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Ennis, Inc. Reports Improvement in Overall Quarterly Financial Results

April 26, 2010
MIDLOTHIAN, TX—April 26, 2010—Ennis, Inc. (NYSE: EBF) today reported financial results for the quarter and the year ended February 28, 2010.

Highlights

• Revenues for the quarter increased by $4.1 million over the same quarter last year, or 3.5%. For the year, revenues were down $66.3 million over the previous year, or 11.4%.

Gross profit margins increased 610 basis points ("bps") over the comparable quarter and 150 bps over the previous year.

• Diluted earnings (loss) per share increased for the quarter from ($2.44) per share to $.38 per share for the same quarter this fiscal year. For the year, diluted earnings (loss) per share increased from ($1.27) per share for fiscal year 2009 to $1.36 per share for fiscal year 2010.

Financial Overview

For the quarter, our net sales increased by $4.1 million, or 3.5%, from $117.3 million for the three months ended February 28, 2009 to $121.4 million for the three months ended February 28, 2010. Our Print sales for the quarter were $66.1 million, compared to $73.8 million for the same quarter last year, or a decrease of 10.4%. Apparel sales for the quarter were $55.3 million, compared to $43.6 million for the same quarter last year, or an increase of 26.8%.

Our overall gross profit margins ("margins") during the quarter increased from 22.1% for the three months ended February 28, 2009 to 28.2% for the three months ended February 28, 2010. Our Print margins increased from 23.7% to 26.6%, while our Apparel margins increased from 19.3% to 30.1%, for the respective periods.

Our earnings (loss) for the quarter increased from ($62.9) million for the three months ended February 28, 2009 to $9.8 million for the three months ended February 28, 2010, primarily due to the improved margins realized by both our segments during the quarter and impact associated with the goodwill and trademark impairment charge of $67.9 million during the comparable period last year. Our diluted earnings (loss) per share ("EPS") increased from ($2.44) per share to $.38 per share for the three months ended February 28, 2009 and February 28, 2010, respectively.

Net sales decreased from $584.0 million for the year ended February 28, 2009 to $517.7 million for year ended February 28, 2010, a decrease of $66.3 million or 11.4%. Our Print sales for the year were $282.3 million, compared to $327.0 million for the same period last year, a decrease of $44.7 million or 13.7%. Our Apparel sales decreased from $257.0 million for the year ended February 28, 2009 to $235.4 million for the year ended February 28, 2010, a decrease of $21.6 million, or 8.4%.

Overall, our margins increased 150 bps, from 24.6% for fiscal year 2009 to 26.1% for fiscal year 2010. Our Print margins increased from 26.1% to 27.6%, while our Apparel margins increased from 22.6% to 24.4%, for the year ended February 28, 2009 and February 28, 2010, respectively.
 

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