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Consolidated Graphics Reports Financial Results for the Quarter Ended September 30, 2012

HOUSTON, Texas, Nov. 7, 2012 /PRNewswire/ -- Consolidated Graphics, Inc. (NYSE: CGX) today announced financial results for its second quarter ended September 30, 2012.

Revenue for the September quarter was $263.6 million, a $3.8 million or 1.4% decline, compared to the prior year.  The revenue decline was caused by lower same-store sales, partially offset by an increase in election-related revenue. Adjusted Operating Income for the September 2012 quarter was $14.7 million or 5.6% of revenue, compared to $15.2 million or 5.7% of revenue last year. Adjusted Net Income was $8.3 million or $.84 per diluted share for the quarter, compared to Adjusted Net Income of $8.4 million or $.77 per diluted share for the prior year quarter. (As a result of our share repurchase program, weighted average diluted shares outstanding in the September 2012 quarter declined 9.1% relative to the September 2011 quarter.) Adjusted EBITDA was $33.1 million for the September 2012 quarter, compared to $32.6 million for the same quarter of the prior year.

Operating income during the September 2012 quarter was $12.1 million and included other charges of $2.3 million primarily related to relocating certain production facilities and related asset impairments. Operating income for the prior year quarter was $13.9 million and included $.6 million in other charges due to withdrawing from certain multi-employer pension plans. Net income for the September 2012 quarter was $6.7 million or $.68 diluted earnings per share, compared to net income of $7.5 million or $.69 diluted earnings per share last year.

Joe R. Davis, Chairman and Chief Executive Officer of Consolidated Graphics, commented, "While we experienced increased demand from many of our clients, the decline in sales this quarter was primarily caused by lower demand from a handful of our large customers. We expect much of this business to return in the future. Election printing grew this quarter, compared to last year, and we are confident that election printing will grow again in the December quarter.  We continue to invest in our industry leading capabilities and continue to see a high level of interest in these capabilities. Due to these investments, we expect to generate profitable revenue growth as the economy improves."

Share Repurchase Program Update

During the September 2012 quarter, the Company purchased 367,442 shares of its common stock for $9.8 million (average cost of $26.61 per share) pursuant to a share repurchase program authorizing the Company to purchase up to an aggregate of $170.0 million of the Company's common shares. Since beginning the share repurchase program in November 2010, the Company has purchased 2,222,816 shares of its common stock (19% of shares outstanding) for $89.3 million. As of September 30, 2012, the Company had 9,658,811 common shares outstanding.

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 to the most directly comparable GAAP financial measures are included in the attached tables and in the related Current Report on Form 8-K filed with the Securities and Exchange Commission. The Form 8-K also includes the basis for management's use of these non-GAAP financial measures.

Consolidated Graphics, Inc. will host a conference call today, Wednesday, November 7, 2012, at 11:00 a.m. Eastern Time, to discuss its second quarter fiscal 2013 results. The conference call will be simultaneously broadcast live over the Internet on our website (www.cgx.com) and a subsequent archive of such call will also be available on our website.

Consolidated Graphics, Inc. (CGX), headquartered in Houston, Texas, is one of North America's leading general commercial printing companies. With 70 printing businesses strategically located across 27 states, Toronto, Prague, and Gero, Japan, CGX offers 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.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in which the Company discusses factors it believes may affect its performance or results in the future. Forward-looking statements are all statements other than historical facts, such as statements regarding assumptions, expectations, beliefs and projections about future events or conditions. You can generally identify forward-looking statements by the appearance in such a statement of words like "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "forecast," "project," "should" or "will" or other comparable words or the negative of such words. The accuracy of the Company's assumptions, expectations, beliefs and projections depends on events or conditions that change over time and are thus susceptible to change based on actual experience, new developments and known and unknown risks, including those created by general market conditions, competition and the possibility that events may occur beyond the Company's control, which may limit its ability to maintain or improve its operating results or financial condition or acquire additional printing businesses. The Company gives no assurance that the forward-looking statements will prove to be correct and does not undertake any duty to update them. The Company's actual future results might differ from the forward-looking statements made in this press release for a variety of reasons, which include weakness in the economy, financial stability of its customers, the sustained growth of its digital printing business, seasonality of election-related business, its ability to adequately manage business expenses, including labor costs, the unfavorable outcome of legal proceedings, the lack of or adequacy of insurance coverage for its operations, the continued availability of raw materials at affordable prices, retention of its key management and operating personnel, satisfactory labor relations, the potential for additional goodwill impairment charges, its ability to identify new acquisition opportunities, negotiate and finance such acquisitions on acceptable terms and successfully absorb and manage such acquisitions in a timely and efficient manner, as well as other risks described under the heading "Risk Factors" of our Annual Report on Form 10-K and the risk factors and cautionary statements described in the other documents the Company files or furnishes from time to time with the Securities and Exchange Commission, including its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Should one or more of the foregoing risks or uncertainties materialize, or should the Company's underlying assumptions, expectations, beliefs or projections  prove incorrect, the Company's actual results may vary materially from those anticipated in its forward-looking statements, and its business, financial condition and results of operations could be materially and adversely affected.

Regulation G Reconciliation

This press release also contains references to the non-GAAP financial measures of Adjusted EBITDA, which we define as earnings, or net income, before interest, income taxes, depreciation and amortization, goodwill impairment charges, other charges and accretion of pension liability, share-based compensation expense, non-cash foreign currency transaction gains and losses and net losses/gains from asset dispositions, Free Cash Flow, which we define as net cash provided by operating activities less capital expenditures plus proceeds from assets dispositions, Adjusted Operating Income, which we define as operating income before goodwill impairment charges, other charges and accretion of pension liability, share-based compensation expense, and non-cash foreign currency transaction net gains and losses, Adjusted Operating Margin, which we define as Adjusted Operating Income divided by sales, Adjusted Net Income, which we define as net income before goodwill impairment charges, other charges and accretion of pension liability, share-based compensation expense,  non-cash foreign currency transaction net gain and losses, all net of tax, and Adjusted Diluted Earnings Per Share, which we define as Adjusted Net Income divided by diluted weighted average number of common shares outstanding. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the tables below. Management's opinion regarding the usefulness of these non-GAAP financial measures to investors and a description of the ways in which management used such measures can be found in the related Current Report on Form 8-K we filed with the Securities and Exchange Commission.

(Tables to follow)


 

 

 

CONSOLIDATED GRAPHICS, INC.

Condensed Consolidated Income Statements

(In thousands, except per share amounts, and unaudited)









Three Months Ended


Six Months Ended




September 30,


September 30,




2012


2011


Change


2012


2011


Change







$


%






$


%


Sales

$263,633


$267,401


(3,768)


(1)


$501,943


$510,753


(8,810)


(2)


Cost of Sales

202,706


205,944


(3,238)


(2)


390,674


395,155


(4,481)


(1)



Gross Profit

60,927


61,457


(530)


(1)


111,269


115,598


(4,329)


(4)


Selling Expenses

22,292


22,660


(368)


(2)


46,091


45,262


829


2


General and Administrative Expenses

24,430


24,145


285


1


48,933


47,427


1,506


3


Other Charges

2,293


640


1,653


nm


3,962


5,281


(1,319)


(25)


Other Expense (Income)

(150)


158


(308)


nm


(273)


191


(464)


nm



Operating Income

12,062


13,854


(1,792)


(13)


12,556


17,437


(4,881)


(28)


Interest Expense

1,335


1,597


(262)


(16)


2,835


3,155


(320)


(10)



Income  before Taxes

10,727


12,257


(1,530)


(12)


9,721


14,282


(4,561)


(32)


Income Tax Expense

4,018


4,722


(704)


(15)


3,460


5,162


(1,702)


(33)



Net Income

$6,709


$7,535


(826)


(11)


$6,261


$9,120


(2,859)


(31)




















Earnings Per Share


















Basic

$.68


$.70






$.62


$.84







Diluted

$.68


$.69






$.62


$.82
























Weighted Average Shares Outstanding


















Basic

9,863


10,761






10,018


10,903







Diluted

9,899


10,890






10,075


11,098























Effective Income Tax Rate

37.5%


38.5%






35.6%


36.1%






________________________________

















nm- not meaningful





































































                       

CONSOLIDATED GRAPHICS, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts, and unaudited)








September 30,

 2012


March 31,
2012



ASSETS










CURRENT ASSETS





Cash and cash equivalents


$

8,166


$

6,065

Accounts receivable, net


179,612


162,093

Inventories


59,216


54,129

Prepaid expenses


12,230


14,976

Deferred income taxes


10,268


16,552

Total current assets


269,492


253,815

PROPERTY AND EQUIPMENT, net


372,343


377,055

GOODWILL


25,072


24,847

OTHER INTANGIBLE ASSETS, net


13,900


15,623

OTHER ASSETS


7,633


10,569

LIABILITIES AND SHAREHOLDERS' EQUITY


$      688,440


$                  681,909











CURRENT LIABILITIES





Current portion of long-term debt



$        21,102


$                  23,596

Accounts payable


96,558


90,392

Accrued liabilities


78,358


68,496

Total current liabilities


196,018


182,484

LONG-TERM DEBT, net of current portion


146,056


140,150

OTHER LIABILITIES


37,773


31,523

DEFERRED INCOME TAXES, net


44,708


54,051

           Total liabilities


424,555


408,208

COMMITMENTS AND CONTINGENCIES





SHAREHOLDERS' EQUITY





Common stock, $.01 par value; 100,000,000 shares authorized; 9,658,811 and 10,239,819 issued and outstanding


96


102

Additional paid-in capital


153,836


161,914

Retained earnings


108,603


109,832

Accumulated other comprehensive income


1,350


1,853

Total shareholders' equity


263,885


273,701




$     688,440



$            681,909








Total debt



$     167,158



$             163,746

Debt-to-total capitalization



39%



37%










 

 

CONSOLIDATED GRAPHICS, INC.

Reconciliations of Non-GAAP Financial Measures

(In thousands, except per share amounts, and unaudited)







Three Months Ended


Six Months Ended



September 30,


September 30,


2012


2011


2012


2011









Net income 

 

$                  6,709


$

7,535


$           6,261


$                   9,120

Income tax expense

4,018


4,722


3,460


5,162

Interest expense, net

1,335


1,597


2,835


3,155

Depreciation and amortization

18,417


17,718


36,923


35,111

Other charges and accretion of pension liability

2,293


688


3,962


5,361

Share-based compensation expense

476


506


1,183


1,143

Non-cash foreign currency transaction (gain) loss

(146)


158


(213)


191

Net (gain) loss from asset dispositions

(26)


(292)


68


(394)

Adjusted EBITDA

$

33,076


$

32,632


$

54,479


$

58,849









Net cash provided by operating activities

$

19,763


$

10,065


$

41,800


$

38,428

Capital expenditures

(11,919)


(11,770)


(27,197)


(29,103)

Proceeds from asset dispositions

577


524


782


899

Free Cash Flow

$

8,421


$

(1,181)


$

15,385


$

10,224









Operating income

$

12,062


$

13,854


$

12,556


$

17,437

Other charges and accretion of pension liability

2,293


688


3,962


5,361

Share-based compensation expense

476


506


1,183


1,143

Non-cash foreign currency transaction (gain) loss

(146)


158


(213)


191

Adjusted Operating Income

$

14,685


$

15,206


$

17,488


$

24,132

Adjusted Operating Margin

5.6%


5.7%


3.5%


4.7%









Net income

$

6,709


$

7,535


$

6,261


$

9,120

Other charges and accretion of pension liability

2,293


688


3,962


5,361

Tax benefit of other charges and accretion of pension 

       liability

(894)


(269)


(1,545)


(2,018)

Share-based compensation expense, net of taxes

290


309


721


697

Non-cash foreign currency transaction (gain) loss, net of

       taxes

(89)


96


(130)


117

Adjusted Net Income

$

8,309


$

8,359


$

9,269


$

13,277



















 

 

CONSOLIDATED GRAPHICS, INC.

Reconciliations of Non-GAAP Financial Measures

(In thousands, except per share amounts, and unaudited)






Three Months Ended


Six Months Ended


September 30,


September 30,


2012


2011


2012


2011









Diluted earnings per share

$

.68


$

.69


$

.62


$

.82

Other charges and accretion of pension liability

.23


.06


.39


.48

Tax benefit of other charges and accretion of pension liability

(.09)


(.02)


(.15)


(.17)

Share-based compensation expense, net of taxes

.03


.03


.07


.06

Non-cash foreign currency  transaction (gain) loss, net of taxes

(.01)


.01


(.01)


.01

Adjusted Diluted Earnings Per Share

$

.84


$

.77


$

.92


$

1.20
















 

 

 

SOURCE Consolidated Graphics, Inc.

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