Courier 8-K 2008
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2.02 Results of Operations and Financial Condition.
On July 17, 2008, Courier Corporation issued a press release announcing its financial results for the third quarter ended June 28, 2008. The full text of the press release is furnished as Exhibit 99.1 hereto.
Item 2.06 Material Impairment.
On July 16, 2008, Courier Corporation concluded that a material charge to the goodwill and other intangible assets associated with its wholly-owned subsidiary Federal Marketing Corporation (d/b/a Creative Homeowner) (“Creative Homeowner”) was required under generally accepted accounting principles in the United States of America. As a result of a precipitous decline in sales and profits at Creative Homeowner in the third quarter, due in large part to the continued downturn in the housing market and reduction in store traffic at home improvement centers and other large retail chain stores, the Company conducted an impairment test that indicated that the estimated fair value of Creative Homeowner’s goodwill and other intangibles assets were less than their respective carrying amounts. The Company currently estimates that the pre-tax amount of the impairment charge will be approximately $23.9 million, none of which will result in future cash expenditures. The Company expects to finalize the amount of the impairment charge during the fourth quarter of its fiscal year ending September 27, 2008.
Item 8.01 Other Events.
On July 17, 2008, Courier Corporation announced that its Board of Directors declared a quarterly cash dividend of $0.20 per share on its Common Stock. The full text of the press release is furnished as Exhibit 99.2 hereto.
Item 9.01 Financial Statements and Exhibits.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.