Champion Industries surges on 20% climb in Q4 profit
Champion Industries, Inc. (Nasdaq: CHMP) shares are soaring after the commercial printer and office products supplier reported a 20% fourth-quarter profit boost. For the three months ended Oct. 31, Champion’s quarterly net income climbed to $2.4 million, or $0.24 per share, above analyst estimates of $0.18 per share and from $2 million, or $0.20 per share, a year earlier. Revenue during the same period increased 12% to $41.3 million, higher than the consensus estimate of $36.95 million and from $37 million during 2006.
“I am pleased to announce that in 2007 we set record earnings for the first, third and fourth quarters, as well as record full-year earnings,” CEO Marshall T. Reynolds said in a statement.
The Huntington, W. Va.-based company said lower printing and furniture expenses, along with a lower effective tax rate, powered its strong performance. During the quarter, Champion acquired the Huntington, W. Va.-based daily newspaper The Herald-Dispatch.
“This was a strategic move to capitalize on a unique opportunity in our backyard, which should provide numerous expansion and growth opportunities,” Reynolds said.
In recent trading, CHMP shares are surging 22.39%, or $1.03, at $5.63. Over the last 52 weeks, shares have ranged from $4.45 to $10.
