Courier Corporation Expands Share Repurchase Plan
August 07 2008 - 8:42AM
Business Wire
The Board of Directors of Courier Corporation (Nasdaq: CRRC),
yesterday expanded the Company�s Share Repurchase Plan and
authorized the repurchase of up to an additional $5 million of the
Company's outstanding common stock. This brings the total amount
authorized under the Share Repurchase Plan to $20 million since its
commencement in November 2007. 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. The share repurchase program may be
suspended or terminated at any time without prior notice. Since the
inception of the share repurchase program, the Company has
repurchased approximately 625,000 shares for approximately $15
million. The new authorization, which is effective immediately,
does not have a deadline for the commencement or execution of
repurchases. "We are pleased to continue to take steps to return
cash to stockholders," said Courier Chairman and Chief Executive
Officer James F. Conway III. "Today�s announcement is further
evidence of the Board�s confidence in our long-term outlook." About
Courier Corporation Courier Corporation prints, publishes and sells
books. Headquartered in North Chelmsford, Massachusetts, Courier
has two business segments, full-service book manufacturing and
specialty book publishing. For more information, visit
www.courier.com. This news release includes forward-looking
statements. 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 such as the housing market, 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, success in
the execution of acquisitions and the performance and integration
of acquired businesses, 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 tax regulations, changes in
environmental regulations, changes in the Company�s effective
income tax rate, general changes in economic conditions, including
currency fluctuations, changes in interest rates, 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.
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