Boston, MA 07/03/2013 (wallstreetpr) – Champion Industries, Inc. (OTCQB:CHMP) declared a reduced second quarter 2013 net loss from continuing operations of $0.7 million or $0.06 per share on a basic and diluted basis when compared to a net loss from continuing operations of $21.0 million or $1.86 per share on a basic and diluted basis for the quarter ended April 30, 2012. The Company reported a net loss from discontinued operations for the quarters ended April 30, 2013 and 2012 of $101,000 and net income of $25,000 or $0.01 and $0.00 on a basic and diluted per share basis. Net loss from continuing operations for the six months ended April 30, 2013 was $(4.0) million or $(0.35) per share on a basic and diluted basis. This compares to a net loss from continuing operations of $21.1 million or $1.87 per share on a basic and diluted basis for the six months ended April 30, 2012. Champion reported a net loss from discontinued operations for the six months ended April 30, 2013 and 2012 of $(398,000) and net income of $22,000 or $0.04 and $0.00 on a basic and diluted per share basis.
In other news, Champion Industries Inc. have plans to sell The Herald-Dispatch to a West Virginia lawmaker who’s the son of Chairman and CEO Marshall Reynolds. Champion declared in a recent filing with the Securities and Exchange Commission that it entered into a letter of intent on June 18 to sell the Huntington newspaper to Douglas Reynolds for $10 million cash. Douglas Reynolds is a member of the House of Delegates representing Cabell County. As part of the transaction, he will assume the newspaper’s current debts. He has deposited $2 million in escrow for the sale. The sale is expected to close around July 15. Champion acquired The Herald-Dispatch from GateHouse Media in 2007 for $77 million.
