Champion reports results for quarter
HUNTINGTON -- Champion Industries Inc. Friday reported a reduced second quarter 2013 net loss from continuing operations of $0.7 million or $0.06 per share.
That compares with a net loss from continuing operations of $21 million or $1.86 per share on a basic and diluted basis for the same quarter in 2012, according to a news release. Champion reported a net loss from discontinued operations for the quarters ended April 30, 2013 and 2012 of $101,000 and net income of $25,000 or $0.01 and $0.00 on a basic and diluted per share basis.
"Our year-to-date results were 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 officer. "In the second quarter of 2013, there were no non-cash charges, and it can be seen that we generated positive income from operations across all three business segments."
Champion intends to work with its secured creditors and advisors to address its debt maturities and liquidity, and its recent Forbearance Agreement is a positive step toward stabilizing the companies funding platform, the release said.
Revenues for the three months ending April 30 were $21.8 million compared to $27.3 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. The company also publishes The Herald-Dispatch.
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