00 per diluted share, up 7% from $7.
The gains in the quarter were concentrated in Courier's book
manufacturing segment, where sales rose 10% over last year's second
quarter, reflecting continued growth in demand for the company's
expanded capabilities in four-color textbook production.
Second-quarter sales in Courier's specialty book publishing segment
were down 4% overall despite a 19% gain at the segment 's newest
business, Research + Education Association (REA).4 million or $. "At
the same time, we know the work we have to do in specialty publishing,
and we are doing it--while building on the great strengths our two
publishing businesses already have. We now expect full-year sales growth of 6% to 8%, resulting in
total sales of between $223 and $228 million, which will still
represent a record high for Courier. 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.25 $0., Ingram International Inc.com

About Simba Information:

Simba Information, an R.

exhibiton nijhof

"Our repeated investments in service, technology and
capacity have enabled us to grow our textbook business faster than the
overall market, as key customers rely on us to produce a growing share
of their books. With product quality and consumer satisfaction
higher than ever at both Dover and REA, we remain bullish about the
segment's long-term prospects.3 million, up 10 % from last year's second quarter.9 million or $.9 million in the
quarter, but decreased as a percentage of sales to 26.9 million or $. Conway.47 $1. Bowker is a leading provider of bibliographic
information and publishes the comprehensive book database, Books In
Print. Though publishers regularly provide bibliographic information
prior to a book's publication, important details such as the book's
final cover, publication date and page count are sometimes inaccurate,
or left out, because books evolve during their development."
"Yellow Pages Market Forecast 2005" details how the yellow pages
operations of the telco directory publishers, including the four
regional Bell operating companies (RBOCs), which account for the
lion's share of industry sales, are expected to grow revenues by 1.

audios spoken

2% from 26.06 per diluted
share for the quarter, down from $1.39 $0.08 0. "This new agreement
extends our relationship on Syndetic Solutions and creates the leading
source of 'Book In Hand' information for the industry.

mermaid monographs

"One full year after the startup of our new four-color press in
Kendallville , Indiana, we have clearly proven our ability to deliver
superior quality at higher volumes than ever before," said Mr.1 million or $.courier.01)
-------- -------- - -------- --------
Total $0.com

Simba Study: Yellow Pages Revenues to Grow 3.3% to $15.99 Billion in 2005

S.
According to David Goddard, Lead Author of the "Yellow Pages
Market Forecast 2005," one of the hottest trends that will shape the
industry in 2005 is a continued strong market for mergers and
acquisitions, marked by the planned sale of TransWestern , the
second-largest U.com, call 1-888-BOWKER2
(1-888-269-5372), or e-mail marketing@bowker.

eccentric mckendry

Publishing Writers/Business Editors

NORTH CHELMSFORD, Mass. Six-month
sales for fiscal 2005 were $104. Pretax income
for the segment rose 17% in the quarter to $5.8 million or $.78
Specialty Publishing 0.----R., Ingram
Library Services Inc.
"Yellow Pages Market Forecast 2005" also includes a detailed analysis
of how yellow pages publishers are integrating online components into
their -- to date -- far more lucrative print products.
Elsewhere in the industry, Simba's research showed the market for
printers and suppliers to the yellow pages industry rebounded in 2004 ,
following flat performances in 2002 and 2003.

pintada hennessey

47 per diluted share. "Dover did not--despite distinctive
editorial content that we have been increasingly successful in selling
directly to a large and loyal reader base. We are therefore restructuring our publishing sales
resources into a single, integrated organization with the
customer-centered attitude that has worked so well for our book
manufacturing business.47 $1.9% to an estimated
$15. Bowker company, is widely recognized as
the leading authority for market intelligence in the media and
publishing industry.simbanet.

munch catalogues

3
million. Gross profit in the segment rose 8% to $11."

Specialty book publishing begins sales force integration

Courier's specialty publishing segment includes two businesses:
Research + Education Association (REA), a publisher of test
preparation books and study guides, and Dover Publications, which
publishes thousands of titles spanning a broad range of niche markets. Direct-to-consumer sales
were up 20 % in the quarter, but sales to bookstore chains and
non-bookstore retailers such as gift shops and crafts stores were
down."

Outlook

"Our book manufacturing business is performing at its best level
ever, and we are gearing up for further growth," said Mr. 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 .175
======== ======== ========= ========
Wtd.
"We have always thought that it makes sense to work with Bowker on
the creation and dissemination of bibliographic data," said Jim
Chandler, President + CEO of Ingram Book Group.99 billion in 2005, while non-telco independent publishers will
boost revenues 13.

raisonnes mermaid

Helped by robust sales to the education market, Courier
posted the highest second-quarter revenues and net income in its
history.9 million or $.
In response, textbook publishers have repeatedly increased our share
of their new title and reprint business, enabling us to grow well
ahead of the education market as a whole.
With "Book in Hand " processing, Ingram and Bowker will capture and
verify descriptive title information directly from the physical book
product., Spring Arbor Distributors Inc.R.bowker.S.S. Additionally, the report
points to a growing competitive hotbed in large metro markets, as
strengthening independent publishers go head-to-head against incumbent
RBOC publishers with the launches of new books; and the further
penetration of Spanish-language directories into Hispanic strongholds.
yellow pages industry, including traditional print publishers,
printers and suppliers, and Internet-only yellow pages publishers ,
analysis of revenue growth and perspective on future business
strategies for each company.

All sites allow the visitor to buy books - they do not simply describe them or review them.

munch monographs

3 million or $1. Sales to the
religious market were down 16% for the quarter and 5% for the first
six months of the year, reflecting order timing issues as well as a
decision to discontinue certain types of low-priced manufacturing
work. Sales to the specialty trade market were up 5% for the second
quarter and 6% for the first six months of the fiscal year, as this
diverse market continued its gradual recovery from the sharp declines
of previous years. What has been needed is a
stronger and more proactive relationship with the retailers who also
serve that base. For more information, visit www . Such
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those currently anticipated.18
Intersegment profit (0.J.com

typography ingalls

Courier Reports Higher Sales and Earnings; Education Sales Drive Book Manufacturing Growth

8 million , up 9% from $96. At the same time, our highly trained workforce and
expertise in process management have enabled us to use our technology
with increasing effectiveness. Continuing productivity gains and
outstanding customer service remain fundamental to our approach and
key to our competitive edge in all our book manufacturing markets.
Second-quarter sales at REA were $1.35 $0.45 $0 . The
new agreement will provide Bowker with access to all cover images and
descriptions that Ingram captures, though both companies will continue
to sell and market their products separately.

bonnard ephemera

50 per diluted share, an increase of 8%
over prior-year results of $3.
For the first six months of Courier 's 2005 fiscal year, net income
was $8.8% in
2004, reflecting pricing pressure associated with market share
increases. For the year
to date, education sales were up 22% over fiscal 2004, with slightly
larger gains at the elementary/high school level. At Dover, second-quarter sales were $8 . Gross profit as a percentage of sales rose to
47. Along with an improved sales organization, I am confident that
they will fuel renewed revenue growth at Dover and increased
profitability throughout the segment. 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.

Publishing Writers/Business Editors

NEW PROVIDENCE, N. "With
'Book in Hand' processing, Ingram and Bowker are able to get superior,
up-to-date descriptive content by going straight to the source -- the
finished book itself," said Kent Freeman, Ingram's Senior Vice
President of Business Development.S. Simba's extensive information network delivers
top quality, independent perspective on the people, events and
alliances shaping the media and information industry.

piedra eccentric

Net income for the
quarter was $4.
"Our book manufacturing business delivered another very gratifying
quarter," said Courier Chairman and Chief Executive Officer James F.88 $0.06 0. For
more information, please visit www. economy, but reflecting market conditions one to two years
behind the current environment due to ad sales cycles that take place
far in advance of directory releases. independent publisher.
yellow pages publishing industry can be found in "Yellow Pages Market
Forecast 2005.

hennessey audios

8 million or $. Sales to the
education market rose 33% in the quarter, with gains split equally
between the elementary/high school and college markets.
Overall, the segment reported second-quarter sales of $9.
"In addition, we have continued the work begun earlier in the year
to reconfigure Dover's warehousing operations and replace old
information systems at both Dover and REA with a new integrated
solution. Conway. Nonetheless , we are adjusting our
full-year guidance to reflect Dover's underperformance in the first
half ."
A comprehensive analysis of the current landscape of the U.

nijhof mihail

2 million or $. With a second identical new press due to be installed at the
end of this year, we will be in a position to capture even more of
that growth.4 million,
down 7% from $9.
The segment's pretax income was $0.4% a year ago , with REA realizing modest gains and Dover
benefiting from an improved sales mix tied to growth in
direct-to-consumer sales.18 per diluted share last year. With a unified vision and an organization to
match, both Dover and REA will be better positioned not only to gain
new business, but also to serve current customers more effectively.50 per diluted
share, and another company record.11 per diluted share.com

This news release includes forward-looking statements.
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, including currency fluctuations and changes in interest
rates .
"We are excited to enter into an agreement that leverages the
strength of our respective organizations for the benefit of our
customers," said Michael Cairns, President of Bowker.com, will now include high-quality data
gathered by Ingram's newly enhanced "Book in Hand" processing system. "By joining forces, Ingram and
Bowker will be able to verify and maintain accurate data on almost all
of the roughly 190,000 new titles published annually, according to
Bowker's Books In Print database.99 billion . Donnelley remains
the market leader, according to "Yellow Pages Market Forecast 2005.

nijhof exhibiton

5 million in
the first half of last year.0% from 45." All per share amounts are
before the recently announced three-for-two stock split. Ingram has long provided bibliographic
information to Syndetic Solutions , and worked with Bowker during the
development of the Books In Print CD-ROM for retail bookstores . Ingram's operating units include Ingram Book
Company, Ingram Periodicals Inc.BooksInPrint.8% in 2004,
demonstrating the fact that yellow pages is a lag industry, tied to
the U. Despite a slight drop in
its directory print run to 290 million in 2004, R. Additional information can be found at
www. Simba publishes
newsletters and research reports that provide key decision-makers at
more than 15,000 client companies around the globe with timely news,
analysis, exclusive statistics and proprietary industry forecasts. For
more information, please visit www.

spoken nijhof

----Courier
Corporation (Nasdaq: CRRC), one of America's leading book
manufacturers and specialty publishers, today announced results for
the quarter ending March 26, 2005, the second quarter of its 2005
fiscal year. Revenues for the quarter were $53.
"In specialty publishing, while we achieved double-digit gains at
REA , sales at Dover Publications did not meet expectations. Conway.2 million last year, with Dover sales down 3%
while REA added $1.
"As in past years, we expect the second half of our fiscal year to
be stronger than the first.0875 $0., Ingram
Publisher Services Inc.

ABOUT R.3% to $15." In addition to a full, detailed breakdown of market
size and growth, the report profiles 29 leading players in the U.S.

hennessey exhibiton

7 million,
down 4% from $10. Ingram is a leading wholesale distributor , with the largest
selection of in-stock book product available anywhere in the world.com, on CD-ROM and in hardbound print format. advertising market, yellow pages
revenues slipped from an estimated 6% in 2003 to 5.

monographs historian

5 million, up 8% from last
year's second-quarter sales of $49.
Conway III.10 per share after the split, resulting in an effective
dividend increase of 50%.
For the first six months of the fiscal year, book manufacturing sales
were up 9% to $88. Pre-tax income for the segment
was $1. Ingram and its OneSource(SM) partners provide
immediate access to the largest selection of books and book-related
products in the industry.9% to $2.

raisonnes exhibiton

2 million, with pretax income up 16% to $11.4 million of growth.

COURIER CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(In thousands, except per share amounts)

QUARTER ENDED SIX MONTHS ENDED
----------------- ------------------
March 26, March 27, March 26, March 27,
2005 2004 2005 2004
-------- -------- --------- --------

Net sales $53,495 $49,663 $104,764 $96,482
Cost of sales 37,141 34,136 71,710 65,326
-------- -------- --------- --------
Gross profit 16,354 15,527 33,054 31,156
Selling and administrative
expenses 9,915 9,636 20,198 19,274
Interest income, net (42) (27) (69) (54)
-------- -------- --------- --------
Income before taxes 6,481 5,918 12,925 11,936
Provision for income taxes 2,327 2,067 4,640 4,173
-------- -------- --- ------ --------
Net income $4,154 $3,851 $8,285 $7,763
======== ======== ========= ========
Net income per diluted share $0 .95
======== ======== ========= ========

Cash dividends declared per
share $0.02) (0. and Tennessee Book Company LLC. The company's flagship product,
Books In Print(R), is available on the Internet at
www.com, call 1-888-BOWKER2
(1-888-269-5372), or e-mail marketing@bowker.----Simba
Information, the leading source for market intelligence and analysis,
reports U.

hennessey munch

1 million in last year's second quarter.4 million, up 19% from $1.0 million a year earlier.
"REA had an excellent quarter, with new products and direct
marketing initiatives complementing healthy sales in existing lines
and channels," said Mr. And we expect full -year earnings
per diluted share in the range of $2.01) - (0.

Bowker and Ingram Form Agreement on Book in Hand and Syndetic Solutions

"

ABOUT INGRAM BOOK GROUP

Ingram Book Group is a leading wholesaler of trade books, spoken
audio and magazines.

Business Editors

STAMFORD , Conn. yellow pages revenues are expected to grow 3.49 billion, fueled primarily by double-digit revenue growth at
independent publishers.simbanet.

nijhof munch

95 per diluted share for the first half of fiscal 2004 .45 per
diluted share, versus $4.
For the first six months, specialty publishing sales were $20
million, up 4% from $19. Syndetic
Solutions provides descriptive content to online catalogs of public
and academic libraries.

bookshop ephemera

"Another milestone during the quarter was our March 10
announcement of a three-for-two split in Courier common stock, which
will take the form of a 50% stock dividend to be issued on May 27,
2005 to shareholders of record on May 6.08 per diluted
share in fiscal 2004.75, an increase of
between 4% and 10% from fiscal 2004 earnings of $2. As we stated at the end of the
first quarter, this guidance excludes the impact of recently adopted
stock option accounting rules, which are presently scheduled to become
effective in our fourth quarter and would reduce earnings by
approximately $.

About Courier Corporation

Courier Corporation prints, publishes and sells books.00 $0. R. Bowker
LLC announced today that it has joined forces with Ingram Book Group
to provide the most robust and accurate bibliographic content in the
book industry. "As a result,
the industry will have more accurate and descriptive content upon
which to base its book buying and selling decisions. Bowker is North America's leading provider
of bibliographic information , and is also the official ISBN agency for
the United States and Puerto Rico.99
billion in 2005 , fueled chiefly by directory launches by independent
directory publishers as they expand into new markets, according to
Simba's latest strategic market report, "Yellow Pages Market Forecast
2005 .1%
to $12.S.

exhibiton historian

As a
result, during the quarter we initiated significant changes in Dover's
sales and marketing organizations to create a stronger foundation for
long-term sales growth."

Book manufacturing sparked by 33% gain in education

Courier's book manufacturing segment had second -quarter sales of
$45. These two ongoing investments should lead to gains in
marketing, production , distribution and service starting in fiscal
2006.
Headquartered in North Chelmsford, Massachusetts , Courier has two
business segments, full-service book manufacturing and specialty book
publishing . 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. average diluted shares
outstanding 8,326 8,229 8,309 8,210

SEGMENT INFORMATION:

Net sales:
----------
Book Manufacturing $45,278 $40,988 $88,201 $80,645
Specialty Publishing 9,737 10,124 20,007 19,191
Intersegment sales (1,520) (1,449 ) (3,444) (3,354)
-------- -------- --------- --------
Total $53,495 $49,663 $104,764 $96,482

Income before taxes:
--- -----------------
Book Manufacturing $5,757 $4,907 $11,312 $9,730
Specialty Publishing 792 1,067 1,853 2,380
Intersegment profit (68) (56) (240) (174)
-------- -------- --------- --- -----
Total $6,481 $5,918 $12,925 $11,936

Net income per diluted share:
-----------------------------
Book Manufacturing $0."
As part of the agreement, Bowker and Ingram will extend their
relationship on the provision of descriptive content through Syndetic
Solutions, which was acquired by Bowker in September 2004. BOWKER

Founded in 1872, R.R.R.

catalogues ephemera

7 million. At the same time, we
announced that our quarterly cash dividend will remain at its current
level of $.39 per diluted share in 2004.
The book manufacturing segment focuses on three publishing
markets: education, religion, and specialty trade.1
million in 2004.50 $0.14 0.com
and globalbooksinprint.
As a share of the overall U.

This category is for sites that sell books on Arts or art related topics.

hennessey mihail

8 million
or $. In addition, the market
itself has continued to gain strength along with the recovering
economy.14 per diluted share for the first half compared
to $2.60 to $2.50 $0.00 $0.95

COURIER CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited)
(Dollars in thousands)

March 26, September 25,
ASSETS 2005 2004
------- --------------- --------------
Current assets:
Cash and cash equivalents $24,515 $23,965
Accounts receivable 29,335 34,072
Inventories 26,442 25,108
Deferred income taxes 2,851 2,852
Other current assets 801 840
--------------- --------------
Total current assets 83,944 86,837

Property, plant and equipment, net 51,766 48,482
Goodwill 33,255 33,255
Prepublication costs 5,291 5,127
Other assets 1,526 1,498
------------- -- --------------
Total assets $175,782 $175,199
=============== ==============

LIABILITIES AND STOCKHOLDERS ' EQUITY
------------------------------------

Current liabilities:
Current maturities of long-term debt $83 $83
Accounts payable 8,756 10,059
Accrued taxes 3,056 5,557
Other current liabilities 11,151 13,664
--------------- --------------
Total current liabilities 23,046 29 ,363

Long-term debt 469 510
Deferred income taxes 7,702 7,706
Other liabilities 2 ,642 2,630
--------------- --------------
Total liabilities 33,859 40,209
--------------- --------------

Total stockholders' equity 141,923 134,990
--------------- --------------

Total liabilities and
stockholders' equity $175,782 $175,199
=============== ==============

COURIER CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)

For the Six Months Ended
---------------------------
March 26, March 27,
2005 2004
------------- - ------------

Operating Activities:
Net income $8,285 $7,763
Adjustments to reconcile net income to
cash provided from operating activities:
Depreciation and amortization 5,935 5,329
Deferred income taxes (3) 1,071
Changes in working capital (4,045 ) (8,550)
Tax benefits of stock option activity 313 384
Other , net 26 1
------------- -------------
Cash provided from operating activities 10,511 5,998
------------- -------------
Investment Activities:
Capital expenditures (7,933) (7,580)
Prepublication costs (1,442) (1,249)
Business acquisition - (11,850)
------------- -------------
Cash used for investment activities (9,375) (20,679)
------------- -------------
Financing Activities:
Repayments of debt, net (41) (40)
Cash dividends (1,610) (1,399)
Proceeds from stock plans 1,065 460
------------- -------------
Cash used for financing activities (586) (979)
------------- ----- --------
Decrease in cash and cash equivalents 550 (15,660)

Cash and cash equivalents at the beginning
of the period 23,965 23,824
------------- -------------

Cash and cash equivalents at the end of
the period $24,515 $8,164
============= =============

"
Bowker's data products, including Books In Print, booksinprint.
The overall 2005 industry growth is in line with that of 2004,
when yellow pages revenues in the U. rose 3.S.R.