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Ennis' apparel sector continues to show strong sales growth
21
Dec '10
Ennis Inc reported financial results for the three and nine months ended November 30, 2010.

YTD Highlights

• Consolidated revenues for the nine months ended November 30, 2010 were $418.6 million compared to $396.4 million for the same period ended last year, an increase of $22.2 million or 5.6%.
• Consolidated gross profit margins increased 280 basis points (“bps”) over the comparable nine month period last year.
• Diluted earnings per share increased from $0.98 per share for the same period last year to $1.34 for the current period, or an increase of 36.7%.

Keith Walters, Chairman, Chief Executive Officer and President, commented as follows, “We continue to be pleased with our operational results this year. Operationally, both sectors continue to show strong margins for the quarter. Apparel margins were up 150 bps over the comparable quarter last year and 510 bps for the year. Against stronger comps, our Apparel sector continues to show strong sales growth, with an increase of 14.2% during the quarter.

“We continue to be concerned with the potential impact of cotton pricing on our operational results for the fourth quarter and fiscal year 2012. Our ability to manage this potential cost increase will be dependent upon many factors, a number of which are outside our control. Examples are the continued economic recovery of the United States, availability of cotton and the pricing policies of our competitors.

“The construction of our new apparel manufacturing facility in Agua Prieta, Mexico continues to progress. We were testing processes, calibrating equipment and training employees during the quarter. We continue to anticipate potential cost savings to be realized once this facility reaches its full production capacity. Many challenges remain in the fourth quarter and for fiscal year 2012. We will continue to be vigilant to deliver the planned results.”

Financial Overview

For the quarter, consolidated net sales increased by $7.0 million, or 5.5%, from $127.8 million for the quarter ended November 30, 2009 to $134.8 million for the quarter ended November 30, 2010. Print sales for the quarter were $69.5 million, compared to $70.6 million for the same quarter last year, or a decrease of 1.5%. Apparel sales for the quarter were $65.3 million, compared to $57.2 million for the same quarter last year, or an increase of 14.2%.

Overall gross profit margins increased from 26.8% to 27.1% for the quarters ended November 30, 2009 and November 30, 2010, respectively. Print margins decreased from 28.5% to 27.9%, and Apparel margins increased from 24.8% to 26.3%, for the quarters ended November 30, 2009 and November 30, 2010, respectively. Net earnings increased from $9.2 million, or 7.2% of sales, for the quarter ended November 30, 2009 to $9.6 million, or 7.2% of sales, for the quarter ended November 30, 2010. Diluted EPS increased from $0.36 per share to $0.37 pershare for the quarters ended November 30, 2009 and November 30, 2010, respectively.

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