Champion losses deepen in 2012 - WOWK 13 Charleston, Huntington WV News, Weather, Sports

Champion losses deepen in 2012

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • Dayton man is charged with assault in Scioto County, OH

    Dayton man is charged with assault in Scioto County, OH

    Friday, August 22 2014 2:10 PM EDT2014-08-22 18:10:25 GMT
    A Dayton, OH man is facing charges after a stabbing. Deputies tell us that a male victim was brought into the Southern Ohio Medical Center around 7 a.m. Thursday morning with a stab wound to his abdomen. The victim has been identified at Leo Buggs, 34, of Columbus, OH. He was then flown to Cabell-Huntington Hospital. Buggs underwent surgery and is listed in stable condition in ICU. The stabbing happened at 207 Virginia Drive, Wheelersburg, OH. That is where they arrested Alexander P. Dillard,...
    A Dayton, OH man is facing charges after a stabbing. Deputies tell us that a male victim was brought into the Southern Ohio Medical Center around 7 a.m. Thursday morning with a stab wound to his abdomen. The victim has been identified at Leo Buggs, 34, of Columbus, OH. He was then flown to Cabell-Huntington Hospital. Buggs underwent surgery and is listed in stable condition in ICU. The stabbing happened at 207 Virginia Drive, Wheelersburg, OH. That is where they arrested Alexander P. Dillard,...
  • Drugs found wrapped in strange items in Boyd County, KY

    Drugs found wrapped in strange items in Boyd County, KY

    Friday, August 22 2014 2:07 PM EDT2014-08-22 18:07:35 GMT
    Deputies arrested Thomas Reid of Detroit, MI and Jeremiah Bennett of Proctorville, OH Thursday night.
    Deputies arrested Thomas Reid of Detroit, MI and Jeremiah Bennett of Proctorville, OH Thursday night.
  • BusinessBusinessMore>>

  • Obama offers new accommodations on birth control

    Obama offers new accommodations on birth control

    Friday, August 22 2014 3:18 PM EDT2014-08-22 19:18:08 GMT
    Seeking to quell a politically charged controversy, the Obama administration announced new measures Aug. 22 to allow religious nonprofits and some companies to opt out of paying for birth control for female employees while still ensuring those employees have access to contraception.
    Seeking to quell a politically charged controversy, the Obama administration announced new measures Aug. 22 to allow religious nonprofits and some companies to opt out of paying for birth control for female employees while still ensuring those employees have access to contraception.
  • Hatfield and McCoy feuding continues in Gilbert, WV

    Hatfield and McCoy feuding continues in Gilbert, WV

    Thursday, August 21 2014 11:39 PM EDT2014-08-22 03:39:40 GMT
    A modern day family feud is brewing in Gilbert, WV over moonshine and the family name.
    A modern day family feud is brewing in Gilbert, WV over moonshine and the family name.
  • 'Downtown Wheeling Inc.' Changes Name, Still Has Same Goals

    'Downtown Wheeling Inc.' Changes Name, Still Has Same Goals

    Thursday, August 21 2014 3:16 PM EDT2014-08-21 19:16:18 GMT
    One popular organization in Wheeling has changed their name. "Downtown Wheeling Inc.," will now be known as "Reinvent Wheeling." The group hosts many events in the Wheeling area such as the Wine and Jazz Festival, the Big Ideas Speaker series, and First Fridays. According to Reinvent Wheeling member Jake Dougherty, the name change is intended to reflect the organizations efforts to revitalize the downtown area. He said, "We were looking for a name that really expresses what was happening in d...
    One popular organization in Wheeling has changed their name. "Downtown Wheeling Inc.," will now be known as "Reinvent Wheeling." The group hosts many events in the Wheeling area such as the Wine and Jazz Festival, the Big Ideas Speaker series, and First Fridays. According to Reinvent Wheeling member Jake Dougherty, the name change is intended to reflect the organizations efforts to revitalize the downtown area. He said, "We were looking for a name that really expresses what was happening in d...

Champion Industries, a Huntington-based printing, office supply and newspaper publishing company, on Jan. 29 announced a net loss from continuing operations of $23.5 million for the fiscal year that ended Oct. 31.

That was down from the net loss from continuing operations of $4.2 million for fiscal 2011.

For the fourth quarter, the loss was $1.4 million, an improvement from the net loss of $5.5 million in the fourth quarter of 2011.

The company attributed the 2012 loss primarily to pre-tax non-cash impairment related charges associated with goodwill of $9.5 million and trade name and masthead in the amount of $1.6 million and an increase in the deferred tax asset valuation allowance of approximately $15.6 million primarily related to taxes associated with continuing operations.

The impairments are associated with the acquisition of The Herald-Dispatch daily newspaper in 2007. The 2012 results were also unfavorably impacted by various costs associated with legal fees and costs and professional fees, resulting in part from provisions related to the various forbearance and credit agreements with Champion's secured lenders, according to the quarterly earnings report.

"If we examine our gross profit, which is a key starting point for profitability, our gross profit dollars were $30.9 million in 2012 and $31.2 million in 2011, which is essentially flat. In other words, in spite of the numerous hurdles, challenges and actions we have taken in 2012, in the final analysis we were able to essentially hold our core business stable," Marshall T. Reynolds, Champion's chairman and CEO said in the earnings release.

"In 2013 we are continuing to review operations and will adjust where necessary. In addition, we intend to work with our secured creditors and advisors to address our debt maturities and liquidity to the best of our ability."