Ennis Announces Results, Adds $5 Million to Stock Repurchase Program

This week, the company also announced that the board of directors approved an additional $5 million be added to the company's stock repurchase program.

"The decision to add an additional $5 million to the company's stock repurchase program, along with our board's recent decision to raise our dividend rate, reflects the confidence of both management and our board in the company's continued business strength," said Keith Walters, chairman, president and chief executive officer of Ennis Inc. "With this addition, the company will have almost $9 million available for share repurchases. We believe that the purchase of our shares, given the current price at which the common stock is trading, relative to the company's earnings per share and book value per share, is a solid investment in the company and will add to shareholder value."

Under the repurchase program, shares may be purchased from time to time in the open market or through privately negotiated transactions depending on market conditions, share price, trading volume and other factors, and such purchases, if any, will be made in accordance with applicable insider trading and other securities laws and regulations. These repurchases may be commenced or suspended at any time or from time to time without prior notice.

"While the short-term landscape for apparel appears somewhat challenged, the two print acquisitions will help offset those challenges from an earnings and sales perspective in the next year. We feel good about the long-term prospects of both sectors and as such our board approved an increase in our share buy-back program and recently announced a 13 percent increase in our quarterly dividend amount," Walters said. "No matter what directions fiscal year 2013 takes, you can be assured that we will remain vigilant to the task at hand."

Ennis Announces Quarter and Year Results, Adds $5 Million to Stock Repurchase Program