CONSOLIDATED GRAPHICS INC /TX/
8-K, 1998-05-01
COMMERCIAL PRINTING
Previous: TARGETED GENETICS CORP /WA/, S-3, 1998-05-01
Next: FRESH AMERICA CORP, 10-K/A, 1998-05-01


=============================================================================

                       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): APRIL 29, 1998

                           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.)

                           5858 WESTHEIMER, SUITE 200
                              HOUSTON, TEXAS 77057
              (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES AND ZIP CODE)

       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (713) 787-0977
=============================================================================
<PAGE>
ITEM 5.  OTHER EVENTS

     On April 29, 1998, Consolidated Graphics, Inc. (the "Company")
announced its fiscal 1998 fourth quarter results.  A copy of the press
release is attached hereto as Exhibit 99.1.

     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)  EXHIBITS

     The following exhibits are filed herewith:

          99.1  Press release of Consolidated Graphics, Inc. dated April 29,
                1998, with respect to the announcement of the Company's fiscal
                1998 fourth 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.
                                                  EXECUTIVE VICE PRESIDENT
                                          CHIEF ACCOUNTING AND FINANCIAL OFFICER

Date:  May 1, 1998

                                       2

                                                                    EXHIBIT 99.1

                                          FOR:  Consolidated Graphics, Inc.

                                 APPROVED BY:  Ronald E. Hale, Jr.
                                               Vice President & Treasurer
                                               (713) 787-0977

                                     CONTACT:  Betsy Brod/Jonathan Schaffer
                                               Media:  Stan Froelich/Eileen King
                                               Morgen-Walke Associates, Inc.
                                               (212) 850-5600
FOR IMMEDIATE RELEASE

                       CONSOLIDATED GRAPHICS, INC. REPORTS
                   RECORD FOURTH QUARTER AND YEAR-END RESULTS

    -- Net Income Rises 68% in Fourth Quarter and 82% for Full Fiscal Year --

     HOUSTON, TEXAS - April 29, 1998 - Consolidated Graphics, Inc. (NYSE:CGX)
today announced record results for the fourth quarter and year ended March 31,
1998.

     Net income for the 1998 fourth quarter increased 68% to $5.4 million, or
$.41 per diluted share, compared to $3.2 million, or $.25 per diluted share last
year. Fourth quarter operating income rose 67% to $9.8 million, and sales
increased 53% to $66.3 million from $43.2 million in 1997.

     For the year ended March 31, 1998, net income grew 82% to $18.4 million, or
$1.40 per diluted share, compared to $10.1 million, or $.81 per diluted share,
in the prior year. Operating income for 1998 increased 82% to $33.4 million from
$18.3 million. Sales grew to $231.3 million, a 61% increase from the $144.1
million reported in the prior year.

     "1998 was our most successful year ever," said Joe R. Davis, Chairman and
Chief Executive Officer of Consolidated Graphics. "The fourth quarter was our
eighth consecutive quarter of record financial performance as our disciplined
strategy for growth, both internally and through acquisitions, continues to
produce strong results. Operating margins strengthened again this quarter as our
printing companies, particularly our recent acquisitions, continue to improve as
they capitalize on the financial and operational resources Consolidated Graphics
makes available."

     Mr. Davis continued, "The pace of our acquisition program remains strong as
we continue our nationwide expansion. Over the past three months, we have
announced acquisitions in five new markets: Philadelphia, Milwaukee, Boston,
Wichita and San Francisco, and increased our presence in San Diego. Our run-rate
revenues, now at $370 million, have more than doubled during the past year and
we expect this strong growth to continue."

     Consolidated Graphics, Inc. is 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. Upon completion of pending
acquisitions, Consolidated Graphics will have 37 companies with annualized
revenues in excess of $370 million.

     This press release contains forward-looking statements which involve known
and unknown risks, uncertainties or other factors that could cause actual
results to materially differ from the results, performance or other expectations
implied by these forward-looking statements. Consolidated Graphics' expectations
regarding run-rate revenues assume, among other things, completion of pending
acquisitions, general economic conditions, continued demand for its product, the
availability of raw materials, retention of its key management and operating
personnel, as well as other factors detailed in Consolidated Graphics' filings
with the Securities and Exchange Commission.

                             -- TABLE TO FOLLOW --
<PAGE>
                           CONSOLIDATED GRAPHICS, INC.
                                   (NYSE: CGX)
                              Financial Highlights
                    (in thousands, except per share amounts)


                                  For the Quarter Ended   For the Year Ended
                                  March 31,   March 31,   March 31,   March 31,
                                    1998        1997        1998        1997
                                  ---------   ---------   ---------   ---------
Sales                            $ 66,267    $ 43,187    $ 231,282   $144,082
Cost of Sales                      45,050      29,776      157,906    100,197
  GROSS PROFIT                     21,217      13,411       73,376     43,885
Selling Expense                     6,393       4,211       22,365     14,223
General and Administrative
  Expense                           5,060       3,350       17,628     11,330
  OPERATING INCOME                  9,764       5,850       33,383     18,332
Interest Expense                    1,076         728        3,720      2,305
  Pretax Income                     8,688       5,122       29,663     16,027
Income Taxes                        3,301       1,919       11,273      5,927
  NET INCOME                     $  5,387     $ 3,203     $ 18,390   $ 10,100

Basic Earnings Per Share         $    .42     $   .26     $   1.46   $    .83

Diluted Earnings Per Share       $    .41     $   .25     $   1.40   $    .81

Weighted Average Shares
  Outstanding
   Basic                           12,732      12,418       12,598      12,166

   Diluted                         13,257      12,941       13,112      12,411

                                    #   #   #


Top Judgements:
Palmer v. Teva Canada Ltd. | Aug 12, 2022
Janssen Inc. v. Sandoz Canada Inc. | May 31, 2022
Markowich v. Lundin Mining Corporation | Jan 6, 2022
Canada (National Revenue) v. Ghermezian | Feb 23, 2022
Canadian Union of Public Employees, Local Unions 835 v South Shore District Health Authority | Jan 17, 2015
Arctic Cat Inc. v. Bombardier Recreational Products Inc. | Sep 16, 2016
Canadian Airport Workers Union v Goodwill Industries | Mar 4, 2022
Cassan v. The Queen | Sep 8, 2017
Toronto Professional Fire Fighters’ Association, I.A.A.F. Local 3888 v City of Toronto | Aug 26, 2022
Cambie Surgeries Corporation v. British Columbia (Attorney General) | Sep 10, 2020
Cowichan Tribes v Canada | Jun 3, 2022
Brain cancer (glioblastoma multiforme) | ONWSIAT Decision No. 1642/21 | Jul 18, 2022
Konicek v Vantown Infrastructure Invesco Inc. | Sep 9, 2022
C.S.S. Office Furniture Systems Service Inc. v Burns | Aug 11, 2022
Saskatoon Co-operative Association Limited v United Food and Commercial Workers | Aug 15, 2022
Old Lakeshore Inc. v City of Burlington | Sep 2, 2022
Tietz v. Affinor Growers Inc. | Sep 13, 2022
Efficiencyone (E1) | Sep 6, 2022
President's Choice Bank v. The Queen | Jul 19, 2022
First Global Data Ltd | Sep 15, 2022
Rayonier v Unifor, Locals 256 and 89 | Aug 11, 2022
Alberta Workers’ Compensation Appeals Commission | Decision No. 2021-0334 | Jul 14, 2022
Metrowest Developments Ltd v Flynn Canada Ltd | Sep 14, 2022
R. v. Cameron | Jul 15, 2022
Functional Servicing and Stormwater Management | Jul 28, 2022
101034761 Saskatchewan Ltd. v Mossing | Aug 24, 2022
Waste Control Services Inc. v International Union of Operating Engineers, Local No. 115 | Aug 12, 2022
RJM56 Holdings Inc. c. Bazinet | Aug 17, 2022
Sherwood v The Owners, Strata Plan VIS 1549 | Aug 9, 2022
WCAT Decision A2001487 | Aug 8, 2022
City of Hamilton v Ontario Water Employees’ Association | Sep 12, 2022
Century Services Corp. v. LeRoy | Jul 8, 2022
United Food and Commercial Workers, Local 175 v Metro Ontario Inc. | Jul 4, 2022
Langmaid’s Island Corporation v Lake of Bays | Sep 12, 2022
WCAT Decision A2102416 | Jul 22, 2022
Inquiry about McAbee Fossil beds | Jul 14, 2022
1088558 Ontario Inc. v. Musial | Sep 16, 2022
Biogen Canada Inc. v. Pharmascience Inc. | Aug 8, 2022
CIC Management Services Inc. v City of Toronto | Jul 21, 2022
Bonterra Energy Corp v Rosells’ Enterprises Ltd | Aug 31, 2022
WCAT Decision A2100606 | Aug 17, 2022
Leffler v Aaron Behiel Legal Professional Corporation | Jun 30, 2022
Espartel Investments v. MTCC No. 993 | Aug 19, 2022
Onespace Unlimited Inc. v. Plus Development Group Corp. | Sep 19, 2022
Professional Institute of the Public Service of Canada v. Canada Revenue Agency | Jun 23, 2022
Community Savings Credit Union v. Bodnar | Jul 29, 2022
Galperti SRL v F.I.A.L. Finanziaria Industrie Alto Lario S.P.A | Jun 30, 2022
WCAT Decision A2102352 | Jul 6, 2022
WCAT Decision A2102306 | Jul 25, 2022
Thrive Capital Management Ltd. v. Noble 1324 Queen Inc. | Jul 12, 2022
Questor Technology Inc v Stagg | Sep 8, 2022
MediPharm v. Hexo and Hwang | Jul 25, 2022
Immunization rates & vaccine hesitancy | Aug 17, 2022
Morabito v. British Columbia Securities Commission | Aug 12, 2022
Killeleagh v Mountain View County (Development Authority) | Aug 24, 2022
Quality Control Council v Stanley Inspection Canada Ltd. | Sep 9, 2022
British Columbia Investment Management Corporation | Aug 17, 2022
Abbeylawn Manor Living Inc. v Sevice Employees International Union, Local 1 Canada | Jul 5, 2022
Windrift Adventures Inc. et al. v. Chief Animal Welfare Inspector | Aug 18, 2022
Irani and Khan v. Registrar, Motor Vehicle Dealers Act | Jul 14, 2022
CP REIT Ontario Properties Limited v City of Toronto | Aug 12, 2022
Potash Corporation of Saskatchewan Inc. v. The Queen | Jul 7, 2022
Wong v. Pretium Resources Inc. | Jul 22, 2022
Labourers' International Union of North America, Local 183, Union v Mulmer Services Ltd. | Aug 5, 2022
City of Mississauga v. Hung | Sep 22, 2022

© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission