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Champion Announces 1Q Results, Revenue of $29.8 Million

Press release from the issuing company

HUNTINGTON, W.Va., Feb. 26 - Champion Industries today announced net income of $258,000 or $0.03 per share for the three months ended January 31, 2002 compared to $279,000 or $0.03 per share for the same period in 2001. The Company's balance sheet reflected interest bearing debt to equity at 18.0 percent, book value per share of $4.36 and total shareholders equity of $42.4 million. The Board of Directors announced the declaration of the Company's quarterly dividend of 5 cents per share. The cash dividend will be paid on March 25, 2002, to shareholders of record on March 8, 2002. Marshall T. Reynolds, Chairman of the Board and Chief Executive Officer of Champion, said, "Our fiscal first quarter was challenging due to the weakened economic state of many of the geographic regions served by our Company. However, our aggressive cost cutting, resulting from last year's restructuring, enabled us to maintain net income at prior year levels.'' Revenues for the three months ended January 31, 2002 were $29.8 million compared to $31.9 million in the same period in 2001. This change represented a decrease in revenues of $2.1 million or 6.7%. The printing segment experienced a sales decrease of $1.8 million or 7.4% while the office products and office furniture segment experienced a decrease of $300,000 or 4.2%. Kirby J. Taylor, president and chief operating officer, noted, "Our top line decreases negatively impacted our profitability in the first quarter, however, our lower interest costs coupled with a reduction in our SG&A expenses enabled us to keep pace with last year's earnings per share.'' Mr. Taylor concluded, "In 2002 we will focus on maintaining our sales levels in this difficult economic environment and continue to implement components of our restructuring plan as well as seek new cost savings opportunities.''