Ennis, Inc. (the “Company"), (NYSE: EBF), today reported financial results for the first quarter ended May 31, 2011. Highlights
- Consolidated revenues for the quarter increased $2.6 million, or 1.8% over the comparable quarter last year.
- Apparel sales increased $3.1 million, or 4.2% over the comparable quarter last year.
- Diluted earnings per share decreased from $.50 per share for the same quarter last year to $.44 for the current quarter.
|Three months ended|
|Earnings before income taxes||$||17,850||$||20,536|
About EnnisEnnis, Inc. ( www.ennis.com) is primarily engaged in the production of and sale of business forms, apparel and other business products. The Company is one of the largest private-label printed business product suppliers in the United States. Headquartered in Midlothian, Texas, the Company has production and distribution facilities strategically located throughout the United States of America, Mexico and Canada, to serve the Company’s national network of distributors. The Company, together with its subsidiaries, operates in two business segments: the Print Segment ("Print") and Apparel Segment ("Apparel"). The Print Segment is primarily engaged in the business of manufacturing and selling business forms, other printed business products, printed and electronic media, presentation products, flex-o-graphic printing, advertising specialties and Post-it® Notes, internal bank forms, secure and negotiable documents, envelopes and other custom products. The Apparel Segment manufactures T-Shirts and distributes T-Shirts and other active-wear apparel through six distribution centers located throughout North America. Safe Harbor Under The Private Securities Litigation Reform Act of 1995 Certain statements contained in this press release that are not historical facts are forward-looking statements that involve a number of known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. The words “anticipate,” “preliminary,” “expect,” “believe,” “intend” and similar expressions identify forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for such forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. These statements are subject to numerous uncertainties, which include, but are not limited to, the Company’s ability to effectively manage its business functions while growing its business in a rapidly changing environment, the Company’s ability to adapt and expand its services in such an environment, the variability in the prices of paper and other raw materials. Other important information regarding factors that may affect the Company’s future performance is included in the public reports that the Company files with the Securities and Exchange Commission. The Company undertakes no obligation to revise any forward-looking statements or to update them to reflect events or circumstances occurring after the date of this release, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.
|Condensed Financial Information|
|(In thousands, except per share amounts)|
|Three months ended|
|Condensed Operating Results||May 31,|
|Cost of goods sold||103,557||98,561|
|Gross profit margin||39,701||42,180|
|Earnings before income taxes||17,850||20,536|
|Income tax expense||6,426||7,496|
|Earnings per share|
|May 31,||February 28,|
|Condensed Balance Sheet Information||2011||2011|
|Accounts receivable, net||53,818||58,359|
|Property, plant & equipment||94,670||93,661|
|Liabilities and Shareholders' Equity|
|Current portion of long-term debt||240||586|
|Three months ended|
|Condensed Cash Flow Information||2011||2010|
|Cash provided by operating activities||$||11,271||$||9,651|
|Cash used in investing activities||(2,117||)||(13,158||)|
|Cash used in financing activities||(3,869||)||(4,008||)|
|Effect of exchange rates on cash||263||(50||)|
|Change in cash||5,548||(7,565||)|
|Cash at beginning of period||12,305||21,063|
|Cash at end of period||$||17,853||$||13,498|