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Ennis Apparel Segment revenues up 4.8% for 9-months period

25
Dec '08
Ennis Inc reported financial results for the three and nine months ended November 30, 2008. Our consolidated net sales decreased by $15.7 million, or 9.9%, from $158.2 million for the quarter ended November 30, 2007 to $142.5 million for the quarter ended November 30, 2008.

Our Print sales were $82.6 million, compared to $88.7 million for the same quarter last year, or a decrease of 6.9%. Apparel sales were $59.9 million, compared to $69.5 million for the same quarter last year, or a decrease of 13.8%. Our overall gross profit margins ("margins") were 26.6% for both current and prior year third quarters.

Our Print margins decreased slightly from 26.8% to 26.4%, while our Apparel margins increased from 26.2% to 26.9%. Our earnings decreased from $11.6 million, or $.45 per diluted share, for the quarter ended November 30, 2007 to $9.9 million, or $.38 per diluted share, for the quarter ended November 30, 2008.

Net sales increased from $461.1 million for the nine months ended November 30, 2007 to $466.7 million for the nine months ended November 30, 2008, or 1.2%. Our Print sales for the period were $253.3 million, compared to $257.4 million for the same period last year. Apparel sales for the period were $213.4 million, compared to $203.6 million for the same period last year. Our overall margins were 25.2% for the period, compared to 27.1% for the same period last year.

For the period, our Print margins decreased slightly from 27.0% to 26.8%, while our Apparel margins decreased from 27.1% to 23.3% due to higher cotton and commodity prices. Net earnings decreased from $33.5 million, or $1.30 per diluted share, for the nine months ended November 30, 2007 to $30.2 million, or $1.17 per diluted share, for the nine months ended November 30, 2008.

The Company, during the quarter ended November 30, 2008, generated $19.5 million in EBITDA (earnings before interest, taxes, depreciation, and amortization) compared to $23.4 million for the comparable quarter last year. For the nine month period, the Company generated $59.9 million in EBITDA, compared to $68.7 million for the comparable period last year. Cash flow from operations increased from $17.6 million for the nine months ended November 30, 2007 to $36.2 million for the same period this year.

Keith Walters, Chairman, President and CEO, commented by saying, “Fiscal year 2009 continues to be a challenging year given the general economic climate, competitors' pricing strategies, volatility of commodity prices, etc. Our Print Segment's top-line has been, and is continuing to be, impacted by the general economic climate; however, we are now starting to see this impact spill over into our Apparel Segment."

"Since mid-October overall economic conditions, consumer confidence and consumer/corporate spending have dramatically deteriorated. T-shirt demand, which we had believed to be somewhat recession proof and had been through mid-October, has been significantly impacted by the rapid and unprecedented change in the macro environment."


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