Ennis, Inc. Reports $96.4M Q4 Revenue

By Chris Stiles • Monday, April 20 16:10 • Permanent Link

Ennis reported fourth-quarter revenue of $96.4 million, up $3.7 million, or 4.0%, from $92.7 million a year earlier, while full-year revenue slipped $2.2 million, or 0.6%, to $392.4 million from $394.6 million.

Fourth-quarter net earnings were $8.8 million, down from $9.0 million in the prior-year quarter, while diluted earnings per share held at $0.35. For the full year, net earnings rose to $42.6 million from $40.2 million, and diluted earnings per share increased to $1.66 from $1.54.

Gross profit in the quarter increased to $28.1 million from $27.4 million, but gross margin edged down to 29.2% from 29.5%. On a sequential basis, gross margin fell from 31.9% in the third quarter to 29.2% in the fourth quarter.

For the full year, gross profit climbed to $120.4 million from $117.3 million, and gross margin improved to 30.7% from 29.7%.

EBITDA for the quarter was $16.3 million, down slightly from $16.5 million, with margin at 17.0% versus 17.8% a year earlier. Full-year EBITDA rose to $75.7 million from $72.0 million, with margin increasing to 19.3% from 18.3%.

The company said current-year acquisitions added $8.8 million to quarterly sales and lifted diluted earnings per share by $0.05 in the quarter and $0.14 for the year. It also said it reduced inventory to $54.9 million at quarter-end from $60.8 million earlier in the year.

Ennis spent $14.5 million during the year to repurchase about 793,000 shares. It also invested $8.0 million to buy a facility it had previously leased. The market has reacted to these announcements by moving the company's shares 0.38% to a price of $21.44. For the full picture, make sure to review ENNIS, INC.'s 8-K report.

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