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Exhibit 99.1
FOR IMMEDIATE RELEASE
ENNIS, INC. REPORTS RESULTS
FOR THE QUARTER AND YEAR ENDED FEBRUARY 28, 2021, SETS RECORD
DATE FOR ANNUAL SHAREHOLDER MEETING & INCREASES QUARTERLY DIVIDEND
Midlothian, TX. April 20, 2021 -- Ennis, Inc. (the “Company”), (NYSE: EBF), today reported financial results for the quarter and fiscal year ended February 28, 2021. Highlights include:
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Revenues were $89.9 million for the quarter, a decrease of $16.7 million or 15.7% for the comparative quarter and $358.0 million for the fiscal year, a decrease of $80.4 million, or 18.3% for the comparative fiscal year. |
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Earnings per diluted share for the current quarter were $0.20 compared to $0.33 for the comparative quarter last year. Earnings per diluted share were $0.93 for the fiscal year as compared to $1.47 for the last fiscal year. Quarterly results were impacted by a pension settlement charge related to a large amount of lump-sum distributions paid to retirees. The settlement charge of $1.6 million impacted quarterly results by $0.05 per share. |
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Our gross profit margin for the quarter increased on a comparative quarter basis from 28.1% to 29.6%. Gross profit margin was 29.0% for the fiscal year compared to 29.4% for the prior fiscal year. |
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The Board declared the amount of the next quarterly dividend early and increased it 11%, from $0.225 to $0.25 per share. |
Financial Overview
The Company’s revenues for the fourth quarter ended February 28, 2021 were $89.9 million compared to $106.7 million for the same quarter last year, a decrease of 15.7%. Gross profit margin was $26.6 million, or 29.6%, as compared to $29.9 million, or 28.1% for the same quarter last year. Net earnings for the quarter were $5.1 million, or $0.20 per diluted share as compared to $8.6 million, or $0.33 per diluted share for the same quarter last year.
The Company’s revenues for the fiscal year ended February 28, 2021 were $358.0 million compared to $438.4 million for the prior fiscal year, a decrease of 18.3%. Gross profit margin was $103.8 million, or 29.0%, as compared to $128.9 million, or 29.4% for the prior fiscal year. Net earnings for the fiscal year were $24.1 million or $0.93 per diluted share, compared to $38.3 million, or $1.47 per diluted share for the prior fiscal year.
Keith Walters, Chairman, Chief Executive Officer and President, commented by stating, “Our fourth quarter operational performance was largely in line with our expectations given the challenging environment presented by the coronavirus (COVID-19) pandemic. Management’s ability to adjust operations and costs during the changing circumstances throughout the year allowed us to preserve and improve our gross profit margins, 29.6% for the current quarter compared to prior year quarter of 28.1% and 29.0% for the fiscal year compared to 29.4% for the prior fiscal year. There were a greater number of retirees this year electing lump-sum distributions rather than an annuity which impacted actuarial determinations. The financial impact was to require a larger settlement charge to earnings, in addition to the usual service and interest charge normally expensed. In addition, our pension obligations declined by approximately $3 million as result of a large number of lump sum distributions. This charge impacted earnings by $0.05 per share for the quarter. Earnings from operations increased as a percentage of sales from the comparative quarter, $9.5 million or 10.6% of sales as compared to $10.9 million or 10.3% of sales for the comparative quarter.
We continued to invest in our business, including our most recent acquisition of Infoseal at the end of 2020, a leader in the production of pressure seal documents. This well-known brand brings added capabilities and expertise to our expanding product offering including our existing VersaSeal pressure seal product line. Infoseal products are sold through
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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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The increase in expense was primarily the result of an increase in our pension expense of $2.7 million, of which $1.6 million was a settlement charge as a result of the lump sums paid out from our Pension Plan in fiscal year 2021 that were greater than the service cost and interest cost for the fiscal year.
The higher effective tax rate for fiscal year 2021 was primarily impacted by permanent nondeductible expenses and settlement of certain state and local tax matters.
A discounted cash flow analysis requires management to make various assumptions about future sales, operating margins, capital expenditures, working capital and growth rates.
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.
While no change was made to the base mortality table, Pre-2012, we adopted the new MP-2020 mortality improvement scale.
During the period, our days'...Read more
Also, continued changes in the...Read more
Also, continued changes in the...Read more
Our gross profit margin ("margin")...Read more
In particular, our competition was...Read more
Regardless of these factors, many...Read more
Our decreased operational cash flows...Read more
Our SG&A expenses increased approximately...Read more
The decrease in our cash...Read more
The updated mortality improvement scale...Read more
The decrease in expense related...Read more
As the economy has improved,...Read more
Each of these factors negatively...Read more
Our increased operational cash flows...Read more
These three positive factors were...Read more
During the period, our cash...Read more
The acquisition of Infoseal, which...Read more
The acquisitions of Integrated, which...Read more
Consistent with our historical practice,...Read more
Our net sales decreased from...Read more
Our margin decreased from 30.8%...Read more
As a percentage of sales,...Read more
Our selling, general, and administrative...Read more
The slightly higher effective tax...Read more
As of February 28, 2021,...Read more
The $0.2 million gain from...Read more
The 50 basis point reduction...Read more
The recent approval and distribution...Read more
This Management's Discussion and Analysis...Read more
? Receivable and Inventory Management:...Read more
Our manufacturing costs decreased from...Read more
It is unclear whether this...Read more
Additionally, we will carefully review...Read more
During the previous fiscal year,...Read more
The increase in our cash...Read more
Our acquisitions during fiscal years...Read more
Our acquisitions during fiscal years...Read more
Our margin during the period...Read more
Our effective tax rates for...Read more
(Gain) loss from disposal of...Read more
Our net sales increased from...Read more
The $0.4 million gain from...Read more
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: 0001564590-21-025391
Submitted to the SEC: Fri May 07 2021 11:55:46 AM EST
Accepted by the SEC: Fri May 07 2021
Period: Sunday, February 28, 2021
Industry: Manifold Business Forms