Champion Industries reports 4th quarter results
HUNTINGTON — Champion Industries Inc. Wednesday reported fourth quarter 2013 net income from continuing operations of $11.2 million or $0.99 per share on a basic and $0.69 per share on a diluted ba si s .
That compared with a net loss from continuing operations of $700,000 or $.06 per share on a basic and diluted basis for the same period last year, according to a news release.
The company reported net loss from discontinued operations for the quarters ending Oct. 31, 2013 and 2012, of $12,000 and $903,000 or $0.00 and $0.08 on a basic and diluted per share basis.
Net income from continuing operations for the year were $5.6 million or $0.50 per share on a basic and $0.35 per share on a diluted basis.
This compares to a net loss from continuing operations of $14.6 million or $1.29 per share for 2012.
The company reported net income from discontinued operations for the year ending Oct. 31, 2013, of $100,000 or $0.01 per share on a basic and diluted basis.
For the same periods in 2012, the company reported a net loss from discontinued operations of $8.7 million or $0.77 per share on a basic and diluted ba si s .
“We exited our relationship with our former secured lenders during the fourth quarter of 2013 and are focused on our remaining business segments with an emphasis on the execution of our core competencies,” said Marshall T. Reynolds, chairman of the board and chief executive officer of Ch a mpion .
“Our results continue to be impacted by various non-cash events, but we continue to generate positive cash flow from operating activities and our revised debt structure allows us enhanced flexibility to focus on our business.” Champion is a commercial printer, business forms manufacturer and office products and office furniture supplier in regional markets east of the M i ssi ssippi .
Its companies include Chapman Printing in West Virginia and Kentucky; Stationers, Champion Clarksburg, Capitol Business Interiors, Garrison Brewer, River Cities Printing, Carolina Cut Sheets, U.S. Tag, Champion Morgantown and Champion Output Solutions in West Virginia; Smith & Butterfield in Indiana and Champion Graphic Communications in L ou i si a n a .
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