Ennis reports Q1 EPS 35c vs. 39c last year

Reports Q1 revenue $92.7M vs. $97.4M last year. CEO Keith Walters commented, “Our performance for the quarter met our expectations. While competitive pricing placed downward pressure on our top line resulting in reduced volume, our gross profit margin showed an increase of 20 basis points from the sequential quarter, increasing from 29.3% to 29.5% and an increase of 110 basis points compared to 28.4% in the same prior year quarter. Our EBITDA declined slightly at $16.5M or 17.8% of sales for the current quarter compared to the preceding quarter, $18.2M or 18.2% of sales and compared to the same quarter last year $18.1M or 18.6% of sales. We have completed the implementations of our ERP systems at our recent acquisitions and are beginning to see the margins of most of the acquired businesses to expected levels. These acquisitions generated approximately $2.5M in revenues for the quarter and $13.2M in revenues for the year…We continue to maintain a strong financial position with $72.5M in cash and short-term investments and no debt. This year, we returned $92.0M to shareholders in dividends which included a special dividend of $2.50 per share during the year. Our profitability and strong financial condition will allow us to continue operations and take advantage of acquisitions without incurring debt. Given those strengths, we also anticipate timely access to credit should larger acquisition opportunities materialize. We continue to focus on returning value to shareholders by delivering profitability and through our quarterly dividends.”