CGX Reports Increases for Q4 and Year Ended March 31, 2013
HOUSTON—May 15, 2013—Consolidated Graphics today announced financial results for its fourth quarter and year ended March 31, 2013.
Revenue for the March 2013 quarter increased to $251.0 million, compared to $250.6 million for the same quarter last year due to a .5 percent same-store sales increase, excluding election related business. Adjusted Operating Income increased 115 percent for the quarter to $12.8 million or 5.1 percent of revenue, compared to $6.0 million or 2.4 percent of revenue last year. Adjusted Net Income increased 167 percent to $7.6 million for the quarter, compared to $2.9 million for the prior year. Adjusted Diluted Earnings Per Share for the March quarter increased 182 percent to $.79, compared to $.28 last year. Adjusted EBITDA increased 22.9 percent to $30.7 million for the quarter and Free Cash Flow was $32.4 million.
Largely due to $12.6 million in charges related to the withdrawal from certain multi-employer pension plans and impairment of goodwill, operating loss for the March 2013 quarter was $.2 million. The March 2012 quarter operating loss was $8.3 million and included charges for withdrawing from certain multi-employer pension plans and asset impairments. Net loss for the March 2013 quarter was $.3 million or $.03 diluted loss per share, compared to a net loss of $5.9 million or $.57 diluted loss per share in the prior year.
Revenue for the fiscal year ended March 31, 2013 increased to $1,048 million, compared to $1,045 million in the prior year and Adjusted Operating Income increased 7.4 percent to $54.6 million.
Adjusted EBITDA for the year ended March 31, 2013 increased 4.0 percent to $127.9 million and Adjusted Diluted Earnings per share were $3.43 for the year, compared to $2.70 in the prior year. Full year Free Cash Flow was $64.6 million.
Operating income for the year ended March 31, 2013 was $35.7 million and included $16.9 million in charges for withdrawing from certain multi-employer pension plans, asset impairment, including goodwill, and facility relocation. Operating income for the year ended March 31, 2012 was $26.7 million and included charges for withdrawing from certain multi-employer pension plans, asset impairment, including goodwill, and facility relocation. Net income for the year was $22.2 million or $2.26 diluted earnings per share, compared to net income of $14.1 million or $1.32 diluted earnings per share in the prior year.
Joe R. Davis, chairman and CEO of Consolidated Graphics, commented: "We continue to see growth in several key areas of the commercial printing industry. For example, our temporary point of sale product revenues are growing and Consolidated Graphics is in a unique position to deliver these unmatched solutions to customers. These solutions include our ability to distribute and then print consistent and high quality products across our platform. Using our solutions, customers can get to market faster, at an overall lower cost. Other key growth areas for Consolidated Graphics include digital print, packaging, fulfillment and collectible cards. These product areas, which represent 38 percent of our overall sales, all grew compared to last year and we expect these trends to continue going forward. We will continue to invest and enhance our capabilities in these areas."
About Consolidated Graphics
Consolidated Graphics (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, 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.