Courier Corporation (Nasdaq: CRRC), one of America’s leading book
manufacturers and specialty publishers, today announced that it has
acquired Highcrest Media LLC, a provider of software and solutions that
streamline the production of customized textbooks for use in colleges,
universities and businesses. Founded in 2006 and based in Wilmington,
Massachusetts, Highcrest has grown quickly through its combination of
easy-to-use Web-based technology and strong focus on the highest-growth
segment of the textbook market.
Courier’s acquisition of Highcrest complements its recent investment in
digital printing technology, which is also ideally suited to the
capacity and efficiency needs of this growing market. Together, the two
initiatives significantly strengthen Courier’s capabilities in digital
book manufacturing. Highcrest’s largest customer is also a Courier
“College professors around the country are flocking to this new
technology,” said Courier Chairman and Chief Executive Officer James F.
Conway III. “Using Highcrest’s software, they can create a textbook that
contains only the information they want to teach from—eliminating waste
and reducing costs. By bringing Highcrest Media to Courier, we are
placing ourselves at the forefront of this trend as a strategic resource
for a key customer base. Highcrest’s expertise fits perfectly into our
vision and portfolio.”
Highcrest President Michael Shea has been spearheading advances in
on-demand and Web-based technology for over a decade. “Our software has
won wide acceptance by making it easy for users to control the whole
process of generating customized content,” said Shea. “By joining forces
with Courier, we will extend our production capabilities by an order of
magnitude. At the same time, we add a significant capability to
Courier’s already industry-leading credentials in the textbook market.”
The acquisition is expected to be modestly accretive to Courier earnings
for its 2010 fiscal year. Acquisition terms were not disclosed.
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.
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, 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.
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.
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.
James F. Conway III, Chairman,
and Chief Executive Officer
Peter M. Folger
Vice President and
Chief Financial Officer