Consolidated Graphics Reports 2.1% Drop in Revenue
Friday, August 10, 2012
Press release from the issuing company
Consolidated Graphics, Inc. today announced financial results for its first quarter ended June 30, 2012.
Revenue for the June quarter was $238.3 million, a $5.0 million or 2.1% decline compared to the prior year quarter. The decline in revenue compared to the prior year quarter was due to a 2.5% decline in same-store sales, partially offset by sales growth related to an acquisition. The same- store sales change includes the benefit of election-related revenue growth, compared to the prior year. Adjusted Operating Income for the June 2012 quarter was $2.8 million or 1.2% of revenue, compared to$8.9 million or 3.7% of revenue last year. Adjusted Net Income was $1.0 million or$.09 per diluted share for the quarter, compared to Adjusted Net Income of $4.9 millionor $.43 per diluted share for the prior year quarter. Adjusted EBITDA was $21.4 millionfor the June 2012 quarter.
Operating income during the June 2012 quarter was $.5 million and included other charges of $1.7 million primarily related to relocating certain production facilities. Operating income for the prior year quarter was $3.6 million and included $4.6 millionin other charges due to withdrawing from certain multi-employer pension plans. Net loss for the June 2012 quarter was $.4 million or $.04 diluted loss per share, compared to net income of $1.6 million or $.14 diluted earnings per share last year.
Joe R. Davis, Chairman and Chief Executive Officer of Consolidated Graphics, commented, "The decline in same-store sales reflects the on-going fragile state of the economy. While we are closely managing our costs during these challenging economic times, we are also investing in our capabilities. We believe our industry leading technology and digital investments provide us significant competitive advantages that will enable us to generate profitable growth as the economy improves. Evidence of these advantages include the 6% quarterly year-over-year growth of our digital print business and 30% growth in our web-to-print technology solutions installed since the launch of our Streamline product last September."
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 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 today, Wednesday, August 8, 2012, at 11:00 a.m. Eastern Time, to discuss its first quarter fiscal 2013 results. The conference call will be simultaneously broadcast live over the Internet on our website (http://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, Prague, and Gero, Japan, 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 coupling North 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 http://www.cgx.com/.
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