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Exhibit 99.1
FOR IMMEDIATE RELEASE
ENNIS, INC. REPORTS RESULTS
FOR THE YEAR AND QUARTER ENDED FEBRUARY 28, 2015 and SETS RECORD DATE
FOR ANNUAL SHAREHOLDER MEETING
Midlothian, TX. April 27, 2015 Ennis, Inc. (the Company), (NYSE: EBF), today reported financial results for the quarter and fiscal year ended February 28, 2015. Highlights for the year include:
| Consolidated net sales increased 6.1% for the quarter and 7.0% for the year. |
| Print sales increased 7.3% for the quarter and 11.9% for the year. |
| Apparel sales increased 3.5% over the comparable quarter and its margin improved 240 basis points on a linked quarter basis. |
| Adjusted diluted earnings per share (a non-GAAP measure) for the quarter increased from $.30 per share to $.34 per share. |
Financial Overview
The Companys consolidated net sales for the quarter ended February 28, 2015 were $140.2 million compared to $132.1 million for the same quarter last year, an increase of 6.1%. Print sales increased 7.3% from $89.9 million to $96.5 million and apparel sales increased 3.5% from $42.3 million to $43.8 million. Consolidated gross profit margin (margin) was $35.4 million for the quarter, or 25.2%, compared to $33.6 million, or 25.4% for the same quarter last year. Print margin was 29.2% for the quarter compared to 28.4% for the same quarter last year, while apparel margin was 16.6% for the quarter compared to 19.0% for the comparable quarter last year. While apparel margin continues to be negatively impacted by marketplace dynamics, it increased more than 240 basis points over its linked quarter margin of 14.2% and 180 basis points over its November 30, 2014 year-to-date margin of 14.8%. Net earnings (loss) for the quarter was $8.6 million, or $0.34 per diluted share as compared to $(14.5) million, or $(0.55) per diluted share for the same quarter last year, which prior year results were impacted by a goodwill and trademark impairment charge of $24.2 million relating to the apparel division.
For the fiscal year, consolidated net sales increased from $542.4 million for the year ended February 28, 2014 to $580.2 million for the year ended February 28, 2015, or an increase of 7.0%. Print sales were $380.4 million compared to $339.9 million for the same period last year, an increase of $40.5 million, or 11.9%, while apparel sales decreased $2.6 million, or 1.3% from $202.5 million to $199.9 million. Consolidated margin for the period was $145.5 million, or 25.1%, compared to $143.8 million, or 26.5%, for the same period last year. Print margin increased from 29.7% to 30.3%, while apparel margin decreased from 21.1% to 15.2% due to lower selling prices and higher input costs for most of the year. As a result of an impairment charge in the third quarter of this fiscal year and an impairment charge in the fourth quarter of the last fiscal year, the consolidated net earnings (loss) for the 2015 fiscal year was $(44.5) million, or $(1.72) per diluted share and $13.2 million, or $.50 per diluted share for the 2014 fiscal year. Excluding the impairment charges in both fiscal years, non-GAAP net earnings would have been approximately $34.6 million, or approximately $1.34 per diluted share for fiscal 2015 compared to $35.3 million, or $1.35 per diluted share for fiscal 2014.
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Ticker: EBF
CIK: 33002
Form Type: 10-K Annual Report
Accession Number: 0001193125-15-178878
Submitted to the SEC: Fri May 08 2015 11:50:09 AM EST
Accepted by the SEC: Fri May 08 2015
Period: Saturday, February 28, 2015
Industry: Manifold Business Forms