-----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, UXeXqM3VfpEdbgB8uAhGXTXuyiV6cIU3pOV9YYtHNm637Bj2yvuQ6PNRD+Y0EXxM hJlKmCQPBvYWBCMOBk3BPQ== 0000912057-01-510445.txt : 20010426 0000912057-01-510445.hdr.sgml : 20010426 ACCESSION NUMBER: 0000912057-01-510445 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010425 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010425 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: 1610839 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 a2046730z8-k.txt 8-K ============================================================================= 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 25, 2001 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 April 25, 2001, Consolidated Graphics, Inc. (the "Company") announced the results of its fiscal 2001 fourth quarter results. 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 known and unknown risks, uncertainties and other factors that could cause actual results to materially differ from the results, performance or other expectations implied by these forward looking statements. ITEM 7. FINANCIAL STATEMENTS AND EXHIBIT (A) EXHIBIT The following exhibit is filed herewith: 99.1 Press release of the Company dated April 25, 2001, related to the announcement of the Company's fiscal 2001 fourth 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/ Wayne M. Rose -------------------------- WAYNE M. ROSE EXECUTIVE VICE PRESIDENT, CHIEF FINANCIAL OFFICER Date: April 25, 2001 2 EX-99.1 2 a2046730zex-99_1.txt EX 99.1 EXHIBIT 99.1 FOR: Consolidated Graphics, Inc. CONTACT: Wayne M. Rose Chief Financial Officer Consolidated Graphics, Inc. (713) 787-0977 Julie Truax/Jonathan Schaffer Media: Stacy Roth Morgen-Walke Associates, Inc. (212) 850-5600 FOR IMMEDIATE RELEASE CONSOLIDATED GRAPHICS REPORTS FOURTH QUARTER AND YEAR-END RESULTS HOUSTON, TEXAS - April 25, 2001 - Consolidated Graphics, Inc. (NYSE:CGX) today announced results for its fourth quarter and year ended March 31, 2001. Total revenues for the fourth quarter were $166.2 million compared to $167.8 million in the prior year. As previously announced, the Company recorded a $4.1 million after tax special charge, or $.31 per share, for savings initiatives in the fourth quarter. Before the special charge, net results for the fourth quarter were $4.8 million, or $.36 per share, compared to $8.2 million, or $.58 per share, in the prior year. Operating income before the special charge for the 2001 fourth quarter was $13.6 million. Net income, after the 2001 special charge, was $665,000, or $.05 per share, for the March quarter compared to $8.2 million, or $.58 per share, in the prior year. For the year ended March 31, 2001, sales increased 9% to $683.4 million. Net income before the special charge was $26.2 million, or $1.99 per share, versus $38.5 million, or $2.51 per share, last year. Operating income before the special charge for the year was $64.6 million. Net income, including the 2001 fourth quarter charge, was $22.1 million, or $1.68 per share, compared to $38.5 million, or $2.51 per share, last year. "To counteract the sharp business slowdown we first experienced in November and December, we successfully implemented several initiatives designed to reduce costs and strengthen our operations," commented Charles F. White, President and Chief Operating Officer. "We consolidated operations at three of our companies. We also took action throughout our organization to aggressively pursue sales and reduce costs at the same time. As a result of these efforts, we continued to grow market share in a difficult operating environment and achieved an operating margin of 8.2% in the fourth quarter, even though we had to price aggressively." - more - CONSOLIDATED GRAPHICS REPORTS FOURTH QUARTER AND YEAR-END RESULTS PAGE -2- Joe R. Davis, Chairman and Chief Executive Officer, stated, "While our overall performance continues to be impacted by the general economic slowdown and soft commercial print demand, we are taking the necessary steps within our operating companies to strengthen our core business and to position us for future growth. We continue to make strong strides in our e-commerce products and services marketed through CGXmedia, particularly the COIN (Custom Ordering Interactive Network) and OPAL (Online Private Asset Library) products. These products not only represent an additional revenue stream, but they also serve to drive print sales throughout our nationwide network of printing companies." Mr. Davis concluded, "With the benefit of increased visibility into the 2001 calendar year and a better sense of how our companies may perform in a slower market environment, we anticipate that the actions we have taken to reduce costs and drive revenue and market share gains will improve the Company's growth and profitability for its shareholders. Accordingly, given the current economic environment, we believe that our financial results for the next few quarters will improve gradually over recent performance." Consolidated Graphics, Inc. is the largest sheet-fed and half-web commercial printing company in the United States. Through its network of printing companies in 25 states, the Company produces high-quality customized printed materials for a broad customer base that includes many of the most recognized companies in the country. Consolidated Graphics also offers an extensive and growing range of digital and Internet-based services and solutions marketed through CGXmedia. Consolidated Graphics is focused on adding value to its operating companies by providing financial and operational strengths, management support and technological advantages associated with a national organization. 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 future sales and profitability assume, among other things, stability in the economy and reasonable growth in the demand for its products, the continued availability of raw materials at affordable prices, retention of its key management and operating personnel, as well as other factors detailed in Consolidated Graphics' filings with the Securities and Exchange Commission. The forward-looking statements, assumptions and factors stated or referred to in this press release are based on information available to Consolidated Graphics today. Consolidated Graphics expressly disclaims any duty to provide updates to these forward-looking statements, assumptions and other factors after the day of this release to reflect the occurrence of events or circumstances or changes in expectations. (Table Follows) CONSOLIDATED GRAPHICS REPORTS FOURTH QUARTER AND YEAR-END RESULTS PAGE -3- CONSOLIDATED GRAPHICS, INC. Consolidated Income Statement (In thousands, except per share amounts)
Three Months Ended Year Ended March 31, March 31, 2001 2000 2001 2000 Sales $ 166,196 $ 167,772 $ 683,396 $ 624,895 Cost of Sales 121,262 119,704 494,158 437,345 GROSS PROFIT 44,934 48,068 189,238 187,550 Selling Expense 17,790 16,840 70,070 61,267 General and Administrative Expense 13,569 13,310 54,595 48,677 Special Charge 6,440 6,440 OPERATING INCOME 7,135 17,918 58,133 77,606 Interest Expense, net 5,604 4,308 20,858 13,476 Pretax Income 1,531 13,610 37,275 64,130 Income Taxes 866 5,442 15,164 25,651 NET INCOME $ 665 $ 8,168 $ 22,111 $ 38,479 Earnings Per Share - Basic $ .05 $ .58 $ 1.68 $ 2.54 Earnings Per Share - Diluted $ .05 $ .58 $ 1.68 $ 2.51 Weighted Average Shares Outstanding - Basic 13,014 14,138 13,142 15,155 - Diluted 13,113 14,195 13,183 15,336
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