MIDLOTHIAN, Texas--Sept. 27, 2004-- Ennis, Inc. today reported operating results for its second quarter ended August 31, 2004.
On June 25, 2004, the Company announced two related transactions, the purchase of Crabar/GBF, Inc. from Centrum Equities, Inc. and the merger between the Company and Centrum Acquisitions, Inc., the parent company of Alstyle Apparel. "These combined transactions will solidify the Company's position in the wholesale manufacturing portion of the business forms industry, and at the same time provide the Company with a new growth product line," stated Keith Walters, Chairman, President and CEO of Ennis, Inc. "Upon completion of these transactions, the combined entities will have annual revenues in excess of $500,000,000. The impact of the Crabar/GBF acquisition on June 30, 2004 is reflected in second quarter operating results, and the merger with Alstyle Apparel is expected to be completed late in the third fiscal quarter."
For the second quarter ended August 31, 2004, net sales amounted to $73,374,000 compared to $65,003,000 for the same period last year, an increase of 12.9%. Net earnings for the quarter amounted to $5,370,000 or $.32 per diluted share, compared to $4,497,000, or $.27 per diluted share for the corresponding period last year, an increase of 19.4%. Per share earnings computations were based on 16,745,451 shares for the quarter compared to 16,609,275 diluted shares for the corresponding period last year.
For the six months ended August 31, 2004, net sales amounted to $139,110,000 compared to $129,877,000 for the same period last year, an increase of 7.1%. Net earnings for the six months amounted to $9,952,000 or $.59 per diluted share, compared to $8,601,000 or $.52 per diluted share for the corresponding period last year, an increase of 15.7%. Per share earnings computations were based on 16,715,645 diluted shares for the six months compared to 16,556,573 shares for the corresponding period last year.
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