CONSOLIDATED GRAPHICS INC /TX/
8-K, 1997-07-30
COMMERCIAL PRINTING
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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                            ------------------------

                                    FORM 8-K

                                 CURRENT REPORT

     PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

         DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JULY 30, 1997

                          CONSOLIDATED GRAPHICS, INC.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

         TEXAS                         0-24068               76-0190827
(STATE OR OTHER JURISDICTION   (COMMISSION FILE NUMBER)   (I.R.S. EMPLOYER
      OF INCORPORATION)                                   IDENTIFICATION NO.)

                             2210 WEST DALLAS STREET
                              HOUSTON, TEXAS 77019
             (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES AND ZIP CODE)

       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (713) 529-4200

================================================================================
<PAGE>
ITEM 5.  OTHER EVENTS

     On July 30, 1997, Consolidated Graphics, Inc. (the "Company") announced its
fiscal 1998 first quarter results. A copy of the press release is attached
hereto as Exhibit 99.

     The attached press release may contain forward looking information. Readers
are cautioned that such information involves risks and uncertainties, including
the possibility that events may occur which would prevent the Company from
achieving comparable financial results in the future or completing its pending
or future acquisitions.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBIT

     (A)  EXHIBIT

     The following exhibit is filed herewith:

          99  Press release of Consolidated Graphics, Inc. dated July 30, 1997,
              with respect to the announcement of the Company's fiscal 1998 
              first quarter results.

                                       1
<PAGE>
                                   SIGNATURE

     PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE
REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED HEREUNTO DULY AUTHORIZED.

                                               CONSOLIDATED GRAPHICS, INC.
                                                       (Registrant)

                                          By: /s/ G. CHRISTOPHER COLVILLE
                                                  G. CHRISTOPHER COLVILLE

                                                VICE PRESIDENT -- MERGERS AND
                                                       ACQUISITIONS
                                               CHIEF FINANCIAL AND ACCOUNTING
                                                         OFFICER

Date:  July 30, 1997
                                       2


                                                                      EXHIBIT 99

                                             FOR:  Consolidated Graphics, Inc.

                                     APPROVED BY:  Ronald E. Hale, Jr.
                                                   Vice President & Treasurer
                                                   (713) 529-4200

                                         CONTACT:  Betsy Brod/Nancy Healy
                                                   Media:  Stan Froelich
                                                   Morgen-Walke Associates, Inc.
                                                   (212) 850-5600

FOR IMMEDIATE RELEASE

                   CONSOLIDATED GRAPHICS REPORTS RECORD RESULTS
                         FOR FISCAL 1998 FIRST QUARTER

- - Sales Rise 79% in Fifth Consecutive Quarter of Record Financial Performance -

     HOUSTON, TEXAS -- July 30, 1997 -- Consolidated Graphics, Inc. (NYSE:CGX)
today announced record results for the first quarter ended June 30, 1997.

     Sales in the fiscal 1998 first quarter rose 79% to $50.7 million from
$28.3 million in the comparable period of fiscal 1997.  First quarter operating
income increased 141% to $7.1 million, and net income grew 131% to $3.9 million,
versus year-ago results.  On a per share basis, Consolidated Graphics earned
$.30 in the fiscal 1998 quarter, compared to $.14 per share in the fiscal 1997
period.  All per share figures reflect the Company's 2-for-1 stock split
distributed in January 1997.

        The strong sales and earnings performance was driven by the Company's
acquisition program, internal growth and further improvements in the operations
of its printing companies.

        Operating income margin for the fiscal 1998 first quarter was 14.0%, up
from 10.4% in the year ago period, and up sequentially from the 13.5% reported
in the fourth quarter of fiscal 1997.

        Joe R. Davis, Chairman and Chief Executive Officer of Consolidated
Graphics, commented, "The recent three-month period represents our fifth
consecutive quarter of record sales and earnings.  The continued operating
income margin improvements in the first quarter demonstrate our ability to
control costs through both our increased purchasing power and improved operating
efficiencies of our acquired businesses."

                                 - more -
<PAGE>
CONSOLIDATED GRAPHICS FISCAL 1998 FIRST QUARTER RESULTS - 2 -

        "Since the beginning of fiscal 1998, we have acquired two printing
companies, --Tucker Printers, Rochester, New York and The Etheridge Company,
Grand Rapids, Michigan, and have agreed to acquire four others -- Georges &
Shapiro Lithograph, Sacramento; Austin Printing, Atlanta; Walnut Circle Press,
Greensboro; and Geyer Printing, Pittsburgh.  These companies, representing over
$50 million in revenue, fit our strategy of acquiring strong companies with
solid positions in the markets they serve.  Including these pending
acquisitions, we will own 24 printing companies in 19 markets with annualized
revenues now exceeding $240 million."

        Mr. Davis concluded, "While our acquisition program is proceeding well
ahead of plan in fiscal 1998, we continue to see additional acquisition
opportunities.  With a strong balance sheet and our recently announced $100
million bank line of credit, Consolidated Graphics is well-positioned to pursue
these growth opportunities."

        Consolidated Graphics, Inc. is recognized as the fastest growing
printing company in the United States. A consolidator in a highly fragmented
industry, the Company adds value to its acquisitions through managerial and
operational expertise, financial strength and economies of scale.

                               --Table to Follow--
<PAGE>
                              CONSOLIDATED GRAPHICS
                                   (NYSE: CGX)
                              Financial Highlights
                    (in thousands, except per share amounts)


                                                   For the Three Months Ended
                                                             June 30,
                                                       1997            1996
Sales                                               $50,675         $28,258
Cost of sales                                        34,745          20,166
    GROSS PROFIT                                     15,930           8,092
Selling expenses                                      4,931           2,848
General and administrative expenses                   3,880           2,292
  OPERATING INCOME                                    7,119           2,952
Interest expense                                        894             339
    Pretax Income                                     6,225           2,613
Income taxes                                          2,365             940
    NET INCOME                                      $ 3,860         $ 1,673

Earnings per share                                  $   .30         $   .14

Weighted average shares outstanding                  12,949          11,860

                              #        #        #


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