Champion Industries reported earnings for the second quarter of $493,000 compared to $333,000 for the same period in 2010. The improved results were reflective of lower interest expense for the quarter. Its revenues were $31.1 million vs. $33.7 million
Champion reported net income of $73,000 for the first quarter of 2011, up from a net loss of $213,000 for the same period in 2010. The printing segment experienced a sales decrease of $0.2 million, or 1.0 percent, and newspaper revenues were approximately $4.0 million vs. $4.4 million.
Champion posted net income of $0.5 million on a basic and diluted basis for the year ended Oct. 31, 2010 compared to a net loss of $27.5 million in 2009. Its sales for the year declined $11.3 million, or 8 percent.
Champion had a $571,000 loss vs. a loss of $307,000 for the same period in 2009. Revenues for the three months ended July 31, 2010 were $31.9 million compared to $34.4 million in 2009. The printing segment experienced a sales decrease of $6.6 million, or 9.8%.
Champion Industries' earnings for the second quarter 2010 of $333,000 compared to $295,000 for the same period in 2009. Net income for the six months ended April 30, 2010 was $121,000. This compares to a loss of $(339,000) for the same period in 2009.
Marshall T. Reynolds is required to provide to the Administrative Agent cash collateral and/or a standby letter of credit in an aggregate amount of not less than $2.5 million.
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HUNTINGTON, WV—Marshall Reynolds, the CEO of Champion Industries, is lending a hand to his troubled company courtesy of a $3 million loan, according to the Charleston (WV) Gazette. The loan provides Champion with added time to amend a credit agreement that the company defaulted on early in 2009. Absent the loan, the company could be forced to immediately repay debts that totaled more than $65 million last November, according to the paper.
Chief Financial Officer Todd Fry said Tuesday the loan is part of a deal that gives Champion time to amend a credit agreement that it defaulted on last March.
Federal officials have cited Chapman Printing Co. in Huntington for nearly 20 alleged safety violations and fined the firm $158,400.