##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 
 FORM 10-K
 (MARK ONE)
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 FOR THE FISCAL YEAR ENDED MARCH 31, 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 FOR THE TRANSITION PERIOD FROM  TO
 COMMISSION FILE NUMBER 001-12631
 
 CONSOLIDATED GRAPHICS, INC.
  TEXAS
    
    76-0190827(STATE OR OTHER JURISDICTION
    
    (IRS EMPLOYER IDENTIFICATION NO.)OF INCORPORATION OR ORGANIZATION)5858 WESTHEIMER, SUITE 200HOUSTON, TEXAS
    
    77057(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
    
    (ZIP CODE)
 (713) 787-0977
  COMMON STOCK, PAR VALUE $.01 PER SHARE
    
    NEW YORK STOCK EXCHANGE(TITLE OF CLASS)
    
    (NAME OF EACH EXCHANGE ON WHICH REGISTERED)
 NONE
 
 Yes o No þ
 Yes o No þ
 þ o
 o o
 o
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
    
    Smaller reporting company o
 o þ
  COMMON STOCK, $.01 PAR VALUE$256,477,692
 COMMON STOCK, $.01 PAR VALUE11,229,340
 DOCUMENTS INCORPORATED BY REFERENCE




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##### 



CONSOLIDATED GRAPHICS, INC.
FORM 10-K
FOR THE YEAR ENDED MARCH 31, 2010
 INDEX
 Forward Looking Statements
    
    
    3PART IItem 1. Business
    
    
    3Item 1A. Risk Factors
    
    
    10Item 1B. Unresolved Staff Comments
    
    
    14Item 2. Properties
    
    
    14Item 3. Legal Proceedings
    
    
    14Item 4. Reserved
    
    
    14PART IIItem 5. Market for Registrants Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
    
    
    15Item 6. Selected Consolidated Financial Data
    
    
    16Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    17Item 7A. Quantitative and Qualitative Disclosure About Market Risk
    
    
    25Item 8. Financial Statements and Supplementary Data
    
    
    26Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    49Item 9A. Controls and Procedures
    
    
    49Item 9B. Other Information
    
    
    49PART IIIItem 10. Directors and Executive Officers of the Registrant
    
    
    50Item 11. Executive Compensation
    
    
    50Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
    
    
    50Item 13. Certain Relationships and Related Transactions
    
    
    50Item 14. Principal Accountant Fees and Services
    
    
    50PART IVItem 15. Exhibits and Financial Statement Schedules
    
    
    50Signatures
    
    
    53Exhibit Index
    
    
    54Exhibit 10.2Exhibit 21Exhibit 23Exhibit 24Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   2




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Forward Looking Statements
 This Annual Report on Form 10-K 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 Annual Report on Form 10-K for a variety of reasons, which
include, continuing weakness in the economy, financial stability of its customers, the sustained
growth of its digital printing business, seasonality of election-related business, its ability to
adequately manage business 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 this 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.
 
 PART I
 
 Item 1. Business
 In this annual report, the words Consolidated Graphics, CGX, the Company, we, our
and us refer to Consolidated Graphics, Inc, including our consolidated subsidiaries, unless the
context indicates otherwise. Our fiscal year ends on March 31st.
 Company Overview
    3




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www.cgx.com
 Industry Background
      4




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Competition
   
    
    Extent and quality of customer service, including ability to meet customer deadlines
    
    Quality of finished materials
    
    Cost structure and sales pricing strategy
    
    Financial strength
  Business Strategy
   5




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Internal Sales Growth
 
    
    Aggressively pursuing new business opportunities and experienced sales professionals to
gain market share and strengthen our competitive position going forward.
 
    
    Continuing to invest in new equipment and technology that enables us to provide
increasingly higher levels of service and a broader range of capabilities.
 
    
    Capitalizing on our national presence and wide range of capabilities, including our
technology related offerings (see Printing Operations  Print-Related Services below) to
pursue sole or preferred-source opportunities with national accounts.
 
    
    Providing information and training to our sales professionals (662 currently) to ensure
they are knowledgeable about the complete range of services and capabilities we offer.
 Disciplined Acquisition Program
 Cost Savings 
 Best Practices/Benchmarking 
 Leadership Development
 Printing Operations
 Item 8.
Financial Statements and Supplementary Data  Note 2.  Significant Accounting Policies and Other
Information
  6




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Commercial Printing Services
      Print-Related Services
   7




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
    
    StoreFrontA fully customizable online system with an array of tools that streamline the purchase,
management and distribution of the customers entire range of marketing materials.
    
    CrossMediaA unique capability that enables the customer to combine the use of printed material
with other media such as internet, email and text messages to create highly engaging
personalized marketing campaigns designed to increase response rates.
    
    Digital asset managementA powerful online system that provides the customer limitless means to organize,
protect and facilitate proper use of their vast library of digital assets.
    
    Digital print solutionsProvides print on-demand capabilities giving the customer the flexibility to respond to
market changes and manage inventories more efficiently. Our distribution and print system
receives orders electronically, prepares them for production and distributes them across our
entire network of digital presses, reducing time to market and delivering product more
efficiently.
   Sales and Marketing
    8




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Customers
   Suppliers
    9




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Employees
  Government Regulation and Environmental Matters
  
 Item 1A. Risk Factors
  Negative worldwide economic conditions have resulted in a decline in demand for printing services
and hindered our ability to collect amounts owed by certain customers, therefore, adversely
impacting our business and results of operations.
   10




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Fluctuations in the costs of paper, ink, energy, postage and other raw materials may adversely
impact us .
  We may be adversely affected by a decline in the availability of raw materials.
  We may not be able to improve our operating efficiencies rapidly enough to adapt to current market
conditions.
  We may be unable to successfully integrate the operations of acquired businesses and may not
achieve the cost savings and increased revenues anticipated as a result of these acquisitions.
  We may be unable to hire and retain talented employees, including senior management.
  Costs to provide health care and certain other benefits to our employees may increase.
   11




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Declines in general economic conditions or acts of war and terrorism may adversely impact our
business.
  The highly competitive market for our services may create adverse pricing pressures.
  Decline in preference for using or receiving printed materials in lieu of alternative mediums may
adversely affect our business.
  Changes in the laws and regulations to which we are subject may increase our costs.
  Advances in technology may reduce barriers to entry and may result in increased competition.
  We rely on our information technology infrastructure and our management information systems for
many enterprise-critical functions. If our information systems fail to adequately perform these
functions or if we experience an interruption in their operation, our business and results of
operations could be adversely affected.
   12




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We generally do not have long-term customer agreements.
  We depend on good labor relations.
  We rely on the ability to borrow cash to make acquisitions, fund capital expenditures and provide
working capital to the extent such cash needs exceed our internally generated cash flow. Our
failure to comply with financial and other covenant requirements contained in our loan agreements,
could limit our ability to borrow cash.
  A decline in expected profitability of the Company or individual reporting units of the Company
could result in the impairment of assets, including goodwill, other long-lived assets and deferred
tax assets.
  Unfavorable results of legal proceedings could materially adversely affect us.
  We are subject to risks associated with the availability and coverage of insurance.
   13




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Our stock price continues to be volatile.
  Change in postal rates and regulations may adversely impact demand for our products and services.
  
 Item 1B. Unresolved Staff Comments
  
 Item 2. Properties
  
 Item 3. Legal Proceedings
  
 Item 4. Reserved
  14




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PART II
 
 Item 5. Market for Registrants Common Equity, Related Shareholder Matters and Issuer Purchases of
Equity Securities
  Fiscal 2010Quarter Ended:
    
    High
    
    
    LowJune 30, 2009
    
    
    21.50
    
    
    
    12.10September 30, 2009
    
    
    27.17
    
    
    
    15.23December 31, 2009
    
    
    37.53
    
    
    
    19.13March 31, 2010
    
    
    48.48
    
    
    
    33.21
 Fiscal 2009Quarter Ended:
    
    High
    
    
    LowJune 30, 2008
    
    
    61.61
    
    
    
    48.69September 30, 2008
    
    
    52.33
    
    
    
    28.95December 31, 2008
    
    
    30.05
    
    
    
    10.11March 31, 2009
    
    
    25.28
    
    
    
    10.33
     15




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Item 6. Selected Consolidated Financial Data
 Item 8. Financial Statements and Supplementary Data
 Year Ended March 312010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006(In thousands, except per share data)Income Statement DataSales
    
    $
    990,861
    
    
    $
    1,145,146
    
    
    $
    1,095,388
    
    
    $
    1,006,186
    
    
    $
    879,023Cost of sales
    
    
    770,075
    
    
    
    874,711
    
    
    
    812,401
    
    
    
    736,996
    
    
    
    661,560Gross profit
    
    
    220,786
    
    
    
    270,435
    
    
    
    282,987
    
    
    
    269,190
    
    
    
    217,463Selling expenses
    
    
    91,378
    
    
    
    105,688
    
    
    
    106,952
    
    
    
    101,649
    
    
    
    91,266General and administrative expenses
    
    
    88,091
    
    
    
    95,261
    
    
    
    78,804
    
    
    
    69,223
    
    
    
    58,993Goodwill impairment charge
    
    
    6,134
    
    
    
    83,324
    
    
    
    
    
    
    
    11,533
    
    
    
    Litigation and other charges
    
    
    7,210
    
    
    
    17,350
    
    
    
    
    
    
    
    
    
    
    
    Other expense (income), net
    
    
    357
    
    
    
    (809
    )
    
    
    (3,064
    )
    
    
    
    
    
    
    Operating income (loss)
    
    
    27,616
    
    
    
    (30,379
    )
    
    
    100,295
    
    
    
    86,785
    
    
    
    67,204Interest expense, net
    
    
    9,592
    
    
    
    14,995
    
    
    
    12,020
    
    
    
    6,702
    
    
    
    5,514Income (loss) before taxes
    
    
    18,024
    
    
    
    (45,374
    )
    
    
    88,275
    
    
    
    80,083
    
    
    
    61,690Income tax expense (benefit)
    
    
    3,936
    
    
    
    (5,804
    )
    
    
    28,951
    
    
    
    29,342
    
    
    
    23,192Net income (loss)
    
    $
    14,088
    
    
    $
    (39,570
    )
    
    $
    59,324
    
    
    $
    50,741
    
    
    $
    38,498Earnings (loss) per shareBasic
    
    $
    1.26
    
    
    $
    (3.55
    )
    
    $
    4.76
    
    
    $
    3.74
    
    
    $
    2.81Diluted
    
    $
    1.23
    
    
    $
    (3.55
    )
    
    $
    4.63
    
    
    $
    3.65
    
    
    $
    2.73
 March 312010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006(In thousands)Balance Sheet DataWorking capital
    
    $
    48,364
    
    
    $
    109,433
    
    
    $
    138,250
    
    
    $
    100,153
    
    
    $
    67,474Property and equipment, net
    
    
    380,708
    
    
    
    430,519
    
    
    
    421,347
    
    
    
    354,156
    
    
    
    297,308Goodwill
    
    
    24,226
    
    
    
    29,436
    
    
    
    102,423
    
    
    
    86,145
    
    
    
    86,640Total assets
    
    
    687,235
    
    
    
    765,208
    
    
    
    872,663
    
    
    
    723,969
    
    
    
    611,313Long-term debt, net of current
portion
    
    
    159,321
    
    
    
    287,164
    
    
    
    362,448
    
    
    
    142,144
    
    
    
    90,678Total shareholders equity
    
    
    269,426
    
    
    
    250,464
    
    
    
    279,793
    
    
    
    365,536
    
    
    
    318,946
  16




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Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
 The following managements discussion and analysis of financial condition and results of
operations should be read in conjunction with our historical consolidated financial statements and
their notes included elsewhere in this Annual Report on Form 10-K . This discussion contains
forward-looking statements that reflect our current views with respect to future events and
financial performance. Our actual results may differ materially from those anticipated in these
forward-looking statements as a result of certain factors such as those referenced in Forward
Looking Statements.
 Overview
   
    
    Internal Sales Growth We seek to use our competitive advantages to expand market
share. We continually seek to hire additional sales professionals, invest in new equipment
and technology, expand our national accounts program, develop new and expanded digital
technology-based print-related services and provide sales training and education about our
breadth of capabilities and services to our sales professionals.
 
    
    Disciplined Acquisition Program We selectively pursue opportunities to acquire
additional printing businesses at reasonable prices. Some of these acquisitions may include
smaller and/or distressed printing businesses for integration into one of our existing
businesses.
 
    
    Cost Savings Because of our size and extensive geographic footprint, we leverage our
economies of scale to purchase supplies and equipment at preferential prices, and
centralize various administrative services to generate cost savings.
 
    
    Best Practices/Benchmarking We provide a forum for our printing businesses to share
their knowledge of technical processes and their best practices with one another, as well
as benchmark financial and operational data to help our printing businesses identify and
respond to changes in operating trends.
 
    
    Leadership Development Through our unique Leadership Development Program, we develop
talent for future sales and management positions at our printing businesses.
    17




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Results of Operations
  As a Percentage of SalesYear Ended March 31
    
    
    Year Ended March 312010
    
    
    2009
    
    
    2008
    
    
    2010
    
    
    2009
    
    
    2008(In millions)Sales
    
    $
    990.9
    
    
    $
    1,145.2
    
    
    $
    1,095.4
    
    
    
    100.0
    %
    
    
    100.0
    %
    
    
    100.0
    %Cost of sales
    
    
    770.1
    
    
    
    874.8
    
    
    
    812.4
    
    
    
    77.7
    
    
    
    76.4
    
    
    
    74.2Gross profit
    
    
    220.8
    
    
    
    270.4
    
    
    
    283.0
    
    
    
    22.3
    
    
    
    23.6
    
    
    
    25.8Selling expenses
    
    
    91.4
    
    
    
    105.7
    
    
    
    107.0
    
    
    
    9.2
    
    
    
    9.2
    
    
    
    9.8General and administrative
expenses
    
    
    88.1
    
    
    
    95.3
    
    
    
    78.8
    
    
    
    8.9
    
    
    
    8.3
    
    
    
    7.2Goodwill impairment charge
    
    
    6.1
    
    
    
    83.3
    
    
    
    
    
    
    
    0.6
    
    
    
    7.3
    
    
    
    Litigation and other charges
    
    
    7.2
    
    
    
    17.3
    
    
    
    
    
    
    
    0.7
    
    
    
    1.5
    
    
    
    Other expense (income), net
    
    
    0.4
    
    
    
    (0.8
    )
    
    
    (3.1
    )
    
    
    0.1
    
    
    
    (0.0
    )
    
    
    (0.3
    )Operating income (loss)
    
    
    27.6
    
    
    
    (30.4
    )
    
    
    100.3
    
    
    
    2.8
    
    
    
    (2.7
    )
    
    
    9.1Interest expense, net
    
    
    9.6
    
    
    
    15.0
    
    
    
    12.0
    
    
    
    1.0
    
    
    
    1.3
    
    
    
    1.1Income (loss) before taxes
    
    
    18.0
    
    
    
    (45.4
    )
    
    
    88.3
    
    
    
    1.8
    
    
    
    (4.0
    )
    
    
    8.0Income tax expense (benefit)
    
    
    3.9
    
    
    
    (5.8
    )
    
    
    29.0
    
    
    
    0.4
    
    
    
    (0.5
    )
    
    
    2.6Net income (loss)
    
    $
    14.1
    
    
    $
    (39.6
    )
    
    $
    59.3
    
    
    
    1.4
    %
    
    
    (3.5
    )%
    
    
    5.4
    %
   18




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Analysis
of Consolidated Income Statements for Fiscal Year 2010 as Compared to
Fiscal Year 2009
           19




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Analysis
of Consolidated Income Statements for Fiscal Year 2009 as Compared to
Fiscal Year 2008
          20




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Liquidity and Capital Resources
 Sources and Uses of Cash
 Item 8. Financial
Statements and Supplementary Data:
 Year Ended March 312010
    
    
    2009
    
    
    2008(In millions)Net cash provided by operating activities
    
    $
    160.9
    
    
    $
    141.1
    
    
    $
    110.2Acquisitions of businesses
    
    
    (2.9
    )
    
    
    (6.7
    )
    
    
    (97.3
    )Capital expenditures, net of proceeds from asset dispositions (1)
    
    
    (21.1
    )
    
    
    (68.2
    )
    
    
    (39.4
    )Net proceeds (payments) under bank credit facilities
    
    
    (104.8
    )
    
    
    (53.1
    )
    
    
    177.4Net payments on term equipment notes and other debt
    
    
    (31.1
    )
    
    
    (21.6
    )
    
    
    (1.1
    )Payments to repurchase and retire common stock
    
    
    
    
    
    
    
    
    
    
    (150.0
    )Purchase of remaining interest in consolidated subsidiary
    
    
    (5.5
    )
    
    
    
    
    
    
    Proceeds from exercise of stock options
    
    
    1.3
    
    
    
    3.0
    
    
    
    2.9
 
 (1)
    
    Excludes capital expenditures of $7.3 million in fiscal 2009 and $41.0 million in fiscal
2008, which were directly financed. Item 8. Financial Statements and Supplementary Data:
 March 312010
    
    
    2009
    
    
    2008(In millions)Cash and cash equivalents
    
    $
    6.7
    
    
    $
    9.8
    
    
    $
    15.1Working capital
    
    
    48.4
    
    
    
    109.4
    
    
    
    138.3Total debt
    
    
    181.6
    
    
    
    314.2
    
    
    
    385.7
    21




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Debt Obligations
        22




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Contractual Obligations and Other Commitments
  Less Than
    
    
    1  3
    
    
    3  5
    
    
    More ThanTotal
    
    
    1 Year
    
    
    Years
    
    
    Years
    
    
    5 Years
    
    
    OtherDebt obligations(1)
    
    $
    181.6
    
    
    $
    22.2
    
    
    $
    147.7
    
    
    $
    10.9
    
    
    $
    0.8
    
    
    $
    Operating lease obligations
    
    
    89.1
    
    
    
    18.3
    
    
    
    29.6
    
    
    
    18.0
    
    
    
    23.2
    
    
    
    Unrecognized tax benefits
    
    
    14.7
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14.7
 
 (1)
    
    Includes all long-term debt, including the current portion of long-term debt on the
face of the balance sheet as of March 31, 2010. Operating leases
 Letters of credit
 Insurance programs
 Critical Accounting Policies
  Revenue Recognition
 Receivables, net of valuation allowance 
  23




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Impairment of Goodwill 
 Impairment of long-lived assets
 Insurance liabilities
 Accounting for income taxes
 Accounting for acquisitions
  24




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New Accounting Pronouncements
 Revenue
Recognition,
 
 Item 7A. Quantitative and Qualitative Disclosure About Market Risk
  EstimatedFair ValueAt March 31,2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    2015
    
    
    Thereafter
    
    
    Total
    
    
    2010Fixed Rate Debt:Amount
    
    $
    21.8
    
    
    $
    16.1
    
    
    $
    15.2
    
    
    $
    6.4
    
    
    $
    4.5
    
    
    $
    0.8
    
    
    $
    64.8
    
    
    $
    64.9Average interest rate
    
    
    5.63
    %
    
    
    5.75
    %
    
    
    5.59
    %
    
    
    5.89
    %
    
    
    5.85
    %
    
    
    6.23
    %
    
    
    5.7
    %Variable Rate Debt:Amount
    
    $
    0.4
    
    
    $
    113.4
    (1)
    
    $
    3.0
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    116.8
    
    
    $
    117.0Average interest rate
    
    
    .45
    %
    
    
    2.40
    %
    
    
    .45
    %
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2.34
    %
 
 (1)
    
    Includes $13.7 million
denominated in Canadian dollars.  25




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##### Table of Contents



Item 8. Financial Statements and Supplementary Data
 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
 Managements Annual Report on Internal Control Over Financial Reporting
    
    
    27Reports of Independent Registered Public Accounting Firm
    
    
    28Consolidated Balance Sheets at March 31, 2010 and 2009
    
    
    30Consolidated Income Statements for the Years Ended March 31, 2010, 2009 and 2008
    
    
    31Consolidated Statements of Shareholders Equity for the Years Ended March 31, 2010, 2009 and 2008
    
    
    32Consolidated Statements of Cash Flows for the Years Ended March 31, 2010, 2009 and 2008
    
    
    33Notes to Consolidated Financial Statements
    
    
    34
  26




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##### Table of Contents



MANAGEMENTS ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
   Internal Control Integrated Framework Internal Control  Integrated Framework,
  27




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##### Table of Contents



Report of Independent Registered Public Accounting Firm
 
    Internal Control-Integrated Framework
  
  28




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##### Table of Contents



Report of Independent Registered Public Accounting Firm
 
 Internal ControlIntegrated
Framework
    Internal
ControlIntegrated Framework
   
  29




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
 
 CONSOLIDATED BALANCE SHEETS
 (In thousands, except share and per share data)
 March 312010
    
    
    2009ASSETSCURRENT ASSETSCash and cash equivalents
    
    $
    6,741
    
    
    $
    9,762Accounts receivable, net
    
    
    169,915
    
    
    
    173,501Inventories
    
    
    48,879
    
    
    
    52,737Prepaid expenses
    
    
    9,316
    
    
    
    17,340Deferred income taxes
    
    
    17,294
    
    
    
    18,909Total current assets
    
    
    252,145
    
    
    
    272,249PROPERTY AND EQUIPMENT, net
    
    
    380,708
    
    
    
    430,519GOODWILL
    
    
    24,226
    
    
    
    29,436OTHER INTANGIBLE ASSETS, net
    
    
    22,647
    
    
    
    24,691OTHER ASSETS
    
    
    7,509
    
    
    
    8,313$
    687,235
    
    
    $
    765,208LIABILITIES AND SHAREHOLDERS EQUITYCURRENT LIABILITIESCurrent portion of long-term debt
    
    $
    22,235
    
    
    $
    27,026Accounts payable
    
    
    83,955
    
    
    
    48,519Accrued liabilities
    
    
    88,174
    
    
    
    86,718Income taxes payable
    
    
    9,417
    
    
    
    553Total current liabilities
    
    
    203,781
    
    
    
    162,816LONG-TERM DEBT, net of current portion
    
    
    159,321
    
    
    
    287,164OTHER LIABILITIES
    
    
    14,729
    
    
    
    14,794DEFERRED INCOME TAXES, net
    
    
    39,978
    
    
    
    49,970Total liabilities
    
    
    417,809
    
    
    
    514,744COMMITMENTS AND CONTINGENCIESSHAREHOLDERS EQUITYCommon stock, $.01 par value; 100,000,000
shares authorized; 11,211,216 and 11,152,875
issued and outstanding
    
    
    112
    
    
    
    111Additional paid-in capital
    
    
    166,094
    
    
    
    163,131Retained earnings
    
    
    101,894
    
    
    
    87,806Accumulated other comprehensive income (loss)
    
    
    1,326
    
    
    
    (584
    )Total shareholders equity
    
    
    269,426
    
    
    
    250,464$
    687,235
    
    
    $
    765,208
   30




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
 
 CONSOLIDATED INCOME STATEMENTS
 (In thousands, except per share data)
 Year Ended March 312010
    
    
    2009
    
    
    2008SALES
    
    $
    990,861
    
    
    $
    1,145,146
    
    
    $
    1,095,388COST OF SALES
    
    
    770,075
    
    
    
    874,711
    
    
    
    812,401Gross profit
    
    
    220,786
    
    
    
    270,435
    
    
    
    282,987SELLING EXPENSES
    
    
    91,378
    
    
    
    105,688
    
    
    
    106,952GENERAL AND ADMINISTRATIVE EXPENSES
    
    
    88,091
    
    
    
    95,261
    
    
    
    78,804GOODWILL IMPAIRMENT CHARGE
    
    
    6,134
    
    
    
    83,324
    
    
    
    LITIGATION AND OTHER CHARGES
    
    
    7,210
    
    
    
    17,350
    
    
    
    OTHER EXPENSE (INCOME), NET
    
    
    357
    
    
    
    (809
    )
    
    
    (3,064
    )Operating income (loss)
    
    
    27,616
    
    
    
    (30,379
    )
    
    
    100,295INTEREST EXPENSE
    
    
    9,773
    
    
    
    15,260
    
    
    
    12,366INTEREST INCOME
    
    
    (181
    )
    
    
    (265
    )
    
    
    (346
    )Income (loss) before taxes
    
    
    18,024
    
    
    
    (45,374
    )
    
    
    88,275INCOME TAX EXPENSE (BENEFIT)
    
    
    3,936
    
    
    
    (5,804
    )
    
    
    28,951Net income (loss)
    
    $
    14,088
    
    
    $
    (39,570
    )
    
    $
    59,324BASIC EARNINGS (LOSS) PER SHARE
    
    $
    1.26
    
    
    $
    (3.55
    )
    
    $
    4.76DILUTED EARNINGS (LOSS) PER SHARE
    
    $
    1.23
    
    
    $
    (3.55
    )
    
    $
    4.63SHARES USED TO COMPUTE EARNINGS (LOSS) PER SHAREBasic
    
    
    11,169
    
    
    
    11,138
    
    
    
    12,463Diluted
    
    
    11,453
    
    
    
    11,138
    
    
    
    12,822
   31




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
 
 CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY
 (In thousands)
 AccumulatedAdditional
    
    
    
    
    
    
    OtherCommon Stock
    
    
    Paid-In
    
    
    Retained
    
    
    ComprehensiveShares
    
    
    Amount
    
    
    Capital
    
    
    Earnings
    
    
    Income (Loss)
    
    
    TotalBALANCE, March 31, 2007
    
    
    13,694
    
    
    $
    137
    
    
    $
    185,098
    
    
    $
    180,113
    
    
    $
    188
    
    
    $
    365,536Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    59,324
    
    
    
    
    
    
    
    59,324Other comprehensive income 
currency translation adjustment,
net of tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,086
    )
    
    
    (1,086
    )Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    58,238Exercise of stock options,
including tax benefit
    
    
    67
    
    
    
    1
    
    
    
    2,869
    
    
    
    
    
    
    
    
    
    
    
    2,870Share-based compensation expense
    
    
    
    
    
    
    
    
    
    
    2,057
    
    
    
    
    
    
    
    
    
    
    
    2,057Repurchase and retire common stock
    
    
    (2,682
    )
    
    
    (27
    )
    
    
    (36,820
    )
    
    
    (113,250
    )
    
    
    
    
    
    
    (150,097
    )Cumulative effect of adoption of
ASC 740
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,189
    
    
    
    
    
    
    
    1,189BALANCE, March 31, 2008
    
    
    11,079
    
    
    
    111
    
    
    
    153,204
    
    
    
    127,376
    
    
    
    (898
    )
    
    
    279,793Net loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (39,570
    )
    
    
    
    
    
    
    (39,570
    )Other comprehensive income 
currency translation adjustment,
net of tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    314
    
    
    
    314Total comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (39,256
    )Exercise of stock options,
including tax benefit
    
    
    74
    
    
    
    
    
    
    
    3,019
    
    
    
    
    
    
    
    
    
    
    
    3,019Share-based compensation expense
    
    
    
    
    
    
    
    
    
    
    6,908
    
    
    
    
    
    
    
    
    
    
    
    6,908BALANCE, March 31, 2009
    
    
    11,153
    
    
    
    111
    
    
    
    163,131
    
    
    
    87,806
    
    
    
    (584
    )
    
    
    250,464Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,088
    
    
    
    
    
    
    
    14,088Other comprehensive income 
currency translation adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,910
    
    
    
    1,910Total comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,998Exercise of stock options,
including tax benefit
    
    
    58
    
    
    
    1
    
    
    
    1,310
    
    
    
    
    
    
    
    
    
    
    
    1,311Share-based compensation expense
    
    
    
    
    
    
    
    
    
    
    5,031
    
    
    
    
    
    
    
    
    
    
    
    5,031Purchase of remaining interest in
a consolidated subsidiary
    
    
    
    
    
    
    
    
    
    
    (3,378
    )
    
    
    
    
    
    
    
    
    
    
    (3,378
    )BALANCE, March 31, 2010
    
    
    11,211
    
    
    $
    112
    
    
    $
    166,094
    
    
    $
    101,894
    
    
    $
    1,326
    
    
    $
    269,426
   32




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (In thousands)
 Year Ended March 312010
    
    
    2009
    
    
    2008OPERATING ACTIVITIESNet income (loss)
    
    $
    14,088
    
    
    $
    (39,570
    )
    
    $
    59,324Adjustments to reconcile net income (loss) to net cash provided by
operating activitiesDepreciation
    
    
    67,616
    
    
    
    62,999
    
    
    
    51,460Amortization
    
    
    3,734
    
    
    
    4,128
    
    
    
    2,426Bad debt expense
    
    
    974
    
    
    
    4,116
    
    
    
    1,203Goodwill impairment charge
    
    
    6,134
    
    
    
    83,324
    
    
    
    Litigation and other charges
    
    
    7,210
    
    
    
    17,350
    
    
    
    Foreign currency (gain) loss
    
    
    (422
    )
    
    
    559
    
    
    
    (3,807
    )Deferred income taxes
    
    
    (6,366
    )
    
    
    (12,922
    )
    
    
    6,029Share-based compensation expense
    
    
    5,031
    
    
    
    6,908
    
    
    
    2,057Changes in assets and liabilities, net of effects of acquisitionsAccounts receivable, net
    
    
    6,191
    
    
    
    30,302
    
    
    
    216Inventories
    
    
    4,845
    
    
    
    8,022
    
    
    
    (32
    )Prepaid expenses
    
    
    8,056
    
    
    
    (10,482
    )
    
    
    1,232Other assets
    
    
    494
    
    
    
    (503
    )
    
    
    (258
    )Accounts payable and accrued liabilities
    
    
    34,202
    
    
    
    (14,692
    )
    
    
    (3,902
    )Other liabilities
    
    
    (68
    )
    
    
    1,139
    
    
    
    (5,812
    )Income taxes payable
    
    
    9,149
    
    
    
    374
    
    
    
    46Net cash provided by operating activities
    
    
    160,868
    
    
    
    141,052
    
    
    
    110,182INVESTING ACTIVITIESAcquisitions of businesses, net of cash acquired
    
    
    (2,944
    )
    
    
    (6,684
    )
    
    
    (97,258
    )Purchases of property and equipment
    
    
    (28,244
    )
    
    
    (69,600
    )
    
    
    (41,394
    )Proceeds from asset dispositions
    
    
    7,163
    
    
    
    1,447
    
    
    
    2,019Net cash used in investing activities
    
    
    (24,025
    )
    
    
    (74,837
    )
    
    
    (136,633
    )FINANCING ACTIVITIESProceeds from bank credit facilities
    
    
    161,042
    
    
    
    200,276
    
    
    
    289,377Payments on bank credit facilities
    
    
    (265,839
    )
    
    
    (253,339
    )
    
    
    (111,972
    )Proceeds from issuance of term equipment notes
    
    
    
    
    
    
    1,926
    
    
    
    15,558Payments on term equipment notes and other debt
    
    
    (31,120
    )
    
    
    (23,530
    )
    
    
    (16,645
    )Payments to repurchase and retire common stock
    
    
    
    
    
    
    
    
    
    
    (150,097
    )Purchase of remaining interest in consolidated subsidiary
    
    
    (5,500
    )
    
    
    
    
    
    
    Proceeds from exercise of stock options, including excess tax benefit
    
    
    1,311
    
    
    
    3,019
    
    
    
    2,869Net cash provided by (used in) financing activities
    
    
    (140,106
    )
    
    
    (71,648
    )
    
    
    29,090Effect of exchange rate changes on cash and cash equivalents
    
    
    242
    
    
    
    64
    
    
    
    449NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
    
    
    (3,021
    )
    
    
    (5,369
    )
    
    
    3,088CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
    
    
    9,762
    
    
    
    15,131
    
    
    
    12,043CASH AND CASH EQUIVALENTS AT END OF YEAR
    
    $
    6,741
    
    
    $
    9,762
    
    
    $
    15,131
   33




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (In thousands, except share and per share data and percentages)
 1. BUSINESS
     2. SIGNIFICANT ACCOUNTING POLICIES AND OTHER INFORMATION
 Accounting Policies
  Principles of Consolidation
 Use of Estimates
 Reclassification
  34




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data and percentages)
 Cash and Cash Equivalents
 Revenue Recognition and Accounts Receivable
 Inventories
 March 312010
    
    
    2009Raw materials
    
    $
    20,932
    
    
    $
    22,587Work in progress
    
    
    22,354
    
    
    
    24,896Finished goods
    
    
    5,593
    
    
    
    5,254$
    48,879
    
    
    $
    52,737
 Goodwill and Long-Lived Assets
   35




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data and percentages)
  Year Ended March 312010
    
    
    2009
    
    
    2008(In millions)Beginning balance, gross
    
    $
    236,702
    
    
    $
    226,365
    
    
    $
    210,087Accumulated impairments
    
    
    (207,266
    )
    
    
    (123,942
    )
    
    
    (123,942
    )Beginning balance, net
    
    
    29,436
    
    
    
    102,423
    
    
    
    86,145Acquisitions
    
    
    
    
    
    
    10,337
    
    
    
    16,278Foreign exchange translation
    
    
    924
    
    
    
    
    
    
    
    Impairment charges
    
    
    (6,134
    )
    
    
    (83,324
    )
    
    
    Ending balance
    
    $
    24,226
    
    
    $
    29,436
    
    
    $
    102,423
   2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    2015Amortization expense
    
    $
    3,521
    
    
    $
    3,521
    
    
    $
    3,521
    
    
    $
    3,189
    
    
    $
    3,189
 Accrued Liabilities
 March 312010
    
    
    2009Compensation and benefits
    
    $
    25,810
    
    
    $
    29,634Litigation reserve
    
    
    17,567
    
    
    
    17,000Advances from customers
    
    
    13,677
    
    
    
    14,290Other(1)
    
    
    18,026
    
    
    
    12,468Manufacturing materials and services
    
    
    8,040
    
    
    
    8,127Sales, property and other taxes
    
    
    5,054
    
    
    
    5,199$
    88,174
    
    
    $
    86,718
 
 (1)
    
    Other accrued liabilities are principally comprised of accrued self-insurance
claims for certain insurance programs. None of the individual items in other accrued
liabilities at March 31, 2010 and 2009 were individually greater than 5% of total current
liabilities in those years.  36




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data and percentages)
 Litigation Charge 
 Income Taxes 
 Supplemental Cash Flow Information
 Recent Accounting Pronouncements  Revenue Recognition,
  37




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data and percentages)
 Other Information
 Earnings Per Share .
 Year Ended March 312010
    
    
    2009
    
    
    2008Numerator:Net income (loss)
    
    $
    14,088
    
    
    $
    (39,570
    )
    
    $
    59,324Denominator:Weighted average number of common shares outstanding
    
    
    11,168,665
    
    
    
    11,138,141
    
    
    
    12,462,617Dilutive options and awards
    
    
    284,720
    
    
    
    
    
    
    
    359,393Diluted weighted average number of common shares outstanding
    
    
    11,453,385
    
    
    
    11,138,141
    
    
    
    12,822,010Net earnings (loss) per shareBasic
    
    $
    1.26
    
    
    $
    (3.55
    )
    
    $
    4.76Diluted
    
    $
    1.23
    
    
    $
    (3.55
    )
    
    $
    4.63
  Related Party Transactions
 Fair Value of Financial Instruments
 Concentrations of Credit Risk
 Share-Based Compensation 
  38




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data and percentages)
 Foreign Currency 
 Accumulated Other Comprehensive Income (Loss) 
 Geographic Information 
 3. ACQUISITIONS
      39




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data and percentages)
 4. PROPERTY AND EQUIPMENT
   EstimatedMarch 31
    
    
    LifeDescription
    
    2010
    
    
    2009
    
    
    in YearsLand
    
    $
    15,334
    
    
    $
    14,887
    
    
    
    Buildings and leasehold improvements
    
    
    117,504
    
    
    
    114,679
    
    
    
    5-30Machinery and equipment
    
    
    565,173
    
    
    
    579,620
    
    
    
    5-20Computer equipment and software
    
    
    38,733
    
    
    
    37,022
    
    
    
    2-5Furniture, fixtures and other
    
    
    14,420
    
    
    
    19,427
    
    
    
    2-7751,164
    
    
    
    765,635Lessaccumulated depreciation
    
    
    (370,456
    )
    
    
    (335,116
    )$
    380,708
    
    
    $
    430,519
  5. LONG-TERM DEBT
  March 312010
    
    
    2009Bank credit facilities
    
    $
    113,186
    
    
    $
    214,701Term equipment notes
    
    
    64,612
    
    
    
    90,980Other
    
    
    3,758
    
    
    
    8,509181,556
    
    
    
    314,190Lesscurrent portion
    
    
    (22,235
    )
    
    
    (27,026
    )$
    159,321
    
    
    $
    287,164
    40




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data and percentages)
        2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    2015
    
    
    ThereafterDebt obligations
    
    $
    22,235
    
    
    $
    129,428
    
    
    $
    18,226
    
    
    $
    6,404
    
    
    $
    4,526
    
    
    $
    737
  41




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data and percentages)
 6. INCOME TAXES
  Year Ended March 312010
    
    
    2009
    
    
    2008Domestic
    
    $
    10,160
    
    
    $
    (53,099
    )
    
    $
    78,330Foreign
    
    
    7,864
    
    
    
    7,725
    
    
    
    9,945Income before taxes
    
    $
    18,024
    
    
    $
    (45,374
    )
    
    $
    88,275
  Year Ended March 312010
    
    
    2009
    
    
    2008CurrentFederal
    
    $
    8,098
    
    
    $
    3,259
    
    
    $
    17,927State
    
    
    837
    
    
    
    1,974
    
    
    
    3,001Foreign
    
    
    1,617
    
    
    
    1,620
    
    
    
    1,994Current income taxes
    
    
    10,552
    
    
    
    6,853
    
    
    
    22,922DeferredFederal
    
    
    (5,548
    )
    
    
    (9,688
    )
    
    
    4,506State
    
    
    (1,552
    )
    
    
    (3,318
    )
    
    
    460Foreign
    
    
    484
    
    
    
    349
    
    
    
    1,063Deferred income taxes
    
    
    (6,616
    )
    
    
    (12,657
    )
    
    
    6,029Income tax expense (benefit)
    
    $
    3,936
    
    
    $
    (5,804
    )
    
    $
    28,951
  Year Ended March 312010
    
    
    2009
    
    
    2008Provision at the federal statutory rate
    
    $
    6,309
    
    
    $
    (15,881
    )
    
    $
    30,896Impairment of goodwill
    
    
    
    
    
    
    11,390
    
    
    
    Non-deductible expenses
    
    
    961
    
    
    
    1,259
    
    
    
    1,569Adjustment to unrecognized tax benefits
    
    
    (1,007
    )
    
    
    170
    
    
    
    (4,748
    )State income taxes, net of federal income tax benefit
    
    
    (505
    )
    
    
    (2,271
    )
    
    
    3,103Foreign income taxed at other rates
    
    
    (651
    )
    
    
    (734
    )
    
    
    (423
    )Benefit of domestic production deduction
    
    
    (645
    )
    
    
    (348
    )
    
    
    (1,446
    )Other
    
    
    (526
    )
    
    
    611
    
    
    
    Income tax expense (benefit)
    
    $
    3,936
    
    
    $
    (5,804
    )
    
    $
    28,951
     42




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data and percentages)
  March 312010
    
    
    2009Deferred income tax assetsGoodwill and intangibles(1)
    
    $
    26,713
    
    
    $
    25,317Litigation reserve
    
    
    7,629
    
    
    
    6,630Compensation and benefit accruals
    
    
    5,199
    
    
    
    5,185Stock based compensation
    
    
    5,542
    
    
    
    3,736Other liabilities(1)
    
    
    3,520
    
    
    
    3,693Net operating losses and credits(1)
    
    
    2,830
    
    
    
    2,855Accounts receivable and inventories
    
    
    
    
    
    
    2,038Other
    
    
    776
    
    
    
    259Total deferred income tax assets
    
    
    52,209
    
    
    
    49,713Valuation allowance(1)
    
    
    (1,401
    )
    
    
    (1,732
    )Net deferred income tax assets
    
    $
    50,808
    
    
    $
    47,981Deferred income tax liabilitiesProperty and equipment
    
    $
    71,640
    
    
    $
    77,222Prepaid expenses(2)
    
    
    1,837
    
    
    
    1,577Accounts receivable and inventories(2)
    
    
    15
    
    
    
    Other
    
    
    
    
    
    
    243Total deferred income tax liabilities
    
    $
    73,492
    
    
    $
    79,042
 
 (1)
    
    These deferred income tax assets are long-term in nature and therefore are netted
against long-term deferred income tax liabilities for presentation in the accompanying
consolidated balance sheets.(2)
    
    These deferred tax liabilities are current in nature and therefore netted against
current deferred income tax assets for presentation in the accompanying consolidated
balance sheets.       43




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data and percentages)
  March 312010
    
    
    2009Unrecognized tax benefit at beginning of year
    
    $
    14,793
    
    
    $
    13,655Additions for tax positions in prior periods
    
    
    268
    
    
    
    474Decreases for tax positions in prior periods
    
    
    (339
    )
    
    
    Additions for tax positions in current periods
    
    
    1,739
    
    
    
    2,665Settlements/audits
    
    
    (49
    )
    
    
    Lapse of statute of limitations
    
    
    (1,683
    )
    
    
    (2,001
    )Unrecognized tax benefit at end of year
    
    $
    14,729
    
    
    $
    14,793
 7. COMMITMENTS AND CONTINGENCIES
 Operating Leases
  2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    2015
    
    
    ThereafterOperating lease obligations
    
    $
    18,291
    
    
    $
    16,226
    
    
    $
    13,411
    
    
    $
    10,705
    
    
    $
    7,279
    
    
    $
    23,215
 Letters of Credit
 Insurance Programs 
 Multi-Employer Pension Plans 
 Legal Matters
  44




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data and percentages)
  Tax Matters
 8. SHARE-BASED COMPENSATION
   45




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data and percentages)
  For the Years Ended March 312010
    
    
    2009
    
    
    2008Weighted
    
    
    
    
    
    
    Weighted
    
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    
    Average
    
    
    
    
    
    
    AverageExercise
    
    
    
    
    
    
    Exercise
    
    
    
    
    
    
    ExerciseShares
    
    
    Price
    
    
    Shares
    
    
    Price
    
    
    Shares
    
    
    PriceOutstanding at April 1
    
    
    1,829,151
    
    
    $
    37.85
    
    
    
    1,479,977
    
    
    $
    36.93
    
    
    
    1,546,734
    
    
    $
    36.66Granted
    
    
    90,000
    
    
    
    17.38
    
    
    
    730,000
    
    
    
    46.02
    
    
    
    73,112
    
    
    
    45.35Exercised
    
    
    (58,341
    )
    
    
    20.19
    
    
    
    (73,864
    )
    
    
    39.48
    
    
    
    (69,480
    )
    
    
    29.25Forfeited or expired
    
    
    (17,990
    )
    
    
    34.98
    
    
    
    (306,962
    )
    
    
    52.24
    
    
    
    (70,389
    )
    
    
    45.58Outstanding at March 31
    
    
    1,842,820
    
    
    
    37.61
    
    
    
    1,829,151
    
    
    
    37.85
    
    
    
    1,479,977
    
    
    
    36.93Exercisable at March 31
    
    
    1,105,313
    
    
    
    33.99
    
    
    
    962,630
    
    
    
    31.10
    
    
    
    1,215,282
    
    
    
    35.61
    Year Ended March 312010
    
    
    2009
    
    
    2008Weighted average fair value per share of option grants during the year
    
    $
    8.85
    
    
    $
    20.46
    
    
    $
    19.42Assumptions:Expected option life in years
    
    
    6.5
    
    
    
    6.5
    
    
    
    6.1Risk-free interest rate
    
    
    2.3
    %
    
    
    2.7
    %
    
    
    3.7
    %Expected volatility
    
    
    49.2
    %
    
    
    40.4
    %
    
    
    38.8
    %Expected dividend yield
    
    
    
    
    
    
    
    
    
    
    
   46




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data and percentages)
  Outstanding
    
    
    ExercisableWeighted
    
    
    Weighted
    
    
    
    
    
    
    WeightedAverage
    
    
    Average
    
    
    
    
    
    
    AverageExercise
    
    
    Remaining
    
    
    
    
    
    
    ExerciseRange of Exercise Prices
    
    Shares
    
    
    Price
    
    
    Years
    
    
    Shares
    
    
    PriceStock Options$7.40  $20.00
    
    
    653,000
    
    
    $
    14.49
    
    
    
    3.6
    
    
    
    436,000
    
    
    $
    13.12$20.01  $30.00
    
    
    51,250
    
    
    
    23.02
    
    
    
    3.4
    
    
    
    51,250
    
    
    
    23.02$30.01  $40.00
    
    
    60,500
    
    
    
    38.29
    
    
    
    5.1
    
    
    
    46,500
    
    
    
    38.18$40.01  $50.00
    
    
    150,119
    
    
    
    42.31
    
    
    
    4.6
    
    
    
    106,495
    
    
    
    42.25$50.01  $60.00
    
    
    870,687
    
    
    
    54.57
    
    
    
    7.2
    
    
    
    458,825
    
    
    
    52.29$60.01  $66.00
    
    
    12,681
    
    
    
    64.22
    
    
    
    2.6
    
    
    
    6,243
    
    
    
    63.801,798,237
    
    
    
    37.61
    
    
    
    5.4
    
    
    
    1,105,313
    
    
    
    33.99Restricted stock unit awards
    
    
    44,583
    
    
    
    
    
    
    
    1.0
    
    
    
    
    
    
    
    Outstanding at March 31, 2010
    
    
    1,842,820
    
    
    
    
    
    
    
    5.4
    
    
    
    1,105,313
    
    
    
    33.99
      47




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data and percentages)
 9. SUPPLEMENTAL SELECTED UNAUDITED QUARTERLY FINANCIAL DATA
  1st
    
    
    2nd
    
    
    3rd
    
    
    4thQuarter
    
    
    Quarter
    
    
    Quarter
    
    
    QuarterFiscal 2010:Sales
    
    $
    225,861
    
    
    $
    251,626
    
    
    $
    276,374
    
    
    $
    237,000Gross profit
    
    
    44,829
    
    
    
    55,443
    
    
    
    66,604
    
    
    
    53,910Net income (loss)
    
    
    (314
    )
    
    
    2,082
    
    
    
    11,439
    (1)
    
    
    881
    (2)Basic earnings (loss) per share
    
    
    (.03
    )
    
    
    .19
    
    
    
    1.02
    
    
    
    .08Diluted earnings (loss) per share
    
    
    (.03
    )
    
    
    .18
    
    
    
    1.00
    
    
    
    .08Fiscal 2009Sales
    
    $
    285,194
    
    
    $
    296,951
    
    
    $
    315,815
    
    
    $
    247,186Gross profit
    
    
    70,640
    
    
    
    72,586
    
    
    
    74,760
    
    
    
    52,099Net income (loss)
    
    
    9,616
    
    
    
    10,303
    
    
    
    (43,566
    )(3)
    
    
    (15,923
    )(4)Basic earnings (loss) per share
    
    
    .87
    
    
    
    .92
    
    
    
    (3.91
    )
    
    
    (1.43
    )Diluted earnings (loss) per share
    
    
    .84
    
    
    
    .90
    
    
    
    (3.91
    )
    
    
    (1.43
    )
 
 (1)
    
    Includes $1,914 litigation and other charges, net of taxes.(2)
    
    Includes $3,742 goodwill impairment charges and $878 litigation and other charges,
net of taxes.(3)
    
    Includes $46,058 goodwill impairment charge and $10,370 litigation and other
charges, net of taxes.(4)
    
    Includes $17,211 goodwill impairment charge and $213 litigation and other charges,
net of taxes.  48




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##### Table of Contents



CONSOLIDATED GRAPHICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data and percentages)
 
 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
  
 Item 9A. Controls and Procedures
 Evaluation of Disclosure Controls and Procedures
  Managements Annual Report on Internal Control Over Financial Reporting
 Item 8. Financial Statements and Supplementary Data
 Changes in Internal Controls Over Financial Reporting
  
 Item 9B. Other Information
 None.
  49




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##### Table of Contents



PART III
  
 PART IV
 
 Item 15 . Exhibits and Financial Statement Schedules
 (a)
    
    Index to Financial Statements(a)(1)
    
    Financial Statements:The index to the Financial Statements is included in Item 8 of this
Annual Report on Form 10-K and is incorporated herein by reference.(a)(2)
    
    Financial Statement Schedules:Schedule IIValuation and Qualifying Accounts.Report of Independent Registered Public Accounting Firm with
respect to Schedule II  Valuation and Qualifying Accounts is
included in Item 15 of this Annual Report on Form 10-K.
  (a)(3)
    
    Exhibits:
 *3.1
    
    
    
    
    Restated Articles of Incorporation of the Company filed with the Secretary of State of the
State of Texas on July 27, 1994 (Consolidated Graphics, Inc. Form 10-Q (June 30, 1994),
Exhibit 4(a)).*3.2
    
    
    
    
    Articles of Amendment to the Restated Articles of Incorporation of the Company dated as of
July 29, 1998 (Consolidated Graphics, Inc. Form 10- Q (June 30, 1998), Exhibit 3.1).*3.3
    
    
    
    
    Third Amended and Restated By-Laws of the Company, adopted effective as of January 1, 2010
(Consolidated Graphics, Inc. Form 8-K (November 2, 2009), Exhibit 99.1).*3.4
    
    
    
    
    First Amendment to the Third Amended and Restated By-Laws of the Company (Consolidated
Graphics, Inc. Form 8-K (February 5, 2010), Exhibit 3.1).*4.1
    
    
    
    
    Specimen Common Stock Certificate (Consolidated Graphics, Inc. Form 10-K (March 31, 1998),
Exhibit 4.1).*4.2
    
    
    
    
    Rights Agreement dated as of December 15, 1999 between Consolidated Graphics, Inc. and
American Stock Transfer and Trust Company, as Rights Agent, which includes as Exhibit A the
Certificate of Designations of Series A Preferred Stock, as Exhibit B the form of Rights
Certificate and as Exhibit C the form of summary of Rights to Purchase Shares (Consolidated
Graphics, Inc. Form 8-K (December 15, 1999), Exhibit 4.1).*4.3
    
    
    
    
    Amendment to Rights Agreement dated as of July 10, 2006 between Consolidated Graphics, Inc.
and American Stock Transfer and Trust Company and the related Summary of Rights to Purchase
Stock, as amended (Consolidated Graphics, Inc. Form 8-A/A (July 13, 2006), Exhibits 2 and 3).*4.4
    
    
    
    
    Second Amendment to Rights Agreement dated as of September 25, 2007 between Consolidated
Graphics, Inc. and American Stock Transfer and Trust Company and the related Summary of
Rights to Purchase Stock, as amended (Consolidated Graphics, Inc. Form 8-A/A (September 28,
2007), Exhibits 3 and 4).*4.5
    
    
    
    
    Third Amendment to Rights Agreement dated as of December 4, 2009 between Consolidated
Graphics, Inc. and American Stock Transfer and Trust Company, as Rights Agent (Consolidated
Graphics, Inc. Form 8-K (December 4, 2009), Exhibit 4.1).*10.1
    
    
    
    
    Consolidated Graphics, Inc. Amended and Restated Long-Term Incentive Plan (Consolidated
Graphics, Inc. Form 10-Q (June 30, 2008), Exhibit 10.5).+10.2
    
    
    
    
    First Amendment to the Consolidated Graphics, Inc. Amended and Restated Long-Term Incentive
Plan +*10.3
    
    
    
    
    Amended and Restated Employment Agreement executed on December 29, 2008, but effective as of
May 22, 2008, between the Company and Joe R. Davis (Consolidated Graphics, Inc. Form 8-K
(December 29, 2008), Exhibit 10.1).+
  50




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##### Table of Contents



*10.4
    
    
    
    
    Amended and Restated Employment Agreement executed on December 29, 2008, but effective as of
January 14, 2008, between the Company and Jon C. Biro (Consolidated Graphics, Inc. Form 8-K
(December 29, 2008), Exhibit 10.2).+*10.5
    
    
    
    
    Amended and Restated Change in Control Agreement, executed on December 29, 2008, but
effective as of January 14, 2008, between the Company and Jon C. Biro (Consolidated Graphics,
Inc. Form 8-K (December 29, 2008), Exhibit 10.3).+*10.6
    
    
    
    
    Form of Indemnification Agreement for directors and officers (Consolidated Graphics, Inc. Form
10-Q (June 30, 2004), Exhibit 10.1).*10.7
    
    
    
    
    Form of First Amendment to Indemnification Agreement for directors and officers (Consolidated
Graphics, Inc. Form 10-Q (December 31, 2008), Exhibit 10.4).*10.8
    
    
    
    
    Amended Schedule identifying the directors and officers parties to Indemnification Agreements
with the Company. (Consolidated Graphics, Inc. Form 10-K (March 31, 2008), Exhibit 10.8).*10.9
    
    
    
    
    Credit Agreement among the Company and JPMorgan Chase Bank, N.A., as Administrative Agent,
Wells Fargo Bank, National Association, as Syndication Agent, dated as of October 6, 2006
(Consolidated Graphics, Inc. Form 8-K (October 6, 2006), Exhibit 10.1).*10.10
    
    
    
    
    First Amendment to the Credit Agreement among the Company and JPMorgan Chase Bank, N.A., as
Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, dated as
of January 2, 2007 (Consolidated Graphics, Inc. Form 8-K (January 2, 2007), Exhibit 99.1).*10.11
    
    
    
    
    Second Amendment to the Credit Agreement among the Company and JPMorgan Chase Bank, N.A., as
Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, dated as
of November 9, 2007 (Consolidated Graphics, Inc. Form 8-K (November 14, 2007), Exhibit 10.1).*10.12
    
    
    
    
    Third Amendment to the Credit Agreement among the Company and JP Morgan Chase Bank, N.A., as
Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, dated as
of March 13, 2008 (Consolidated Graphics, Inc. Form 8-K (March 13, 2008), Exhibit 10.1).*10.13
    
    
    
    
    Fourth Amendment to the Credit Agreement among the Company and JP Morgan Chase Bank, N.A., as
Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, dated as
of August 4, 2008 (Consolidated Graphics, Inc. Form 8-K (August 8, 2008), Exhibit 10.1).*10.14
    
    
    
    
    Fifth Amendment to the Credit Agreement among the Company and JP Morgan Chase Bank, N.A., as
Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, dated as
of July 30, 2009 (Consolidated Graphics, Inc. Form 8-K (August 5, 2009), Exhibit 10.1).*10.15
    
    
    
    
    Form of Non-Employee Director Non-Statutory Stock Option Agreement (Consolidated Graphics,
Inc. Form 10-K (March 31, 2008), Exhibit 10.13).+*10.16
    
    
    
    
    Form of Employee Incentive Stock Option Agreement (Consolidated Graphics, Inc. Form 10-K
(March 31, 2008), Exhibit 10.14).+*10.17
    
    
    
    
    Form of Employee Non- Statutory Stock Option Agreement (Consolidated Graphics, Inc. Form
10-K (March 31, 2008), Exhibit 10.15).+*10.18
    
    
    
    
    Form of Restricted Stock Unit Agreement (Consolidated Graphics, Inc. Form 8-K (June 14,
2007), Exhibit 10.1).+*10.19
    
    
    
    
    Consolidated Graphics, Inc. Annual Incentive Compensation Plan, dated effective as of April
1, 2008 (Consolidated Graphics, Inc. Form 8-K (May 29, 2008), Exhibit 10.2).+*10.20
    
    
    
    
    Form of Annual Incentive Award Agreement for Executives (Consolidated Graphics, Inc. Form 8-K
(May 29, 2008), Exhibit 10.3).+21
    
    
    
    
    List of Subsidiaries.23
    
    
    
    
    Consent of KPMG LLP.24
    
    
    
    
    Powers of Attorney.31.1
    
    
    
    
    Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.31.2
    
    
    
    
    Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.32.1
    
    
    
    
    Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.32.2
    
    
    
    
    Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
 
 *
    
    Incorporated by reference.+
    
    Compensatory plan or arrangement under which executive officers or directors of the Company
may participate.  51




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##### Table of Contents



SCHEDULE IIVALUATION AND QUALIFYING ACCOUNTS
(In Thousands)
 UtilizationBalance at
    
    
    Amount
    
    
    of Reserve
    
    
    BalanceBeginning
    
    
    Charged
    
    
    (Net of
    
    
    at EndDescription
    
    of Year
    
    
    to Expense
    
    
    Recoveries)
    
    
    of YearAllowance for Doubtful AccountsYear Ended March 31, 2010
    
    $
    6,556
    
    
    $
    974
    
    
    $
    (3,182
    )
    
    $
    4,348Year Ended March 31, 2009
    
    
    3,575
    
    
    
    4,116
    
    
    
    (1,135
    )
    
    
    6,556Year Ended March 31, 2008
    
    
    3,080
    
    
    
    1,203
    
    
    
    (708
    )
    
    
    3,575
 Report of Independent Registered Public Accounting Firm
 
   
  52




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##### Table of Contents



SIGNATURES
 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934,
the registrant has duly caused this Annual Report to be signed on its behalf by the undersigned,
thereunder duly authorized, in the City of Houston, State of Texas on the 21st day of May, 2010.
 CONSOLIDATED GRAPHICS, INC.By:
    /s/ Joe R. DavisJoe R. DavisChief Executive Officer and
Chairman of the Board of Directors Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report has been signed by the following persons
on behalf of the registrant and in the capacities and on the dates indicated.
 Signature
    
    Title
    
    Date/s/ Joe R. Davis

Joe R. Davis
    
    Chief Executive Officer and Director
(Principal Executive Officer)
    
    May 21, 2010/s/ Jon C. Biro

Jon C. Biro
    
    Executive Vice President,
Chief Financial and Accounting Officer and Secretary
(Principal Financial and Accounting Officer)
    
    May 21, 2010/s/ LARRY J. ALEXANDER*

Larry J. Alexander
    
    Director/s/ BRADY F. CARRUTH*

Brady F. Carruth
    
    Director/s/ GARY L. FORBES*

Gary L. Forbes
    
    Director/s/ JAMES H. LIMMER*

James H. Limmer
    
    Director/s/ HUGH N. WEST*

Hugh N. West
    
    Director
 
 *
    By:
    /s/ Joe R. Davis
    May 21, 2010Joe R. DavisAttorney-in-Fact  53




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##### Table of Contents



Exhibit Index
 Exhibits:
 *3.1
    
    
    
    
    Restated Articles of Incorporation of the Company filed with the Secretary of State of the
State of Texas on July 27, 1994 (Consolidated Graphics, Inc. Form 10-Q (June 30, 1994),
Exhibit 4(a)).*3.2
    
    
    
    
    Articles of Amendment to the Restated Articles of Incorporation of the Company dated as of
July 29, 1998 (Consolidated Graphics, Inc. Form 10- Q (June 30, 1998), Exhibit 3.1).*3.3
    
    
    
    
    Third Amended and Restated By-Laws of the Company, adopted effective as of January 1, 2010
(Consolidated Graphics, Inc. Form 8-K (November 2, 2009), Exhibit 99.1).*3.4
    
    
    
    
    First Amendment to the Third Amended and Restated By-Laws of the Company (Consolidated
Graphics, Inc. Form 8-K (February 5, 2010), Exhibit 3.1).*4.1
    
    
    
    
    Specimen Common Stock Certificate (Consolidated Graphics, Inc. Form 10-K (March 31, 1998),
Exhibit 4.1).*4.2
    
    
    
    
    Rights Agreement dated as of December 15, 1999 between Consolidated Graphics, Inc. and
American Stock Transfer and Trust Company, as Rights Agent, which includes as Exhibit A the
Certificate of Designations of Series A Preferred Stock, as Exhibit B the form of Rights
Certificate and as Exhibit C the form of summary of Rights to Purchase Shares (Consolidated
Graphics, Inc. Form 8-K (December 15, 1999), Exhibit 4.1).*4.3
    
    
    
    
    Amendment to Rights Agreement dated as of July 10, 2006 between Consolidated Graphics, Inc.
and American Stock Transfer and Trust Company and the related Summary of Rights to Purchase
Stock, as amended (Consolidated Graphics, Inc. Form 8-A/A (July 13, 2006), Exhibits 2 and 3).*4.4
    
    
    
    
    Second Amendment to Rights Agreement dated as of September 25, 2007 between Consolidated
Graphics, Inc. and American Stock Transfer and Trust Company and the related Summary of
Rights to Purchase Stock, as amended (Consolidated Graphics, Inc. Form 8-A/A (September 28,
2007), Exhibits 3 and 4).*4.5
    
    
    
    
    Third Amendment to Rights Agreement dated as of December 4, 2009 between Consolidated
Graphics, Inc. and American Stock Transfer and Trust Company, as Rights Agent (Consolidated
Graphics, Inc. Form 8-K (December 4, 2009), Exhibit 4.1).*10.1
    
    
    
    
    Consolidated Graphics, Inc. Amended and Restated Long-Term Incentive Plan (Consolidated
Graphics, Inc. Form 10-Q (June 30, 2008), Exhibit 10.5).+10.2
    
    
    
    
    First Amendment to the Consolidated Graphics, Inc. Amended and Restated Long-Term Incentive
Plan +*10.3
    
    
    
    
    Amended and Restated Employment Agreement executed on December 29, 2008, but effective as of
May 22, 2008, between the Company and Joe R. Davis (Consolidated Graphics, Inc. Form 8-K
(December 29, 2008), Exhibit 10.1).+*10.4
    
    
    
    
    Amended and Restated Employment Agreement executed on December 29, 2008, but effective as of
January 14, 2008, between the Company and Jon C. Biro (Consolidated Graphics, Inc. Form 8-K
(December 29, 2008), Exhibit 10.2).+*10.5
    
    
    
    
    Amended and Restated Change in Control Agreement, executed on December 29, 2008, but
effective as of January 14, 2008, between the Company and Jon C. Biro (Consolidated Graphics,
Inc. Form 8-K (December 29, 2008), Exhibit 10.3).+*10.6
    
    
    
    
    Form of Indemnification Agreement for directors and officers (Consolidated Graphics, Inc. Form
10-Q (June 30, 2004), Exhibit 10.1).*10.7
    
    
    
    
    Form of First Amendment to Indemnification Agreement for directors and officers (Consolidated
Graphics, Inc. Form 10-Q (December 31, 2008), Exhibit 10.4).*10.8
    
    
    
    
    Amended Schedule identifying the directors and officers parties to Indemnification Agreements
with the Company. (Consolidated Graphics, Inc. Form 10-K (March 31, 2008), Exhibit 10.8).*10.9
    
    
    
    
    Credit Agreement among the Company and JPMorgan Chase Bank, N.A., as Administrative Agent,
Wells Fargo Bank, National Association, as Syndication Agent, dated as of October 6, 2006
(Consolidated Graphics, Inc. Form 8-K (October 6, 2006), Exhibit 10.1).*10.10
    
    
    
    
    First Amendment to the Credit Agreement among the Company and JPMorgan Chase Bank, N.A., as
Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, dated as
of January 2, 2007 (Consolidated Graphics, Inc. Form 8-K (January 2, 2007), Exhibit 99.1).*10.11
    
    
    
    
    Second Amendment to the Credit Agreement among the Company and JPMorgan Chase Bank, N.A., as
Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, dated as
of November 9, 2007 (Consolidated Graphics, Inc. Form 8-K (November 14, 2007), Exhibit 10.1).
  54




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##### Table of Contents



*10.12
    
    
    
    
    Third Amendment to the Credit Agreement among the Company and JP Morgan Chase Bank, N.A., as
Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, dated as
of March 13, 2008 (Consolidated Graphics, Inc. Form 8-K (March 13, 2008), Exhibit 10.1).*10.13
    
    
    
    
    Fourth Amendment to the Credit Agreement among the Company and JP Morgan Chase Bank, N.A., as
Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, dated as
of August 4, 2008 (Consolidated Graphics, Inc. Form 8-K (August 8, 2008), Exhibit 10.1).*10.14
    
    
    
    
    Fifth Amendment to the Credit Agreement among the Company and JP Morgan Chase Bank, N.A., as
Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, dated as
of July 30, 2009 (Consolidated Graphics, Inc. Form 8-K (August 5, 2009), Exhibit 10.1).*10.15
    
    
    
    
    Form of Non-Employee Director Non-Statutory Stock Option Agreement (Consolidated Graphics,
Inc. Form 10-K (March 31, 2008), Exhibit 10.13).+*10.16
    
    
    
    
    Form of Employee Incentive Stock Option Agreement (Consolidated Graphics, Inc. Form 10-K
(March 31, 2008), Exhibit 10.14).+*10.17
    
    
    
    
    Form of Employee Non- Statutory Stock Option Agreement (Consolidated Graphics, Inc. Form
10-K (March 31, 2008), Exhibit 10.15).+*10.18
    
    
    
    
    Form of Restricted Stock Unit Agreement (Consolidated Graphics, Inc. Form 8-K (June 14,
2007), Exhibit 10.1).+*10.19
    
    
    
    
    Consolidated Graphics, Inc. Annual Incentive Compensation Plan, dated effective as of April
1, 2008 (Consolidated Graphics, Inc. Form 8-K (May 29, 2008), Exhibit 10.2).+*10.20
    
    
    
    
    Form of Annual Incentive Award Agreement for Executives (Consolidated Graphics, Inc. Form 8-K
(May 29, 2008), Exhibit 10.3).+21
    
    
    
    
    List of Subsidiaries.23
    
    
    
    
    Consent of KPMG LLP.24
    
    
    
    
    Powers of Attorney.31.1
    
    
    
    
    Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.31.2
    
    
    
    
    Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.32.1
    
    
    
    
    Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.32.2
    
    
    
    
    Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
 
 *
    
    Incorporated by reference.+
    
    Compensatory plan or arrangement under which executive officers or directors of the Company
may participate.  55