Courier Reports Q1 EPS of $.14

Courier Corporation CRRC today announced results for the quarter ended December 25, 2010, the first quarter of its 2011 fiscal year. Revenues for the quarter were $61.2 million, down 3% from last year's first-quarter sales of $63.1 million. Net income for the quarter was $1.7 million or $.14 per diluted share, compared to $2.8 million or $.23 per diluted share in the first quarter of fiscal 2010. However, the company reaffirmed its confidence in the remainder of the fiscal year, citing a history of quarter-to-quarter fluctuations in the timing of orders as well as major long-term agreements with two of its largest customers. Based on these and other factors, Courier raised its full-year earnings guidance by $.05 to a range of $.90 to $1.20 per diluted share.