Ennis Inc. Reports Apparel Sales Increased $3.7 Million
For the fiscal year, consolidated net sales increased from $533.5 million for the year ended February 28, 2013 to $542.4 million for the year ended February 28, 2014, or an increase of 1.7 percent. Print sales for the year increased $5.2 million or 1.6 percent, from $334.7 million to $339.9 million, while apparel sales for the year increased $3.7 million or 1.9 percent, from $198.8 million to $202.5 million. Consolidated margin increased from 23.3 percent to 26.5 percent for the fiscal years ended 2013 and 2014, respectively. For the fiscal year by segment, print margin increased from 29.2 percent to 29.7 percent, and apparel margin increased from 13.2 percent to 21.1 percent due to lower input costs and increased production levels. Net earnings for the period decreased from $24.7 million, or 4.6 percent of net sales for the fiscal year ended February 28, 2013, to $13.2 million, or 2.4 percent of net sales for the fiscal year ended February 28, 2014, due to the goodwill and trademark impairment charge of $24.2 million in the fourth quarter. Diluted earnings per share decreased from $0.95 to $0.50 for each year, respectively. Excluding the impairment charge, non-GAAP net earnings for the year would have been approximately $35.3 million, or approximately $1.35 per diluted share.