Consolidated Graphics Reports $9.6M Profit and 10% Sales Increase
Press release from the issuing company
HOUSTON, Aug. 6 -- Consolidated Graphics, Inc. today announced financial results for its first quarter ended June 30, 2008.
Revenue for the June quarter was $285.2 million, up 10% compared to $258.6 million in the same quarter a year ago. Net income for the June quarter was $9.6 million or $.84 diluted earnings per share. Net income for the June 2007 quarter was $11.6 million or $.82 per diluted share, excluding a $2.4 million ($.14 earnings per diluted share) foreign currency exchange gain. Including the foreign currency gain, net income was $13.6 million or $.96 per diluted share for the quarter ended June 30, 2007. Adjusted EBITDA for the June quarter was $37.6 million, an increase of $1.2 million or 3% compared to the same quarter a year ago. Free cash flow for the June quarter was $29.5 million compared to $24.5 million in the same quarter a year ago.
Commenting on the results, Joe R. Davis, Chairman and Chief Executive Officer of Consolidated Graphics stated, "We believe that we are seeing the negative impact on our volume of business and selling prices caused by the current weakness in the U.S. economy. We are carefully monitoring our expenses, and expect to respond rapidly to any further deterioration in revenues. Looking forward to the September quarter, we expect seasonal improvement in demand compared to our first quarter, resulting in higher revenues of $290 - $300 million and diluted earnings per share of $.85 - $.95."
A reconciliation of the non-GAAP financial measures referred to above to the most comparable GAAP financial measures are included in the attached tables and were also included in a Current Report on Form 8-K we filed today with the Securities and Exchange Commission. Such filing also includes the basis for management's use of these non-GAAP financial measures.
Consolidated Graphics will host a conference call today, Wednesday, August 6, 2008, at 11:00 a.m. Eastern Time, to discuss its first quarter fiscal 2009 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 (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 and in Canada, we offer 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 and in Canada, CGX provides service and responsiveness of a local printer enhanced by the economic, geographic and technological advantages of a large national organization.
Our vast and technologically advanced sheetfed and web printing capabilities are complemented by the largest integrated digital footprint of any commercial printer in the U.S. By coupling North America's most comprehensive printing capabilities with strategically located fulfillment centers and industry-leading technology, we deliver solutions that create a spectrum of value for our customers. CGX offers the unique ability to respond to all printing-related needs no matter how large, small, specialized or complex. For more information, visit our website at http://www.cgx.com.
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