Ennis, Inc. (the “Company”), (NYSE: EBF), today reported financial results for the quarter and fiscal year ended February 28, 2022. Highlights include:
*Revenues were $99.7 million for the quarter, an increase of $9.8 million or 10.9% for the comparative quarter and $400.0 million for the fiscal year, an increase of $42.0 million, or 11.7% for the comparative fiscal year.
*Earnings per diluted share for the current quarter were $0.26 compared to $0.20 for the comparative quarter last year. Earnings per diluted share were $1.11 for the fiscal year as compared to $0.93 for the last fiscal year.
*Our gross profit margin for the quarter decreased on a comparative quarter basis from 29.6% to 27.5%. Gross profit margin was 28.7% for the fiscal year compared to 29.0% for the prior fiscal year.
Financial Overview
The Company’s revenues for the fourth quarter ended February 28, 2022 were $99.7 million compared to $89.9 million for the same quarter last year, an increase of 10.8%. Gross profit margin was $27.4 million, or 27.5%, as compared to $26.6 million, or 29.6% for the same quarter last year. Net earnings for the quarter were $6.6 million, or $0.26 per diluted share as compared to $5.1 million, or $0.20 per diluted share for the same quarter last year. Quarterly results were impacted by a pension settlement charge related to a large amount of lump-sum distributions paid to retirees. A pension settlement charge of $0.3 million impacted quarterly results by $0.01 per share as compared to a settlement charge of $1.6 million impacting the same quarter last year by $0.04 per share.
The Company’s revenues for the fiscal year ended February 28, 2022 were $400.0 million compared to $358.0 million for the prior fiscal year, an increase of 11.7%. Gross profit margin was $114.7 million, or 28.7%, as compared to $103.8 million, or 29.0% for the prior fiscal year. Net earnings for the fiscal year were $28.9 million or $1.11 per diluted share, compared to $24.1 million, or $0.93 per diluted share for the prior fiscal year. A pension settlement charge of $1.1 million impacted the current fiscal year results by $0.03 per share as compared to a settlement charge of $1.6 million for the prior fiscal year impacting the results by $0.05 per share.
Keith Walters, Chairman, Chief Executive Officer and President, commented by stating, “Our fourth quarter operational performance was within expectations. Our recent acquisitions added approximately $4.1 million in revenues and $0.01 in diluted earnings per share for the quarter and $23.9 million in revenues and $0.08 in diluted earnings per share for the fiscal year compared to the corresponding prior quarter and year respectively. While we experienced increased demand for our products during the fiscal year, we were confronted with rising raw material and logistics costs, delayed delivery times, and labor shortages, all of which continued throughout the year.
more at: https://www.ennis.com/press-releases/financial/ennis-inc-reports-results-for-the-quarter-and-year-ended-february-28-2022-sets-record-date-for-annual-shareholder-meeting/