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Ennis, Inc. Reports Results For The Three And Nine Months Ended November 30, 2010

Ennis, Inc. (the “Company"), (NYSE: EBF), today reported financial results for the three and nine months ended November 30, 2010.

YTD Highlights

  • Consolidated revenues for the nine months ended November 30, 2010 were $418.6 million compared to $396.4 million for the same period ended last year, an increase of $22.2 million or 5.6%.
  • Consolidated gross profit margins increased 280 basis points (“bps”) over the comparable nine month period last year.
  • Diluted earnings per share increased from $0.98 per share for the same period last year to $1.34 for the current period, or an increase of 36.7%.

Financial Overview

For the quarter, consolidated net sales increased by $7.0 million, or 5.5%, from $127.8 million for the quarter ended November 30, 2009 to $134.8 million for the quarter ended November 30, 2010. Print sales for the quarter were $69.5 million, compared to $70.6 million for the same quarter last year, or a decrease of 1.5%. Apparel sales for the quarter were $65.3 million, compared to $57.2 million for the same quarter last year, or an increase of 14.2%. Overall gross profit margins ("margins") increased from 26.8% to 27.1% for the quarters ended November 30, 2009 and November 30, 2010, respectively. Print margins decreased from 28.5% to 27.9%, and Apparel margins increased from 24.8% to 26.3%, for the quarters ended November 30, 2009 and November 30, 2010, respectively. Net earnings increased from $9.2 million, or 7.2% of sales, for the quarter ended November 30, 2009 to $9.6 million, or 7.2% of sales, for the quarter ended November 30, 2010. Diluted EPS increased from $0.36 per share to $0.37 per share for the quarters ended November 30, 2009 and November 30, 2010, respectively.

For the nine month period, net sales increased from $396.4 million for the nine months ended November 30, 2009 to $418.6 million for the nine months ended November 30, 2010, or 5.6%. Print sales for the period were $206.5 million, compared to $216.3 million for the same period last year, or a decrease of 4.5%. Apparel sales for the period were $212.1 million, compared to $180.1 million for the same period last year, or an increase of 17.8%. Print margins increased from 27.9% to 28.8%, while Apparel margins increased from 22.7% to 27.8%, for the nine months ended November 30, 2009 and 2010, respectively. Net earnings increased from $25.4 million, or 6.4% of sales, for the nine months ended November 30, 2009 to $34.8 million, or 8.3% of sales, for the nine months ended November 30, 2010. Diluted earnings increased from $0.98 per share to $1.34 per share for the nine months ended November 30, 2009 and 2010, respectively.

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