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Ennis, Inc. Reports Results for the Quarter and Year Ended February 28, 2006

Tuesday, April 25, 2006

Press release from the issuing company

MIDLOTHIAN, Texas--April 24, 2006-- Ennis, Inc., today reported financial results for the quarter and the year ended February 28, 2006. Financial Overview For the year, net sales increased by approximately $194.0 million, or 53.1% from $365.4 million for the year ended February 28, 2005 to $559.4 million for the year ended February 28, 2006. Sales in the Print Solutions segment for the period were $321.4 million, compared to $309.3 million for the same period last year. The Apparel Solutions segment sales for the period were $238.0 million, compared to $56.1 million for the period from the acquisition date (November 19, 2004) to February 28, 2005. Due to improved margins realized at the Apparel Group during the year, the Company's margins improved from 24.8% to 25.3% for fiscal years 2005 and 2006, respectively. Net earnings for the year increased by $17.5 million, or 76.6% from $23.0 million for the year ended February 28, 2005 to $40.5 million for the year ended February 28, 2006. Diluted earnings increased from $1.19 per share to $1.58 per share for the year ended February 28, 2005 and 2006, respectively. For the fourth quarter, net sales decreased by $4.0 million, or 3.0% from $134.5 for the three months ended February 28, 2005 to $130.5 million for the three months ended February 28, 2006. Net sales in the Print Solutions segment for the quarter were $79.0 million, compared to $82.8 million for the same quarter last year. Sales in the Apparel Solutions segment during the period were $51.5 million, compared to $51.7 million for the same quarter last year. Due to the improved margins at the Apparel Group, the Company's margins during the quarter continued to improve over the prior, from 23.3% for the quarter ended February 28, 2005 to 24.3% for the quarter ended February 28, 2006. Net earnings for the quarter increased by $2.4 million, or 34.8% from $6.9 million for the three months ended February 28, 2005 to $9.3 million for the three months ended February 28, 2006. Diluted earnings for the three months ended February 28, 2006 were $.36 per share, compared to $.27 per share for the three months ended February 28, 2005. The decline in the Print Solutions segment's revenues was due in part to reduced volume from a large customer in the Promotional Solutions group. The Company generated approximately $19.4 million in EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter compared to $18.0 million for the comparable quarter last year, and $90.1 million for the year ended February 28, 2006 compared to $51.3 for the comparable period last year. Keith Walters, Chairman, President & CEO, commented by saying, "We are extremely pleased with our results for the year and with the post-merger operating results of our apparel company which continues to meet or exceed our pro-forma expectations outlined in last year's S-4 filing. Our operating performance for the year was the highest in the Company's history. We were also pleased that our Print segment's sales for the year were up almost 4%, even given the closing of two of our plants and the loss of volume from a large Promotional Group customer. While this industry continues to deal with contraction, we plan to continue to look for opportunities in this market sector to add to our product offerings or improve our geographic presence. We plan to start to look for potential opportunities that may be available in the apparel sector as well."

 

 

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