Digital Print, Elections Boost CGX Q3 Results
HOUSTON—February 6, 2013—Consolidated Graphics (NYSE: CGX) today announced financial results for its third quarter ended December 31, 2012.
Revenue for the December 2012 quarter increased 4.0 percent to $295.3 million, compared to the prior year. Adjusted Operating Income increased 17.3 percent for the quarter to $24.3 million or 8.2 percent of revenue, compared to $20.7 million or 7.3 percent of revenue last year. Adjusted Net Income increased 32.4 percent to $16.9 million for the quarter, compared to $12.7 million for the prior year. Adjusted Diluted Earnings per share increased 43.4 percent to $1.75, compared to $1.22 last year. Adjusted EBITDA increased 9.2 percent to $42.7 million for the quarter and Free Cash Flow was $16.8 million for the quarter.
Operating income during the December 2012 quarter was $23.3 million, compared to $17.6 million for the prior year. Net income for the quarter was $16.3 million or $1.68 diluted earnings per share, compared to $10.8 million or $1.04 diluted earnings per share last year.
Joe R. Davis, chairman and CEO of Consolidated Graphics, commented, "Revenue growth this quarter was driven by growth in digital print revenue, which increased 3.6 percent, as well as strong election-related revenue. The sales growth we experienced was made possible by investment in our best of class digital print platform, along with our technology infrastructure and solutions. Looking forward, we are optimistic that with an improving U.S. economy in 2013, we will experience greater demand for our products and services."
During the December 2012 quarter, the company purchased 46,336 shares of its common stock for $1.2 million (average cost of $26.06 per share) pursuant to a share repurchase program authorizing the company to purchase up to an aggregate of $170.0 million of the company's common shares. Since beginning the share repurchase program in November 2010, the company has purchased 2,269,152 shares of its common stock (19 percent of shares outstanding) for $90.5 million. As of December 31, 2012, the company had 9,618,475 common shares outstanding.