Champion Industries Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended January 31, 2013; Reports Impairment Charges for the First Quarter of Fiscal 2013
March 15, 2013 at 08:17 pm
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Champion Industries Inc. reported unaudited consolidated earnings results for the first quarter ended January 31, 2013. For the quarter, the company announced a net loss from continuing operations of $3.3 million or $0.29 per share on a basic and diluted basis compared to a net loss from continuing operations of $83,000 or $0.01 per share on a basic and diluted basis for the quarter ended January 31, 2012. The results for 2013 over 2012 reflected a substantial decrease in earnings, primarily as a result of pre-tax non-cash impairment charges associated with goodwill of $2.2 million associated with the printing segment as well as higher interest costs primarily associated with the amortization of debt discount associated with warrants issued to the company's secured lenders. The company's results in 2013 and in 2012 are reflective of a continuation of the most difficult operating environment the company has ever faced, primarily within the printing segment and secondarily in the newspaper segment. Total revenues were $22,610,000 compared to $26,526,000 a year ago. Net loss was $3,542,000 or $0.31 per basic and diluted share, compared to net loss of $86,000 or $0.01 per basic and diluted share, a year ago.
The company reported impairment charges for the first quarter of fiscal 2013. For the quarter, the company reported pre-tax non-cash impairment charges associated with goodwill of $2.2 million associated with the printing segment.
Champion Industries, Inc. is a business solutions provider. The Company provides solutions in commercial printing, business forms manufacturing, office products, office furniture supply, and mailing solutions. Its two lines of business segments are commercial printing; and office products, office furniture and office design. It offers warehousing and fulfillment of prints and supplies goods in regional markets of the Mississippi River. Its printing services include business cards, books, tags, labels, brochures, posters, multi-part, continuous and snap-out business forms. Its office products, office furniture and office design segment provide a range of product offerings in two categories, which include supplies, such as file folders, paper products, pens and pencils, computer paper and laser cartridges, and furniture, including budget and middle price range desks, chairs, file cabinets and computer furniture. Its promotional products include apparel, bags, drinkware, and others.
Champion Industries Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended January 31, 2013; Reports Impairment Charges for the First Quarter of Fiscal 2013