Ennis, Inc. (NYSE: EBF) has reported its financial results for the first quarter ended May 31, 2024. The company's revenues for the quarter were $103.1 million, a decrease of $8.2 million or 7.4% compared to the same quarter last year when revenues were $111.3 million.
The gross profit margin for the quarter was reported at 30.0%, down from 30.6% for the comparative quarter last year. Net earnings for the quarter were $10.7 million, with earnings per diluted share at $0.41, compared to $11.6 million and $0.45 per diluted share for the same quarter last year, respectively.
Ennis, Inc.'s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased from $18.1 million in the previous quarter to $19.0 million in the current quarter. The percentage of EBITDA to sales remained steady at 18.4%.
The company repurchased 91,883 shares of its common stock in the open market at an average price of $19.79 per share during the quarter and increased its investment in U.S. government treasury bills by $2.6 million.
Furthermore, the board of directors declared a quarterly cash dividend of 25.0 cents per share on the company's common stock, payable on August 5, 2024, to shareholders of record on July 5, 2024.
Ennis, Inc., founded in 1909, is one of the largest private-label printed business product suppliers in the United States, with production and distribution facilities strategically located throughout the country. The company manufactures and sells a wide range of business products including forms, printed and electronic media, labels, presentation products, advertising specialties, and more. The market has reacted to these announcements by moving the company's shares 3.5% to a price of $21.61. For more information, read the company's full 8-K submission here.
