Ennis, Inc. (the “Company"), (NYSE: EBF), today reported financial results for the quarter and the year ended February 28, 2011.
- Revenues for the year increased by $32.3 million over the same period last year, or 6.2%. For the quarter revenues were up $10.0 million over the previous year, or 8.2%.
- Gross profit margins increased 200 basis points (“bps”) over the prior year, from 26.1% to 28.1% for the fiscal year ended February 28, 2010 and 2011, respectively.
- Diluted earnings per share increased by 26.5% for the fiscal year, from $1.36 per share for fiscal year 2010 to $1.72 per share for fiscal year 2011.
For the quarter, consolidated net sales increased by $10.0 million, or 8.2%, from $121.4 million for the quarter ended February 28, 2010 to $131.4 million for the quarter ended February 28, 2011. Print sales for the quarter were $66.2 million, compared to $66.1 million for the same quarter last year, or an increase of 0.2%. Apparel sales for the quarter were $65.2 million, compared to $55.3 million for the same quarter last year, or an increase of 17.9%. Overall gross profit margins ("margins") during the quarter decreased slightly from 28.2% for the three months ended February 28, 2010 to 27.5% for the three months ended February 28, 2011. Print margins increased from 26.6% to 26.9%, while our Apparel margins decreased from 30.1% to 28.0%, due to higher cotton costs and the impact of the start-up of our Agua Prieta facility. While our Apparel margins decreased slightly over the comparable quarter last year, they were in line with our nine month numbers (27.8% for the nine months ended November 30, 2010 compared to 28.0% for the current quarter). Net earnings were $9.8 million, or 8.1% of sales, for the three months ended February 28, 2010 and $9.8 million, or 7.5% of sales, for the quarter ended February 28, 2011. Diluted EPS for the quarter remained at $0.38 per share, due to the impact of higher cotton costs and the impact of the Agua Prieta startup. We estimate that the impact of the start-up of Agua Prieta during the quarter was approximately $2.4 million or $1.6 million after tax.
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