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Ennis Business Forms, Inc. Reports Q1 Results

Press release from the issuing company

DESOTO, Texas--June 16, 2003-- Ennis Business Forms, Inc. today reported operating results for its first quarter ended May 31, 2003. For the first quarter ended May 31, 2003, net sales amounted to $64,874,000 compared to $57,743,000 for the same period last year, an increase of 12.3%. Net earnings for the quarter amounted to $4,104,000 or $.25 per diluted share, compared to $3,300,000, or $.20 per diluted share for the corresponding period last year, an increase of 24.4%. Per share earnings computations were based on 16,506,482 shares for the quarter compared to 16,493,293 shares for the corresponding prior period. The increase in revenues of 12.3% is the result of the inclusion of Calibrated Forms Co., Inc. revenues of $9,456,000 for the full fiscal quarter, offset by a decrease of 2.6% from the remaining portion of the Forms Solutions Group and a 1.4% decrease in the Promotional Solutions Group. Revenues in the Financial Solutions Group were flat. The increase in net earnings was also primarily attributable to Calibrated Forms Co., Inc. Calibrated Forms Co., Inc. contributed 16% of the increase in earnings. The balance of the Forms Solutions Group collectively decreased earnings by 3.0%. Despite the decline in revenues by the Promotional Solutions Group and flat revenues in the Financial Solutions Group, these segment contributed earnings increases of 2.2% and 6.6%, respectively.