Business News
Consolidated Graphics Reports September Quarter 2009 Financial Results
Thursday 06. November 2008 - -- Record Quarterly Revenues of $297.0 Million, up 14% year-over-year -- -- Same-store sales up 1% --
Consolidated Graphics, Inc. (NYSE:CGX) today announced financial results for its second quarter ended September 30, 2008.
Record revenue for the September quarter was $297.0 million, up 14% compared to a year ago. Revenue increased due to acquisitions and a 1% increase in same store sales, including election-related printing. Operating income was $21.3 million or 7.2% of revenues compared to $23.2 million or 8.9% of revenues for the prior year quarter. Last year’s operating income included a foreign currency gain of $1.2 million (.5% of revenue). Net income for the September quarter was $10.3 million or $.90 per diluted share. Net income for the prior year quarter was $13.3 million or $.98 per diluted share. Excluding the foreign currency gain, net income for the prior year quarter was $12.3 million or $.91 per diluted share.
Commenting on the results, Joe R. Davis, Chairman and Chief Executive Officer of Consolidated Graphics stated, “We are very pleased with the record revenues generated during the September quarter and our earnings per share considering the challenging business conditions we are facing. Despite these conditions, we are continuing to provide top-notch service to our customers. I believe we have the best group of companies and employees in the industry.”
Mr. Davis continued, “Thus far we are doing a good job of adjusting operating expenses as revenues fluctuate. We will respond quickly and aggressively to further adjust our cost structure should our level of business decline. As a leader in the marketplace with a team of dedicated employees and the liquidity and financial strength necessary in the current market environment, we remain dedicated to maintaining our high levels of service and continuing to invest in our company’s future.”
“Looking forward to the December quarter, while October was a fairly good month, we expect that economic headwinds will continue to affect the market resulting in a very competitive operating environment. As a result, we currently anticipate revenues of $300 to $320 million and diluted earnings per share of between $.75 and $.95. This forecast assumes a same store sales decline of between 6% and 12%, excluding election-related business, and an effective tax rate between 37% and 40%.”
A reconciliation of the non-GAAP financial measures referred to above to the most directly comparable GAAP financial measures is included in the attached tables and was included in a Current Report on Form 8-K filed today with the Securities and Exchange Commission. This filing also includes the basis for management’s use of these non-GAAP financial measures.