Revenues decreased by $83.1 million, or 11.8%, from $705.8 million in the first quarter of 2020 to $622.7 million in the corresponding period of 2021. This decline is mainly attributable to lower volume in the Printing Sector due to the impact of the COVID-19 pandemic and the sale of the paper packaging operations, which occurred toward the end of the first quarter of the previous year. This decrease was partially mitigated by the solid organic growth in revenues in the Packaging Sector and the revenues generated by the acquisition of Artisan Complete Limited in the Printing Sector. Operating earnings increased by $6.4 million, or 15.7%, from $40.8 million in the first quarter of 2020 to $47.2 million in the first quarter of 2021. The increase in operating earnings is explained by the organic growth in the Packaging Sector. In addition, in the Printing Sector, initiatives to optimize operational efficiency and the Canada Emergency Wage Subsidy offset a majority of the decrease in volume. Net earnings attributable to shareholders of the Corporation increased by $21.3 million, from $6.4 million in the first quarter of 2020 to $27.7 million in the first quarter of 2021. This increase is mostly explained by the income tax expense related to the sale of the paper packaging operations in the first quarter of 2020, higher operating earnings and the decrease in net financial expenses resulting from a reduction in net indebtedness and a lower weighted average interest rate.
Ennis, Inc. (the “Company”), (NYSE EBF), announced its acquisition of School Photo Marketing in Morganville, New Jersey. School Photo Marketing provides printing, yearbook publishing and marketing-related services to over 1,400 school and sports photographers servicing schools around the country.
Keith Walters, Chairman, President & CEO of the Company, stated, “We are delighted to have the opportunity to bring School Photo Marketing, their employees, and their customers into the Ennis family. This addition brings with it many exciting possibilities to service this new channel with products produced through Ennis manufacturing operations.”
School Photo Marketing operates through a similar wholesale manufacturer-distributor-end user channel as Ennis currently operates.
more at: https://www.piworld.com/article/ennis-acquires-school-photo-marketing/#ne=d7f0e6e16b0d037f71fc050491da5623&utm_source=today-on-piworld&utm_medium=newsletter&utm_campaign=2022-12-01