Champion Reports Net Losses for Second Quarter and First Six Months

Revenues for the three months ended April 30, 2012 were $33.4 million, compared to $31.0 million in the same period in 2011. This change represented an increase in revenues of $2.4 million or 7.7 percent. The printing segment experienced an increase of $1.2 million or 6.1 percent while the office products and office furniture segment experienced an increase of $1.2 million or 14.6 percent. The newspaper revenues for the quarter increased $16,000 when compared to the prior period.

On a year to date basis for the six months ended April 30, 2012 revenues increased to $65.0 million from $62.9 million in the prior year or 3.4 percent. The printing segment experienced an increase of 3.0 percent from $39.2 million to $40.4 million. The office products and office furniture segment experienced an increase of 6.2 percent from $16.3 million to $17.3 million. The newspaper segment revenues decreased by less than 1 percent during this period and approximated $7.3 million for each period.

Reynolds concluded, “We have much to achieve in 2012 and we refuse to take our eye off the ball in terms of our core business. We are cognizant that we must address our debt situation and our pending line of credit maturity but we ultimately believe striving to improve our core business is a fundamental component of a solution for all parties in this regard.

“We are also aware that we may need to continue the exploration of additional strategic initiatives including asset sales that make reasonable sense to all parties. We also must diligently strive to complete certain initiatives, which are currently in process, but not yet completed as these actions should assist in accomplishing our long term goals. The company has many tasks to accomplish but we are committed to staying the course and persevering through the challenges ahead. ”

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