating expenses including medical and
energy costs, difficulties in the startup 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 and changes in the Company’s effective income tax rate. 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.


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