We suggest a novel approach for compressing images of text documents based on building up a simple derived font from patterns in the image, and present the results of a prototype implementation based on our approach. Our prototype achieves better compression than most alternative systems, and the decompression time appears substantially shorter than other methods with the same compression rate. The method has other advantages, such as a straightforward extension to a lossy scheme that allows one to control the lossines introduced in a well-defined manner. We believe our approach will be applicable in other domains as well.