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, 2004

 

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 001-12631

 

 

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

 

Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).

 

Yes ý   No o

 

The number of shares of Common Stock, par value $.01 per share, of the Registrant outstanding at July 15, 2004 was 13,599,959.

 

 

CONSOLIDATED GRAPHICS, INC.

 

FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2004

 

INDEX

 

Part I — Financial Information
	Item 1 — Financial Statements
		Consolidated Balance Sheets at June 30, 2004 and March 31, 2004
		Consolidated Income Statements for the Three Months Ended June 30, 2004 and 2003
		Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2004 and 2003
		Notes to Consolidated Financial Statements
	Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations
	Item 3 — Quantitative and Qualitative Disclosure About Market Risk
	Item 4 — Controls and Procedures
Part II — Other Information
	Item 1 — Legal Proceedings
	Item 2 — Changes in Securities and Use of Proceeds
	Item 3 — Defaults upon Senior Securities
	Item 4 — Submission of Matters to a Vote of Security Holders
	Item 5 — Other Information
	Item 6 — Exhibits and Reports on Form 8-K
Signatures
Exhibit List

 

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, 2004			March 31, 2004
		(Unaudited)			(Audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	8,389		$	10,472
Accounts receivable, net		112,588			114,658
Inventories		34,565			32,728
Prepaid expenses		6,228			5,874
Deferred income taxes		5,635			6,159
Total current assets		167,405			169,891
PROPERTY AND EQUIPMENT, net		279,266			272,801
GOODWILL, net		73,727			73,658
OTHER ASSETS		6,603			5,785
		$	527,001		$	522,135
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Current portion of long-term debt		$	14,246		$	13,204
Accounts payable		37,436			41,062
Accrued liabilities		63,719			66,585
Income taxes payable		2,124			1,552
Total current liabilities		117,525			122,403
LONG-TERM DEBT, net of current portion		99,487			98,265
DEFERRED INCOME TAXES		56,958			55,855
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Common stock, $.01 par value; 100,000,000 shares authorized; 13,598,799 and 13,361,003 issued and outstanding		136			135
Additional paid-in capital		164,504			163,910
Retained earnings		88,391			81,567
Total shareholders’ equity		253,031			245,612
		$	527,001		$	522,135

 

See accompanying notes to consolidated financial statements.

 

3

 

CONSOLIDATED GRAPHICS, INC.

CONSOLIDATED INCOME STATEMENTS

(In thousands, except per share data)

(Unaudited)

 

		Three Months Ended June 30
		2004			2003
SALES		$	181,529		$	165,829
COST OF SALES		136,657			126,768
Gross profit		44,872			39,061
SELLING EXPENSES		19,521			18,160
GENERAL AND ADMINISTRATIVE EXPENSES		12,848			13,183
Operating income		12,503			7,718
INTEREST EXPENSE, net		1,407			1,968
Income before taxes		11,096			5,750
INCOME TAXES		4,272			2,185