DESOTO, Texas--Sept. 26, 2003-- Ennis Business Forms, Inc. today reported operating results for its second quarter ended August 31, 2003.
"The Company continues to cope with the general weakness in both the general economy and the forms industry," Keith Walters, CEO and President of Ennis Business Forms, Inc. stated. "The acquisition of Calibrated Forms Co., Inc. in November, 2002 is clearly providing a boost to both revenues and earnings. The Company is continuing to focus on cross-selling opportunities and controlling costs in dealing with the vicissitudes in the economy."
For the second quarter ended August 31, 2003, net sales amounted to $65,003,000 compared to $56,646,000 for the same period last year, an increase of 14.8%. Net earnings for the quarter amounted to $4,497,000 or $.27 per diluted share, compared to $3,817,000, or $.23 per diluted share for the corresponding period last year, an increase of 17.8%. Per share earnings computations were based on 16,609,275 shares for the quarter compared to 16,499,106 shares for the prior period.
For the six months ended August 31, 2003, net sales amounted to $129,877,000 compared to $114,389,000 for the same period last year, an increase of 13.5%. Net earnings for the six months amounted to $8,601,000 or $.52 per diluted share, compared to $7,117,000 or $.43 per diluted share for the corresponding period last year, an increase of 20.9%. Per share earnings computations were based on 16,556,573 shares for the six months compared to 16,495,892 shares for the prior period.
The increases in sales and net earnings for both the quarter and six months ended in August 2003 were primarily attributable to the contribution of Calibrated Forms Co., Inc. which was acquired in November 2002, and became part of the Forms Solutions Group. The remaining units of the Forms Solutions Group contributed a small sales decline, but were able to maintain a modest earnings increase. The Promotional Solutions Group recorded declines in sales and earnings for both periods reported, primarily due to the impact of general economic conditions. The Financial Solutions Group contributed modest sales increases and improved earnings, which reflects decreases in interest charges along with the continuing emphasis on cost controls.
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