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Apparel Segment sales up at Ennis

23 Dec '06
3 min read

Ennis Inc reported financial results for the three and nine months ended November 30, 2006. For the quarter, net sales increased by $20.0 million, or 15.2% to $151.7 million for the three months ended November 30, 2006 from $131.7 million for the three months ended November 30, 2005. Sales in the Print Segment increased 10.0% for the quarter from $77.8 million to $85.6 million. Our Apparel Segment sales increased from $53.9 million to $66.1 million, or 22.6% for the quarter.

Overall, our margins during the current quarter were 25.0%, compared to 27.0% for the three months ended November 30, 2005. Our apparel margins for the current quarter were 24.2%, compared to 27.5% for the same quarter last year.

Our print margins for the current quarter were 25.7%, compared to 26.8% for the same quarter last year. Our apparel margins during the quarter were impacted by our fleece product sales. Also, since these products are imported products they do not contribute to our manufacturing absorption.

The decline in our print margins was primarily due to raw material costs increases and product mix changes. Net earnings for the quarter increased by approximately $700,000, or 6.9%, from $10.1 million for the three months ended November 30, 2005 to $10.8 million for the three months ended November 30, 2006. Diluted earnings (EPS) increased 7.7%, from $.39 per share to $.42 per share for the three months ended November 30, 2005 and 2006, respectively.

Included in the prior years' results was a non-reoccurring trademark settlement gain, without this impact our net earnings would have been $9.5 million for the quarter and our diluted earnings per share $.37 per share.

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