Consolidated Graphics Reports Declines in Revenue and Income
HOUSTON—May 9, 2012—Consolidated Graphics announced financial results for its fourth quarter and year ended March 31, 2012.
Its revenue for the quarter totaled $250.6 million, a $7.6 million decrease (2.9 percent) compared to the prior-year quarter. The decline was due to a 4.8 percent decrease in same-store sales, partially offset by sales growth related to acquisitions and an increase in election-related business.
The company’s adjusted operating income for the March 2012 quarter was $6.0 million, or 2.4 percent of revenue, compared to $17.7 million, or 6.9 percent of revenue, last year. Its adjusted net income was $2.9 million, compared to $9.8 million for the prior year quarter. Adjusted EBITDA was $25.0 million for the March 2012 quarter and $122.9 million for fiscal year 2012.
Consolidated Graphics’ operating loss, which included $11.5 million in charges related to withdrawing from multiemployer pension plans and $2.0 million in long-lived asset impairment charges, was $8.3 million for the March 2012 quarter. Operating income for the prior year quarter was $16.4 million and included long-lived asset impairment charges of $.5 million. Its net loss for the March 2012 quarter was $5.9 million, compared to $8.9 million.
Joe R. Davis, chairman and CEO of Consolidated Graphics, commented, “We saw reduced demand this quarter in many of the markets we serve. While this quarter’s results are disappointing, we will continue to invest in our business to help our customers succeed. We believe investments in technology, people and equipment position us to compete effectively and profitably grow our business. Furthermore, we are continually monitoring and adjusting our cost structure to reflect changes in customer demand.”
Consolidated Graphics Inc. (CGX), headquartered in Houston, is one of North America’s leading general commercial printing companies. With 70 printing businesses strategically located across 27 states, Toronto, and Prague, and a presence in Asia, 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.