Ennis, Inc. Reports Results for the Quarter Ended August 31, 2024 and Declares Quarterly Dividend and Special Dividend
Ennis, Inc. (NYSE: EBF) reported financial results for Q2 2024 ended August 31. Revenues decreased 7.3% to $99.0 million compared to $106.8 million in Q2 2023. Earnings per diluted share were $0.40, down from $0.42 in the same quarter last year. Gross profit margin slightly decreased to 30.1% from 31.0%.
For the six-month period, revenues decreased 7.3% to $202.1 million. Net earnings were $21.0 million or $0.80 per diluted share, compared to $22.5 million or $0.87 per diluted share last year.
The company completed the acquisition of Printing Technologies, Inc. to strengthen production capabilities and diversify product offerings. Ennis declared a quarterly cash dividend of $0.25 per share and a one-time special dividend of $2.50 per share, both payable on November 8, 2024.
Ennis, Inc. (NYSE: EBF) ha riportato i risultati finanziari per il secondo trimestre del 2024 terminato il 31 agosto. I ricavi sono diminuiti del 7,3% a 99,0 milioni di dollari rispetto ai 106,8 milioni di dollari nel secondo trimestre del 2023. Gli utili per azione diluita sono stati di 0,40 dollari, in calo rispetto ai 0,42 dollari nello stesso trimestre dell'anno scorso. Il margine di profitto lordo è leggermente diminuito dal 31,0% al 30,1%.
Per il periodo di sei mesi, i ricavi sono scesi del 7,3% a 202,1 milioni di dollari. Gli utili netti sono stati di 21,0 milioni di dollari, ovvero 0,80 dollari per azione diluita, rispetto ai 22,5 milioni di dollari o 0,87 dollari per azione diluita dell'anno precedente.
L'azienda ha completato l'acquisizione di Printing Technologies, Inc. per rafforzare le capacità produttive e diversificare l'offerta di prodotti. Ennis ha dichiarato un dividendo in contante trimestrale di 0,25 dollari per azione e un dividendo speciale una tantum di 2,50 dollari per azione, entrambi pagabili l'8 novembre 2024.
Ennis, Inc. (NYSE: EBF) informó sobre los resultados financieros del segundo trimestre de 2024, que terminó el 31 de agosto. Los ingresos disminuyeron un 7,3% a 99,0 millones de dólares en comparación con 106,8 millones de dólares en el segundo trimestre de 2023. Las ganancias por acción diluida fueron de 0,40 dólares, bajando desde 0,42 dólares en el mismo trimestre del año pasado. El margen de beneficio bruto disminuyó ligeramente del 31,0% al 30,1%.
En el período de seis meses, los ingresos cayeron un 7,3% a 202,1 millones de dólares. Las ganancias netas fueron de 21,0 millones de dólares o 0,80 dólares por acción diluida, en comparación con 22,5 millones de dólares o 0,87 dólares por acción diluida el año pasado.
La compañía completó la adquisición de Printing Technologies, Inc. para fortalecer sus capacidades de producción y diversificar su oferta de productos. Ennis declaró un dividendo en efectivo trimestral de 0,25 dólares por acción y un dividendo especial único de 2,50 dólares por acción, ambos pagaderos el 8 de noviembre de 2024.
Ennis, Inc. (NYSE: EBF)는 2024년 2분기 결과를 8월 31일 기준으로 보고했습니다. 수익은 7.3% 감소한 9,900만 달러로 2023년 2분기의 1억 6,800만 달러와 비교됩니다. 희석 주당 순이익은 0.40 달러로, 작년 같은 분기의 0.42 달러에서 하락했습니다. 총 이익률은 31.0%에서 30.1%로 약간 감소했습니다.
6개월 동안의 수익은 7.3% 줄어든 2억 0,210만 달러였습니다. 순이익은 2,100만 달러 또는 희석 주당 0.80 달러로, 작년의 2,250만 달러 또는 희석 주당 0.87 달러와 비교됩니다.
회사는 생산 능력을 강화하고 제품 다양성을 늘리기 위해 Printing Technologies, Inc.의 인수를 완료했습니다. Ennis는 주당 0.25 달러의 분기 현금 배당금과 주당 2.50 달러의 일회성 특별 배당금을 발표하였으며, 둘 다 2024년 11월 8일 지불될 예정입니다.
Ennis, Inc. (NYSE: EBF) a annoncé ses résultats financiers pour le deuxième trimestre 2024, qui s'est terminé le 31 août. Les revenus ont diminué de 7,3 % pour atteindre 99,0 millions de dollars comparé à 106,8 millions de dollars au deuxième trimestre 2023. Le bénéfice par action diluée était de 0,40 dollar, contre 0,42 dollar au même trimestre de l'année dernière. La marge brute de profit a légèrement diminué de 31,0 % à 30,1 %.
Pour la période de six mois, les revenus ont diminué de 7,3 % pour atteindre 202,1 millions de dollars. Le bénéfice net était de 21,0 millions de dollars ou 0,80 dollar par action diluée, comparativement à 22,5 millions de dollars ou 0,87 dollar par action diluée l'année dernière.
L'entreprise a finalisé l'acquisition de Printing Technologies, Inc. pour renforcer ses capacités de production et diversifier son offre de produits. Ennis a déclaré un dividende trimestriel en espèces de 0,25 dollar par action et un dividende spécial unique de 2,50 dollars par action, tous deux payables le 8 novembre 2024.
Ennis, Inc. (NYSE: EBF) berichtete über die finanziellen Ergebnisse für das 2. Quartal 2024, das am 31. August endete. Die Umsätze sanken um 7,3% auf 99,0 Millionen US-Dollar im Vergleich zu 106,8 Millionen US-Dollar im 2. Quartal 2023. Der Gewinn pro verwässerter Aktie betrug 0,40 US-Dollar, nach 0,42 US-Dollar im gleichen Quartal des Vorjahres. Die Bruttogewinnmarge sank leicht von 31,0% auf 30,1%.
Für den Zeitraum von sechs Monaten sanken die Umsätze um 7,3% auf 202,1 Millionen US-Dollar. Der Nettogewinn betrug 21,0 Millionen US-Dollar oder 0,80 US-Dollar pro verwässerter Aktie, im Vergleich zu 22,5 Millionen US-Dollar oder 0,87 US-Dollar pro verwässerter Aktie im vergangenen Jahr.
Das Unternehmen hat die Übernahme von Printing Technologies, Inc. abgeschlossen, um die Produktionskapazitäten zu stärken und das Produktangebot zu diversifizieren. Ennis erklärte eine vierteljährliche Bardividende von 0,25 US-Dollar pro Aktie und eine einmalige Sonderdividende von 2,50 US-Dollar pro Aktie, die beide am 8. November 2024 zahlbar sind.
- Maintained strong EBITDA margin of 18.6% despite revenue decrease
- Completed acquisition of Printing Technologies, Inc. to strengthen capabilities
- Declared special dividend of $2.50 per share in addition to regular dividend
- Strong balance sheet with no debt and significant cash reserves
- Revenues decreased 7.3% to $99.0 million in Q2 2024
- Earnings per diluted share decreased from $0.42 to $0.40 year-over-year
- Gross profit margin declined from 31.0% to 30.1% in Q2 2024
- Six-month net earnings decreased from $22.5 million to $21.0 million
-
Revenues were
for the quarter compared to$99.0 million for the same quarter last year, a decrease of$106.8 million or$7.8 million 7.3% . -
Earnings per diluted share for the current quarter were
compared to$0.40 for the comparative quarter last year.$0.42 -
Our gross profit margin for the quarter was
30.1% compared to31.0% for the comparative quarter last year.
Financial Overview
The Company’s revenues for the second quarter ended August 31, 2024 were
The Company’s revenues for the six-month period ended August 31, 2024 were
Keith Walters, Chairman, Chief Executive Officer and President, commented by stating, “Our results for the quarter met our expectations as larger macroeconomic conditions have softened demand and caused greater competition on price. During periods of reduced demand like we are currently experiencing, we carefully monitor and manage our costs in order to maintain our strong profit margins. Thus, while sales decreased from the same quarter last year, the Company’s EBITDA margin improved slightly to
"During the current quarter, we completed the acquisition of Printing Technologies, Inc (PTI). located in
"We believe we have one of the strongest balance sheets in the industry, with no debt and significant cash. Our profitability and strong financial condition will allow us to continue operations and fund acquisitions without incurring debt. Given those strengths, we also anticipate timely access to credit should larger acquisition opportunities materialize. We continue to focus on delivering profitability and returns to our shareholders."
Reconciliation Non-GAAP Measure
To provide important supplemental information to both management and investors regarding financial and business trends used in assessing its results of operations, from time to time the Company reports the non-GAAP financial measure of EBITDA (EBITDA is calculated as net earnings before interest expense, tax expense, depreciation, and amortization). The Company may also report adjusted gross profit margin, adjusted earnings and adjusted diluted earnings per share, each of which is a non-GAAP financial measure.
Management believes that these non-GAAP financial measures provide useful information to investors as a supplement to reported GAAP financial information. Management reviews these non-GAAP financial measures on a regular basis and uses them to evaluate and manage the performance of the Company’s operations. Other companies may calculate non-GAAP financial measures differently than the Company, which limits the usefulness of the Company’s non-GAAP measures for comparison with these other companies. While management believes the Company’s non-GAAP financial measures are useful in evaluating the Company, when this information is reported it should be considered as supplemental in nature and not as a substitute or an alternative for, or superior to, the related financial information prepared in accordance with GAAP. These measures should be evaluated only in conjunction with the Company’s comparable GAAP financial measures.
The following table reconciles EBITDA, a non-GAAP financial measure, for the three-and six months ended August 31, 2024 and 2023 to the most comparable GAAP measure, net earnings (dollars in thousands).
|
|
Three months ended |
|
|
Six months ended |
|
||||||||||
|
|
August 31, |
|
|
August 31, |
|
|
August 31, |
|
|
August 31, |
|
||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net earnings |
|
$ |
10,308 |
|
|
$ |
10,910 |
|
|
$ |
20,995 |
|
|
$ |
22,545 |
|
Income tax expense |
|
|
3,909 |
|
|
|
4,373 |
|
|
|
7,963 |
|
|
|
8,898 |
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Depreciation and amortization |
|
|
4,187 |
|
|
|
4,497 |
|
|
|
8,430 |
|
|
|
8,841 |
|
EBITDA (non-GAAP) |
|
$ |
18,404 |
|
|
$ |
19,780 |
|
|
$ |
37,388 |
|
|
$ |
40,284 |
|
% of sales |
|
|
18.6 |
% |
|
|
18.5 |
% |
|
|
18.5 |
% |
|
|
18.5 |
% |
In Other News
On September 20, 2024 the Board of Directors declared a quarterly cash dividend of
About Ennis
Founded in 1909, the Company is one of the largest private-label printed business product suppliers in
Safe Harbor under the Private Securities Litigation Reform Act of 1995
Certain statements that may be contained in this press release that are not historical facts are forward-looking statements that involve a number of known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. The words “anticipate,” “preliminary,” “expect,” “believe,” “intend” and similar expressions identify forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for such forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. These statements are subject to numerous uncertainties, which include, but are not limited to, the erosion of demand for our printer business documents as the result of digital technologies, risk or uncertainties related to the completion and integration of acquisitions, and the limited number of available suppliers and variability in the prices of paper and other raw materials. Other important information regarding factors that may affect the Company’s future performance is included in the public reports that the Company files with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K for the fiscal year ending February 29, 2024. The Company does not undertake, and hereby disclaims, any duty or obligation to update or otherwise revise any forward-looking statements to reflect events or circumstances occurring after the date of this release, or to reflect the occurrence of unanticipated events, although its situation and circumstances may change in the future. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.
Ennis, Inc. |
||||||||||||||||
Unaudited Condensed Consolidated Financial Information |
||||||||||||||||
(In thousands, except share and per share amounts) |
||||||||||||||||
|
||||||||||||||||
|
|
Three months ended |
|
Six months ended |
||||||||||||
Condensed Consolidated Operating Results |
|
August 31, |
|
August 31, |
|
August 31, |
|
August 31, |
||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net sales |
|
$ |
99,038 |
|
|
$ |
106,760 |
|
|
$ |
202,146 |
|
|
$ |
218,054 |
|
Cost of goods sold |
|
|
69,259 |
|
|
|
73,661 |
|
|
|
141,463 |
|
|
|
150,914 |
|
Gross profit |
|
|
29,779 |
|
|
|
33,099 |
|
|
|
60,683 |
|
|
|
67,140 |
|
Selling, general and administrative |
|
|
16,557 |
|
|
|
18,341 |
|
|
|
33,727 |
|
|
|
36,684 |
|
Loss from disposal of assets |
|
|
39 |
|
|
|
52 |
|
|
|
43 |
|
|
|
52 |
|
Income from operations |
|
|
13,183 |
|
|
|
14,706 |
|
|
|
26,913 |
|
|
|
30,404 |
|
Other income |
|
|
(1,034 |
) |
|
|
(577 |
) |
|
|
(2,045 |
) |
|
|
(1,039 |
) |
Earnings before income taxes |
|
|
14,217 |
|
|
|
15,283 |
|
|
|
28,958 |
|
|
|
31,443 |
|
Income tax expense |
|
|
3,909 |
|
|
|
4,373 |
|
|
|
7,963 |
|
|
|
8,898 |
|
Net earnings |
|
$ |
10,308 |
|
|
$ |
10,910 |
|
|
$ |
20,995 |
|
|
$ |
22,545 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
26,009,876 |
|
|
|
25,886,058 |
|
|
|
26,015,195 |
|
|
|
25,858,154 |
|
Diluted |
|
|
26,054,499 |
|
|
|
26,050,983 |
|
|
|
26,156,161 |
|
|
|
26,010,739 |
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.40 |
|
|
$ |
0.42 |
|
|
$ |
0.81 |
|
|
$ |
0.87 |
|
Diluted |
|
$ |
0.40 |
|
|
$ |
0.42 |
|
|
$ |
0.80 |
|
|
$ |
0.87 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
August 31, |
|
February 29, |
||||||||
Condensed Consolidated Balance Sheet Information |
|
|
|
|
2024 |
|
|
|
2024 |
|
||||||
Assets |
|
|
|
|
|
|
|
|
||||||||
Current assets |
|
|
|
|
|
|
|
|
||||||||
Cash |
|
|
|
|
|
$ |
99,977 |
|
|
$ |
81,597 |
|
||||
Short-term investments |
|
|
|
|
|
|
22,655 |
|
|
|
29,325 |
|
||||
Accounts receivable, net |
|
|
|
|
|
|
43,729 |
|
|
|
47,209 |
|
||||
Inventories, net |
|
|
|
|
|
|
41,742 |
|
|
|
40,037 |
|
||||
Prepaid expenses |
|
|
|
|
|
|
4,256 |
|
|
|
3,214 |
|
||||
Total Current Assets |
|
|
|
|
|
|
212,359 |
|
|
|
201,382 |
|
||||
Property, plant & equipment, net |
|
|
|
|
|
|
54,805 |
|
|
|
54,965 |
|
||||
Operating lease right-of-use assets, net |
|
|
|
|
|
|
8,386 |
|
|
|
9,827 |
|
||||
Goodwill and intangible assets, net |
|
|
|
|
|
|
130,824 |
|
|
|
132,676 |
|
||||
Other assets |
|
|
|
|
|
|
440 |
|
|
|
340 |
|
||||
Total Assets |
|
|
|
|
|
$ |
406,814 |
|
|
$ |
399,190 |
|
||||
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
||||||||
Current liabilities |
|
|
|
|
|
|
|
|
||||||||
Accounts payable |
|
|
|
|
|
$ |
14,293 |
|
|
$ |
11,846 |
|
||||
Accrued expenses |
|
|
|
|
|
|
15,662 |
|
|
|
17,541 |
|
||||
Current portion of operating lease liabilities |
|
|
|
|
|
|
3,940 |
|
|
|
4,414 |
|
||||
Total Current Liabilities |
|
|
|
|
|
|
33,895 |
|
|
|
33,801 |
|
||||
Other non-current liabilities |
|
|
|
|
|
|
14,550 |
|
|
|
15,548 |
|
||||
Total liabilities |
|
|
|
|
|
|
48,445 |
|
|
|
49,349 |
|
||||
Shareholders' equity |
|
|
|
|
|
|
358,369 |
|
|
|
349,841 |
|
||||
Total Liabilities and Shareholders' Equity |
|
|
|
|
|
$ |
406,814 |
|
|
$ |
399,190 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
Six months ended |
||||||||||||
|
|
|
|
August 31, |
||||||||||||
Condensed Consolidated Cash Flow Information |
|
|
|
|
2024 |
|
|
|
2023 |
|
||||||
Cash provided by operating activities |
|
|
|
|
|
$ |
34,941 |
|
|
$ |
34,934 |
|
||||
Cash used in investing activities |
|
|
|
|
|
|
(1,777 |
) |
|
|
(15,640 |
) |
||||
Cash used in financing activities |
|
|
|
|
|
|
(14,784 |
) |
|
|
(12,922 |
) |
||||
Change in cash |
|
|
|
|
|
|
18,380 |
|
|
|
6,372 |
|
||||
Cash at beginning of period |
|
|
|
|
|
|
81,597 |
|
|
|
93,968 |
|
||||
Cash at end of period |
|
|
|
|
|
$ |
99,977 |
|
|
$ |
100,340 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240923930840/en/
Mr. Keith S. Walters, Chairman, Chief Executive Officer and President
Ms. Vera Burnett, Chief Financial Officer
Mr. Dan Gus, General Counsel and Secretary
Ennis, Inc.
Phone: (972) 775-9801
Fax: (972) 775-9820
www.ennis.com
Source: Ennis, Inc.
FAQ
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