Ennis Inc. Reports Results for the Three and Nine Months Ending Nov. 30
As a result, net earnings increased from $6.2 million, or 4.8 percent of net sales, for the 2012 third quarter to $9.3 million, or 6.8 percent of net sales, for the third quarter this year. Diluted earnings per share increased 50 percent from $0.24 for the 2012 quarter to $0.36 for the 2013 quarter.
"With respect to the print segment, our print margin continues to improve as we continue to integrate our acquisitions," Walters said. "We are pleased to expand our market share in envelopes and presentation folders through our new acquisitions during the current quarter."
For the nine month period, consolidated net sales increased from $409.9 million to $410.3 million, or 0.1 percent from the same period last year. Print sales for the nine month period were $250.1 million, compared to $254.9 million for the same period last year, a decrease of $4.8 million, or 1.9 percent. Apparel sales for the nine month period were $160.2 million, compared to $155 million for the same period last year, or an increase of $5.2 million or 3.4 percent. Apparel unit sales increased 9.8 percent for the period, while average selling price per unit decreased 6.4 percent. The consolidated margin increased from 22.6 to 26.9 percent for the respective nine-month periods in 2012 and 2013.
Print margin increased during the period from 29.1 to 30.2 percent, as a result of the elimination of duplicative costs associated with the integration of acquisitions. Apparel margin increased 970 basis points from 12 to 21.7 percent for the comparable nine month period, due to lower input costs and increased production levels.
Net earnings increased from $17.6 million, or 4.3 percent of net sales, to $27.7 million, or 6.7 percent of net sales, from last year to this year during the same nine months. Diluted earnings per share increased 55.9 percent from $0.68 in 2012 compared to $1.06 in 2013 during the nine-month time frame.