Commercial printing company Consolidated Graphics, Inc. (CGX), Wednesday, posted a loss for the June quarter compared with a profit last year, as revenues dropped 21% year on year.
Net loss for the quarter was $314 thousand or $0.03 per share compared with net income of $9.62 million or $0.84 per share last year. Adjusted net loss for the quarter was $347 thousand.
On average, two analysts polled by Thomson Reuters expected the company to report breakeven per share for the quarter.
Sales for the June quarter was 21% down to $225.86 million from $285.19 million a year ago. The revenue decline was primarily due to a year-over-year same-store revenue decline, and lower election-related business, the company said.
Chairman Joe Davis said, "The weak economy continued to reduce demand for print and pressure our profit margins during the June quarter. Our companies are working hard to maintain revenues and effectively manage costs during these tough times."
Looking ahead, for the September quarter, the company anticipates revenues in the range of $225 million - $240 million and expects at least break-even adjusted net income. Analysts have estimated earnings of $0.06 per share.
Tuesday, CGX closed regular trading session at $18.30 on the NYSE.
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