Consolidated Graphics Reports 2.9% Decrease in Revenues
Thursday, May 10, 2012
Press release from the issuing company
Consolidated Graphics, Inc. today announced financial results for its fourth quarter and year ended March 31, 2012.
Revenue for the March quarter was $250.6 million, a $7.6 million or 2.9% decrease compared to the prior year quarter. The decline in revenue compared to the prior year quarter was due to a 4.8% decline in same-store sales, partially offset by sales growth related to acquisitions and an increase in election-related business. Adjusted Operating Income for the March 2012 quarter was $6.0 million or 2.4% of revenue, compared to $17.7 million or 6.9% of revenue last year. Adjusted Net Income was $2.9 million, or $.28 per diluted share for the quarter, compared to Adjusted Net Income of $9.8 million or $.85 per diluted share for the prior year quarter. Adjusted EBITDA was $25.0 million for the March 2012 quarter and $122.9 million for fiscal year 2012.
Operating loss, which included $11.5 million in charges related to withdrawing from multiemployer pension plans and $2.0 million in long-lived asset impairment charges, was $8.3 million for the March 2012 quarter. Operating income for the prior year quarter was $16.4 millionand included long-lived asset impairment charges of $.5 million. Net loss for the March 2012quarter was $5.9 million or $.57 diluted loss per share, compared to $8.9 million or $.78 diluted earnings per share last year.
Joe R. Davis, Chairman and Chief Executive Officer of Consolidated Graphics, commented: "We saw reduced demand this quarter in many of the markets we serve. While this quarter's results are disappointing, we will continue to invest in our business to help our customers succeed. We believe investments in technology, people and equipment position us to compete effectively and profitably grow our business. Furthermore, we are continually monitoring and adjusting our cost structure to reflect changes in customer demand."
Share Repurchase Program Update
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 related Current Report on Form 8-K filed with theSecurities 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 today, Wednesday, May 9, 2012, at 11:00 a.m. Eastern Time, to discuss its fourth quarter fiscal 2012 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.
Consolidated Graphics, Inc. (CGX), headquartered in Houston, Texas, is one of North America's leading general commercial printing companies. With 70 printing businesses strategically located across 27 states, Toronto, and Prague, and a presence in Asia, CGX offers an unmatched geographic footprint, unsurpassed capabilities, and unparalleled levels of convenience, efficiency and service. With locations in or near virtually every major U.S. market, CGX provides the service and responsiveness of a local printer enhanced by the economic, geographic and technological advantages of a large national organization.
Consolidated Graphics' vast and technologically advanced sheetfed and web printing capabilities are complemented by the world's largest integrated digital footprint. By couplingNorth America's most comprehensive printing capabilities with strategically located fulfillment centers and industry-leading technology, CGX delivers end-to-end print production and management solutions that are based on the needs of our customers to improve their results. For more information, visit www.cgx.com.
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