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Champion earnings improve despite net loss

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HUNTINGTON, WV — Champion Industries Inc. on June 14 announced a reduced second quarter 2013 net loss from continuing operations of $700,000, compared to a net loss from continuing operations of $21.0 million for the quarter that ended April 30, 2012.

Champion reported a net loss from discontinued operations for the fiscal second quarter of $101,000 compared with net income of $25,000 last year.

Overall, the net loss in the quarter was $825,000, an improvement from the net loss of $21 million in the second quarter last year.

For the first two quarters, the net loss was $4.37 million, compared with $21.1 million a year ago.

Revenues for the second quarter were $21.8 million, compared to $27.3 million in the same period in 2012. The printing segment experienced a decrease of $3 million, or 20.6 percent, while the office products and office furniture segment experienced a decrease of $2.1 million, or 23 percent. The newspaper revenues for the quarter decreased $400,000, or 11 percent.

On a year to date basis for the six months ended April 30, revenues decreased to $44.4 million from $53.8 million, or 17.5 percent.

In the earnings release, the company attributed its sales compression to softness in the West Virginia market and certain customer-specific attrition.

"The Company has also been impacted by the residual effect of the overall global economic crisis and the related impact on the core business segments in which the Company operates as well as the impact of certain restructuring initiatives, as well as macro industry dynamics within the newspaper segment," the earnings report stated.

Champion is based in Huntington. It is a commercial printer, business forms manufacturer and office products and office furniture supplier in regional markets east of the Mississippi. Its operations include Chapman Printing, Stationers and The Herald-Dispatch daily newspaper of Huntington.

 

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