Courier Corp. Expands Share Repurchase Plan
-- Graphic Arts Online, 8/7/2008 7:07:00 AM
NORTH CHELMSFORD, MA—(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.
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