EXHIBIT 99.2
Contact: Mary K. Collins
Senior Vice President
(713) 529-4200
CONSOLIDATED GRAPHICS REPORTS
FIRST QUARTER EARNINGS UP 44%
HOUSTON, TX (July 24, 1996) -- Consolidated Graphics, Inc. (Nasdaq/NM:COGI)
today announced record financial results for the first quarter ended June 30,
1996.
Net income for the first quarter of fiscal 1997 increased 44% to $1,673,000
from $1,159,000 for fiscal 1996. Net income per share increased to $0.28 on
5,930,177 average shares outstanding from $0.21 per share on 5,466,552 average
shares outstanding in the prior year. First quarter net sales rose 45% to
$28,258,000 from $19,478,000 reported in the same period last year.
Commenting on the announcement, Joe R. Davis, chairman and chief executive
officer of Consolidated Graphics, said, "The record first quarter results
reflect consistent growth from our existing printing operations and
contributions from the acquisitions we completed over the past two years. We
acquired one printing company during the first quarter and have completed the
acquisition of two more in the second quarter of fiscal 1997. These acquisitions
bring to six the total number of companies acquired by Consolidated Graphics
since January 1996. Each of these companies is in a new market area,
representing significant potential for additional internal growth and possible
acquisitions. Together, these six acquisitions represent over $50 million in
annual revenues, placing us well on our way to achieving our goal of $150
million in run-rate revenues by the end of fiscal 1997.
"We presently are operating fifteen printing companies in eleven growing
markets, and the potential for additional acquisitions in these and other areas
is excellent. As we expand the operating strengths and the range of services
offered by these companies, we expect their profit margins will gradually
increase," Davis concluded.
COGI Reports First Quarter Results
Page 2
July 24, 1996
Consolidated Graphics, Inc. is one of the fastest growing printing
companies in the United States. It is a consolidator in a fragmented industry
that adds value to its acquisitions by providing the financial and operational
strengths, management support and technological advantages associated with a
larger organization. Consolidated Graphics now operates fifteen printing
companies in eleven markets.
CONSOLIDATED GRAPHICS, INC.
UNAUDITED FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED
JUNE 30,
----------------------
1996 1995
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Sales................................ $ 28,258 $ 19,478
Cost of sales........................ 20,166 13,990
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Gross profit................... 8,092 5,488
Selling expenses..................... 2,848 2,023
General and administrative
expenses........................... 2,292 1,526
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Operating income............... 2,952 1,939
Interest expense..................... 339 152
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Income before income taxes..... 2,613 1,787
Income taxes......................... 940 628
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Net income........................... $ 1,673 $ 1,159
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Fully diluted earnings per share..... $ 0.28 $ 0.21
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Average shares outstanding........... 5,930 5,467
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