-----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, RPLUzBdvEgmkIsFDg52q1im0pmaMrRBFa06+zDW95uaAwVfy/55+TBXtGBpSksO7 Qjl1EzfZOfB5+WB8wOUBOw== 0000890566-99-001349.txt : 19991018 0000890566-99-001349.hdr.sgml : 19991018 ACCESSION NUMBER: 0000890566-99-001349 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991015 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991015 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: SEC FILE NUMBER: 001-12631 FILM NUMBER: 99729482 BUSINESS ADDRESS: STREET 1: 5858 WESTHEIMER STE 200 CITY: HOUSTON STATE: TX ZIP: 77057 BUSINESS PHONE: 7137870977 MAIL ADDRESS: STREET 1: 5858 WESTHEIMER STE 200 CITY: HOUSTON STATE: TX ZIP: 77057 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): OCTOBER 15, 1999 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.) 5858 WESTHEIMER, SUITE 200 HOUSTON, TEXAS 77057 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES AND ZIP CODE) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (713) 787-0977 ============================================================================= ITEM 5. OTHER EVENTS On October 15, 1999, Consolidated Graphics, Inc. (the "Company") announced preliminary results for its fiscal 2000 second quarter. A copy of the press release is attached hereto as Exhibit 99.1. 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 would prevent the Company from achieving comparable financial results in the future or completing its pending or future acquisitions. ITEM 7. FINANCIAL STATEMENTS AND EXHIBIT (A) EXHIBITS The following exhibit is filed herewith: 99.1 Press release of the Company dated October 15, 1999, with respect to the announcement of the Company's preliminary fiscal 2000 second quarter results. 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 EXECUTIVE VICE PRESIDENT- MERGERS & ACQUISITIONS CHIEF FINANCIAL AND ACCOUNTING OFFICER Date: October 15, 1999 2 EX-99.1 2 EXHIBIT 99.1 FOR: Consolidated Graphics, Inc. CONTACT: Ronald E. Hale, Jr. Consolidated Graphics, Inc. Vice President & Treasurer (713) 787-0977 Betsy Brod/Jonathan Schaffer Media:Merridith Ingram/Heather Fox Morgen-Walke Associates, Inc. (212) 850-5600 FOR IMMEDIATE RELEASE CONSOLIDATED GRAPHICS REPORTS PRELIMINARY SECOND QUARTER RESULTS HOUSTON, TEXAS - October 15, 1999 - Consolidated Graphics, Inc. (NYSE:CGX) today announced preliminary results for the second quarter ended September 30, 1999. Results for the quarter are expected to be as follows: o Sales increased approximately 47% to between $151 million and $153 million; o Operating income grew approximately 45% to between $20.7 million and $21.0 million; o Net income increased approximately 40% to between $10.5 million and $10.8 million; o Earnings per diluted share increased approximately 22% to between $.66 and $.68 per share. Joe R. Davis, Chairman and Chief Executive Officer, commented, "While the quarter represents another solid operating performance, a weaker-than-expected September resulted in revenues and earnings for the quarter which were lower than expectations. The quarter's results were influenced in part by Hurricane Floyd in September, which impacted the performance of nearly 20% of our operations. Our facilities did not experience any physical damage, but the disruptive effect of the severe weather surrounding the storm on our customers, production employees, and sales personnel resulted in lower-than-expected printing volume during the month. "Also affecting results for the second quarter was the timing of acquisitions completed in the period. While recently announced letters of intent for new acquisitions represent over $65 million in annualized revenue, completed acquisitions during the entire quarter were just $25 million in annualized revenue. As evidenced by the recently announced letters of intent, our acquisition program remains very strong, and we are proceeding in a timely fashion on the completion of announced transactions. We remain comfortable with our March 31, 2000, target for run-rate revenue of $800 million." - MORE - Consolidated Graphics Reports Preliminary Second Quarter Results Page -2- Mr. Davis continued, "While we continued to generate strong, industry-leading operating margins and cash flow, four of our facilities experienced operational problems which adversely affected revenues and profits. Management issues, which accounted for underperformance at three of these companies, have since been resolved, and we expect these operations to return to profitability in the next few months. The fourth company experienced a revenue shortfall resulting from our decision to exit an unprofitable piece of book printing business. "For the remainder of the year, we do not expect our performance to be adversely impacted by either weather-related problems or the acquisition-timing issues from the second quarter and expect the results of the underperforming companies to improve. However, internal growth may be affected as these facilities work to generate acceptable results and better utilize capacity." Mr. Davis concluded, "As shareholders, we are disappointed with the quarter's results but remain very optimistic about the future prospects for the Company. We are extremely confident in our operating strategy and ability to produce industry-leading growth and profitability. In the second quarter, we generated strong operating margins, among the highest in the industry, and more than $20 million in operating income. Our acquisition program also remains strong, as we continue to buy profitable, well-managed printing companies and achieve substantial improvement in their operating results and cash flows. We look forward to a very profitable year as we continue to grow Consolidated Graphics." The Company expects to report full financial results for the second quarter on October 27, 1999. Consolidated Graphics, Inc. is the fastest growing printing company in the United States. The Company adds value to its acquisitions through managerial and operational expertise, financial strength and economies of scale. Upon completion of pending acquisitions, Consolidated Graphics will have 65 companies operating in 25 states with annualized revenues in excess of $700 million. For more information, visit the Company's Web site at www.consolidatedgraphics.com. This press release contains forward-looking statements, which involve known and unknown risks, uncertainties or other factors that could cause actual results to materially differ from the results, performance or other expectations implied by these forward-looking statements. Consolidated Graphics' expectations regarding run-rate revenues assume, among other things, completion of pending acquisitions, general economic conditions, continued demand for its product, the availability of raw materials, retention of its key management and operating personnel, as well as other factors detailed in Consolidated Graphics' filings with the Securities and Exchange Commission. # # # -----END PRIVACY-ENHANCED MESSAGE-----