Consolidated Graphics Subsidiary Acquires Certain Assets of The Hickory Printing Group, Inc.

Jun 01, 2010, 17:33 ET from Consolidated Graphics, Inc.

CONOVER, N.C. and HIGH POINT, N.C., June 1 /PRNewswire-FirstCall/ -- Consolidated Graphics, Inc. (NYSE: CGX) announced today that Hickory Printing Solutions, a Consolidated Graphics company, has acquired certain assets of The Hickory Printing Group headquartered in Conover, North Carolina.  Hickory Printing was founded in 1917 and grew to be one of the largest commercial printers in the southeastern United States. Terms of the transaction were not disclosed.

Hickory Printing Solutions offers web and sheetfed printing, mailing and fulfillment, variable printing, interactive services and packaging and operates out of two facilities located in Conover and High Point, NC.

Commenting on the acquisition, Joe R. Davis, Chairman and Chief Executive Officer of Consolidated Graphics, Inc., stated, "Hickory Printing Solutions offers first class quality and service to its customers.  With the additional resources of Consolidated Graphics, including the world's largest and most sophisticated digital printing network, behind it and its dedicated employees, Hickory Printing Solutions will continue to exceed every customer expectation."

Stephen Patton, former President of Electric City Printing, a Consolidated Graphics company in Williamston, SC, is the President of Hickory Printing Solutions. Mr. Patton commented, "I am looking forward to applying all that I have learned at Consolidated Graphics to help Hickory Printing Solutions continue its world class printing reputation."  

George B. Glisan and Jeffrey A. Hale, formerly CEO and CFO, respectively, of The Hickory Printing Group have been hired to serve as CEO and CFO of Hickory Printing Solutions.  Mr. Glisan said, "I have always admired the Consolidated Graphics business model and am looking forward to having the financial strength and resources of Consolidated Graphics behind us."

Consolidated Graphics, Inc. (CGX), headquartered in Houston, Texas, is one of North America's leading general commercial printing companies. With 70 printing businesses strategically located across 27 states, Toronto, and Prague, we offer an unmatched geographic footprint, unsurpassed capabilities, and unparalleled levels of convenience, efficiency and service. With locations in or near virtually every major U.S. market, CGX provides the service and responsiveness of a local printer enhanced by the economic, geographic and technological advantages of a large national organization.

Consolidated Graphics' vast and technologically advanced sheetfed and web printing capabilities are complemented by the world's largest integrated digital footprint. By coupling North America's most comprehensive printing capabilities with strategically located fulfillment centers and industry-leading technology, CGX delivers end-to-end print production and management solutions that are based on the needs of our customers to improve their results. For more information, visit www.cgx.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in which the Company discusses factors it believes may affect its performance or results in the future. Forward-looking statements are all statements other than historical facts, such as statements regarding assumptions, expectations, beliefs and projections about future events or conditions. You can generally identify forward-looking statements by the appearance in such a statement of words like "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "forecast," "project," "should" or "will" or other comparable words or the negative of such words. The accuracy of the Company's assumptions, expectations, beliefs and projections depend on events or conditions that change over time and are thus susceptible to change based on actual experience, new developments and known and unknown risks, including those created by general market conditions, competition and the possibility that events may occur beyond the Company's control, which may limit its ability to maintain or improve its operating results or financial condition or acquire additional printing businesses. The Company gives no assurance that the forward-looking statements will prove to be correct and does not undertake any duty to update them. The Company's actual future results might differ from the forward-looking statements made in this press release for a variety of reasons, including, continuing weakness in the economy, the growth of its digital printing business, seasonality of  election-related business, its ability to adequately manage expenses, including labor costs, the unfavorable outcome of legal proceedings, the lack of or adequacy of insurance coverage for its operations, the continued availability of raw materials at affordable prices, retention of its key management and operating personnel, satisfactory labor relations, the potential for additional goodwill impairment charges, its ability to identify new acquisition opportunities, negotiate and finance such acquisitions on acceptable terms and successfully absorb and manage such acquisitions in a timely and efficient manner, as well as other risks described under the heading "Risk Factors" of our Annual Report on Form 10-K and the risk factors and cautionary statements described in the other documents the Company files or furnishes from time to time with the Securities and Exchange Commission, including its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Should one or more of the foregoing risks or uncertainties materialize, or should the Company's underlying assumptions, expectations, beliefs or projections prove incorrect, the Company's actual results may vary materially from those anticipated in its forward-looking statements, and its business, financial condition and results of operations could be materially and adversely affected.

SOURCE Consolidated Graphics, Inc.



RELATED LINKS

http://www.cgx.com