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/C O R R E C T I O N -- Consolidated Graphics, Inc./.

Article Excerpt
In the news release, Consolidated Graphics Reports Financial Results For The Quarter Ended September 2009, issued 04-Nov-2009 by Consolidated Graphics, Inc. over PR Newswire, the Sales for 2009 in the Condensed Consolidated Income Statements table should read "$251,626" rather than "51,626" as incorrectly transmitted by PR Newswire. The complete, corrected release follows:

Consolidated Graphics Reports Financial Results For The Quarter Ended September 2009

HOUSTON, Nov. 4 /PRNewswire-FirstCall/ -- Consolidated Graphics, Inc. today announced financial results for the quarter ended September 30, 2009.

Revenue for the September quarter was $251.6 million, down 15% compared to the same quarter last year. The revenue decline was primarily due to a year-over-year same-store revenue decline caused by the current economic environment and lower election-related business. Operating income for the September 2009 quarter of $6.6 million included charges of $2.6 million related to litigation and the impairment of certain production equipment. Adjusted operating income was $9.4 million or 3.7% of revenue compared to $21.1 million or 7.1% of revenue for the September 2008 quarter. Adjusted operating margin declined due to lower sales which caused certain costs, such as depreciation and various overhead expenses, to increase as a percentage of revenues. Adjusted net income for the September 2009 quarter was $3.8 million, or $.34 diluted earnings per share compared to adjusted net income of $10.1 million, or $.88 diluted earnings per share for the prior year quarter. Net income during the quarter ended September 30, 2009 was $2.1 million or $.18 diluted earnings per share.

On a sequential basis revenue increased 11.4% compared to the first quarter of 2009 and operating income and earnings per share also improved significantly.

The Company continued its strong cash flow performance in the September 2009 quarter, generating free cash flow of $55.8 million, compared to free cash flow of $29.8 million in the June 2009 quarter. Adjusted EBITDA for the September 2009 quarter was $28.7 million compared to $39.3 million for the...