Courier Purchases Second High-Capacity Press

Business Wire, Oct 29, 2004

NORTH CHELMSFORD, Mass. -- Courier Corporation (Nasdaq: CRRC), one of America's leading book manufacturers and specialty publishers, today announced an agreement to purchase its second MAN Roland Lithoman four-color press in two years. The new press, representing a capital investment of approximately $12 million, will be installed next to an identical press placed in operation earlier this year at Courier's Kendallville, Indiana plant, significantly boosting Courier's capacity as a producer of high-quality four-color books for the education and trade markets.

"A year ago, when many book manufacturers were hedging their bets on capacity, Courier invested aggressively to expand by offering our customers state-of-the-art printing technology from MAN Roland," said Courier Chairman and CEO James F. Conway III. "That investment was a vote of confidence in the market, in our customers, and in the ability of our workforce. Six months after the press's startup last spring, that confidence has been rewarded, as the new press has rapidly approached 100% utilization thanks to strong demand for four-color textbooks and growing commitments from key customers. As a result, we have ordered a second one with identical capabilities while undertaking additional investments in prepress and bindery operations that will enhance our service even more. We expect to have this second new press installed and ready to run by late 2005."

Expansion Benefits Customers and Community

MAN Roland's Lithoman IV press prints a 48-page signature with each impression, making it significantly larger and faster than most high-capacity web presses used to print books. Courier's first Lithoman IV press doubled Courier's four-color book printing capacity, enabling the company to qualify for a greater share of the high-volume business being generated in the education market. Today's announced purchase of a second press and additional plant improvements promises to continue that trend, again increasing four-color capacity while further distancing Courier from competitors as an industry leader in technology and service.

"We have an excellent relationship with MAN Roland, and it continues to benefit everyone," said Mr. Conway. "Our customers benefit by being able to obtain Courier quality and service at higher volumes than ever before. Our employees benefit by advancing their skills in conjunction with the very latest technology. And the community benefits from the creation of new manufacturing jobs.

"Finally, of course, Courier benefits by growing our business in a responsible way as we continue to execute on our long-term commitment to disciplined capital investment and industry-leading service. We are still in the early stages of a period of significant growth in the education market, as states and communities increasingly adopt new school textbooks, and college demand remains strong as we continue to build share."

About Courier Corporation

Courier Corporation prints, publishes and sells books. Headquartered in North Chelmsford, MA, Courier has two lines of business: full-service book manufacturing and specialty book publishing. For more information, visit www.courier.com.

Forward-Looking Information

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, changes in raw material costs, pricing actions by competitors, consolidation among customers and competitors, success in the integration of acquired businesses, unanticipated changes in operating expenses, changes in technology, difficulties in the start up of new equipment, changes in copyright laws, changes in tax regulations, and general changes in economic conditions. 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.