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Champion Announces Record Earnings for 3rd Quarter

Thursday, August 21, 2008

Press release from the issuing company

 HUNTINGTON, W.Va., Aug 20, 2008 -- Champion Industries, Inc. today announced record third quarter net income of $1,067,000 or $0.11 per share for the three months ended July 31, 2008. The Company reported net income of $1,031,000 or $0.10 per share in the third quarter of 2007.

Net income for the nine months ended July 31, 2008 represented record earnings of $3,740,000 or $0.37 per share on a diluted basis. This compares to $3,689,000 or $0.36 per share on a diluted basis for the same period in 2007. The Company's balance sheet reflected working capital of $21.1 million, book value per share of $5.04 and total shareholders equity of $50.3 million at July 31, 2008.

In addition, the Board of Directors announced the declaration of the Company's quarterly dividend of six cents per share. The cash dividend will be paid on September 19, 2008, to shareholders of record on September 2, 2008.

 Marshall T. Reynolds, Chairman of the Board and Chief Executive Officer of Champion, said, "Our fiscal third quarter was our best third quarter in Company history, while our results for the nine months ended July 31, 2008 also represented the best nine months in the Company's history. Our sales growth for the third quarter of 2008 represented top line increases of approximately 11.6% with the growth coming as a result of our acquisition of The Herald-Dispatch. Our gross margins were encouraging for the quarter with improvement in gross margin percent for both the printing and office products and office furniture segment. As we enter the fourth quarter of 2008, I am pleased to report we have integrated The Herald-Dispatch commercial printing operations into our Huntington, WV Chapman Printing commercial printing plant. This should add increased production and operational efficiencies while expanding production capabilities and reducing operating costs."

Revenues for the three months ended July 31, 2008 were $39.7 million compared to $35.6 million in the same period in 2007. This change represented an increase in revenues of $4.1 million or 11.6%. Revenues for the nine months ended July 31, 2008 increased to $119.3 million from $104.3 million in 2007. This change represented an increase in revenues of $14.9 million or 14.3%. The printing segment experienced a sales increase of $949,000, or 1.3%, while the office products and office furniture segment experienced a decrease of $206,000, or 0.7% on a year to date basis. The Company reported newspaper revenues of $14.2 million for the nine months ended July 31, 2008. Toney K. Adkins, President and Chief Operating Officer, noted, "Our sales growth for the first nine months was attributable to our acquisition of The Herald- Dispatch which comprised our newspaper revenues and contributed to our commercial print revenue segment. As we enter our final quarter of the year we will continue to focus our efforts on implementing integration opportunities with The Herald-Dispatch, as well as cost containment and revenue related initiatives company-wide."

Mr. Reynolds concluded, "We at Champion continue to be committed to building a revenue diverse Company that will be financially viable for the long haul. We believe we have a solid sustainable position in each of our core disciplines and have numerous growth opportunities or profitable core niches which should generate substantial positive cashflows for our Company."

 

 

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