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Ennis Business Forms Reports 1Q Earnings, Acquisition Increases Sales

Press release from the issuing company

DESOTO, Texas--June 11, 2001--Ennis Business Forms, Inc. today reported operating results for its first quarter ended May 31, 2001. For the first quarter ended May 31, 2001, net sales amounted to $59,823,000 compared to $49,347,000 for the same period last year, an increase of 21.2%. Net earnings for the quarter amounted to $3,408,000 or $.21 per diluted share, compared to $3,854,000, or $.24 per diluted share for the corresponding period last year, a decrease of 11.6%. Per share earnings computations were based on 16,270,761 shares for the quarter compared to 16,191,808 shares for the prior period. The increase in net sales in the first quarter ended May 31, 2001 resulted from Northstar Computer Forms, Inc. (Northstar), which we acquired in June, 2000 and accounted for an increase of 23.8%. This was mitigated by a 2.6% decline in revenue in the Forms Solutions Group which was a result of weakness in the general economy. The decrease in net earnings in the first quarter ended May 31, 2001 when compared to the same period last year resulted almost entirely from the Forms Solutions Group due to the decline in revenues as noted above. This accounted for approximately $0.04 per diluted share of the decline. Northstar, net of interest expense, contributed approximately $0.01 per diluted share for the quarter.

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