Consolidated Graphics (CGX) 8-K Results of Operations and Financial Condition

Exhibit 99.1

FOR:	Consolidated Graphics, Inc.
CONTACT:	Jon C. Biro Executive Vice President/ Chief Financial Officer Consolidated Graphics, Inc. (713) 787-0977
	Christine Mohrmann/Alexandra Tramont FD (212) 850-5600

FOR IMMEDIATE RELEASE

CONSOLIDATED GRAPHICS REPORTS DECEMBER QUARTER 2008 RESULTS
–Record Revenue of $290 Million vs. $270 Million in Prior Year —
–Record Diluted Earnings Per Share of $1.58 vs. $1.17 in Prior Year —

HOUSTON, TEXAS — January 30, 2008 — Consolidated Graphics, Inc. (NYSE: CGX)today announced financial results for its third quarter ended December 31, 2007.

Revenue for the December quarter was a record $289.5 million, up 7% compared to $269.6 million for the same period a year ago. Net income for the December quarter was $19.4 million, up 18% compared to net income of $16.4 million for the same period a year ago, resulting in diluted earnings per share of a record $1.58, up 35% versus $1.17 for the same period a year ago. Earnings this quarter were positively impacted by a low effective tax rate of 19%, which was primarily the result of a reduction in reserve estimates placed against certain income tax positions.

For the nine months ended December 31, 2007, revenue was $807.9 million, up 9% compared to $742.3 million for the same period a year ago. Net income for the first nine months of this year was $46.2 million versus net income of $43.8 million a year ago, resulting in diluted earnings per share of $3.48, up 11% compared to $3.14 for the same period a year ago.

Joe R. Davis, Chairman and Chief Executive Officer of Consolidated Graphics, commented, “We are very pleased with our quarterly results and believe that some of the cost-reduction measures we undertook during the quarter enabled us to produce very good results in a challenging economic environment. During the December quarter we completed the acquisition of The Cyril-Scott Company in Lancaster, Ohio. We are pleased to add this great company to our powerful network and are excited about the new capabilities and opportunities the company brings us. With our strong balance sheet and cash flows, we expect continued growth through investments in new technology and acquisitions that will further expand our industry-leading network and customer offerings.”

In addition, during the December quarter, the Company executed under its share repurchase program the purchase of 755,200 shares for $38 million. Subsequent to the December quarter, the Company completed its $50 million Board of Directors authorized stock repurchase program with the purchase of an additional 268,501 shares for $12 million. In total, during fiscal year 2008, the Company has purchased 2,684,167 common shares representing 19.5% of shares outstanding under its two Board authorized stock repurchase programs of $150 million. The Company currently has 11,069,636 common shares outstanding.

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Mr. Davis concluded, “For the March quarter, we are projecting quarterly revenues of between $270 and $280 million and diluted earnings per share of between $1.10 and $1.20. For the March quarter we expect our effective tax rate to be approximately 37%.”

Consolidated Graphics, Inc. will host a conference call today, January 30, 2008, at 11:00 a.m. Eastern Time, to discuss its third quarter 2008 results. The conference call will be simultaneously broadcast live over the Internet. Listeners may access the live Web cast at the Company’s homepage,www.cgx.com.

Consolidated Graphics (CGX), headquartered in Houston, Texas, is one of North America’s leading general commercial printing companies. With 69 printing facilities strategically located across 27 states and Canada, CGX offers an unmatched geographic footprint with extensive capabilities supported by an unparalleled level of convenience, efficiency and service. With locations in or near virtually every major U.S. market, as well as Toronto, CGX offers highly responsive service and convenient access to a vast capabilities network through a single point of contact at the local level.

CGX has the largest and most technologically advanced sheetfed printing capability in North America, a sizeable and strategically important web printing capability, industry-leading digital printing services, a rapidly growing number of fulfillment centers and proprietary Internet-based technology solutions. CGX offers the unique ability to respond to all printing-related needs no matter how large, small, specialized or complex. For more information, visit the CGX Web site atwww.cgx.com.

This press release contains forward-looking statements, which involve known and unknown risks, uncertainties or other factors that could cause actual results to materially differ from the results, performance or other expectations expressed or implied by these forward-looking statements. Consolidated Graphics’ expectations regarding future sales and profitability assume, among other things, stability in the economy and reasonable growth in the demand for its products, the continued availability of raw materials at affordable prices, retention of its key management and operating personnel, satisfactory labor relations, as well as other factors detailed in Consolidated Graphics’ filings with the Securities and Exchange Commission. The forward-looking statements, assumptions and factors stated or referred to in this press release are based on information available to Consolidated Graphics today. Consolidated Graphics expressly disclaims any duty to provide updates to these forward-looking statements, assumptions and other factors after the day of this release to reflect the occurrence of events or circumstances or changes in expectations.

(Tables to follow)

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CONSOLIDATED GRAPHICS, INC.
Consolidated Income Statements
(In thousands, except per share amounts)
(unaudited)

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2007			2006			2007			2006
Sales	$	289,538		$	269,611		$	807,850		$	742,272
Cost of Sales		214,140			197,253			598,011			543,453
Gross Profit		75,398			72,358			209,839			198,819
Selling Expenses		27,849			26,487			79,514			74,387
General and Administrative Expenses		20,489			18,702			58,885			50,930
Other (Income) Expense, net		(329	)		—			(3,909	)		—
Operating Income		27,389			27,169			75,349			73,502
Interest Expense, net		3,630			1,576			7,973			4,744
Income before Taxes		23,759			25,593			67,376			68,758
Income Taxes		4,397			9,218			21,171			24,963
Net Income	$	19,362		$	16,375		$	46,205		$	43,795
Earnings Per Share
Basic	$	1.63		$	1.21		$	3.58		$	3.22
Diluted	$	1.58		$	1.17		$	3.48		$	3.14
Weighted Average Shares Outstanding
Basic		11,905			13,529			12,910			13,582
Diluted		12,225			13,968			13,295			13,958
Effective Income Tax Rate		19	%		36	%		31	%		36	%
Gross Margin		26.0	%		26.8	%		26.0	%		26.8	%
Operating Margin		9.5	%		10.1	%		9.3	%		9.9	%

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CONSOLIDATED GRAPHICS, INC.
Consolidated Balance Sheets
(In thousands, except per share amounts)

	December 31,			March 31,
	2007			2007
	(Unaudited)			(Audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	13,752		$	12,043
Accounts receivable, net		199,675			185,722
Inventories		55,871			46,951
Prepaid expenses		7,824			7,532
Deferred income taxes		9,057			8,479
Total current assets		286,179			260,727
PROPERTY AND EQUIPMENT, net		394,803			354,156
GOODWILL AND OTHER INTANGIBLE ASSETS, net		97,536			101,768
OTHER ASSETS		7,634			7,318
	$	786,152		$	723,969
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Current portion of long-term debt	$	18,352		$	12,421
Accounts payable		61,742			58,519
Accrued liabilities		84,184			89,496
Income taxes payable		2,121			138
Total current liabilities		166,399			160,574
LONG-TERM DEBT, net of current portion		276,768			142,144
OTHER LIABILITIES		15,100			—
DEFERRED INCOME TAXES		49,912			55,715
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Common stock, $.01 par value; 100,000,000 shares authorized; 11,338,137 and 13,693,698 issued and outstanding		113			137
Additional paid-in capital		156,339			185,098
Retained earnings		122,545			180,113
Accumulated other comprehensive income		(1,024	)		188
Total shareholders’ equity		277,973			365,536
	$	786,152		$	723,969