CHAMPION INDUSTRIES INC
CIK:0000019149|SEC Filings
Consolidated Statements of Operations (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Apr. 30, 2016 |
Apr. 30, 2015 |
Apr. 30, 2016 |
Apr. 30, 2015 |
|
| Revenues: | ||||
| Printing | $ 9,336,086 | $ 9,119,073 | $ 18,381,817 | $ 18,507,595 |
| Office products and office furniture | 6,538,684 | 7,170,035 | 13,416,325 | 12,581,773 |
| Total revenues | 15,874,770 | 16,289,108 | 31,798,142 | 31,089,368 |
| Cost of sales: | ||||
| Printing | 7,109,839 | 6,710,558 | 14,220,514 | 13,807,063 |
| Office products and office furniture | 4,783,881 | 5,400,916 | 9,965,406 | 9,355,688 |
| Total cost of sales | 11,893,720 | 12,111,474 | 24,185,920 | 23,162,751 |
| Gross profit | 3,981,050 | 4,177,634 | 7,612,222 | 7,926,617 |
| Selling, general and administrative expenses | 3,906,289 | 3,839,236 | 7,651,291 | 7,792,159 |
| Income (loss) from operations | 74,761 | 338,398 | (39,069) | 134,458 |
| Other income (expenses): | ||||
| Interest expense - related party | (21,875) | (20,087) | (43,438) | (40,851) |
| Interest expense | (155,458) | (206,076) | (304,202) | (470,053) |
| Other | 21,322 | (64,338) | 35,087 | (43,475) |
| Total other income (expenses) | (156,011) | (290,501) | (312,553) | (554,379) |
| (Loss) income before income taxes | (81,250) | 47,897 | (351,622) | (419,921) |
| Income tax (expense) benefit | 0 | 0 | 0 | 0 |
| Net income (loss) | $ (81,250) | $ 47,897 | $ (351,622) | $ (419,921) |
| (Loss) income per share: | ||||
| Basic and Diluted (loss) income per common share (in dollars per share) | $ (0.01) | $ 0 | $ (0.03) | $ (0.04) |
| Weighted average shares outstanding: | ||||
| Basic and Diluted (in shares) | 11,300,000 | 11,300,000 | 11,300,000 | 11,300,000 |
Consolidated Balance Sheets (Unaudited) - USD ($) |
Apr. 30, 2016 |
Oct. 31, 2015 |
||
|---|---|---|---|---|
| Current assets: | ||||
| Cash and cash equivalents | $ 707,756 | $ 540,909 | ||
| Accounts receivable, net of allowance of $466,000 and $531,000 | 8,998,550 | 8,651,745 | ||
| Inventories | 3,978,172 | 3,568,665 | ||
| Other current assets | 1,087,751 | 890,165 | ||
| Assets held for sale | 256,832 | 256,832 | ||
| Total current assets | 15,029,061 | 13,908,316 | ||
| Property and equipment, at cost: | ||||
| Land | 1,254,195 | 1,254,195 | ||
| Buildings and improvements | 4,683,225 | 4,676,290 | ||
| Machinery and equipment | 34,117,953 | 34,130,233 | ||
| Equipment under capital lease | 72,528 | 72,528 | ||
| Furniture and fixtures | 3,743,347 | 3,734,959 | ||
| Vehicles | 2,777,554 | 2,756,086 | ||
| Property and equipment, gross | 46,648,802 | 46,624,291 | ||
| Less accumulated depreciation | (40,319,395) | (39,911,447) | ||
| Property and equipment, net | 6,329,407 | 6,712,844 | ||
| Goodwill | 1,230,485 | 1,230,485 | ||
| Deferred financing costs | 14,465 | 3,040 | ||
| Other intangibles, net of accumulated amortization | 996,796 | 1,057,845 | ||
| Other assets | 12,669 | 13,996 | ||
| Total noncurrent assets | 2,254,415 | 2,305,366 | ||
| Total assets | 23,612,883 | 22,926,526 | ||
| Current liabilities: | ||||
| Accounts payable | 5,075,679 | 4,730,286 | ||
| Accrued payroll and commissions | 557,373 | 528,855 | ||
| Taxes accrued and withheld | 709,485 | 635,131 | ||
| Accrued expenses | 1,687,741 | 1,763,929 | ||
| Notes payable (Note 5) | 10,794,319 | 1,929,358 | ||
| Notes payable - related party (Note 5) | [1] | 2,500,000 | 2,500,000 | |
| Capital lease obligations (Note 5) | 16,334 | 15,852 | ||
| Total current liabilities | 21,340,931 | 12,103,411 | ||
| Long-term debt, net of current portion: | ||||
| Notes payable (Note 5) | 579,010 | 8,796,542 | ||
| Capital lease obligations (Note 5) | 4,239 | 12,528 | ||
| Other Liabilities | 26,280 | 0 | ||
| Total liabilities | 21,950,460 | 20,912,481 | ||
| Shareholders' equity: | ||||
| Additional paid-in capital | 24,279,179 | 24,279,179 | ||
| Retained deficit | (33,916,284) | (33,564,662) | ||
| Total shareholders' equity | 1,662,423 | 2,014,045 | ||
| Total liabilities and shareholders' equity | 23,612,883 | 22,926,526 | ||
| Class A Voting Shares [Member] | ||||
| Shareholders' equity: | ||||
| Common stock | $ 11,299,528 | $ 11,299,528 | ||
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