Champion reports first quarter results
HUNTINGTON -- Champion Industries Inc. Friday reported a net loss from continuing operations of $3.3 million or $0.29 per share on a basic and diluted basis for the quarter ended Jan. 31.
That compares with a net loss from continuing operations of $83,000 or $0.01 per share for the same period last year, according to a news release. The results for 2013 over 2012 showed a substantial decrease in earnings that was primarily a result of pre-tax non-cash impairment charges of $2.2 million associated with goodwill of the printing segment and higher interest costs.
"Our results continue to be impacted by various non-cash events, but we continue to generate positive cash flow from operating activities," said Marshall T. Reynolds, chairman of the board and chief executive cfficer of Champion. "In spite of the numerous hurdles and challenges we have faced and actions we have taken in recent years, in the final analysis we were able to essentially hold our core business relatively stable in the first quarter of 2013."
The company will continue to work with secured creditors and advisors to stabilize its funding platform and give its core business the opportunity to improve, the release said.
Champion is a commercial printer, business forms manufacturer and office products and office furniture supplier in regional markets east of the Mississippi. The company also publishes The Herald-Dispatch.