CGX Finishes Off 2010 with a Financial Flurry
HOUSTON—Consolidated Graphics (CGX) announced financial results for the quarter that ended Dec. 31, 2010. Quarterly revenue increased to $299.1 million, a gain of 8 percent compared to the prior year. The higher revenues resulted from a 6 percent improvement in same-store sales and the impact of the acquisition of certain operating assets. The same-store sales improvement was partially due to higher election-related sales during the quarter.
Adjusted operating income for the quarter increased 31 percent to $30.2 million, or 10.1 percent of revenue. Adjusted net income increased 33 percent to $18.7 million. Adjusted EBITDA increased 13 percent to $47.2 million. Operating income increased 52 percent to $28.2 million and net income increased 54 percent to $17.6 million.
“Adjusted operating income of $30.2 million this quarter was a record for Consolidated Graphics," said Joe Davis, chairman and CEO of CGX. "We achieved these results by producing first-class products for our customers and by aggressively managing our costs.
“Our best-in-class technology, print and fulfillment solutions, including our world-leading fleet of high-end digital presses, enabled us to generate a record level of digital sales in this seasonally strong quarter and continue to grow our sales to national account customers served by multiple CGX operating companies.”
In November 2010, the board of directors authorized the purchase of up to an aggregate of $50 million of the company's common shares. During the quarter, the company purchased 277,883 shares of its common stock for $13.2 million.