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Joe R. Davis, chairman and chief executive officer of Consolidated Graphics, commented, "Our financial performance in the current quarter was impacted by expected lower election-related business and lower than anticipated seasonal sales of both custom photo products and sales into the insurance industry. The lower sales into the insurance industry primarily related to one customer. We anticipate that the decline in business from this customer will be temporary. During the quarter, we also had non-recurring start-up expenses related to launching new hardware and platform software for certain customers, that adversely impacted the bottom line."
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