Consolidated Graphics Sees Return to Sales Growth
Adjusted EBITDA was $27.1 million for the June 2010 quarter, compared to $20.1 million for the same quarter in the prior year, an increase of 35%. The company generated $9.7 million in Free Cash Flow for the current quarter, compared to $29.8 million last year.
Davis added, "The economy is improving but it remains difficult to project our future revenues and earnings. Nevertheless, based on current market conditions, we expect September quarter's revenue to be in the range of $260 - $275 million representing year-over-year same store sales growth of up to 5% as well as the benefit of higher election-related business and the impact of a recent acquisition. This should enable us to again achieve Adjusted Net Income improvement in the September 2010 quarter compared to the prior year."
A reconciliation of the non-GAAP financial measures, Adjusted EBITDA, Free Cash Flow, Adjusted Operating Income, Adjusted Operating Margin, Adjusted Net Income and Adjusted Diluted Earnings Per Share are included in the attached tables and in the Current Report on Form 8-K filed today. The Form 8-K also includes the basis for management's use of these non-GAAP financial measures.
About Consolidated Graphics
Consolidated Graphics, Inc. (CGX), headquartered in Houston, TX, is one of North America's leading general commercial printing companies. With 70 printing businesses strategically located across 27 states, Toronto, and Prague, we offer 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. For more information, visit www.cgx.com.