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Ennis, Inc. (EBF) SEC Filing 10-K Annual report for the fiscal year ending Monday, February 28, 2011

Ennis, Inc.

CIK: 33002 Ticker: EBF
Exhibit 99.1
(Ennis logo)
FOR IMMEDIATE RELEASE
ENNIS, INC. REPORTS RESULTS
FOR THE YEAR AND QUARTER ENDED FEBRUARY 28, 2011
     Midlothian, Texas April 25, 2011 — Ennis, Inc. (the “Company”), (NYSE: EBF), today reported financial results for the quarter and the year ended February 28, 2011.
Highlights
    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.
Financial Overview
     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.
     Net sales increased from $517.7 million for the year ended February 28, 2010 to $550.0 million for the year ended February 28, 2011, an increase of $32.3 million or 6.2%. Print sales for the year were $272.7 million, compared to $282.3 million for the same period last year, or a decrease of 3.4%. Apparel sales for the year were $277.3 million, compared to $235.4 million for the same period last year, or an

 


The following information was filed by Ennis, Inc. (EBF) on Monday, April 25, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: EBF
CIK: 33002
Form Type: 10-K Annual Report
Accession Number: 0000950123-11-048069
Submitted to the SEC: Tue May 10 2011 1:09:27 PM EST
Accepted by the SEC: Tue May 10 2011
Period: Monday, February 28, 2011
Industry: Manifold Business Forms

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