Wednesday January 29 8:19 AM EDT
Consolidated Graphics reports third consecutive quarter of record earnings
HOUSTON--(BUSINESS WIRE)--Jan. 29, 1997--Consolidated Graphics, Inc. (NYSE/CGX), today announced record sales and earnings for the third quarter ended December 31, 1996. The Company reported earnings of $2.8 million, or $0.22 per share, for the third quarter of 1997, up 120% from the $1.3 million before restructuring charge reported in the corresponding quarter of 1996. Sales increased 72% to an all-time high of $38.2 million from $22.3 million in the previous year.
Commenting on the third consecutive quarter of record earnings, Joe R. Davis, Chairman and Chief Executive Officer said: "We are very pleased to report another quarter of record sales and earnings on our first day of trading on the New York Stock Exchange. We continue to execute our growth strategy with the addition of nine new printing companies in the last twelve months. Equally important, however, is the success we are having at our operating companies. The increase in our overall margins is strong evidence that our operating strategies continue to be effective, with all of our companies producing more efficiently and more profitably."
Mr. Davis added, "Our company has become the recognized leader in printing industry consolidation, and the pipeline for future acquisition opportunities remains full. With the strength of our balance sheet, we are well positioned to go forward with our strategy of acquisition and internal growth."
For the nine months ended December 31, 1996, the Company reported net income of $6.9 million, or $.56 per share, up 82% from the $3.8 million before restructuring charge reported for the corresponding nine months of the prior year. Sales for the first nine months of 1997 increased 65% to $100.9 million, compared to the $6.1 million reported in 1996.
Consolidated Graphics, Inc. is one of the fastest growing printing companies in the United States. It is a consolidator in a fragmented industry, adding value to its acquisitions by providing the financial and operational strengths, management support and technological advantages associated with a larger organization. The Company has 18 printing companies operating in 14 markets. |
