Cadmus Communications Corp. reports 50% increase in first quarter net income.RICHMOND, Va.--(BUSINESS WIRE)--Oct. 24, 1995--Cadmus Communications Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NMS See NetWare Management System. : CDMS CDMS Cryogenic Dark Matter Search CDMS Certified Disability Management Specialist CDMS Certification of Disability Management Specialists CDMS Clinical Data Management System CDMS Climate Data Management System ) today reported a 50% increase in net income for the first quarter of fiscal 1996. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight in the first quarter of fiscal 1996 increased 24% to $74.7 million compared to $60.4 million for the same period last year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. rose 43% to $4.0 million in the first quarter of fiscal 1996 from $2.8 million in the first quarter of 1995. Net income was $1.5 million, or $.24 per share, in the first quarter of 1996, which represents an increase of 50% over net income of $1.0 million, or $.16 per share, for the prior year first quarter. Average shares outstanding were 6,326,000 and 6,190,000 for the first quarter of fiscal years 1996 and 1995, respectively. The increase in sales was broad-based, with nine of the Company's eleven product lines recording improvement. Adjusted for the impact of higher paper prices, sales increased 18%. Printing and marketing sales rose 19% and 36%, respectively, while publishing sales declined 9%. The growth in printing sales for the first quarter of fiscal 1996 over the first quarter of fiscal 1995 was driven predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. by strong performance from the financial printing, specialty packaging, and magazine product lines. Financial printing sales rose 146% due to strong equity and debt new-issue markets and increased merger activity. Specialty packaging sales increased 70% due to growth from existing customers. Finally, magazine sales increased 52% due primarily to the addition of several new accounts. The increase in first quarter marketing sales was driven primarily by a 38% increase in point-of-purchase revenues and a 25% increase in direct marketing sales. The increase in point-of-purchase sales was the result of both growth in existing accounts and the addition of several new accounts. The growth in direct marketing revenues resulted primarily from the acquisition of Ronald James Direct in the fourth quarter of fiscal 1995. The decline in first quarter publishing revenues was attributable to lower consumer publishing sales, which offset gains in custom publishing. The decrease in consumer publishing sales resulted from the timing of a trade show and to the absence of a Tuff Stuff Tuff Stuff is a long-running magazine publishing prices for trading cards and collectibles from a variety of sports. The magazine was launched in April 1984 by store owner Ernie White, who named the magazine for his ability to offer the "tough stuff" to find in his store and special edition, which were included in fiscal 1995 first quarter results. The 43% increase in operating income for the first quarter of 1996 was due primarily to an improved product mix, the positive impact from the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of the Company's magazine and journal operations, and the benefits from Cadmus-wide procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. initiatives. Headquartered in Richmond, Virginia Richmond IPA: [ɹɯʒmɐnɖ] is the capital of the Commonwealth of Virginia, in the United States. , Cadmus Communications Corporation is a graphic communications company Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. specializing in printing, marketing, and publishing. (See attached financial highlights) -0-
CADMUS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Ended
September 30,
1995 1994
Net sales $ 74,673 $ 60,383 Operating expenses Cost of sales 56,803 46,631 Selling and administrative 13,918 10,997 Operating income 3,952 2,755 Interest and other (income) expenses Interest 1,422 1,267 Other (income) expenses 57 (119) Income before income taxes 2,473 1,607 Income taxes 957 633 Net income $ 1,516 $ 974 Net income per share $ .24 $ .16 Average number of common shares outstanding 6,326 6,190 CONTACT: Cadmus Communications Corp., Richmond David E. Bosher, 804/287-5685 |
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