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Champion reports third quarter results

Sep. 15, 2013 @ 12:00 AM

HUNTINGTON -- Champion Industries Inc. Friday reported a third quarter 2013 net loss from continuing operations of $1.3 million or $0.12 per share on a basic and diluted basis, compared to a net loss of $1.5 million or $0.13 per share for the same period last year.

The company reported net income from discontinued operations for the quarters ended July 31, 2013 and 2012 of $216,000 and $920,000 or $0.02 and $0.08 on a basic and diluted per share basis, according to a news release.

The net loss from continuing operations for the nine months ending July 31, 2013, was $5.6 million or $0.49 per share on a basic and diluted basis. This compares to a net loss from continuing operations of $13.9 million or $1.23 per share for same period last year.

"Our results continue to be impacted by various non-cash events but we continue to generate positive cash flow from operating activities and continue to reduce our interest bearing debt at an accelerated rate," said Marshall T. Reynolds, chairman of the board and chief executive officer. "We have expended considerable effort to effectuate the myriad of restructuring and asset sales activities required by our Secured Lenders and feel we have substantially accomplished our goals and requirements in this regard."

Reynolds said the company will continue to work with its secured creditors and advisors to address Champion's debt maturities and liquidity.

"If successful, in stabilizing our funding platform going forward, we believe our core business has the opportunity to improve," Reynolds said.

Revenues for the three months ending July 31 were $18.0 million compared to $22.3 million in the same period in 2012.

Champion is a commercial printer, business forms manufacturer and office products and office furniture supplier in regional markets east of the Mississippi.