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Ennis, Inc. (EBF) SEC Filing 10-K Annual report for the fiscal year ending Saturday, February 29, 2020

SEC Filings

EBF Annual Reports

Ennis, Inc.

CIK: 33002 Ticker: EBF

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

 

ENNIS, INC. REPORTS RESULTS

FOR THE QUARTER AND YEAR ENDED FEBRUARY 29, 2020, ADDRESSES COVID-19 AND SETS RECORD DATE FOR ANNUAL SHAREHOLDER MEETING

 

Midlothian, TX. April 20, 2020 -- Ennis, Inc. (the “Company"), (NYSE: EBF), today reported financial results for the quarter and fiscal year ended February 29, 2020.  Highlights include:

 

 

Revenues increased $6.0 million, or 6.0% for the comparative quarter, and $37.6 million, or 9.4%, for the comparative fiscal year.

 

Earnings per diluted share for the current quarter were $0.33 compared to $0.32 for the comparative quarter last year.  Earnings per diluted share were $1.47 for the fiscal year as compared to $1.45 for the last fiscal year.

 

Our plants are essential to the supply chain and are currently functioning.

 

Financial Overview

The Company’s revenues for the fourth quarter ended February 29, 2020 were $106.7 million compared to $100.7 million for the same quarter last year, an increase of 6.0%.  Gross profit margin ("margin") was $29.9 million for the quarter, or 28.1%, as compared to $29.1 million, or 28.9% for the fourth quarter last year.  Net earnings for the quarter were $8.6 million, or $0.33 per diluted share, compared to $8.2 million, or $0.32 per diluted share, for the fourth quarter last year.

 

The Company’s revenues for the fiscal year ended February 29, 2020 were $438.4 million compared to $400.8 million for the prior fiscal year, an increase of 9.4%.  Margin for the fiscal year was $128.9 million, or 29.4%, as compared to $123.4 million, or 30.8% for the prior fiscal year.  Net earnings for the fiscal year were $38.3 million, or $1.47 per diluted share compared to $37.4 million, or $1.45 per diluted share for the prior fiscal year.

 

Keith Walters, Chairman, Chief Executive Officer and President, commented by stating, “Overall we are pleased with our performance for the quarter and the year.  Our gross profit margin percentage for the quarter and the year continues to be impacted by the consolidation and integration of our past four acquisitions completed in 2019, which all had gross profit and operating margins considerably lower than our historical margins.  While we continue to see improvements, we don’t expect to see these acquisitions fully integrated into our systems until sometime in the first half of fiscal year 2021.  With that being said, these acquisitions increased our sales by $55.3 million and added $0.15 to our diluted earnings per share for the year.

Looking forward, we expect fiscal year 2021 to be a very challenging year for the economy in general and in our industry due to the COVID-19 pandemic.  The uncertainty as to the duration and severity of the pandemic makes forecasting the impact extremely difficult at this time.  Given our support of many essential sectors of the economy, including healthcare, government, food and beverage and others, currently our plants have been deemed essential to the supply chain and are operating close to expected utilization levels.  We have developed, and continue to assess, contingency plans covering a multitude of potential scenarios depending on the gravity and length of the pandemic.  Now, more than ever, we are thankful for our strong unlevered balance sheet and cash position.  We recently extended the maturity date of our $100 million credit facility (which was coming up for renewal in August 2020) to November 11, 2021, which allows us access to even more capital if needed.  During these troubling times we will take such actions we deem necessary to support our dividend, concentrate on generating  cash from operations, and continue to explore strategic acquisitions when deemed advantageous to the Company and our shareholders. Our financial position is such that it is highly unlikely we would need government support recently made available under the CARES Act and at this time the Company has no intent to request such aid. Therefore we would not be under any proscribed limitations such as those on stock buy-backs, other than our focus to support our dividend and possible acquisition targets.”

 

 


The following information was filed by Ennis, Inc. (EBF) on Monday, April 20, 2020 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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Ennis, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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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 Preliminary Purchase Price Allocation (Detail)
Acquisitions - Summary Of Purchase Price (Detail)
Commitments And Contingencies
Concentrations Of Risk
Concentrations Of Risk - Additional Information (Detail)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Additional Information (Detail)
Discontinued Operations - Schedule Of Discontinued Operations Related To The Apparel Segment (Detail)
Discontinued Operations - Schedule Of Discontinued Operations Related To The Apparel Segment (Parenthetical) (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 (Tables)
Long-Term Debt - Additional Information (Detail)
Long-Term Debt - Summary Of Long-Term Debt (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)
Quarterly Consolidated Financial Information (Unaudited)
Quarterly Consolidated Financial Information (Unaudited) (Tables)
Quarterly Consolidated Financial Information (Unaudited) - Schedule Of Unaudited Quarterly Financial Data Of Company (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 Stock Options (Detail)
Stock Option Plan And Stock Based Compensation - Summary Of Stock Options Exercised And Tax Benefits Realized From Stock Based Compensation (Detail)
Subsequent Events
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: 0001564590-20-020699
Submitted to the SEC: Mon May 04 2020 12:20:57 PM EST
Accepted by the SEC: Mon May 04 2020
Period: Saturday, February 29, 2020
Industry: Manifold Business Forms

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