CGX Reports Stronger Adjusted Operating, Net Income for Q1
HOUSTON—August 7, 2013—Consolidated Graphics 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 percent increase in same-store sales. Adjusted Operating Income increased 211 percent for the quarter to $8.7 million or 3.7 percent of revenue, compared to $2.8 million, or 1.2 percent of revenue last year. Adjusted Net Income increased 390 percent 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 percent to $.49, compared to $.09 last year. Adjusted EBITDA increased 17 percent 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 CEO 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."
About Consolidated Graphics
Consolidated Graphics, headquartered in Houston, 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.