Consolidated Graphics Revenue up 19%, Net income up 65%
Press release from the issuing company
Feb. 7 -- Consolidated Graphics, Inc. today announced financial results for its third quarter ended December 31, 2006.
Revenue for the December quarter was a record $269.6 million, up 19% compared to $226.2 million a year ago. Net income for the December quarter was $16.4 million compared to net income of $9.9 million a year ago, resulting in a 65% increase in diluted earnings per share to a record $1.17 from $.71 a year ago.
For the nine months ended December 31, 2006, total revenue was $742.3 million, up 13% compared to $657.1 million for the same period a year ago. Net income for the first nine months of this year was $43.8 million compared to net income of $28.0 million a year ago, resulting in a 59% increase in diluted earnings per share to $3.14 from $1.98 a year ago.
Commenting on the results, Joe R. Davis, Chairman and Chief Executive Officer of Consolidated Graphics stated, "We are extremely pleased to report these record results, which again demonstrate our ability to leverage significant growth in revenue and market share into strong profit growth. Importantly, our operations continue to capitalize on our many strategic advantages to further expand our industry-leading position."
Mr. Davis continued, "Our strong balance sheet also represents an important strategic advantage. It enables execution of our acquisition strategy, as reflected by the recently completed acquisitions of two companies with sterling national reputations in the printing industry -- Annan and Bird Lithographers and The Hennegan Company. It also enables the execution of our currently authorized share repurchase program, pursuant to which we acquired an additional 41,344 shares for $2.6 million in the December quarter."
Mr. Davis concluded, "For the March quarter, we project quarterly revenues to increase 15% from the prior year to $255 million, with diluted earnings per share increasing 39% to $1.03."
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