---

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

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|(Mark One)                                       |                                                                                         
|------------------------------------------------ | ----------------------------------------------------------------------------------------
|ý                                                | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
|For the Quarterly Period Ended December 28, 2002
|OR                                              
|o                                                | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|For the transition period from
 to              

Commission file number 0-7597

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COURIER CORPORATION(Exact name of registrant as specified in its charter)

|Massachusetts                                                                               |  | 04-2502514                       
|------------------------------------------------------------------------------------------- |  | ---------------------------------
|(State or other jurisdiction of
incorporation or organization)                              |  | (IRS Employer Identification No.)
|15 Wellman Avenue, North Chelmsford, Massachusetts                                          |  | 01863                            
|(Address of principal executive offices)                                                    |  | (Zip Code)                       
|(978) 251-6000(Registrant's telephone number, including area code)                         
|NO CHANGE(Former name, former address and former fiscal year, if changed since last report)

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Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days. Yes ý    No o

Indicate
by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule
12b-2). Yes ý    No o

Indicate
the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

|Class                      |  | Outstanding at February 6, 2003
|-------------------------- |  | -------------------------------
|Common Stock, $1 par value |  | 5,220,067 Shares               

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COURIER CORPORATION        CONSOLIDATED BALANCE SHEETS (UNAUDITED)        (Dollars in thousands)

|                                                                                                                             |                                                                | December 28,
2002    |        | September 28,
2002
|---------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------- | -------------------- | ------ | ------------------
|ASSETS                                                                                                                       |                                                                |                      |        |                   
|Current assets:                                                                                                              |                                                                |                      |        |                   
|                                                                                                                             | Cash and cash equivalents                                      |                      | $      | 11,183            
|                                                                                                                             | Accounts receivable, less allowance for uncollectible accounts |                      |        | 28,395            
|                                                                                                                             | Inventories (Note C)                                           |                      |        | 22,073            
|                                                                                                                             | Deferred income taxes                                          |                      |        | 3,158             
|                                                                                                                             | Other current assets                                           |                      |        | 497               
|                                                                                                                             |                                                                |                      |        |                   
|                                                                                                                             |                                                                | Total current assets |        |                   
|Property, plant and equipment, less accumulated depreciation: $98,244 at December 28, 2002 and $96,813 at September 28, 2002 |                                                                |                      | 39,171 |                   
|Goodwill and other intangibles, net (Note B)                                                                                 |                                                                |                      | 25,479 |                   
|Prepublication costs                                                                                                         |                                                                |                      | 3,305  |                   
|Other assets                                                                                                                 |                                                                |                      | 618    |                   
|                                                                                                                             |                                                                |                      |        |                   
|                                                                                                                             | Total assets                                                   |                      | $      | 133,879           
|                                                                                                                             |                                                                |                      |        |                   

The
accompanying notes are an integral part of the consolidated financial statements.

2

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COURIER CORPORATION        CONSOLIDATED BALANCE SHEETS (UNAUDITED)        (Dollars in thousands)

|                                           |                                                                                                       | December 28,
2002          |         | September 28,
2002 |        
|------------------------------------------ | ----------------------------------------------------------------------------------------------------- | -------------------------- | ------- | ------------------ | -------
|LIABILITIES AND STOCKHOLDERS' EQUITY       |                                                                                                       |                            |         |                    |        
|Current liabilities:                       |                                                                                                       |                            |         |                    |        
|                                           | Current maturities of long-term debt                                                                  |                            | $       | 78                 |        
|                                           | Accounts payable                                                                                      |                            |         | 6,973              |        
|                                           | Accrued payroll                                                                                       |                            |         | 4,187              |        
|                                           | Accrued taxes                                                                                         |                            |         | 5,796              |        
|                                           | Other current liabilities                                                                             |                            |         | 8,064              |        
|                                           |                                                                                                       |                            |         |                    |        
|                                           |                                                                                                       | Total current liabilities  |         |                    | 25,098 
|Long-term debt                             |                                                                                                       |                            | 654     |                    |        
|Deferred income taxes                      |                                                                                                       |                            | 4,916   |                    |        
|Other liabilities                          |                                                                                                       |                            | 2,832   |                    |        
|                                           |                                                                                                       |                            |         |                    |        
|                                           |                                                                                                       | Total liabilities          |         |                    | 33,500 
|                                           |                                                                                                       |                            |         |                    |        
|Stockholders' equity:                      |                                                                                                       |                            |         |                    |        
|                                           | Preferred stock, $1 par valueauthorized 1,000,000 shares; none issued                                |                            |         |                    |        
|                                           | Common stock, $1 par valueauthorized 18,000,000 shares; issued 5,445,000 shares                      |                            |         | 5,445              |        
|                                           | Additional paid-in capital                                                                            |                            |         | 2,713              |        
|                                           | Retained earnings                                                                                     |                            |         | 94,986             |        
|                                           | Unearned compensation                                                                                 |                            |         | (469               | )      
|                                           | Treasury stock, at cost: 228,000 shares at December 28, 2002 and 230,000 shares at September 28, 2002 |                            |         | (2,296             | )      
|                                           |                                                                                                       |                            |         |                    |        
|                                           |                                                                                                       | Total stockholders' equity |         |                    | 100,379
|                                           |                                                                                                       |                            |         |                    |        
|Total liabilities and stockholders' equity |                                                                                                       | $                          | 133,879 |                    | $      
|                                           |                                                                                                       |                            |         |                    |        

The
accompanying notes are an integral part of the consolidated financial statements.

3

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COURIER CORPORATION        CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)        (Dollars in thousands except per share amounts)

|                                    |                                   | THREE MONTHS ENDED   |       
|----------------------------------- | --------------------------------- | -------------------- | ------
|
|Net sales                           |                                   | $                    | 48,782
|Cost of sales                       |                                   |                      | 32,989
|                                    |                                   |                      |       
|                                    | Gross profit                      |                      |       
|Selling and administrative expenses |                                   |                      | 10,103
|Interest expense                    |                                   |                      | 42    
|                                    |                                   |                      |       
|                                    | Income before taxes               |                      |       
|Provision for income taxes (Note D) |                                   |                      | 1,899 
|                                    |                                   |                      |       
|Income from continuing operations   |                                   | $                    | 3,749 
|                                    |                                   |                      |       
|Discontinued operations (Note F):   |                                   |                      |       
|                                    | Loss from operations, net of tax  |                      |       
|                                    | Gain on disposal, net of tax      |                      |       
|                                    |                                   |                      |       
|Net income                          |                                   | $                    | 4,512 
|                                    |                                   |                      |       
|Income per basic share (Note E):    |                                   |                      |       
|                                    | Continuing operations             |                      | $     
|                                    | Discontinued operations (Note F): |                      |       
|                                    |                                   | Loss from operations |       
|                                    |                                   | Gain on disposal     |       
|                                    |                                   |                      |       
|Net income per basic share          |                                   | $                    | 0.87  
|                                    |                                   |                      |       
|Income per diluted share (Note E):  |                                   |                      |       
|                                    | Continuing operations             |                      | $     
|                                    | Discontinued operations (Note F): |                      |       
|                                    |                                   | Loss from operations |       
|                                    |                                   | Gain on disposal     |       
|                                    |                                   |                      |       
|Net income per diluted share        |                                   | $                    | 0.84  
|                                    |                                   |                      |       
|Cash dividends declared per share   |                                   | $                    | 0.1125
|                                    |                                   |                      |       

The
accompanying notes are an integral part of the consolidated financial statements.

4

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

|                                                         |                                                                                 | THREE MONTHS ENDED                 |                                                
|-------------------------------------------------------- | ------------------------------------------------------------------------------- | ---------------------------------- | -----------------------------------------------
|
|Operating Activities:                                    |                                                                                 |                                    |                                                
|                                                         | Net income                                                                      |                                    | $                                              
|                                                         | Adjustments to reconcile net income to cash provided from operating activities: |                                    |                                                
|                                                         |                                                                                 | Depreciation and amortization      |                                                
|                                                         |                                                                                 | Deferred income taxes              |                                                
|                                                         |                                                                                 | Changes in assets and liabilities: |                                                
|                                                         |                                                                                 |                                    | Accounts receivable                            
|                                                         |                                                                                 |                                    | Inventory                                      
|                                                         |                                                                                 |                                    | Accounts payable                               
|                                                         |                                                                                 |                                    | Accrued taxes                                  
|                                                         |                                                                                 |                                    | Other elements of working capital              
|                                                         |                                                                                 |                                    | Gain on sale of discontinued operation (Note F)
|                                                         |                                                                                 |                                    | Other, net                                     
|                                                         |                                                                                 |                                    |                                                
|Cash provided from operating activities                  |                                                                                 |                                    | 5,802                                          
|                                                         |                                                                                 |                                    |                                                
|Investment Activities:                                   |                                                                                 |                                    |                                                
|                                                         | Capital expenditures                                                            |                                    |                                                
|                                                         | Prepublication costs                                                            |                                    |                                                
|                                                         | Proceeds from sale of discontinued operation (Note F)                           |                                    |                                                
|                                                         |                                                                                 |                                    |                                                
|Cash provided from (used for) investment activities      |                                                                                 |                                    | 320                                            
|                                                         |                                                                                 |                                    |                                                
|Financing Activities:                                    |                                                                                 |                                    |                                                
|                                                         | Long-term debt repayments                                                       |                                    |                                                
|                                                         | Cash dividends                                                                  |                                    |                                                
|                                                         | Proceeds from stock plans                                                       |                                    |                                                
|                                                         |                                                                                 |                                    |                                                
|Cash used for financing activities                       |                                                                                 |                                    | (569                                           
|                                                         |                                                                                 |                                    |                                                
|Increase (decrease) in cash and cash equivalents         |                                                                                 |                                    | 5,553                                          
|Cash and cash equivalents at the beginning of the period |                                                                                 |                                    | 5,630                                          
|                                                         |                                                                                 |                                    |                                                
|Cash and cash equivalents at the end of the period       |                                                                                 | $                                  | 11,183                                         
|                                                         |                                                                                 |                                    |                                                

The
accompanying notes are an integral part of the consolidated financial statements.

5

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COURIER CORPORATION  NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

A.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Unaudited Financial Statements

The balance sheet as of December 28, 2002, the statements of income for the three-month periods ended December 28, 2002 and December 29,
2001, and the statements of cash flows for the three-month periods ended December 28, 2002 and December 29, 2001 are unaudited and, in the opinion of management, all adjustments
necessary for a fair presentation of such financial statements have been recorded. Such adjustments consisted only of normal recurring items. Certain amounts for fiscal 2002 have been reclassified in
the accompanying financial statements in order to be consistent with the current year's classification.

Certain
information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States
("generally accepted accounting principles") have been condensed or omitted. The balance sheet data as of September 28, 2002 was derived from audited year-end financial statements,
but does not include disclosures required by generally accepted accounting principles. It is suggested that these interim financial statements be read in conjunction with the Company's most recent
Form 10-K and Annual Report for the year ended September 28, 2002.

B.    GOODWILL AND OTHER INTANGIBLES, NET

The Company accounts for goodwill in accordance with SFAS No. 142, "Accounting for Goodwill and Other Intangible Assets." As of December 28, 2002
and September 28, 2002, "Goodwill and other intangibles, net" consists of goodwill of $24.9 million and other intangibles of $0.6 million. Other intangible assets includes
approximately $0.1 million subject to amortization over a remaining seven year life, as well as approximately $0.5 million of prepaid pension costs. Goodwill has been allocated
$9.3 million to the book manufacturing segment and $15.6 million to the specialty publishing segment. There has been no change in the carrying amount of goodwill during the period or in
the allocation of goodwill by reportable segment.

C.    INVENTORIES

Inventories are valued at the lower of cost or market. Cost is determined using the last-in, first-out (LIFO) method for approximately 47%
and 46% of the Company's inventories at December 28, 2002 and September 28, 2002, respectively. Other inventories, primarily at Dover, are determined on a first-in,
first-out (FIFO) basis. Inventories consisted of the following:

(000's Omitted)December 28,
2002

September 28,
2002Raw materials

$
3,861

$
3,405Work in process


4,259


4,852Finished goods


13,953


13,155Total

$
22,073

$
21,412


6

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D.    INCOME TAXES

The provision for income taxes from continuing operations differs from that computed using the statutory federal income tax rates for the following reasons:

(000's Omitted)Three Months EndedDecember 28,
2002

December 29,
2001Federal taxes at statutory rates

$
1,965

$
1,405State taxes, net of federal benefit


117


88Foreign sales corporation (FSC) export related income


(174
)

(131
)Other


(9
)

(2
)Total

$
1,899

$
1,360


E.    NET INCOME PER SHARE

Following is a reconciliation of the shares used in the calculation of basic and diluted income per share. Potentially dilutive shares, calculated using the
treasury stock method, consist of shares issued under the Company's stock option plans.

(000's Omitted)Three Months EndedDecember 28,
2002

December 29,
2001Average shares outstanding for basic

5,215

5,115Effect of potentially dilutive shares

167

155Average shares outstanding for diluted

5,382

5,270


F.    DISCONTINUED OPERATIONS

On December 17, 2002, the Company sold the assets of its wholly-owned subsidiary, Courier Custom Publishing, Inc., which comprised all of the
activities of the Custom Publishing segment. The Custom Publishing segment provided customized coursepacks and text books. Financial results of this discontinued operation for the periods presented
are:

(000's Omitted)Three Months EndedDecember 28,
2002

December 29,
2001Sales

$
133

$
90Pretax loss from operations

$
(100
)
$
(134
)Income tax benefit


35


40Loss after tax

$
(65
)
$
(94
)Proceeds from sale

$
1,500Net assets sold and costs of disposal


199Pretax gain

$
1,301Income tax provision


473Gain on disposal, net of tax

$
828


7

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G.    BUSINESS SEGMENTS

The Company has two business segments: full-service book manufacturing and specialty publishing. The book manufacturing segment offers a full range of
services from production through storage and distribution for religious, educational and specialty trade book publishers. The specialty publishing segment consists of Dover Publications, Inc.

In
evaluating segment performance, management primarily focuses on income or loss before taxes and other income. The elimination of intersegment sales and related profit represents sales
from the book manufacturing segment to the specialty publishing segment. Corporate expenses that are allocated to the segments include various support functions such as information technology
services, finance, human resources and engineering, and include depreciation and amortization expense related to corporate assets.

The
following table provides segment information for the three-month periods ended December 28, 2002 and December 29, 2001. Information relating to the discontinued
Customized Education segment (Note F) is not included.

(000's Omitted)Three Months EndedDecember 28,
2002

December 29,
2001Net sales:Book manufacturing

$
41,840

$
38,277Specialty publishing


8,365


8,544Elimination of intersegment sales


(1,423
)

(1,207
)Total for continuing operations

$
48,782

$
45,614Income (loss) before taxes:Book manufacturing

$
4,714

$
3,145Specialty publishing


1,061


908Elimination of intersegment profit


(127
)

22Total for continuing operations

$
5,648

$
4,075


8

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Item 2.

COURIER CORPORATION  MANAGEMENT'S DISCUSSION AND ANALYSIS OF  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Critical Accounting Policies and Estimates:

The Company's consolidated condensed financial statements have been prepared in accordance with generally accepted accounting principles. The preparation of these
financial statements requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. On an ongoing basis, management
evaluates its estimates and judgments, including those related to collectibility of accounts receivable, recovery of inventories, impairment of goodwill, prepublication costs and income taxes.
Management bases its estimates and judgments on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making
judgments about the carrying value of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Actual results may
differ from these estimates. The significant accounting policies which management believes are most critical to aid in fully understanding and evaluating the Company's reported financial results
include the following:

Accounts ReceivableManagement performs ongoing credit evaluations of the Company's customers and adjusts credit limits based
upon payment history and the customer's current credit worthiness. Collections and payments from customers are continuously monitored. A provision for estimated credit losses is determined based upon
historical experience and any specific customer collection issues that have been identified. If the financial condition of the Company's customers were to deteriorate, resulting in an impairment of
their ability to make payments, additional allowances may be required.

InventoriesManagement records reductions in the cost basis of inventory for excess and obsolete inventory based primarily
upon historical and forecasted product demand. If actual market conditions are less favorable than those projected by management, additional inventory charges may be required.

GoodwillThe Company accounts for goodwill in accordance with SFAS No. 142, "Accounting for Goodwill and Other
Intangible Assets". Accordingly, the Company evaluates possible impairment annually or whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. The
Company completed the annual impairment test required by SFAS No. 142 at September 28, 2002 resulting in no change to the nature or carrying amounts of its intangible assets. Changes in
market conditions or poor operating results could result in a decline in value thereby potentially requiring an impairment charge in the future.

Prepublication CostsThe Company capitalizes prepublication costs, which include the costs of acquiring rights to publish a
work and costs associated with bringing a manuscript to publication such as art-work and editorial efforts. Prepublication costs are amortized on a straight-line basis over a
four-year period. Management regularly evaluates the sales and profitability of the products based upon historical and forecasted demand. Based upon this evaluation, adjustments may be
required to amortization expense.

Income TaxesIncome tax liabilities and assets are determined based upon the differences among the financial statement and
tax bases of assets and liabilities, and taxes reported on the Company's tax returns. Changes in the recoverability of the Company's tax assets or audits by tax authorities could result in future
charges or credits to income tax expense.

9

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Results of Operations:

For the three months ended December 28, 2002, the Company's income from continuing operations was $3.7 million, or $.70 per diluted share, up 38%
from last year's $2.7 million, or $.52 per diluted share. These results do not include the results of a discontinued operation, Courier Custom Publishing, a provider of customized teaching
materials which lost $.01 per diluted share for the period prior to its sale on December 17, 2002. The $1.5 million sale resulted in an after-tax gain of approximately
$0.8 million or $.15 per diluted share. Including discontinued operations, net income for the first quarter was $.84 per diluted share versus $.50 per diluted share last year.

Continuing Operations

Sales in the first quarter of fiscal 2003 were $48.8 million, up 7% from $45.6 million in the corresponding period last year. Sales from the
Company's book manufacturing segment were $41.8 million, an increase of $3.6 million, or 9% from the first quarter of fiscal 2002. Within this segment, sales to the religious market
increased by 17% compared to the prior year, reflecting higher order levels and elimination of backlogs associated with the start up of a new press last year. Sales to the educational market rose by
13% over the prior year's first quarter with both the elementary/high school and college markets showing renewed demand for reprints following inventory reductions in the previous year. Sales to the
specialty trade market were up 7% compared to the same period last year, reflecting stronger sales of computer game books. Sales from the Company's specialty publishing segment, which is comprised of
Dover Publications, Inc. ("Dover"), were $8.4 million in the first quarter of fiscal 2003, down 2% from the prior year's first quarter. These results reflect a mixed retail environment
in the quarter, with disappointing sales to large bookstore chains but a 14% increase in direct-to-consumer sales and smaller increases in other non-bookstore
channels and international sales.

Gross
profit increased to $15.8 million in the first quarter compared to $13.7 million in the same period last year, and, as a percentage of sales, increased to 32% of
sales compared to 30% in the prior year period. Within the book manufacturing segment, gross profit in the first quarter increased by 260 basis points to 28% of sales compared to 25% in the prior
year's first quarter. This increase was attributable to an improved sales mix, higher capacity utilization and continued improvements in production efficiencies. Gross profit as a percent of sales in
the specialty publishing segment was 51%, compared to 47% in the same period last year, reflecting the benefits of a higher percentage of sales to the direct-to-consumer market
without a retailer discount, combined with increasing prices and lower costs.

Selling
and administrative expenses increased to $10.1 million in the first quarter of fiscal 2003 from $9.5 million in the same period last year. As a percentage of sales,
selling and administrative expenses were 21% in the first quarter of fiscal 2003, the same as the corresponding period last year. Within the book manufacturing segment, selling and administrative
expenses in the first quarter of fiscal 2003 increased by 6% to $7.0 million from $6.6 million last year. As a percent of sales, selling and administrative expenses were 17% in both
periods. In the specialty publishing segment, selling and administrative expenses of $3.1 million were 6% higher than the same period last year, due in part to increased spending on
e-commerce and other marketing programs.

Interest
expense, net of interest income, was $42,000 in the first quarter of fiscal 2003 compared to interest expense of $150,000 in the same period of fiscal 2002. During the first
quarter of fiscal 2003, there were no borrowings under the Company's revolving credit facility while cash investments averaged approximately $12 million at a 1.4% investment rate. For the same
period last year, the Company averaged borrowings of $13.8 million on its credit facility at 2.8%. Interest expense in the first quarter of fiscal 2003 includes commitment fees and other costs
associated with maintaining the Company's $60 million revolving credit facility, and is net of interest income of approximately $43,000.

10

---

First
quarter pretax income from the book manufacturing segment was $4.7 million, up 50% compared to the prior year period, and net income per diluted share was $.59, an increase
of 44% over last year. Pretax income in the specialty publishing segment was approximately $1.1 million, or $.13 per diluted share, compared to $0.9 million, or $.11 per diluted share,
in the first quarter of fiscal 2002.

The
Company's effective tax rate for the first quarter of fiscal 2003 was 33.6%, slightly higher than the 33.3% tax rate for the same period last year.

Income
from continuing operations for the first quarter of fiscal 2003 was $3.7 million, or $.70 per diluted share, versus $2.7 million, or $.52 per diluted share, in the
prior year.

For
purposes of computing net income per diluted share, weighted average shares outstanding increased by approximately 112,000 shares over last year's first quarter. The increase was
largely due to options exercised under the Company's stock plans.

Discontinued Operations

On December 17, 2002, the Company sold the assets of its wholly-owned subsidiary, Courier Custom Publishing, Inc. which comprised all of the
activities of the Custom Publishing segment. The Custom Publishing segment provided customized coursepacks and text books. Sales in each of the periods presented were $0.1 million with a loss
of $65,000, or $.01 per diluted share in this year's first quarter compared to a loss of $94,000 or $.02 per diluted share last year. Proceeds from the sale of Courier Custom Publishing were
$1.5 million resulting in an after tax gain of $0.8 million, or $.15 per diluted share.

Liquidity and Capital Resources:

During the first three months of fiscal 2003, operations provided approximately $5.8 million of cash. Income from continuing operations was
$3.7 million and depreciation and amortization were $2.5 million. Working capital used approximately $0.4 million of cash.

Investment
activities in the first three months of fiscal 2003 provided approximately $0.3 million of cash. Proceeds from the sale of Courier Custom Publishing were
$1.5 million. Capital expenditures were approximately $0.7 million and prepublication costs were approximately $0.5 million. For the entire fiscal year, capital expenditures are
expected to be approximately $10 million to $12 million and prepublication costs are projected to be approximately $2 million.

Financing
activities for the first three months of fiscal 2003 used approximately $0.6 million of cash representing dividend payments. At December 28, 2002, the Company had
no borrowings under its $60 million long-term revolving credit facility. The Company believes that its cash from operations and available credit facilities will be sufficient to
meet its cash requirements through fiscal 2003.

The
following table summarizes the Company's contractual obligations and commitments at September 28, 2002 to make future payments as well as its existing commercial commitments.

|                      |                             |  |   | (000's omitted)
|--------------------- | --------------------------- |  | - | ---------------
|
|
|Contractual Payments: |                             |  |   |                
|                      | Long-Term Debt              |  | $ | 752            
|                      | Operating Leases            |  | $ | 12,968         
|                      | Purchase Obligations(1)     |  | $ | 1,274          
|                      | Other Long-Term Liabilities |  | $ | 2,652          

---

11

---

The Company's $60 million long-term revolving credit facility matures in March 2005 and bears interest at a floating
rate.

Forward-Looking Information:

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. Such 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, 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, changes in copyright laws, changes in tax policy including export credits, and general changes in economic conditions.
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. 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.

Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes from the information concerning the Company's "Quantitative and Qualitative Disclosures About Market Risk" as previously
reported in the Company's Annual Report on Form 10-K for the year ended September 28, 2002.

Item 4.CONTROLS AND PROCEDURES

(a) Evaluation of disclosure controls and procedures

As required by Rule 13a-15 under the Securities Exchange Act of 1934, within the 90 days prior to the date of this report, the Company
carried out an evaluation under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the design and operation of the Company's disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the
Company's disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded,
processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms. The Company continually reviews its disclosure controls and
procedures, including its internal controls and procedures for financial reporting, and may from time to time make changes aimed at enhancing their effectiveness and to ensure that its systems evolve
with its business.

(b) Changes in internal controls

There were no significant changes in the Company's internal controls or in other factors that could significantly affect these controls subsequent to the date of
their most recent evaluation.

12

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 2. Changes in Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Submission of Matters to a Vote of Security Holders

None.

Item 5. Other Information

None.

Item 6. Exhibits and Reports on Form 8-K



None.



None.

13

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.

COURIER CORPORATION  (Registrant)

|February 7, 2003 |  | By: | /s/ James F. Conway III                                               
|---------------- |  | --- | ----------------------------------------------------------------------
|                 |  |     |                                                                       
|Date             |  |     | James F. Conway III
Chairman, President and Chief Executive Officer   
|February 7, 2003 |  | By: | /s/ Robert P. Story, Jr.                                              
|                 |  |     |                                                                       
|Date             |  |     | Robert P. Story, Jr.
Senior Vice President and Chief Financial Officer
|February 7, 2003 |  | By: | /s/ Peter M. Folger                                                   
|                 |  |     |                                                                       
|Date             |  |     | Peter M. Folger
Vice President and Chief Accounting Officer           

CERTIFICATIONS

The undersigned officer of Courier Corporation (the "Company") hereby certifies that the Company's quarterly report on Form 10-Q for the
quarterly period ended December 28, 2002, as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of section 13(a) or 15(d), as
applicable, of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of
operations of the Company. This certification is provided solely pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

|February 7, 2003 |  | By: | /s/ James F. Conway III                                            
|---------------- |  | --- | -------------------------------------------------------------------
|                 |  |     |                                                                    
|Date             |  |     | James F. Conway III
Chairman, President and Chief Executive Officer

The
undersigned officer of Courier Corporation (the "Company") hereby certifies that the Company's quarterly report on Form 10-Q for the quarterly period ended
December 28, 2002, as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of section 13(a) or 15(d), as applicable, of the
Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Company. This certification is provided solely pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

|February 7, 2003 |  | By: | /s/ Robert P. Story, Jr.                                              
|---------------- |  | --- | ----------------------------------------------------------------------
|                 |  |     |                                                                       
|Date             |  |     | Robert P. Story, Jr.
Senior Vice President and Chief Financial Officer

14

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CERTIFICATION

I,
James F. Conway III, certify that:





|February 7, 2003Date |  | By: /s/JAMES F. CONWAY IIIJames F. Conway III
Chairman, President and
Chief Executive Officer
|-------------------- |  | ---------------------------------------------------------------------------------------------

15

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CERTIFICATION

I,
Robert P. Story, Jr., certify that:





|February 7, 2003Date |  | By: /s/ROBERT P. STORY, JR.Robert P. Story, Jr.
Senior Vice President and
Chief Financial Officer
|-------------------- |  | -------------------------------------------------------------------------------------------------

16

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