Ennis, Inc. (the “Company"), (NYSE: EBF), today reported financial results for the three and nine months ended November 30, 2013. Highlights for the quarter and period include:
- Consolidated gross profit margin increased 400 basis points for the quarter and 430 basis points for the period.
- Apparel gross profit margin increased 650 basis points for the quarter and 970 basis points for the period.
- Print gross profit margin increased 210 basis points for the quarter and 110 basis points for the period.
- Diluted EPS increased 50.0% to $0.36 per share for the quarter and 55.9% to $1.06 per share for the period.
The Company’s consolidated net sales for the quarter were $136.6 million compared to $129.0 million for the same quarter last year. Print sales were up 10.1% on a comparable quarter basis, from $81.5 million to $89.7 million. Apparel sales decreased 1.1% for the comparable quarter, from $47.4 million to $46.9 million. Although, apparel unit sales were up 5.5% for the quarter, average selling price was down 6.6%. Consolidated gross profit margin ("margin") during the quarter increased 400 basis points over last year’s comparable quarter from 23.7% to 27.7%. On a quarter comparison basis, print margin increased 210 basis points, from 28.7% to 30.8%, while apparel margin increased 650 basis points, from 15.2% to 21.7%. Apparel margin continued to improve on a comparable basis due to lower input costs and higher production levels. As a result, net earnings increased from $6.2 million, or 4.8% of net sales, for the quarter ended November 30, 2012 to $9.3 million, or 6.8% of net sales, for the quarter ended November 30, 2013. Diluted earnings per share increased 50.0% from $0.24 for the 2012 quarter to $0.36 for the 2013 quarter.
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