Commercial Printing Industry News Briefs from Printing Impressions’ August 2013 edition, including Jacob North, Arandell Corp., RR Donnelley (RRD), Midtown Printing and Modern Litho., Champion Industries, Agfa Graphics, Resolute Forest Products, Association of Marketing Service Providers (AMSP) and the National Association for Printing Leadership (NAPL).
Huntington, WV-based Champion Industries has sold its wholly-owned subsidiary Blue Ridge Printing, headquartered in Asheville, NC, for about $1 million.
The sale price was $1,013,000, or $942,403 net of selling commissions and pro-rated taxes. The transaction is subject to a net liquidity adjustment to occur no later than 45 days from closing.
Champion Industries on June 14 announced a reduced second quarter 2013 net loss from continuing operations of $700,000, compared to a net loss from continuing operations of $21.0 million for the quarter that ended April 30, 2012.
Champion reported a net loss from discontinued operations for the fiscal second quarter of $101,000 compared with net income of $25,000 last year.
In the earnings release, the company attributed its sales compression to softness in the West Virginia market and certain customer-specific attrition.
Commercial Printing Industry News Briefs from Printing Impressions’ May 2013 edition, including RR Donnelley, Schmidt Printing, SuperMedia, Standard Register, Champion Industries, Domtar Corp., Deluxe Corp. and Ace Lithographers.
Champion Industries is working with investment banking firm Raymond James & Associates Inc. "to assist it with a restructuring or refinancing of the existing debt and other potential transaction alternatives," it said in filings with the Securities and Exchange Commission. The company is also working with its chief restructuring adviser at RAS Management Advisors LLC, SEC filings said.
Champion Industries, which manufactures business forms, office products and office furniture in regional markets in the United States, is in talks with its lenders regarding the default and the restructuring or refinancing of its debt.
Champion announced a third quarter 2012 net loss from continuing operations of $1.1 million, compared to net income from continuing operations of $0.8 million for the three months ended July 31, 2011. Revenues for the three months totaled $26.3 million, compared to $25.6 million in the same period in 2011.
Champion Industries announced its common stock is expected to begin trading on the OTCQB Marketplace under the symbol “CHMP” beginning Monday, July 16, 2012, and will cease to be traded on the NASDAQ Capital Market. The transition does not change the company’s obligation to file periodic and other reports with the SEC.
Champion Industries announced a second quarter 2012 net loss of $21 million, compared to net income of $493,000 for the three months ended April 30, 2011. Its net loss for the six months ended April 30, 2012 was $21.1 million vs. net income of $566,000 for the six months ended April 30, 2011.
Champion Industries announced a net loss of $4 million for the year ended Oct. 31, 2011, compared to net income of $0.5 million for the year ended Oct. 31, 2010. The company reported a net loss of $5.4 million for the quarter ended Oct. 31, 2011.
Friends, family and business associates gathered Friday for well wishes to Toney Adkins, who retired this month as president and chief operating officer of Champion Industries (Huntington, WV). “He was invaluable to the company,” said Adam Reynolds, a financial analyst for Champion.
“If Champion is a house, then Toney is its foundation. He’s one of the best leaders and managers I’ve ever known. He’s an excellent teacher, and he always gives you the opportunity to learn from your mistakes.”
The Wayne County native first joined Champion in 1982 as administrative manager for Chapman Printing. He left in 1990 to become president of