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Exhibit 99.1
FOR IMMEDIATE RELEASE
ENNIS, INC. REPORTS RESULTS
FOR THE QUARTER AND YEAR ENDED FEBRUARY 28, 2023,
SETS RECORD DATE FOR ANNUAL SHAREHOLDER MEETING
Midlothian, TX. April 24, 2023 -- Ennis, Inc. (the “Company”), (NYSE: EBF), today reported financial results for the quarter and fiscal year ended February 28, 2023. Highlights include:
Financial Overview
The Company’s revenues for the fourth quarter ended February 28, 2023 were $102.7 million compared to $99.7 million for the same quarter last year, an increase of 3.0%. The increase was attributable to $1.4 million in revenues from our recent acquisition of School Photo Marketing, as well as price increases that were partially offset by volume decreases attributable in part to seasonal factors. Gross profit margin was $28.4 million, or 27.6%, as compared to $27.4 million, or 27.5% for the same quarter last year. Our gross profit margin decreased on a sequential basis from 30.4% for the third quarter ended November 30, 2022 to 27.6%. Our margin during the period was negatively impacted by a decrease in revenue volume, increased cost of material and labor, and to a lesser extent by the acquisition of School Photo Marketing at the beginning of its low margin off-season. Our net earnings for the quarter were $12.2 million, or $0.47 per diluted share as compared to $6.7 million, or $0.26 per diluted share for the same quarter last year. Quarterly net earnings results were favorably impacted by a $5.8 million gain or $0.17 per diluted share from the sale of an unused manufacturing facility.
The Company’s revenues for the fiscal year ended February 28, 2023 were $431.8 million compared to $400.0 million for the prior fiscal year, an increase of 8.0%. Gross profit margin was $131.1 million, or 30.3%, as compared to $114.7 million, or 28.7% for the prior fiscal year. Net earnings for the fiscal year were $47.3 million or $1.82 per diluted share, compared to $29.0 million, or $1.11 per diluted share for the prior fiscal year. The $5.8 million gain from the sale of an unused manufacturing facility impacted the current fiscal year results by $0.17 per diluted share.
Keith Walters, Chairman, Chief Executive Officer and President, commented by stating, "We are pleased with our performance for the fourth quarter. Throughout our fiscal year ended February 28, 2023, we experienced strong demand for our products and navigated a challenging environment with supply chain disruptions and inflationary cost pressures not seen in decades. Our revenues and operating income for the quarter improved on a year-over-year basis. Our EBITDA increased from $60.7 million (15.2% of sales) for the fiscal year ended February 28, 2022 to $82.3 million (19.1% of sales) for the fiscal year ended February 28, 2023. In the fourth quarter, EBITDA increased from $15.8 million (15.8% of sales) to $20.5 million (19.9% of sales) over last year's fourth quarter. During the quarter we sold an unused manufacturing facility which resulted in a $5.8 million gain and increased our diluted earnings per share $0.17. Our Gross profit margin increased to 30.3% for the current fiscal year compared to 28.7% for the prior fiscal year, an increase of 1.6%. Increased foreign imports and demand declines have currently stabilized price increases of North American printing & writing paper. The extent to which import pressures remain in place will likely play a major role in price stability or decreases. We continue to monitor incoming order volumes as well as rising raw material and other input costs so that we can proactively adjust our
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Ennis, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:
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Net earnings were impacted by increased revenues and a $5.8 million gain from disposal of assets that added $0.17 per share.
In addition to the risk factors discussed under the caption Risk Factors in Item 1A of this Annual Report, some of the key challenges of our business include the following: COVID-19 Pandemic Our sales were significantly impacted by economic conditions driven by the COVID-19 pandemic and resulted in a decrease in sales volume and earnings in fiscal year 2021.
Our increase in working capital primarily reflects the increase in cash, $10.4 million, accounts receivable $1.1 million and inventory $5.6 million offset by the increase in our accounts payable, $1.9 million.
A discounted cash flow analysis requires management to make various assumptions about future sales, operating margins, capital expenditures, working capital and growth rates.
If the financial health of our customers deteriorates, the timing and level of payments received could be impacted and therefore, could result in a change to our estimated losses.
Also, continued changes in the...Read more
Improved operational efficiencies and pricing...Read more
The increase in our cash...Read more
Our gross profit margin (?margin?)...Read more
Our SG&A expenses increased approximately...Read more
While U.S. mortality has been...Read more
Any actual impact on the...Read more
Cash provided by operating activities...Read more
The primary cash requirements of...Read more
Our margin decreased slightly from...Read more
Our increase in working capital...Read more
Despite these challenges, our disciplined...Read more
The decrease in expense was...Read more
The acquisition of AmeriPrint, which...Read more
Our decreased operational cash flows...Read more
The funding of our Pension...Read more
Stock Repurchase ? The Board...Read more
Our selling, general, and administrative...Read more
Our sales for the period...Read more
In addition, we will continue...Read more
We have been adjusting our...Read more
Primarily due to factors described...Read more
The decrease in our cash...Read more
Our decreased operational cash flows...Read more
The acquisition of AmeriPrint, and...Read more
For the February 28, 2023...Read more
The $0.3 million gain from...Read more
The impact on future longevity...Read more
This Management?s Discussion and Analysis...Read more
Approximately $17.1 million, $14.6 million,...Read more
We intend to continue to...Read more
Our acquisitions during fiscal years...Read more
Pension Plan ? The funded...Read more
Included in our financial results...Read more
Our effective tax rates for...Read more
The Company expects to continue...Read more
(Gain) loss from disposal of...Read more
The $5.9 million gain from...Read more
We were also confronted with...Read more
Our net sales increased from...Read more
Our net sales increased from...Read more
The $0.4 million gain from...Read more
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Financial Statements, Disclosures and Schedules
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Ennis, Inc. provided additional information to their SEC Filing as exhibits
Ticker: EBF
CIK: 33002
Form Type: 10-K Annual Report
Accession Number: 0000950170-23-021681
Submitted to the SEC: Fri May 12 2023 2:50:20 PM EST
Accepted by the SEC: Fri May 12 2023
Period: Tuesday, February 28, 2023
Industry: Manifold Business Forms