Business News

Consolidated Graphics Reports Financial Results for the Quarter Ended June 30, 2013

Thursday 08. August 2013 - First Quarter Highlights: - Same store sales increased 1% year-over-year, following a .5% increase in the March 2013 quarter - Adjusted Operating Income increased 211% to $8.7 million, or 3.7% of sales - Adjusted Diluted Earnings Per Share increased 444% to $.49 per share

Consolidated Graphics, Inc. (NYSE: CGX) today announced financial results for its first quarter ended June 30, 2013.
Revenue for the June 2013 quarter was $236.7 million, compared to $238.3 million for the same quarter last year, as an expected decline in election related business was partially offset by a 1% increase in same-store sales. Adjusted Operating Income increased 211% for the quarter to $8.7 million or 3.7% of revenue, compared to $2.8 million, or 1.2% of revenue last year. Adjusted Net Income increased 390% to $4.7 million for the quarter, compared to $1.0 million for the prior year. Adjusted Diluted Earnings Per Share for the June quarter increased 444% to $.49, compared to $.09 last year. Adjusted EBITDA increased 17% to $25.0 million for the quarter and Free Cash Flow was $14.4 million.
Operating income during the June 2013 quarter was $6.9 million and included other charges of $1.1 million, primarily related to accretion of the discount of liability attributable to our withdrawal from certain multi-employer pension plans and the impairment of certain long-lived assets. Operating income for the prior year quarter was $.5 million and included $1.7 million in other charges, primarily related to relocating certain production facilities. Net income for the June 2013 quarter was $3.6 million or $.37 diluted income per share, compared to a net loss of $.4 million or $.04 diluted loss per share last year.
Joe R. Davis, Chairman and Chief Executive Officer of Consolidated Graphics, commented “Compared to the prior year, we improved Adjusted Operating Income and same-store sales during the seasonally weak June quarter despite only moderate economic growth. Our best in class employees, technology and printing solutions gives us a competitive edge and many opportunities for further growth as the economy continues to improve.”
A reconciliation of the non-GAAP financial measures, Adjusted EBITDA, Free Cash Flow, Adjusted Operating Income, Adjusted Operating Margin, Adjusted Net Income and Adjusted Diluted Earnings Per Share to the most directly comparable GAAP financial measures are included in the attached tables and in the related Current Report on Form 8-K filed with the Securities and Exchange Commission. The Form 8-K also includes the basis for management’s use of these non-GAAP financial measures.
Consolidated Graphics, Inc. will host a conference call today, Wednesday, August 7, 2013, at 11:00 a.m. Eastern Time, to discuss its first quarter fiscal 2014 results. The conference call will be simultaneously broadcast live over the Internet on our website (www.cgx.com) and a subsequent archive of such call will also be available on our website.
Consolidated Graphics, Inc. (CGX), headquartered in Houston, Texas, is one of North America’s leading general commercial printing companies. With 70 printing businesses strategically located across 26 states, Toronto, Prague, and Gero, Japan, CGX offers 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, CGX provides the service and responsiveness of a local printer enhanced by the economic, geographic and technological advantages of a large national organization.
Consolidated Graphics’ vast and technologically advanced sheetfed and web printing capabilities are complemented by the world’s largest integrated digital footprint. By coupling North America’s most comprehensive printing capabilities with strategically located fulfillment centers and industry-leading technology, CGX delivers end-to-end print production and management solutions that are based on the needs of our customers to improve their results.