Consolidated Graphics Reports Second Quarter Results.

HOUSTON--(BUSINESS WIRE)--Oct. 27, 1999--

Consolidated Graphics, Inc. (NYSE:CGX) today announced results for the second quarter and six months ended September 30, 1999.

Second Quarter:

Sales increased 48% to $152.9 million;

Operating income grew 46% to $21.0 million;

Net income increased 43% to $10.8 million;

Earnings per diluted share increased 26% to $.68 per share.

Six Months:

Sales increased 59% to $298.7 million;

Operating income grew 56% to $41.4 million;

Net income increased 53% to $21.5 million;

Earnings per diluted share increased 33% to $1.37 per share.

Joe R. Davis, Chairman and Chief Executive Officer, commented, "As previously announced, our continued growth and industry-leading profitability were partially offset for the quarter by: the impact of Hurricane Floyd, the timing of the completion of acquisitions, management issues at three of our facilities, and our decision to increase long-term profitability and enhance capacity by exiting a low- margin piece of book printing business. These issues are largely behind us, and we look forward to continuing with our historically strong operating performance, using our solid financial condition to execute our successful operating strategies."

Consolidated Graphics, Inc. is the fastest growing printing company in the United States. The Company adds value to its acquisitions through managerial and operational expertise, financial strength and economies of scale. Upon completion of pending acquisitions, Consolidated Graphics will have companies operating in 25 states with annualized revenues in excess of $700 million. For more information, visit the Companys Web site at www.consolidatedgraphics.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 implied by these forward-looking statements. Consolidated Graphics expectations regarding run-rate revenues assume, among other things, completion of pending acquisitions, general economic conditions, continued demand for its product, the availability of raw materials, retention of its key management and operating personnel, as well as other factors detailed in Consolidated Graphics filings with the Securities and Exchange Commission. -0-

                         CONSOLIDATED GRAPHICS
                     Consolidated Income Statement
               (In thousands, except per share amounts)


                      Three Months Ended         Six Months Ended
                        September 30,             September 30,
                     1999          1998        1999          1998

Sales           $ 152,886     $ 103,270   $ 298,715     $ 188,370
Cost of Sales     105,294        70,869     205,446       128,883
  Gross Profit     47,592        32,401      93,269        59,487
Selling Expense    14,820        10,172      28,911        18,463
General and
 Administrative
 Expense           11,817         7,923      22,917        14,542
  Operating Income 20,955        14,306      41,441        26,482
Interest Expense,
 net                3,017         2,002       5,682         3,473
  Pretax Income    17,938        12,304      35,759        23,009
Income Taxes        7,175         4,800      14,303         8,975
  Net Income    $  10,763     $   7,504   $  21,456     $  14,034
Earnings Per
 Share - Basic  $     .69     $     .56   $    1.40     $    1.06
Earnings Per
 Share - Diluted $    .68     $     .54   $    1.37     $    1.03

Weighted Average
  Shares Outstanding
  - Basic          15,663        13,397      15,364        13,227
Weighted Average
  Shares Outstanding
 - Diluted         15,937        13,803      15,644        13,637