Wednesday, Consolidated Graphics Inc. (CGX), reported a loss for the fourth quarter of fiscal 2009, compared to a profit in the same period last year. Results were impacted by impairment charges and a decline in year-over-year sales.
The Houston, Texas-based commercial printing and print-related services provider, posted a fourth quarter net loss of $15.92 million or $1.43 per share, compared to a net income of $13.12 million or $1.15 per share a year ago.
On an adjusted basis, the company however recorded a non-GAAP net income of $1.40 million or $0.12 per share, down from a profit of $13.63 million or $1.20 per share reported last year.
Sales for the quarter totaled $247.19 million, a 14% decline from $287.54 million in the year-ago corresponding quarter.
The company attributed the decline in revenues to a year-over-year same-store revenue decrease of 21.4% and lower election-related business.
General and administrative expenses increased to $23.29 million from $19.92 million, while selling expenses declined to $24.35 million from $27.44 million a year ago.
During the three-month period, the company recorded a goodwill impairment charge of $20.80 million compared to no such expenses a year ago.
Operating loss for the quarter was $16.17 million, compared to an operating profit of $24.95 million last year.
For fiscal year 2009, the company recorded a net loss of $39.57 million that compares to a profit of $59.32 million recorded in the previous year. Sales rose 5% to $1.15 billion from $1.10 billion in the prior year. Non-GAAP net income totaled $33.79 million or $2.95 per share, lower than 57.46 million or $4.48 per share a year ago.
Joe R. Davis, Chairman and Chief Executive Officer of Consolidated Graphics said, "The recession has led to lower revenues and considerable competitive pressures and these factors have adversely impacted our profit margins during the full year and the March quarter."
CGX is currently trading at $19.08, up 3.81% or $0.70, on a volume of 164,290 shares on the NYSE.
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