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Ennis Business Forms Reports 2Q Results, Sales Stable at $58 Million

Tuesday, September 11, 2001

Press release from the issuing company

DESOTO, Texas- Sept. 10, 2001--Ennis Business Forms, Inc. today reported operating results for its second quarter ended August 31, 2001. For the second quarter ended August 31, 2001, net sales amounted to $58,695,000 compared to $58,806,000 for the same period last year, which was relatively unchanged. Net earnings for the quarter amounted to $4,047,000 or $.25 per diluted share, compared to $3,785,000, or $.23 per diluted share for the corresponding period last year, an increase of 6.9%. Per share earnings computations were based on 16,271,913 shares for the quarter compared to 16,251,223 shares for the prior period. For the six months ended August 31, 2001, net sales amounted to $118,518,000 compared to $108,153,000 for the same period last year, an increase of 9.6%. Net earnings for the six months amounted to $7,455,000 or $.46 per diluted share, compared to $7,639,000 or $.47 per diluted share for the corresponding period last year, a decrease of 2.4%. Per share earnings computations were based on 16,271,421 shares for the six months compared to 16,225,760 shares for the prior period. The relatively minor change in net sales in the second quarter ended August 31, 2001 resulted from a 2.7% decrease in the Forms Solutions Group which was a result of weakness in the general economy. This was mitigated by a 2.4% increase in revenue in the Financial Solutions Group - Northstar Computer Forms, Inc. (Northstar), and a .1% increase in the Promotional Solutions Group. The 9.6% increase in net sales in the six months ended August 31, 2001 resulted from a 12.1% increase in Northstar which we acquired in June, 2000, and a .1% increase in the Promotional Solutions Group. This was mitigated by a 2.6% decrease in revenue in the Forms Solutions Group which was a result of the continued weakness in the general economy. The increase in net earnings in the second quarter ended August 31, 2001 when compared to the same period last year resulted from Northstar, which contributed approximately $.03 per diluted share, net of interest expense, and the Promotional Solutions Group which contributed $.01 per diluted share. This was offset by a $.02 decline in the Forms Solutions Group due to the decline in the revenues as noted above. The decrease in net earnings for the six months ended August 31, 2001 when compared to the same period last year was due to the decline in the revenues of the Forms Solutions Group as noted above. This accounted for approximately $.06 per diluted share of the decline. Northstar, net of interest expense, contributed approximately $.04 per diluted share and the Promotional Solutions Group contributed $.01 per diluted share.

 

 

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