Champion’s Printing and Newspaper Segments Drag Revenues Down

On a core net income basis, the company reported net income of $0.2 million in the first quarter of 2011, compared with a core net loss of $0.4 million for the first quarter of 2010.

Marshall T. Reynolds, chairman and CEO, said, “Our first quarter represented a stabilization of overall revenues when compared to the first quarter of the prior year. We continue to benefit from our cost reduction initiatives, which continued into the first quarter of 2011. We incurred $250,000 in additional restructuring expenses, which would have otherwise improved our income from operations another 23 percent in the first quarter.