UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 December 31, 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)
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Texas |
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76-0190827 |
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(State or other jurisdiction
of |
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(I.R.S. Employer Identification No.) |
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5858 Westheimer Road, Suite 200 |
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77057 |
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(Address of principal executive offices) |
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(Zip Code) |
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 $.01 per share, of the Registrant outstanding at January 15, 2005 was 13,693,002.
CONSOLIDATED GRAPHICS, INC.
INDEX
2
PART I – FINANCIAL INFORMATION
CONSOLIDATED GRAPHICS, INC.
(In thousands, except share and per share data)
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December 31, |
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March 31, |
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(Unaudited) |
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(Audited) |
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ASSETS |
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CURRENT ASSETS |
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Cash and cash equivalents |
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$ |
5,480 |
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$ |
10,472 |
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Accounts receivable, net |
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120,655 |
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114,658 |
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||
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Inventories |
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36,177 |
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32,728 |
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Prepaid expenses |
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6,615 |
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5,874 |
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Deferred income taxes |
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6,815 |
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6,159 |
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Total current assets |
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175,742 |
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169,891 |
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PROPERTY AND EQUIPMENT, net |
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272,364 |
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272,801 |
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GOODWILL, net |
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73,889 |
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73,658 |
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OTHER ASSETS |
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6,472 |
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5,785 |
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$ |
528,467 |
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$ |
522,135 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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CURRENT LIABILITIES |
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Current portion of long-term debt |
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$ |
6,269 |
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$ |
13,204 |
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Accounts payable |
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37,311 |
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41,062 |
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Accrued liabilities |
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76,661 |
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66,585 |
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Income taxes payable |
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4,570 |
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1,552 |
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Total current liabilities |
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124,811 |
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122,403 |
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LONG-TERM DEBT, net of current portion |
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73,071 |
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98,265 |
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DEFERRED INCOME TAXES |
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57,713 |
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55,855 |
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COMMITMENTS AND CONTINGENCIES |
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SHAREHOLDERS’ EQUITY |
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Common stock, $.01 par value; 100,000,000 shares authorized; 13,690,356 and 13,573,964 issued and outstanding |
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137 |
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135 |
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Additional paid-in capital |
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167,031 |
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163,910 |
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Retained earnings |
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105,704 |
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81,567 |
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Total shareholders’ equity |
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272,872 |
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245,612 |
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$ |
528,467 |
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$ |
522,135 |
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See accompanying notes to consolidated financial statements.
3
CONSOLIDATED GRAPHICS, INC.
(In thousands, except per share data)
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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2004 |
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2003 |
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2004 |
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2003 |
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SALES |
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$ |
208,640 |
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$ |
184,238 |
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$ |
581,298 |
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$ |
524,691 |
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COST OF SALES |
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157,077 |
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141,034 |
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437,753 |
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401,046 |
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Gross profit |
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51,563 |
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43,204 |
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143,545 |
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123,645 |
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SELLING EXPENSES |
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21,232 |
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19,539 |
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60,458 |
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56,229 |
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GENERAL AND ADMINISTRATIVE EXPENSES |
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14,140 |
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12,640 |
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40,796 |
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39,107 |
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Operating income |
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