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Consolidated Graphics Reports June Quarter 2009 Financial Results in Line With Recent Guidance

Thursday 07. August 2008 - First Quarter Revenues Up 10% to $285.2 Million

Consolidated Graphics, Inc. (NYSE:CGX) today announced financial results for its first quarter ended June 30, 2008.

Revenue for the June quarter was $285.2 million, up 10% compared to $258.6 million in the same quarter a year ago. Net income for the June quarter was $9.6 million or $.84 diluted earnings per share. Net income for the June 2007 quarter was $11.6 million or $.82 per diluted share, excluding a $2.4 million ($.14 earnings per diluted share) foreign currency exchange gain. Including the foreign currency gain, net income was $13.6 million or $.96 per diluted share for the quarter ended June 30, 2007. Adjusted EBITDA for the June quarter was $37.6 million, an increase of $1.2 million or 3% compared to the same quarter a year ago. Free cash flow for the June quarter was $29.5 million compared to $24.5 million in the same quarter a year ago.

Commenting on the results, Joe R. Davis, Chairman and Chief Executive Officer of Consolidated Graphics stated, “We believe that we are seeing the negative impact on our volume of business and selling prices caused by the current weakness in the U.S. economy. We are carefully monitoring our expenses, and expect to respond rapidly to any further deterioration in revenues. Looking forward to the September quarter, we expect seasonal improvement in demand compared to our first quarter, resulting in higher revenues of $290 – $300 million and diluted earnings per share of $.85 – $.95.”

A reconciliation of the non-GAAP financial measures referred to above to the most comparable GAAP financial measures are included in the attached tables and were also included in a Current Report on Form 8-K we filed today with the Securities and Exchange Commission. Such filing also includes the basis for management’s use of these non-GAAP financial measures.