Ennis, Inc. has recently released its 10-Q report for the period ended May 31, 2024. The company, formerly known as Ennis Business Forms, Inc., was incorporated in 1909 and is headquartered in Midlothian, Texas. Ennis is primarily engaged in manufacturing and selling business forms and other printed business products in the United States. The company operates 57 manufacturing plants throughout the United States and distributes its products primarily through independent distributors.
In the 10-Q report, Ennis discussed its business challenges, including the transformation of its product portfolio, production capacity, and price competition within the industry, and the continued consolidation of its customers. The company also highlighted critical accounting estimates related to its pension plan, impairment assessments on goodwill and other intangible assets, allowance for credit losses and accounts receivable, and allowance for excess and obsolete inventories.
In terms of financial performance, for the three months ended May 31, 2024, Ennis reported net sales of $91,502 compared to $94,265 for the same period in 2023. The company's gross profit margin was 29.6% in 2024, slightly lower than the 30.2% margin in 2023. Ennis reported an operating income of $7,374 for the three months ended May 31, 2024, compared to $8,896 for the same period in 2023. The net income attributable to Ennis, Inc. was $5,164 for the three months ended May 31, 2024, compared to $6,432 for the same period in 2023.
The company's total assets were $679,403 as of May 31, 2024, compared to $676,858 as of February 29, 2024. Ennis reported total liabilities of $201,900 as of May 31, 2024, compared to $196,111 as of February 29, 2024. The company's cash provided by operating activities was $8,377 for the three months ended May 31, 2024, compared to $8,412 for the same period in 2023.
Ennis' 10-Q report provides a detailed insight into the company's financial performance, business operations, and challenges faced in the current market environment. The market has reacted to these announcements by moving the company's shares 0.0% to a price of $22.06. Check out the company's full 10-Q submission here.
