Champion Industries Inc. (CHMP, Financial) filed Quarterly Report for the period ended 2011-03-11.
Champion Industries Inc. has a market cap of $19.5 million; its shares were traded at around $1.95 with a P/E ratio of 17.7 and P/S ratio of 0.2.
Total cost of sales increased 2.7% in the first quarter of 2011, to $23.4 million from $22.8 million in the first quarter of 2010. Printing cost of sales in the first quarter of 2011 increased $0.4 million over the prior year and increased as a percent of printing sales to 77.3% in 2011 from 74.5% in 2010. The increase in printing cost of sales as a percentage of printing sales is primarily related to higher material costs as a percent of printing sales. Office products and office furniture cost of sales increased in 2011 from 2010 levels to $6.1 million in the first quarter of 2011, from $5.9 million in the first quarter of 2010, and increased as a percent of sales to 73.1% in 2011 from 71.8% in 2010. Newspaper cost of sales and operating costs increased to $2.2 million in the first quarter of 2011, from $2.1 million in the first quarter of 2010, and as a percent of newspaper sales were 54.3% for the three months ended January 31, 2011 compared with 48.6% for the three months ended January 31, 2010.
In the first quarter of 2011, selling, general and administrative expenses (S,G&A) decreased on a gross dollar basis to $7.2 million from $8.7 million in 2010, a decrease of $1.5 million. As a percentage of total sales, the expenses decreased on a quarter to quarter basis in 2011 to 22.6% from 26.9% in 2010. The decrease in S,G&A as a percent of sales was primarily reflective of additional cost reduction initiatives implemented in 2010 of which a full quarter's benefit was reflected in the first quarter of 2011. These initiatives were initiated by the Company in response to the global economic crisis.
Income from operations increased in the first quarter of 2011 to $1.1 million from $0.9 million in the first quarter of 2010. This increase is the result of improved operating results primarily from the Company's printing segment. These improved results were partially offset by restructuring related charges of approximately $250,000, of which $29,000 is reflected as a component of cost of goods sold and $221,000 is reflected as restructuring charges. These charges were incurred, in part, as a response to the global economic crisis. These additional costs were incurred as a result of the ongoing and fluid nature of the economic crisis and its related impact on our operations.
Net loss for the first quarter of 2010 was ($213,000) compared to a net income of $73,000 in the first quarter of 2011. Basic and diluted income (loss) per share for the three months ended January 31, 2011and 2010 were $0.01 and ($0.02).
Net cash (used in) operations for the three months ended January 31, 2011, was ($0.4) million compared to net cash provided by operations of $3.0 million during the same period in 2010. This change in net cash from operations is due primarily to timing changes in assets and liabilities.
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Champion Industries Inc. has a market cap of $19.5 million; its shares were traded at around $1.95 with a P/E ratio of 17.7 and P/S ratio of 0.2.
Highlight of Business Operations:
Total revenues decreased 1.5% in the first quarter of 2011 compared to the same period in 2010, to $31.9 million from $32.4 million. Printing revenue decreased 1.0% in the first quarter of 2011, to $19.6 million, from $19.7 million in the first quarter of 2010. Office products and office furniture revenue increased 0.9% in the first quarter of 2011 with approximately $8.3 million in revenue for the first quarter 2011 and 2010. The Company recorded newspaper revenues from the Herald-Dispatch of approximately $4.0 million, consisting of advertising revenue of approximately $3.1 million and $0.9 million in circulation revenues for the first quarter of 2011. This compares to newspaper revenues of approximately $4.4 million, consisting of advertising revenue of approximately $3.4 million and $1.0 million in circulation revenues for the first quarter of 2010. The decrease in newspaper revenues is primarily associated with a decrease in advertising revenues which we believe is reflective of macro-industry dynamics coupled with the residual effect of the global economic crisis.Total cost of sales increased 2.7% in the first quarter of 2011, to $23.4 million from $22.8 million in the first quarter of 2010. Printing cost of sales in the first quarter of 2011 increased $0.4 million over the prior year and increased as a percent of printing sales to 77.3% in 2011 from 74.5% in 2010. The increase in printing cost of sales as a percentage of printing sales is primarily related to higher material costs as a percent of printing sales. Office products and office furniture cost of sales increased in 2011 from 2010 levels to $6.1 million in the first quarter of 2011, from $5.9 million in the first quarter of 2010, and increased as a percent of sales to 73.1% in 2011 from 71.8% in 2010. Newspaper cost of sales and operating costs increased to $2.2 million in the first quarter of 2011, from $2.1 million in the first quarter of 2010, and as a percent of newspaper sales were 54.3% for the three months ended January 31, 2011 compared with 48.6% for the three months ended January 31, 2010.
In the first quarter of 2011, selling, general and administrative expenses (S,G&A) decreased on a gross dollar basis to $7.2 million from $8.7 million in 2010, a decrease of $1.5 million. As a percentage of total sales, the expenses decreased on a quarter to quarter basis in 2011 to 22.6% from 26.9% in 2010. The decrease in S,G&A as a percent of sales was primarily reflective of additional cost reduction initiatives implemented in 2010 of which a full quarter's benefit was reflected in the first quarter of 2011. These initiatives were initiated by the Company in response to the global economic crisis.
Income from operations increased in the first quarter of 2011 to $1.1 million from $0.9 million in the first quarter of 2010. This increase is the result of improved operating results primarily from the Company's printing segment. These improved results were partially offset by restructuring related charges of approximately $250,000, of which $29,000 is reflected as a component of cost of goods sold and $221,000 is reflected as restructuring charges. These charges were incurred, in part, as a response to the global economic crisis. These additional costs were incurred as a result of the ongoing and fluid nature of the economic crisis and its related impact on our operations.
Net loss for the first quarter of 2010 was ($213,000) compared to a net income of $73,000 in the first quarter of 2011. Basic and diluted income (loss) per share for the three months ended January 31, 2011and 2010 were $0.01 and ($0.02).
Net cash (used in) operations for the three months ended January 31, 2011, was ($0.4) million compared to net cash provided by operations of $3.0 million during the same period in 2010. This change in net cash from operations is due primarily to timing changes in assets and liabilities.
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