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Apparel Sales Lift Ennis as Printing Sales Sag

September 20, 2010
MIDLOTHIAN, TX—Sep 20, 2010—Ennis, Inc. today reported financial results for the three and six months ended August 31, 2010.

For the quarter, consolidated net sales increased by $5.2 million, or 3.8%, from $137.8 million for the quarter ended August 31, 2009 to $143.0 million for the quarter ended August 31, 2010.

Print sales for the quarter were $69.1 million, compared to $73.9 million for the same quarter last year, or a decrease of 6.5%.

Apparel sales for the quarter were $73.9 million, compared to $63.9 million for the same quarter last year, or an increase of 15.6%.

Overall gross profit margins ("margins") increased from 26.0% to 27.8% for the quarters ended August 31, 2009 and August 31, 2010, respectively. Print margins decreased from 28.7% to 28.2%, and Apparel margins increased from 22.9% to 27.4%, for the quarters ended August 31, 2009 and August 31, 2010, respectively.

Net earnings, for the quarter, increased from $9.5 million, or 6.9% of sales, for the quarter ended August 31, 2009 to $12.1 million, or 8.5% of sales, for the quarter ended August 31, 2010. Diluted EPS increased from $0.37 per share to $0.47 per share for the quarters ended August 31, 2009 and August 31, 2010, respectively.

For the six month period, net sales increased from $268.6 million for the six months ended August 31, 2009 to $283.8 million for the six months ended August 31, 2010, or 5.7%, .

Print sales for the period were $136.9 million, compared to $145.6 million for the same period last year, or a decrease of 6.0%. Print margins increased from 27.5% to 29.2%.

Apparel sales for the period were $146.8 million, compared to $123.0 million for the same period last year, or an increase of 19.4%. Apparel margins increased from 21.7% to 28.5%.

Net earnings, for the period, increased from $16.2 million, or 6.0% of sales, for the six months ended August 31, 2009 to $25.2 million, or 8.9% of sales, for the six months ended August 31, 2010. Diluted earnings increased from $0.63 per share to $0.97 per share for the six months ended August 31, 2009 and 2010, respectively.

The company, during the quarter, generated $22.2 million of EBITDA (earnings before interest, taxes, depreciation, and amortization) compared to $18.8 million for the comparable quarter last year. For the six month period ended August 31, 2010, the Company generated $46.0 million of EBITDA during the period, compared to $33.1 million for the comparable period last year.

Keith Walters, Chairman, CEO and President, commented by saying, "We continued to be pleased with the operational results this year. Operationally, both sectors continue to be able to increase or hold their margins when compared to prior comparable periods. Print margins continue to run ahead of last year and our Apparel margins are up 680 bps over the prior year, even while fighting the negative head winds of higher paper and cotton prices.
 

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