Press release from the issuing company
Commenting on the results, Joe R. Davis, Chairman and Chief Executive Officer of Consolidated Graphics stated, "Overall, we are pleased with the results of the quarter. While our sales were slightly lower than we had projected for the quarter, we believe that sales will accelerate throughout the remainder of the year."
EBITDA for the June quarter was
Mr. Davis added, "As we continue to target larger retail and health care customers with significant summer and fall printing budgets through our national sales efforts, and as election related printing ramps up, I expect that our sales in subsequent quarters will grow at an even faster rate than they did in the first quarter. I am confident that we will continue to successfully execute on our strategy, expand our industry leading position and further leverage our competitive advantages for continued growth."
Included in operating income for the June quarter was a foreign currency transaction net gain of
Net income for the quarter was impacted by a higher effective tax rate (40.8% compared to 34.8% a year ago) that was largely the result of the Company's adoption of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes ("FIN 48"), which became effective for the Company in the first quarter. Also, for the quarter ended
Mr. Davis concluded, "For the September quarter, we expect solid revenue and profit growth over the prior year. We project quarterly revenues of
A reconciliation and basis for management's use of the non-GAAP financial results referred to above was included in a filing made today by the Company with the Securities and Exchange Commission.
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