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Ennis, Inc. (EBF) SEC Filing 10-K Annual report for the fiscal year ending Saturday, February 28, 2009

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, 2009
          Midlothian, Texas April 24, 2009 — Ennis, Inc. (the “Company”), (NYSE: EBF), today reported financial results for the quarter and the year ended February 28, 2009.
Highlights
    Revenues for the year decreased by $26.6 million over the previous year, or 4.4%.
 
    Diluted earnings per share were $1.72 per share for fiscal year 2008 and $1.46 per share for fiscal year 2009, before impairment and other extraordinary charges of $2.73 per share.
Financial Overview
          For the quarter, our net sales decreased by $32.2 million, or 21.5%, from $149.5 million for the three months ended February 29, 2008 to $117.3 million for the three months ended February 28, 2009. Our Print sales for the quarter were $73.8 million, compared to $87.6 million for the same quarter last year, or a decrease of 15.8%. Apparel sales for the quarter were $43.6 million, compared to $61.9 million for the same quarter last year, or a decrease of 29.6%. Our overall gross profit margins (“margins”) during the quarter decreased from 26.2% for the three months ended February 29, 2008 to 22.1% for the three months ended February 28, 2009. Our Print margins decreased from 27.6% to 23.7%, while our Apparel margins decreased from 24.2% to 19.3%, for the respective periods. Our earnings (loss) for the quarter decreased from $11.1 million for the three months ended February 29, 2008 to ($62.9) million for the three months ended February 28, 2009, primarily due to a goodwill and trademark impairment charge of $67.9 million relating to our apparel division. Our diluted earnings (loss) per share (“EPS”) decreased from $.43 per share to ($2.44) per share for the three months ended February 29, 2008 and February 28, 2009, respectively. In addition to the impairment charge during the quarter, our apparel division’s operating results were also impacted by additional inventory reserves of approximately $2.0 million relating primarily to their fleece and junior products. Excluding these factors, our earnings for the period would have been approximately $5.9 million, or approximately $.23 per diluted share. Without the impact of these additional reserves, our apparel margins would have been approximately 23.9% for the quarter, which is in line with our apparel’s adjusted fiscal year’s margin of 23.4%.

 


The following information was filed by Ennis, Inc. (EBF) on Friday, April 24, 2009 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: 0000950134-09-010267
Submitted to the SEC: Mon May 11 2009 3:00:35 PM EST
Accepted by the SEC: Mon May 11 2009
Period: Saturday, February 28, 2009
Industry: Manifold Business Forms

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