CONSOLIDATED GRAPHICS INC /TX/

CIK:0000921500|SEC Filings

CONDENSED CONSOLIDATED INCOME STATEMENTS (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
CONDENSED CONSOLIDATED INCOME STATEMENTS
SALES	$ 275,703	$ 295,277	$ 768,462	$ 797,220
COST OF SALES	203,431	222,716	578,826	613,390
Gross profit	72,272	72,561	189,636	183,830
SELLING EXPENSES	22,770	23,939	68,700	70,030
GENERAL AND ADMINISTRATIVE EXPENSES	22,548	24,638	70,859	73,571
OTHER CHARGES	4,347	349	7,304	4,311
OTHER EXPENSE (INCOME)	(67)	290	207	17
Operating income	22,674	23,345	42,566	35,901
INTEREST EXPENSE, net	838	1,246	2,362	4,081
Income before taxes	21,836	22,099	40,204	31,820
INCOME TAX EXPENSE	7,009	5,840	11,147	9,300
Net income	$ 14,827	$ 16,259	$ 29,057	$ 22,520
BASIC EARNINGS PER SHARE (in dollars per share)	$ 1.53	$ 1.69	$ 3.01	$ 2.28
DILUTED EARNINGS PER SHARE (in dollars per share)	$ 1.50	$ 1.68	$ 2.97	$ 2.27
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED TO COMPUTE EARNINGS PER SHARE
Basic (in shares)	9,691,809	9,621,864	9,661,948	9,885,652
Diluted (in shares)	9,899,205	9,658,610	9,768,964	9,936,529

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
OPERATING ACTIVITIES
Net income	$ 29,057	$ 22,520
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	43,961	52,559
Amortization	2,428	2,691
Bad debt expense	1,219	1,204
Other charges	6,239	4,311
Foreign currency gain		(39)
Deferred income taxes	(8,548)	(4,368)
Share-based compensation expense	1,920	1,849
Changes in assets and liabilities, net of effects of acquisitions
Accounts receivable, net	(16,778)	(21,206)
Inventories	(3,533)	(6,829)
Prepaid expenses	3,222	4,023
Other assets	1,635	3,015
Accounts payable and accrued liabilities	(10,213)	(2,042)
Other liabilities	(4,379)	1,301
Income taxes payable	2,454	2,790
Net cash provided by operating activities	48,684	61,779
INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired	(184)	(59)
Capital expenditures	(20,985)	(31,373)
Proceeds from asset dispositions	7,320	1,736
Net cash used in investing activities	(13,849)	(29,696)
FINANCING ACTIVITIES
Proceeds from bank credit facilities	105,223	80,151
Payments on bank credit facilities	(122,891)	(76,446)
Proceeds from issuance of term equipment notes		1,591
Payments on term equipment notes and other debt	(16,502)	(17,165)
Payments to repurchase and retire common stock		(18,912)
Proceeds from exercise of stock options, including excess tax benefit	2,670	1,058
Net cash used in financing activities	(31,500)	(29,723)
Effect of exchange rate changes on cash and cash equivalents	(30)	100
NET INCREASE IN CASH AND CASH EQUIVALENTS	3,305	2,460
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	12,217	6,065
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 15,522	$ 8,525

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Mar. 31, 2013
CURRENT ASSETS
Cash and cash equivalents	$ 15,522	$ 12,217
Accounts receivable, net	178,861	164,647
Inventories	58,756	55,389
Prepaid expenses	12,646	15,877
Deferred income taxes	11,280	10,215
Total current assets	277,065	258,345
PROPERTY AND EQUIPMENT, net	312,435	343,832
GOODWILL	23,515	23,870
OTHER INTANGIBLE ASSETS, net	9,297	11,936
OTHER ASSETS	4,877	6,660
TOTAL ASSETS	627,189	644,643
CURRENT LIABILITIES
Current portion of long-term debt	14,569	20,550
Accounts payable	73,442	83,578
Accrued liabilities	74,283	71,974
Income taxes payable	2,451
Total current liabilities	164,745	176,102
LONG-TERM DEBT, net of current portion	75,049	103,134
OTHER LIABILITIES	41,315	44,255
DEFERRED INCOME TAXES, net	35,226	42,778
Total liabilities	316,335	366,269
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Common stock, $.01 par value; 100,000,000 shares authorized; 9,712,642 and 9,633,475 issued and outstanding	98	96
Additional paid-in capital	159,245	154,657
Retained earnings	153,196	124,139
Accumulated other comprehensive income (loss)	(1,685)	(518)
Total shareholders' equity	310,854	278,374
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 627,189	$ 644,643