UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

(Mark One)

 

ý                 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2002

 

OR

 

o                 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                  to                  

 

Commission File Number 0-24068

 

 

CONSOLIDATED GRAPHICS, INC.

(Exact name of Registrant as specified in its charter)

 

 

 

Registrant’s telephone number, including area code:    (713) 787-0977

 

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ý   No o

 

The number of shares of Common Stock, par value $.01 per share, of the Registrant outstanding at July 31, 2002 was 13,213,395.

 

CONSOLIDATED GRAPHICS, INC.

 

FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2002

 

 

 

INDEX

 

 

 

2

 

PART I — FINANCIAL INFORMATION

 

 

ITEM 1.  Financial Statements

 

CONSOLIDATED GRAPHICS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

 

		June 30,			March 31,
		2002			2002
ASSETS		(Unaudited)			(Audited)
CURRENT ASSETS
Cash and cash equivalents		$	9,593		$	8,955
Accounts receivable, net		111,468			121,981
Inventories		31,962			32,771
Prepaid expenses		5,670			6,114
Deferred income tax assets		4,754			5,153
Total current assets		163,447			174,974
PROPERTY AND EQUIPMENT, net		289,985			293,831
GOODWILL, net		109,914			199,331
OTHER ASSETS		4,511			8,597
		$	567,857		$	676,733
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Current portion of long-term debt		$	19,983		$	19,877
Accounts payable		31,457			32,068
Accrued liabilities		36,237			37,382
Income taxes payable		1,695			611
Total current liabilities		89,372			89,938
LONG-TERM DEBT, net of current portion		186,996			213,860
DEFERRED INCOME TAX LIABILITIES		54,099			66,337
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Common stock, $.01 par value; 100,000,000 shares authorized; 13,213,395 and 13,205,863 issued and outstanding		132			132
Additional paid-in capital		157,695			157,581
Retained earnings		79,563			148,885
Total shareholders’ equity		237,390			306,598
		$	567,857		$	676,733

 

 

See accompanying notes to consolidated financial statements.

 

 

3

CONSOLIDATED GRAPHICS, INC.

CONSOLIDATED INCOME STATEMENTS

(In thousands, except per share data)

(Unaudited)

 

 

                                                                                                                                                      0;           

		Three Months Ended June 30
		2002			2001
SALES		$	176,104		$	164,435
COST OF SALES		132,654			120,603
Gross profit		43,450			43,832
SELLING EXPENSES		19,452			17,164
GENERAL AND ADMINISTRATIVE EXPENSES		12,989			12,257
AMORTIZATION OF GOODWILL		—			1,334
Operating income		11,009			13,077
INTEREST EXPENSE, net		2,858			4,610
Income before taxes and accounting change		8,151			8,467
INCOME TAXES		3,097			3,387
Income before accounting change		5,054			5,080
CUMULATIVE EFFECT OF ACCOUNTING CHANGE, net of tax		74,376			—