Consolidated Graphics Reports Record Annual Revenues in Q4
Press release from the issuing company
HOUSTON, May 3 -- Consolidated Graphics, Inc. today announced financial results for its fourth quarter and year- ended March 31, 2006.
Sales for the March quarter were $221.9 million, up 12% compared to $197.7 million a year ago. Net income for the March quarter was $10.5 million, or a record $.74 per diluted share, representing increases of 22% and 23% compared to net income of $8.6 million and diluted earnings per share of $.60 a year ago.
For the year-ended March 31, 2006, total sales were a record $879 million, up 13% compared to $779 million in 2005. Net income in 2006 totaled $38.5 million or $2.73 per diluted share, both representing increases of 18% compared to net income of $32.7 million and diluted earnings per share of $2.31 in the prior year.
"We are very pleased to report another quarter of record results," commented Joe R. Davis, Chairman and Chief Executive Officer. "We accomplished 12% revenue growth in the March quarter through leveraging our strategic advantages, principally acquisitions plus strong growth from National Sales and CGXSolutions. In addition, we are pleased that operating margins continued to climb sequentially, increasing from 7.7% in the December quarter to 8.1% in the March quarter."
Mr. Davis added, "Our 2006 accomplishments were highlighted by our ability to deliver 18% growth in net income and diluted earnings per share from a 13% growth rate in sales, a testament to the scale of our business and the strength of our business model. Acquisitions were also a 2006 highlight with the purchases of Graphcom in Atlanta and Nies/Artcraft in St. Louis, two premier companies with market-leading reputations."
Mr. Davis concluded, "In 2007, we look forward to sustaining our strategic momentum and continuing to deliver on our commitment to long-term growth in sales and profits. For the June quarter, we project sales of $226 million and diluted earnings per share of $.69, after taking into account '123R' estimated expense of $.8 million after-tax, or $.06 per diluted share."
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