Consolidated Graphics announces 8% increased revenues
Wednesday, February 02, 2011
Press release from the issuing company
Houston - Consolidated Graphics, Inc. today announced financial results for the quarter ended December 31, 2010.
Revenue for the December quarter increased 8% to $299.1 million compared to the prior year. The higher revenues resulted from a 6% improvement in same-store sales and the impact of the acquisition of certain operating assets. The same-store sales improvement was partially due to higher election related sales during the quarter. Adjusted Operating Income for the December 2010 quarter increased 31% to $30.2 million, or 10.1% of revenue. Adjusted Net Income for the December 2010 quarter increased 33% to $18.7 million, or $1.60 Adjusted Diluted Earnings Per Share. Adjusted EBITDA increased 13% to $47.2 million for the December 2010 quarter.
Operating income increased 52% to $28.2 million in the December 2010 quarter, and net income for the December 2010 quarter increased 54% to $17.6 million, or $1.50 diluted earnings per share.
Joe R. Davis, Chairman and Chief Executive Officer of Consolidated Graphics, commented, "Adjusted Operating Income of $30.2 million this quarter was a record for Consolidated Graphics. We achieved these results by producing first-class products for our customers and by aggressively managing our costs. Our best-in-class technology, print, and fulfillment solutions, including our world-leading fleet of high-end digital presses, enabled us to generate a record level of digital sales in this seasonally strong quarter and continue to grow our sales to national account customers served by multiple CGX operating companies."
Mr. Davis added, "Based on current market conditions and the usual seasonal impacts, we expect March quarter's revenue to be in the range of $245 - $260 million which assumes year-over-year same store sales growth of up to 5%, and incremental revenue from current year acquisitions. This should enable us to again achieve Adjusted Net Income improvement in the March 2011 quarter compared to the prior year."
Stock Repurchase Program
In November 2010, the Board of Directors authorized the purchase up to an aggregate of $50 million of the Company's common shares.During the quarter, the Company purchased 277,883 shares of its common stock for $13.2 million.
A reconciliation of the non-GAAP financial measures, Adjusted EBITDA, Free Cash Flow, Adjusted Operating Income, Adjusted Operating Margin, Adjusted Net Income and Adjusted Diluted Earnings Per Share to the most directly comparable GAAP financial measures are included in the attached tables and in the Current Report on Form 8-K filed today with the Securities and Exchange Commission. The Form 8-K also includes the basis for management's use of these non-GAAP financial measures.
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