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Exhibit 99.1
FOR IMMEDIATE RELEASE
ENNIS, INC. REPORTS RESULTS
FOR THE QUARTER ENDED AUGUST 31, 2021 AND DECLARES QUARTERLY DIVIDEND
Midlothian, TX. September 21, 2021 -- Ennis, Inc. (the “Company”), (NYSE: EBF), today reported financial results for the second quarter ended August 31, 2021. Highlights include:
Financial Overview
The Company’s revenues for the second quarter ended August 31, 2021 were $100.5 million compared to $86.6 million for the same quarter last year, an increase of $13.9 million, or 16.0%. Gross profit margin was $28.9 million, or 28.8%, as compared to $25.2 million, or 29.0%, for the same quarter last year. Net earnings for the quarter were $7.5 million, or $0.29 per diluted share, as compared to $6.4 million, or $0.25 per diluted share, for the same quarter last year.
The Company’s revenues for the six-month period ended August 31, 2021 were $197.4 million compared to $175.6 million for the same period last year, an increase of $21.8 million or 12.4%. Gross profit margin was $58.1 million, or 29.4%, as compared to $49.1 million, or 27.9% for the six-month periods ended August 31, 2021 and August 31, 2020, respectively. Net earnings for the six-month period ended August 31, 2021 were $14.8 million, or $0.57 per diluted share compared to $10.6 million or $0.41 per diluted share for the same period last year, an increase of $4.2 million or $0.16 per diluted share.
Keith Walters, Chairman, Chief Executive Officer and President, commented by stating, “Overall we are pleased with our performance for the quarter. As the recovery from the COVID-19 pandemic continues, some of our customers are seeing sales return to normalized levels. While our gross profit margin percentage for the quarter slightly decreased from 29.0% to 28.8% due primarily to higher inflationary factors, our EBITDA margin was consistent in the low to mid 15% range. Our recent acquisitions added approximately $6.7 million in revenues and $0.02 in diluted earnings per share for the quarter and $11.9 million in revenues and $0.04 in diluted earnings per share for the six-month period. Paper production declined last year due to the pandemic and, as the economy improved, increased demand initially was satisfied with existing inventory at the paper mills. While paper mills now are operating at a very high capacity, they are basically producing to fill orders rather than stock inventory, which is contributing to the tight market in some grades of paper. Paper prices have also increased due to global logistics issues that have delayed and reduced imports that have typically filled gaps in domestic supply. While the availability of paper in the North American market is very low, our strong vendor relationship with our paper supplier allows us to meet customer demand for their business product needs. We also have been adjusting our pricing to cover paper inflation during the year, but the impact of inflation with most of our other vendors as well as the labor market has had a slight impact on gross profit margin. To account for those other inflationary factors, we anticipate additional pricing adjustments to maintain our gross profit margins at their historical levels.”
We are in the process of consolidating a few of our underperforming manufacturing facilities into existing locations with excess capacity to reduce future costs and improve our operational efficiency. We anticipate incurring additional costs
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Ennis, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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These statistics provide evidence that various sectors continue to improve, while others have not, which we believe was reflected in our sequential sales increase and improvements in our gross profit margin and operational margin during the first quarter.
However, if one or more of our major suppliers are negatively impacted by the COVID-19 pandemic, through plant closures, deteriorating financial condition, or otherwise, it could adversely affect our operational results and financial condition.
The increase in working capital primarily reflects the increase in cash and inventory partially offset by the increase in our accounts payable.
Regardless of these factors, many of which are cyclical, we continue to believe paper pricing will remain in a range which will not unfavorably impact our margins over the long term.
Our SG&A expenses were $37.0 million for the six months ended August 31, 2021, compared to $34.7 million for the same period last year, or an increase of 6.8%.
The primary cash requirements of...Read more
As the economy has improved,...Read more
Cash used in investing activities...Read more
For the three months ended...Read more
Primarily due to factors described...Read more
During the period, our cash...Read more
The acquisition of Ameriprint, which...Read more
We believe our strategic locations...Read more
Our cost of goods sold...Read more
Consistent with our historical practice,...Read more
The primary reason for the...Read more
The primary reason for the...Read more
Due to the enactment of...Read more
In addition, we will continue...Read more
Raw materials principally consist of...Read more
Net earnings were $14.8 million...Read more
As of August 31, 2021,...Read more
While currently the pandemic has...Read more
Our net sales increased on...Read more
Our net sales were $100.5...Read more
While paper mills now are...Read more
Receivable and Inventory Management: We...Read more
Our cost of goods sold...Read more
Net earnings, due to the...Read more
This decrease was primarily due...Read more
Additionally, we will carefully review...Read more
These modifications to our cost...Read more
Our effective tax rate was...Read more
Our effective tax rate was...Read more
Our net sales were $197.4...Read more
However, changes in actual investment...Read more
Gain from disposal of assets....Read more
Gain from disposal of assets....Read more
The $0.3 million net gain...Read more
The $0.4 million net gain...Read more
While the availability of paper...Read more
The challenges of our business...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Ennis, Inc. provided additional information to their SEC Filing as exhibits
Ticker: EBF
CIK: 33002
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-21-001964
Submitted to the SEC: Fri Oct 01 2021 11:40:16 AM EST
Accepted by the SEC: Fri Oct 01 2021
Period: Tuesday, August 31, 2021
Industry: Manifold Business Forms