Champion Industries Inc., the Huntington-based parent company of Champion Printing and Capitol Business Interiors, on Friday reported a narrower third quarter loss, though it said it saw some softness in its West Virginia sales market.
The company reported a $1.3 million net loss from continuing operations for the quarter, which ended July 31. That loss was down slightly from the $1.5 million loss the company posted for those operations during the same quarter last year.
The company reported a significant reduction in its net loss from continuing operations during the first nine months of its current fiscal year. For the nine-month period that ended July 31, the company reported a loss of $5.6 million on continuing operations, down from a loss of $13.9 million for the same period the year before.
In July, the company closed on its $10 million sale of the Huntington Herald-Dispatch newspaper to HD Media Company LLC. That company is run by Cabell County Democratic Delegate Doug Reynolds, son of Champion chairman and chief executive officer Marshall Reynolds.
While continuing its restructuring process, Marshall Reynolds said the company is generating positive cash flow and has been reducing its debt at an accelerated rate.
"We have expended considerable effort to effectuate the myriad of restructuring and asset sales activities required by our secured lenders and feel we have substantially accomplished our goals and requirements in this regard," Reynolds said.
The company has seen declines in its printing and office products sales over the last nine months. Printing revenue declined about 20 percent, while office products and furniture revenue declined 17.8 percent.