CGX Projects Strong Fourth Quarter, Year End
Wednesday, May 04, 2011
Press release from the issuing company
HOUSTON, -- Consolidated Graphics, Inc. today announced financial results for its fourth quarter and year ended March 31, 2011.
Revenue for the March quarter was $258.1 million, an increase of 8.9%. The higher revenues resulted from a 5.3% improvement in same-store sales and the impact of acquisitions. Adjusted Operating Income for the March 2011 quarter increased 71%, to $17.7 million or 6.9% of revenue. Adjusted Net Income for the March 2011 quarter increased 56%, to $9.7 million. Adjusted Diluted Earnings Per Share for the March 2011 quarter were $.85. Adjusted EBITDA increased 30%, to $35.2 million for the March 2011 quarter.
Operating income was $16.4 million during the March 2011 quarter, compared to $1.5 million in the March 2010 quarter. Net income for the March 2011 quarter was $8.9 million or $.78 diluted earnings per share, compared to $.9 million or $.08 diluted earnings per share for the same quarter last year.
Joe R. Davis, Chairman and Chief Executive Officer of Consolidated Graphics, commented, "We continued to see improved operating performance this past year. Adjusted Net Income for the year increased $16.9 million or 66%, on a 6.4% increase in revenues. Throughout the year, we invested in our best-in-class solutions that create value for our customers, which, together with managing our costs, delivered improved results this year as well as for the fourth quarter."
Mr. Davis continued, "As we look ahead to the coming year, we are encouraged by the improvement we are seeing in our markets. We have the strongest competitive position in our history and will continue to add to and differentiate our offerings, manage our costs, and seek out quality acquisitions, in order to drive growth over the longer term."
Mr. Davis concluded, "Based on current market conditions and the usual seasonal impacts, we expect the June quarter's revenue to be in the range of $240 - $250 million which assumes year-over-year same-store sales growth of up to 5% along with incremental revenue from current year acquisitions. This should enable us to improve Adjusted Net Income in the June 2011 quarter compared to the prior year."
Stock Repurchase Program Update
In November 2010, the Board of Directors authorized the purchase of up to an aggregate of $50 million of the Company's common shares. During the quarter, the Company purchased 278,327 shares of its common stock for $14.6 million. Since the inception of the program, the Company has purchased 556,210 shares of its common stock for $27.7 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.
Consolidated Graphics, Inc. will host a conference call tomorrow, Wednesday, May 4, 2011, at 11:00 a.m. Eastern Time, to discuss its fiscal 2011 fourth quarter and year-end results. The conference call will be simultaneously broadcast live over the Internet on our website (www.cgx.com) and a subsequent archive of such call will also be available on our website.
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