Cunningham Graphics Reports Eighth Consecutive Quarter of Record Results.Business Editors JERSEY CITY, N.J.--(BUSINESS WIRE)--April 27, 2000 - Revenues Increase 135% - - Earnings Per Share $0.42 - Cunningham Graphics International, Inc. (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 NM: CGII CGII Canadian Government Information on the Internet CGII Capital Group International, Inc. ) today announced net income of $2.5 million, or $0.42 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for the first quarter ended March 31, 2000. This represents an increase of 76% over the $1.4 million, or $0.25 per diluted share, for the quarter ended March 31, 1999. Revenues for the first quarter increased 135% to $43.0 million compared to $18.3 million in the first quarter of 1999. "We are very pleased with our continued growth and our ability to execute our business strategy," stated Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Michael R. Cunningham. "This is our eighth consecutive quarter of record results since our initial public offering in April of 1998. As a leading supplier of global graphic communication services and outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. services, we are beneficiaries of the new economy, which allows us to use technology and increased bandwidth to drive our worldwide distribution of time-sensitive documents." Chief Financial Officer L.J. Baillargeon added, "The substantial revenue improvement for the quarter is a result of solid internal growth of 49% combined with our successful integration of acquisitions. We remain focused on improving operating efficiencies at all of our facilities through greater asset utilization and product mix diversification." Cunningham Graphics is a leader in the graphic communications industry communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. , providing time-sensitive graphic communication services and outsourcing solutions. The Company's blue chip client base includes most of Wall Street's top investment banks The following is a list of investment banks Financial conglomerates Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance. , major insurance companies and many Fortune 500 companies. With corporate office operations headquartered in Jersey City, NJ, Cunningham Graphics operates 18 production facilities worldwide employing over 1,300 people. The Company's services include on-demand printing See print on demand. , digital communications Transmitting text, voice and video in binary form. See communications. , digital archiving, document management, offset and digital printing, data output, bindery A NetWare file used for security and accounting in the early NetWare 2.x and 3.x versions. The bindery pertained only to the server it resided in and contained the names and passwords of users authorized to log in to that server. , fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. and mailing services. This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , 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. Factors which could cause or contribute to such differences include, but are not limited to, continued demand for its services, the availability of raw materials, the impact of competitive services and pricing, risks in technology development, changing economic conditions and other risk factors detailed in the Company's filings with the Securities and Exchange Commission.
CUNNINGHAM GRAPHICS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousand, except shares and per share amounts)
(Unaudited)
Three Months Ended
March 31,
2000 1999
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Net Sales $ 42,994 $ 18,301
Operating expenses:
Costs of production 29,296 12,251
Selling, general & administration 7,161 2,965
Depreciation & amortization 1,660 762
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38,117 15,978
Income from operations 4,877 2,323
Interest expense (1,325) (42)
Other income 130 13
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Income before income taxes 3,682 2,294
Provision for income taxes 1,223 899
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Net Income $ 2,459 $ 1,395
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Earnings per common share:
Basic $ 0.43 $ 0.25
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Diluted $ 0.42 $ 0.25
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Weighted average number of common shares:
Basic 5,753,802 5,645,696
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Diluted 5,885,140 5,676,985
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