-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GL00cqME9K/ZS0Stl/yHJkKXsvpDMIdJWrTdNjaRQZOCsV3udzb5dnJPnR3XYr5y BC5bSbw/MJJECIZe20ijRA== 0000890566-97-000995.txt : 19970501 0000890566-97-000995.hdr.sgml : 19970501 ACCESSION NUMBER: 0000890566-97-000995 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970430 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970430 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONSOLIDATED GRAPHICS INC /TX/ CENTRAL INDEX KEY: 0000921500 STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL PRINTING [2750] IRS NUMBER: 760190827 STATE OF INCORPORATION: TX FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12631 FILM NUMBER: 97592472 BUSINESS ADDRESS: STREET 1: 2210 W DALLAS ST CITY: HOUSTON STATE: TX ZIP: 77019 BUSINESS PHONE: 7135294200 8-K 1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------------ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): APRIL 30, 1997 CONSOLIDATED GRAPHICS, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) TEXAS 0-24068 76-0190827 (STATE OR OTHER JURISDICTION (COMMISSION FILE NUMBER) (I.R.S. EMPLOYER OF INCORPORATION) IDENTIFICATION NO.) 2210 WEST DALLAS STREET HOUSTON, TEXAS 77019 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES AND ZIP CODE) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (713) 529-4200 ================================================================================ ITEM 5. OTHER EVENTS On April 30, 1997, Consolidated Graphics, Inc. (the "Company") announced its fourth quarter results for the quarterly period ended March 31, 1997. The Company also announced that the letter of intent with respect to its proposed acquisition of Litho Industries, Inc. of Raleigh-Durham, North Carolina has been terminated by mutual agreement between the parties. A copy of the press release is attached hereto as Exhibit 99. The attached press release may contain forward looking information. Readers are cautioned that such information involves risks and uncertainties, including the possibility that events may occur which impair the Company's future financial results or preclude completion of future acquisitions by the Company. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (A) EXHIBITS The following exhibit is filed herewith: 99 Press release of Consolidated Graphics, Inc. dated April 30, 1997 with respect to the announcement of the Company's fourth quarter results and termination of the letter of intent with respect to the Company's proposed acquisition of Litho Industries, Inc. 1 SIGNATURE PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED HEREUNTO DULY AUTHORIZED. CONSOLIDATED GRAPHICS, INC. (Registrant) By: _/s/__G. CHRISTOPHER COLVILLE_____ G. CHRISTOPHER COLVILLE VICE PRESIDENT -- MERGERS AND ACQUISITIONS CHIEF FINANCIAL AND ACCOUNTING OFFICER Date: April 30, 1997 2
EX-99 2 EXHIBIT 99 FOR: Consolidated Graphics, Inc. APPROVED BY: Ronald E. Hale, Jr. Vice President (713) 529-4200 CONTACT: Betsy Brod/Jeff Majtyka Media: Stan Froelich Morgen-Walke Associates, Inc. (212) 850-5600 FOR IMMEDIATE RELEASE CONSOLIDATED GRAPHICS REPORTS RECORD RESULTS FOR FISCAL 1997 FOURTH QUARTER AND YEAR FOURTH QUARTER NET INCOME UP 171% ON 79% SALES GROWTH, DRIVEN BY ACQUISITIONS, STRENGTHENED OPERATIONS HOUSTON, TEXAS -- April 30, 1997 -- Consolidated Graphics, Inc. (NYSE/CGX), today announced record results for the fourth quarter and year ended March 31, 1997. Sales in the fourth quarter rose 79% to $43.2 million, from $24.1 million in 1996. Fourth quarter operating income increased 181%, to $5.9 million and net income grew 171% to $3.2 million. On a per share basis, Consolidated Graphics earned $.25 per share in the 1997 quarter, compared to $.10 per share a year ago. All per share figures reflect the Company's 2-for-1 stock split distributed on January 10, 1997. For all of 1997, Consolidated Graphics reported sales of $144.1 million, an increase of 69% over 1996. Operating income was $18.3 million in 1997, up 116% from the $8.5 million, before restructuring charge, reported for fiscal 1996. Net income was $10.1 million, or $.81 per share, versus $5.0 million before restructuring charge, or $.45 per share reported a year ago. The strong sales growth reported in 1997 resulted from the Company's acquisition program, in which ten companies were acquired over the past 15 months, coupled with consistently strong internal growth rates. The Company's focus on utilizing its financial and operating strengths to enhance the performance of its printing companies improved operating margins and profitability. Operating income margin for 1997 was 12.7%, versus 10.0% in 1996. Fourth quarter operating income margin was 13.5% in 1997 compared to 8.6% a year ago. Joe R. Davis, Chairman and Chief Executive Officer of Consolidated Graphics, commented, "In 1997 Consolidated Graphics firmly established itself as an industry leader in both revenue growth and profitability. Our 19 operating companies -- including Tucker Printers, which was acquired on April 1, 1997 -- are the premier printers in the markets they serve. We are building on their strong market positions through our commitment to technology, our management development program and our access to capital." The Company also announced that the letter of intent with respect to its proposed acquisition of Litho Industries, Inc. has been terminated by mutual agreement between the parties. Commenting on the Company's acquisition program, Mr. Davis said, "With a full pipeline of acquisition opportunities available, we continue to focus our acquisition program on companies that meet our acquisition criteria and we are excited about the prospects for fiscal 1998. In the coming months, we expect to realize additional benefits from our most recent acquisitions and add more high quality printers to an already strong group of operating companies. The annualized run-rate revenues of our 19 companies now exceed $175 million, an increase of $75 million for the year." Consolidated Graphics, Inc. is one of the fastest growing printing companies in the United States. It is a consolidator in a fragmented industry that adds value to its acquisitions by providing the financial and operational strengths, management support and technological advantages associated with a larger organization. CONSOLIDATED GRAPHICS (NYSE: CGX) FINANCIAL HIGHLIGHTS (IN THOUSANDS, EXCEPT SHARE AMOUNTS AND PER SHARE DATA) QUARTER ENDED YEAR ENDED MARCH 31, MARCH 31, ------------------------------ ------------------------------ 1997 1996 1997 1996 -------------- -------------- -------------- -------------- Sales................................ $ 43,187 $ 24,092 $ 144,082 $ 85,133 Cost of sales........................ 29,776 17,441 100,197 61,237 -------------- -------------- -------------- -------------- GROSS PROFIT.................... 13,411 6,651 43,885 23,896 Selling expenses..................... 4,211 2,511 14,223 8,532 General and administrative expenses........................... 3,350 2,059 11,330 6,873 Restructuring charge................. -- -- -- 1,500 -------------- -------------- -------------- -------------- OPERATING INCOME................ 5,850 2,081 18,332 6,991 Interest expense..................... 728 266 2,305 860 -------------- -------------- -------------- -------------- INCOME BEFORE INCOME TAXES...... 5,122 1,815 16,027 6,131 Income taxes......................... 1,919 635 5,927 2,146 -------------- -------------- -------------- -------------- NET INCOME...................... $ 3,203 $ 1,180 $ 10,100 $ 3,985 ============== ============== ============== ============== Earnings per share................... $ .25 $ .10 $ .81 $ .36 ============== ============== ============== ============== Weighted average shares outstanding........................ 12,940,923 11,360,228 12,410,994 11,068,360 ============== ============== ============== ==============
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