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Ennis, Inc. (EBF) SEC Filing 10-K Annual Report for the fiscal year ending Monday, February 28, 2022

Ennis, Inc.

CIK: 33002 Ticker: EBF

Exhibit 99.1

img100504156_0.jpg 

 

 

FOR IMMEDIATE RELEASE

 

 

ENNIS, INC. REPORTS RESULTS

FOR THE QUARTER AND YEAR ENDED FEBRUARY 28, 2022,

SETS RECORD DATE FOR ANNUAL SHAREHOLDER MEETING

 

Midlothian, TX. April 25, 2022 -- Ennis, Inc. (the “Company”), (NYSE: EBF), today reported financial results for the quarter and fiscal year ended February 28, 2022. Highlights include:

 

Revenues were $99.7 million for the quarter, an increase of $9.8 million or 10.9% for the comparative quarter and $400.0 million for the fiscal year, an increase of $42.0 million, or 11.7% for the comparative fiscal year.
Earnings per diluted share for the current quarter were $0.26 compared to $0.20 for the comparative quarter last year. Earnings per diluted share were $1.11 for the fiscal year as compared to $0.93 for the last fiscal year.
Our gross profit margin for the quarter decreased on a comparative quarter basis from 29.6% to 27.5%. Gross profit margin was 28.7% for the fiscal year compared to 29.0% for the prior fiscal year.

 

Financial Overview

The Company’s revenues for the fourth quarter ended February 28, 2022 were $99.7 million compared to $89.9 million for the same quarter last year, an increase of 10.8%. Gross profit margin was $27.4 million, or 27.5%, as compared to $26.6 million, or 29.6% for the same quarter last year. Net earnings for the quarter were $6.6 million, or $0.26 per diluted share as compared to $5.1 million, or $0.20 per diluted share for the same quarter last year. Quarterly results were impacted by a pension settlement charge related to a large amount of lump-sum distributions paid to retirees. A pension settlement charge of $0.3 million impacted quarterly results by $0.01 per share as compared to a settlement charge of $1.6 million impacting the same quarter last year by $0.04 per share.

 

The Company’s revenues for the fiscal year ended February 28, 2022 were $400.0 million compared to $358.0 million for the prior fiscal year, an increase of 11.7%. Gross profit margin was $114.7 million, or 28.7%, as compared to $103.8 million, or 29.0% for the prior fiscal year. Net earnings for the fiscal year were $28.9 million or $1.11 per diluted share, compared to $24.1 million, or $0.93 per diluted share for the prior fiscal year. A pension settlement charge of $1.1 million impacted the current fiscal year results by $0.03 per share as compared to a settlement charge of $1.6 million for the prior fiscal year impacting the results by $0.05 per share.

 

Keith Walters, Chairman, Chief Executive Officer and President, commented by stating, “Our fourth quarter operational performance was within expectations. Our recent acquisitions added approximately $4.1 million in revenues and $0.01 in diluted earnings per share for the quarter and $23.9 million in revenues and $0.08 in diluted earnings per share for the fiscal year compared to the corresponding prior quarter and year respectively. While we experienced increased demand for our products during the fiscal year, we were confronted with rising raw material and logistics costs, delayed delivery times, and labor shortages, all of which continued throughout the year.

 

“The U.S. Bureau of Labor Statistics reported "the unemployment rate declined to 3.6 percent in March, and the number of unemployed persons decreased to 6.0 million which are measures little different from prior to the coronavirus (COVID-19) pandemic. Wages and salaries increased 5.0 percent for the 12-month period ending in December 2021 compared to 2.8 percent in December 2020." Our labor force declined in number of employees since last fiscal year by 4.7%, but our total cost of labor has increased 10.6%. Paper supply has grown more limited and due to tight demand and supply, there has been a tremendous amount of upward pressure on prices. Uncoated papers are up over 20% from last year, and likely to move up and stay at those levels through next year. Coated papers are up over 25% from last year with further

 


The following information was filed by Ennis, Inc. (EBF) on Tuesday, April 26, 2022 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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Inside Ennis, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Accounts Receivable And Allowance For Doubtful Receivables
Accounts Receivable And Allowance For Doubtful Receivables (Tables)
Accounts Receivable And Allowance For Doubtful Receivables - Allowance For Doubtful Receivables (Detail)
Accrued Expenses
Accrued Expenses (Tables)
Accrued Expenses - Components Of Other Accrued Expenses (Detail)
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Detail)
Acquisitions - Summary Of Operating Information On Pro Forma Basis (Detail)
Acquisitions - Summary Of Purchase Price Allocation (Detail)
Commitments And Contingencies
Concentrations Of Risk
Concentrations Of Risk - Additional Information (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Earnings Per Share - Computation For Basic And Diluted Earnings (Loss) Per Share (Detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Detail)
Goodwill And Intangible Assets - Carrying Amount And Accumulated Amortization Of Intangible Assets (Detail)
Goodwill And Intangible Assets - Changes In Net Carrying Amount Of Goodwill (Detail)
Goodwill And Intangible Assets - Estimated Amortization Expense (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Components Of Deferred Income Tax Assets And Liabilities (Detail)
Income Taxes - Components Of Provision For Income Taxes (Detail)
Income Taxes - Reconciliation Of Change In Unrecognized Tax Benefits (Detail)
Income Taxes - Statutory U.S. Federal Income Tax Rate To Company's Effective Tax Rate (Detail)
Inventories
Inventories (Tables)
Inventories - Additional Information (Detail)
Inventories - Components Of Inventories (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Components Of Lease Expense (Detail)
Leases - Summary Of Future Minimum Lease Commitments Under Non-Cancelable Operating Leases (Detail)
Long-Term Debt
Long-Term Debt - Additional Information (Detail)
Pension Plan
Pension Plan (Tables)
Pension Plan - Additional Information (Detail)
Pension Plan - Company's Pension Plan Asset Allocation, By Asset Category (Detail)
Pension Plan - Company's Target Asset Allocation Percentage, By Asset Class (Detail)
Pension Plan - Pension Plan's Fair Value Hierarchy For Assets Measured At Fair Value (Detail)
Pension Plan - Schedule Of Accumulated Benefit Obligation, Change In Pbo, Change In Pension Plan Assets, Funded Status, And Reconciliation To Amounts Recognized In Consolidated Balance Sheets (Detail)
Pension Plan - Schedule Of Assumptions Used To Determine Benefit Obligations And Net Periodic Pension Cost (Detail)
Pension Plan - Schedule Of Estimated Future Benefit Payments Which Reflect Expected Future Service (Detail)
Pension Plan - Summary Of Pension Expense Composed Of Components Included In Cost Of Goods Sold And Selling, General And Administrative Expenses (Detail)
Related Party Transactions
Related Party Transactions - Additional Information (Detail)
Revenue
Revenue - Additional Information (Detail)
Shareholders' Equity
Shareholders' Equity - Additional Information (Detail)
Significant Accounting Policies And General Matters
Significant Accounting Policies And General Matters (Policies)
Significant Accounting Policies And General Matters - Additional Information (Detail)
Stock Option Plan And Stock Based Compensation
Stock Option Plan And Stock Based Compensation (Tables)
Stock Option Plan And Stock Based Compensation - Additional Information (Detail)
Stock Option Plan And Stock Based Compensation - Summary Of Restricted Stock Awards (Detail)
Stock Option Plan And Stock Based Compensation - Summary Of Restricted Stock Units (Details)
Stock Option Plan And Stock Based Compensation - Summary Of Stock Options (Detail)
Stock Option Plan And Stock Based Compensation - Summary Of Stock Options Exercised And Tax Benefits Realized From Stock Based Compensation (Detail)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Tables)
Supplemental Cash Flow Information - Net Cash Flows From Operating Activities Reflect Cash Payments For Interest And Income Taxes (Detail)
Ticker: EBF
CIK: 33002
Form Type: 10-K Annual Report
Accession Number: 0000950170-22-008563
Submitted to the SEC: Mon May 09 2022 5:06:15 PM EST
Accepted by the SEC: Mon May 09 2022
Period: Monday, February 28, 2022
Industry: Manifold Business Forms

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