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Champion Industries reports 4th quarter results

Jan. 30, 2014 @ 07:09 AM

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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