Ennis Business Forms Reports Increased Q4 and Fiscal 2004 Net Earnings
Press release from the issuing company
DESOTO, Texas--April 14, 2004-- Ennis Business Forms, Inc. today reported increased sales and operating results for its fourth quarter and the fiscal year ended February 29, 2004.
"By far the most significant contributor to the Company's increased sales and earnings for the 2004 fiscal year was the addition of Calibrated Forms Co.," Keith Walters, CEO and President of Ennis Business Forms, Inc. stated. "In addition, while not reflected in sales, both the Promotional and Financial Solutions Groups by virtue of successful cost containment programs made significant contributions to earnings while overcoming a difficult economic environment."
For the fourth quarter ended February 29, 2004, net sales amounted to $63,085,000 compared to $67,217,000 for the same period last year, a decrease of 6%. Net earnings for the quarter amounted to $4,875,000 or $0.29 per diluted share, compared to $4,455,000, or $0.27 per diluted share for the corresponding period last year, an increase of 9%. Per share earnings computations were based on 16,675,256 fully diluted shares for the quarter compared to 16,491,824 shares fully diluted for the prior period.
For the twelve months ended February 29, 2004, net sales amounted to $259,360,000 compared to $240,757,000 for the same period last year, an increase of 8%. Net earnings for the twelve months amounted to $17,951,000 or $1.08 per diluted share, compared to $15,247,000 or $0.93 per diluted share for the corresponding period last year, an increase of 18%. Per share earnings computations were based on 16,601,838 fully diluted shares for the twelve months compared to 16,478,140 shares fully diluted for the prior period.
The decline in net sales in the fourth quarter is attributable to a sharp decline in demand for tool and die products, along with the continuation of the relatively weak economic recovery affecting all segments of the business as discussed at the end of the third fiscal quarter. Because of recent increases in business activity, management does not consider this decline to represent a trend for future quarters. Cost containment programs and efficiency improvements instituted earlier in the fiscal year enabled our operating units to more than overcome the net sales declines.
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