Midlothian, Texas-based Ennis Inc. has reported financial results for the first quarter ended May 31, 2010.
For the quarter, consolidated net sales increased by $9.9 million, or 7.6 percent, from $130.8 million for the quarter ended May 31, 2009 to $140.7 million for the quarter ended May 31, 2010. Print sales for the quarter were $67.8 million, compared to $71.7 million for the same quarter last year, or a decrease of 5.4 percent. Apparel sales for the quarter were $73 million, compared to $59.1 million for the same quarter last year, or an increase of 23.5 percent. Overall gross profit margins ("margins") increased from 23.7 percent to 30 percent for the quarters ended May 31, 2009 and May 31, 2010, respectively. Print margins increased from 26.4 percent to 30.3 percent, and Apparel margins increased from 20.4 percent to 29.7 percent, for the quarters ended May 31, 2009 and May 31, 2010, respectively. Net earnings for the quarter increased from $6.6 million, or 5.1 percent of sales, for the quarter ended May 31, 2009 to $13 million, or 9.3 percent of sales, for the quarter ended May 31, 2010. Diluted EPS increased from $0.26 per share to $0.50 per share for the quarters ended May 31, 2009 and May 31, 2010, respectively. The company, during the quarter, generated $23.7 million in EBITDA (earnings before interest, taxes, depreciation and amortization) compared to $14.3 million for the comparable quarter last year.