<PAGE>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q


(Mark One)

[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2001


OR
[ ]   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


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


                                  Massachusetts
         (State or other jurisdiction of incorporation or organization)


                                   04-2502514
                      (I.R.S. 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)


         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   X      No


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 April 25, 2001
     Common Stock, $1 par value                          3,369,315 Shares



                                  Page 1 of 13

<PAGE>


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

<TABLE>
<CAPTION>

                                                                  March 31,          September 30,
                                                                    2001                 2000
                                                                  ---------          -------------
<S>                                                                <C>                  <C>
ASSETS

Current assets:
   Cash and cash equivalents                                       $     40             $    562
   Accounts receivable, less allowance
     for uncollectible accounts                                      35,084               39,811
   Inventories (Note B)                                              24,742               27,421
   Deferred income taxes                                              2,478                2,543
   Other current assets                                                 530                1,016
                                                                   --------             --------
     Total current assets                                            62,874               71,353

Property, plant and equipment, less
  accumulated depreciation: $85,817
  at March 31, 2001 and $81,427
  at September 30, 2000                                              43,055               41,014

Real estate held for sale or lease, net (Note E)                         --                  323

Goodwill and other intangibles, net (Note A)                         26,374               26,040

Prepublication costs                                                  2,863                2,949

Other assets                                                            567                  562
                                                                   --------             --------
  Total assets                                                     $135,733             $142,241
                                                                   ========             ========
</TABLE>


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


                                  Page 2 of 13

<PAGE>


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

<TABLE>
<CAPTION>

                                                                          March 31,          September 30,
                                                                            2001                 2000
                                                                          ---------          -------------
<S>                                                                       <C>                  <C>
LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
   Current maturities of long-term debt                                   $    249             $    366
   Accounts payable                                                         12,496               18,023
   Accrued payroll                                                           4,594                6,708
   Accrued taxes                                                             3,397                5,303
   Other current liabilities                                                 6,487                7,606
                                                                          --------             --------
      Total current liabilities                                             27,223               38,006

Long-term debt                                                              30,516               31,327
Deferred income taxes                                                        2,689                2,428
Other liabilities                                                            2,530                2,709
                                                                          --------             --------
      Total liabilities                                                     62,958               74,470
                                                                          --------             --------

Stockholders' equity:
   Preferred stock, $1 par value - authorized
      1,000,000 shares; none issued
   Common stock, $1 par value - authorized
      6,000,000 shares; issued 3,750,000 shares                              3,750                3,750
   Additional paid-in capital                                                2,919                2,283
   Retained earnings                                                        69,730               65,551
   Unearned compensation                                                      (457)                (513)
   Treasury stock, at cost: 384,000 shares
      at March 31, 2001 and 406,000
      shares at September 30, 2000                                          (3,167)              (3,300)
                                                                          --------             --------

      Total stockholders' equity                                            72,775               67,771
                                                                          --------             --------

Total liabilities and stockholders' equity                                $135,733             $142,241
                                                                          ========             ========
</TABLE>


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


                                  Page 3 of 13

<PAGE>


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

<TABLE>
<CAPTION>

                                                                  QUARTER ENDED                             SIX MONTHS ENDED
                                                          ------------------------------            -------------------------------
                                                          March 31,            March 25,            March 31,             March 25,
                                                            2001                 2000                 2001                  2000
                                                          ---------            ---------            ---------             ---------
<S>                                                       <C>                  <C>                  <C>                   <C>
Net sales                                                 $49,011              $44,489              $102,290              $89,632
Cost of sales                                              35,233               32,946                73,888               67,005
                                                          -------              -------              --------              -------
  Gross profit                                             13,778               11,543                28,402               22,627

Selling and administrative expenses                         9,843                7,652                19,783               15,137
Amortization of goodwill and other intangibles                358                  163                   720                  326
Interest expense                                              619                  101                 1,305                  185
Other (income) expense (Note E)                              (300)                  --                (1,230)                  --
                                                          -------              -------              --------              -------
  Income before taxes                                       3,258                3,627                 7,824                6,979

Provision for income taxes (Note C)                         1,125                1,276                 2,739                2,459
                                                          -------              -------              --------              -------
  Net income                                              $ 2,133              $ 2,351              $  5,085              $ 4,520
                                                          =======              =======              ========              =======

Net income per share (Note D):

  Basic                                                   $  0.63              $  0.72              $   1.51              $  1.39
                                                          =======              =======              ========              =======

  Diluted                                                 $  0.62              $  0.70              $   1.48              $  1.35
                                                          =======              =======              ========              =======

Cash dividends declared per share                         $ 0.135              $  0.12              $   0.27              $  0.24
                                                          =======              =======              ========              =======
</TABLE>


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


                                  Page 4 of 13

<PAGE>


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

<TABLE>
<CAPTION>

                                                                            SIX MONTHS ENDED
                                                                     ------------------------------
                                                                     March 31,            March 25,
                                                                       2001                 2000
                                                                     ---------            ---------
<S>                                                                   <C>                  <C>
Cash provided from operating activities                               $ 6,334              $ 2,900
                                                                      -------              -------

Investment activities:
  Capital expenditures                                                 (6,567)              (5,227)
  Prepublication costs                                                   (828)                  --
  Proceeds from sale of assets (Note E)                                 2,124                   --
                                                                      -------              -------

Cash used for investment activities                                    (5,271)              (5,227)
                                                                      -------              -------

Financing activities:
  Scheduled long-term debt repayments                                    (178)                (165)
  Decrease in long-term borrowings                                       (750)                  --
  Cash dividends                                                         (906)                (781)
  Proceeds from stock plans                                               249                  181
  Stock repurchase                                                         --                 (114)
                                                                      -------              -------

Cash used for financing activities                                     (1,585)                (879)
                                                                      -------              -------

Decrease in cash and cash equivalents                                    (522)              (3,206)

Cash and equivalents at the beginning of the period                       562                3,460
                                                                      -------              -------

Cash and equivalents at the end of the period                         $    40              $   254
                                                                      =======              =======
</TABLE>


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


                                  Page 5 of 13

<PAGE>


                               COURIER CORPORATION

        NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED)



         A.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         UNAUDITED FINANCIAL STATEMENTS

         The balance sheet as of March 31, 2001, the statements of income for
         the three-month and six-month periods ended March 31, 2001 and March
         25, 2000, and the statements of cash flows for the six-month periods
         ended March 31, 2001 and March 25, 2000 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 2000 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 generally accepted
         accounting principles in the United States of America have been
         condensed or omitted. The balance sheet data as of September 30, 2000
         was derived from audited year-end financial statements, but does not
         include disclosures required by generally accepted accounting
         principles in the United States of America. 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
         30, 2000.

         BUSINESS ACQUISITION

         On September 22, 2000, the Company acquired all of the outstanding
         capital stock of Dover Publications, Inc. (Dover). The Company paid
         approximately $39 million in cash to the former stockholders of Dover
         for their shares of capital stock. The acquisition was accounted for as
         a purchase and, accordingly, Dover's financial results have been
         included in the consolidated financial statements from the date of
         acquisition. The financial statements at September 30, 2000 reflect the
         preliminary allocation of the purchase price to the assets acquired and
         liabilities assumed, based on their estimated fair value at the date of
         acquisition. During the first six months of fiscal 2001, appraisal
         adjustments resulted in an increase in goodwill of approximately $1
         million.

         NEW ACCOUNTING PRONOUNCEMENTS

         Effective October 1, 2000, the Company adopted Statement of Financial
         Accounting Standard (SFAS) No. 133, "Accounting for Derivative
         Instruments and Hedging Activities" (as amended by SFAS No. 137 in June
         1999 and SFAS No. 138 in June 2000); the adoption did not have a
         material effect on the Company's consolidated financial statements. The
         Securities and Exchange Commission has issued Staff Accounting Bulletin
         (SAB) No. 101 ("Revenue Recognition in Financial Statements"), that
         will be required to be implemented by the Company in the fourth quarter
         of the Company's fiscal year ending September 29, 2001. The Company
         does not believe the adoption of this SAB will have a material impact
         on its consolidated financial statements.


                                  Page 6 of 13

<PAGE>


                               COURIER CORPORATION

        NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED)


         B.  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% of the Company's inventories at both March 31, 2001 and September
         30, 2000. Other inventories are determined using the first-in,
         first-out (FIFO) method with the exception of inventory relating to the
         September 2000 acquisition of Dover which, in accordance with purchase
         accounting requirements, was included at its estimated fair market
         value of $13.9 million at September 30, 2000. Inventories consisted of
         the following:

<TABLE>
<CAPTION>

                                                            (000'S OMITTED)
                                                            ---------------
                                                      March 31,         September 30,
                                                        2001                2000
                                                      ---------         -------------
                 <S>                                   <C>                 <C>
                 Raw materials                         $ 3,701             $ 3,619
                 Work in process                         6,551               8,018
                 Finished goods                         14,490              15,784
                                                       -------             -------
                    Total                              $24,742             $27,421
                                                       =======             =======
</TABLE>


         C.  INCOME TAXES

         The statutory federal tax rate is 34%. The total tax provision differs
         from that computed using the statutory federal tax rate for the
         following reasons:

<TABLE>
<CAPTION>

                                                                              (000'S OMITTED)
                                                                              ---------------
                                                               QUARTER ENDED                SIX MONTHS ENDED
                                                               -------------                ----------------
                                                           March 31,      March 25,       March 31,       March 25,
                                                             2001            2000           2001             2000
                                                           ---------      ---------       ---------       ---------
         <S>                                                <C>            <C>             <C>             <C>
         Federal income taxes at statutory rate             $1,108         $1,233          $2,661          $2,373
         State income taxes, net                                95            110             229             207
         Goodwill amortization                                  43             43              86              86
         Foreign sales corporation (FSC) export
         related income                                       (124)          (127)           (261)           (231)
         Other                                                   3             17              24              24
                                                            ------         ------          ------          ------
              Total                                         $1,125         $1,276          $2,739          $2,459
                                                            ======         ======          ======          ======
</TABLE>


         D.  NET INCOME PER SHARE

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

<TABLE>
<CAPTION>


                                                                           (000'S OMITTED)
                                                                           ---------------
                                                              QUARTER ENDED                 SIX MONTHS ENDED
                                                              -------------                 ----------------
                                                        March 31,       March 25,       March 31,        March 25,
                                                          2001            2000            2001             2000
                                                        ---------       ---------       ---------        ---------
         <S>                                              <C>             <C>             <C>              <C>
         Average shares outstanding for basic             3,365           3,263           3,361            3,259
         Effect of potentially dilutive shares               84              95              82               93
                                                          -----           -----           -----            -----
         Average shares outstanding for diluted           3,449           3,358           3,443            3,352
                                                          =====           =====           =====            =====
</TABLE>


                                  Page 7 of 13

<PAGE>


                               COURIER CORPORATION

        NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

         E.  OTHER INCOME

         In March 2001, the Company sold the assets of its subsidiary, The Home
         School, and ceased operating this business. The proceeds from the sale
         were $0.8 million resulting in a pretax gain of approximately $300,000
         and an after-tax gain of approximately $200,000, or $.06 per diluted
         share.

         During the first quarter of fiscal 2001, the Company completed the sale
         of its Raymond, NH facility; such facility comprised the September 30,
         2000 balance sheet caption "Real estate held for sale or lease, net."
         In February 2000, the Company entered into a five-year lease agreement
         for this facility, which had been vacant. The lease provided for a
         purchase option at a price of $1.3 million. The option was exercised in
         August 2000 and the transaction closed in October 2000, resulting in a
         pretax gain of approximately $0.9 million and approximately $0.6
         million after tax, or $.16 per diluted share.

         F.  BUSINESS SEGMENTS

         The Company historically operated in one primary business segment, book
         manufacturing, with a second smaller business segment in customized
         education. On September 22, 2000, the Company acquired Dover
         Publications, Inc. (Dover), a publisher of special interest books.
         Dover comprises the Company's third segment, specialty publishing. The
         book manufacturing segment offers a full range of services from
         production through storage and distribution for education, religious
         and specialty book publishers. The customized education segment
         responds to the demand for increased choice in the way educational
         information is received and used. Operations include Courier Custom
         Publishing, a provider of customized college textbooks and coursepacks
         and The Home School, a direct marketer of educational materials to
         families engaged in home-based learning. The assets of The Home School
         were sold in March 2001 (see Note E).

         In evaluating segment performance, management primarily focuses on
         income or loss before taxes and other income (see Note E). The gain on
         the sale of The Home School's assets is included in the customized
         education segment below. The elimination of intersegment sales
         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
         and six-month periods ended March 31, 2001 and March 25, 2000:

<TABLE>
<CAPTION>

                                                                          (000'S OMITTED)
                                                                          ---------------
                                                             QUARTER ENDED                   SIX MONTHS ENDED
                                                             -------------                   ----------------
                                                       March 31,        March 25,       March 31,         March 25,
                                                         2001             2000             2001             2000
                                                       ---------        ---------       ---------         ---------
          <S>                                           <C>              <C>            <C>               <C>
          NET SALES:
          Book manufacturing                            $42,740          $43,987        $ 87,949          $88,721
          Customized education                              500              502             922              911
          Specialty publishing                            6,768               --          15,337               --
          Elimination of intersegment sales                (997)              --          (1,918)              --
                                                        -------          -------        --------          -------
               Total Company                            $49,011          $44,489        $102,290          $89,632
                                                        =======          =======        ========          =======

          INCOME (LOSS) BEFORE TAXES:
          Book manufacturing                              3,699            4,354           7,544            8,480
          Customized education                               38             (727)           (313)          (1,501)
          Specialty publishing                             (324)              --             (14)              --
          Elimination of intersegment profit               (155)              --            (323)              --
          Other income                                       --               --             930               --
                                                        -------          -------        --------          -------
               Total Company                            $ 3,258          $ 3,627        $  7,824          $ 6,979
                                                        =======          =======        ========          =======
</TABLE>


                                  Page 8 of 13

<PAGE>


ITEM 2.                        COURIER CORPORATION
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS:

Sales in the second quarter of fiscal 2001 were up 10% to $49.0 million compared
to $44.5 million in the corresponding period last year. Sales by Dover
Publications, Inc. (Dover), acquired on September 22, 2000, contributed $6.8
million to the increase in sales for the quarter. The acquisition of Dover also
requires the elimination of intersegment sales, which reduced total consolidated
sales by $1.0 million in the second quarter. Sales from the Company's book
manufacturing segment declined 3% to $42.7 million for the quarter. Sales to the
religious market continued to show solid growth, however, sales to the specialty
publishing market decreased sharply. This decrease was due to a decline in
retail book sales and, more significantly, the computer game book business where
the Company has developed a strong presence. Game book sales were down primarily
because of the lack of availability of Sony's new Play Station II (R) game
system, which has delayed the launch of new games and the publication of game
strategy guides. Meanwhile, second quarter sales to educational publishers were
flat compared to strong sales for the same period last year. Sales from the
Company's customized education segment were approximately $500,000 for the
second quarter of fiscal 2001, comparable to last year. Revenues of The Home
School unit declined, as that business was sold in March 2001. However, sales
for Courier's college coursepack business increased 22% over the same period
last year. Revenues from the customized education segment are highly seasonal
with the Company's fiscal fourth quarter historically representing the period of
highest market demand.

Gross profit increased to $13.8 million, or 28.1% of sales, in the second
quarter compared to $11.5 million, or 25.9% of sales, in the same period last
year. The increase in gross profit was primarily from Dover sales. Dover's gross
profit as a percentage of sales, at 46%, is significantly higher than the
Company's other businesses which increased Courier's overall percentage. Book
manufacturing segment margins were down, reflecting the shortfall in sales, as
well as higher fixed costs related to added capacity. The intersegment profit
elimination reduced gross profit by approximately $0.2 million in the second
quarter of fiscal 2001.

Selling and administrative expenses increased to $9.8 million in the second
quarter of fiscal 2001 from $7.7 million in the same period last year. As a
percentage of sales, selling and administrative expenses were 20.1% in the
second quarter of fiscal 2001 compared to 17.2% in the corresponding period
last year. The increase was attributable to Dover where selling and
administrative expenses as a percentage of sales are significantly higher
than the Company's other businesses. Absent Dover, selling and administrative
expenses were $7.2 million or 16.6% of sales.

Amortization of goodwill and other intangibles increased to $358,000 in the
second quarter of fiscal 2001 from $163,000 for the same period last year
reflecting the amortization related to the acquisition of Dover.

Interest expense was $619,000 in the second quarter of fiscal 2001 compared to
$101,000 in the same period of fiscal 2000 reflecting increased average
borrowings of approximately $30.7 million, primarily due to the acquisition of
Dover.

In March 2001, the Company sold the assets of its subsidiary, The Home School,
and ceased operating this business. The proceeds from the sale were $0.8 million
resulting in a pretax gain of approximately $300,000 and an after-tax gain of
approximately $200,000, or $.06 per diluted share. This gain is included in the
results of the customized education segment.

The Company's effective tax rate for the second quarter of fiscal 2001 was
comparable to the same period last year at 35%.


                                  Page 9 of 13

<PAGE>


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

RESULTS OF OPERATIONS (CONTINUED):

Net income for the second quarter of fiscal 2001 was approximately $2.1 million,
or $.62 per diluted share, compared with $2.4 million, or $.70 per diluted share
for the same period last year. Dover, which comprises the Company's new
specialty publishing segment, reported a second quarter pretax loss of
approximately $0.3 million, or $.06 per diluted share, after goodwill
amortization and interest expense. Pretax earnings from the book manufacturing
segment decreased to $3.7 million from $4.4 million in last year's second
quarter, reflecting the impact of a reduction in sales, due to the effects of a
slowing economy on retail sales of books and to a large drop in sales to the
computer game book publishers. The Company's customized education segment
reported second quarter pretax earnings of $38,000, or $.01 per diluted share,
compared to a pretax loss of $0.7 million, or $.14 per diluted share, for the
same period last year. Included in the latest quarter's results for the
customized education segment was an after-tax gain of approximately $200,000, or
$.06 per diluted share, from the sale of The Home School unit. The improvement
in the customized education segment was due to the sale, as well as cost cutting
measures implemented earlier in the year, including the closure of The Home
School's retail store last fall.

For purposes of computing diluted net income per share, weighted average shares
outstanding increased by approximately 91,000 shares over last year's second
quarter. The increase was largely due to options exercised under the Company's
stock plans.

For the six months ended March 31, 2001, sales were $102.3 million, up 14%
from $89.6 million for the prior year's period. Net income for the first half
of fiscal 2001 was approximately $5.1 million, or $1.48 per diluted share,
compared with approximately $4.5 million, or $1.35 per diluted share last
year. In addition to the sale of The Home School assets, the results for the
first half of fiscal 2001 include a pretax gain of approximately $0.9 million
(approximately $0.6 million after tax or $.16 per diluted share) from the
sale of real estate. The Company's newly formed specialty publishing segment,
comprised of Dover, reported sales of $15.3 million for the first half of
fiscal 2001 while earnings were approximately breakeven after goodwill and
interest. Sales from the Company's book manufacturing segment declined 1%
while related pretax earnings declined 12% compared to the first six months
of fiscal 2000 as the factors discussed above for the second quarter
similarly affected year-to-date results. The customized education segment
reduced net income by $.06 per diluted share compared to $.29 per diluted
share in the first half of fiscal 2000 reflecting reductions in the losses of
The Home School and the gain on the sale of that business in March 2001.

Effective October 1, 2000, the Company adopted Statement of Financial Accounting
Standard (SFAS) No. 133, "Accounting for Derivative Instruments and Hedging
Activities" (as amended by SFAS No. 137 in June 1999 and SFAS No. 138 in June
2000); the adoption did not have a material effect on the Company's consolidated
financial statements. The Securities and Exchange Commission has issued Staff
Accounting Bulletin (SAB) No. 101 ("Revenue Recognition in Financial
Statements"), that will be required to be implemented by the Company in the
fourth quarter of the Company's fiscal year ending September 29, 2001. The
Company does not believe the adoption of this SAB will have a material impact on
its consolidated financial statements.


                                  Page 10 of 13

<PAGE>


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

LIQUIDITY AND CAPITAL RESOURCES:

During the first six months of fiscal 2001, operations generated approximately
$6.3 million of cash. Net income was $5.1 million and depreciation and
amortization were $6.1 million. This more than offset increased working capital
requirements, primarily related to reductions in accounts payable and accrued
expenses.

Investment activities in the first half of fiscal 2001 used approximately $5.3
million of cash. Capital expenditures were approximately $6.6 million for the
first six months of fiscal 2001. For the entire fiscal year, capital
expenditures are expected to approximate $15 million, primarily for added
capacity and factory automation equipment to increase productivity and service
levels. Proceeds from the March 2001 sale of The Home School were approximately
$0.8 million, with an additional $1.3 million from the October 2000 sale of the
Raymond, NH facility. The Company entered into an agreement in January 2000 to
sell the unoccupied and underutilized portions of its multi-building
manufacturing complex in Westford, MA. In April 2001, the buyer failed to meet
certain performance requirements of the agreement, and by its terms, the
agreement expired. The Company is currently evaluating its options regarding
this property.

Financing activities for the first six months of fiscal 2001 included a decrease
in long-term borrowings of approximately $0.9 million. Dividends in the first
half of fiscal 2001 were $0.9 million, a 16% increase over the same period last
year, primarily due to an increase in the amount of the quarterly dividend. At
March 31, 2001, the Company had borrowings of approximately $29.8 million 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 2001.

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, changes in raw
material costs and availability, seasonal changes in customer orders, pricing
actions by competitors, changes in copyright laws, consolidation among customers
and competitors, success in the integration of acquired businesses, changes in
technology, 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.


                                  Page 11 of 13

<PAGE>


                               COURIER CORPORATION


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 30, 2000.


                           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

           The Annual Meeting of Stockholders of the registrant was held on
           January 18, 2001. Following are the matters voted on at the meeting.

           ELECTION OF DIRECTORS All nominees of the Board of Directors of the
           registrant were re-elected for a three-year term.

           AMENDMENT TO THE COURIER CORPORATION 1993 STOCK INCENTIVE PLAN
           Stockholders voted to approve an amendment to the Courier Corporation
           1993 Stock Incentive Plan increasing the number of shares available
           for grant under the Plan by 100,000 shares. Votes were cast as
           follows: 2,817,646 votes for, 202,797 votes against and 124,579
           abstained.

           RATIFICATION/APPROVAL OF ACCOUNTANTS Stockholders voted to ratify and
           approve the selection by the Board of Directors of Deloitte & Touche
           LLP as independent public accountants for the Corporation for the
           fiscal year ending September 29, 2001. Votes were cast as follows:
           3,116,270 votes for, 8,520 votes against and 20,232 abstained.

ITEM 5.    OTHER INFORMATION

           None.

ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

           (a)  Exhibits

           None.

           (b)  Reports on Form 8-K

           Report on Form 8-K filed March 23, 2001 reported under Item 5 the
           sale of the assets of the Company's wholly-owned subsidiary, The Home
           School, Inc.


                                  Page 12 of 13

<PAGE>


                                   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)


       MAY 11, 2001                             By:  S/ JAMES F. CONWAY III
-----------------------------                   -----------------------------
          Date                                  James F. Conway III
                                                Chairman, President and
                                                  Chief Executive Officer




       MAY 11, 2001                             By:  S/ ROBERT P. STORY, JR.
-----------------------------                   ----------------------------
          Date                                  Robert P. Story, Jr.
                                                Senior Vice President and
                                                  Chief Financial Officer




       MAY 11, 2001                             By:  S/ PETER M. FOLGER
-----------------------------                   ---------------------------
         Date                                   Peter M. Folger
                                                Vice President and
                                                  Chief Accounting Officer



                                  Page 13 of 13