Acg Holdings Inc (856710) SEC Filing 10-K Annual report for the fiscal year ending Saturday, March 31, 2007

Acg Holdings Inc

CIK: 856710

BRENTWOOD, TN, June 27, 2007 – ACG Holdings, Inc. and American Color Graphics, Inc. (collectively, the “Company”), today reported financial results for the fourth fiscal quarter and the twelve months ended March 31, 2007.
The Company reported revenues of $103.3 million for the fourth quarter and $445.0 million for the Fiscal Year 2007 compared to $102.0 million and $434.5 million, respectively, in the comparable periods of the prior year. Consolidated earnings before net interest expense, income tax expense, depreciation and amortization (“EBITDA”) in the fourth quarter increased to $6.3 million versus $4.2 million in the prior year. Consolidated EBITDA for Fiscal Year 2007 was $37.7 versus $39.1 million in the prior year.
Stephen M. Dyott, Chairman and Chief Executive Officer of American Color Graphics, Inc. stated, “Our full year results were disappointing. Excluding the non-cash impairment charge related to information technology assets recorded last year and current year losses associated with the start-up of a newspaper service facility, print operating results were comparable to the prior year. Pure pricing in our print operations continues to be negatively impacted by modest excess industry capacity. Price losses and cost problems at one of our plants were offset by positive customer and product mix, volume growth and continuing cost controls. We are pleased with the growth of our newspaper service business and we are making progress improving the productivity of the one print facility that experienced significant operating problems in Fiscal Year 2007.
Our premedia operations are still weak due to reduced volume. We continue to believe we have the best suite of premedia services available in our industry, and we are working hard to improve our premedia sales.
Our corporate expenses were higher than last year due to expenses related to two lawsuits in which we are the plaintiff. Our legal expenses are anticipated to be lower in Fiscal Year 2008, with respect to these two lawsuits.”
The Company ended Fiscal Year 2007 with net debt of $352.1 million versus a comparable position of $319.2 million at the end of Fiscal Year 2006, representing an increase in debt of $32.9 million versus the prior year. In addition to the $37.7 million of reported EBITDA, other sources and uses of cash during Fiscal Year 2007 included (1) interest payments of $36.1 million, including interest payments on the Notes of $28.0 million, (2) cash capital expenditures of $12.7 million, (3) pension contributions of $5.7 million, (4) debt issuance costs of $2.9 million, (5) cash restructuring payments of $1.5 million, (6) cash taxes of $0.2 million and (7) working capital and other balance sheet net cash uses of $11.5 million.
At March 31, 2007, the Company had additional borrowing capacity of $30.7 million under its two credit facilities as follows:
    $5.9 million under the 2005 Revolving Credit Facility; and
    $24.8 million under the Receivables Facility, including $1.1 million based on receivables purchased from Graphics at March 31, 2007 and an additional $23.7 million if Graphics Finance had purchased from Graphics all other eligible receivables at March 31, 2007.
On March 31, 2007, the Company had borrowings outstanding under its 2005 Revolving Credit Facility of $26.9 million and letters of credit outstanding of $22.2 million, resulting in the additional borrowing capacity under this facility of $5.9 million, as noted above. The Company had borrowings outstanding under the Receivables Facility of $4.7 million at March 31, 2007.
At March 31, 2007, the Company was in compliance with the covenant requirements set forth in the 2005 Credit Agreement and the Receivables Facility, as amended.

The following information was filed by Acg Holdings Inc on Wednesday, June 27, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
CIK: 856710
Form Type: 10-K Annual Report
Accession Number: 0000950144-07-006083
Submitted to the SEC: Wed Jun 27 2007 5:08:14 PM EST
Accepted by the SEC: Wed Jun 27 2007
Period: Saturday, March 31, 2007
Industry: Commercial Printing

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