Ennis, Inc. Reports Results for the Quarter Ended November 30, 2024 and Declares Quarterly Dividend
Ennis Inc. (NYSE: EBF) reported Q3 FY2024 financial results with revenues of $99.8 million, down 4.6% from $104.6 million in the same quarter last year. Despite lower revenue, earnings per diluted share increased to $0.39 from $0.38, and gross profit margin improved slightly to 29.3%. The company paid a special dividend of $2.50 per share on November 8, 2024, and declared a quarterly dividend of $0.25 per share payable on February 6, 2025.
For the nine-month period, revenues decreased 6.4% to $301.9 million, with net earnings of $31.2 million ($1.19 per diluted share). The company maintains a strong balance sheet with no debt and recently acquired a business contributing $3.3 million in revenues and $0.02 in diluted earnings per share for Q3.
Ennis Inc. (NYSE: EBF) ha riportato i risultati finanziari del terzo trimestre dell'anno fiscale 2024 con ricavi di 99,8 milioni di dollari, in calo del 4,6% rispetto ai 104,6 milioni di dollari dello stesso trimestre dell'anno scorso. Nonostante i ricavi inferiori, l'utile per azione diluito è aumentato a 0,39 dollari rispetto a 0,38 dollari, e il margine di profitto lordo è leggermente migliorato, raggiungendo il 29,3%. L'azienda ha distribuito un dividendo speciale di 2,50 dollari per azione l'8 novembre 2024 e ha dichiarato un dividendo trimestrale di 0,25 dollari per azione, pagabile il 6 febbraio 2025.
Per il periodo di nove mesi, i ricavi sono diminuiti del 6,4% a 301,9 milioni di dollari, con utili netti di 31,2 milioni di dollari (1,19 dollari per azione diluita). L'azienda mantiene un solido stato patrimoniale senza debiti e ha recentemente acquisito un'azienda che contribuisce con 3,3 milioni di dollari in ricavi e 0,02 dollari in utili per azione diluita per il terzo trimestre.
Ennis Inc. (NYSE: EBF) reportó los resultados financieros del tercer trimestre del año fiscal 2024 con ingresos de 99,8 millones de dólares, una disminución del 4,6% en comparación con 104,6 millones de dólares en el mismo trimestre del año pasado. A pesar de la caída en los ingresos, las ganancias por acción diluida aumentaron a 0,39 dólares desde 0,38 dólares, y el margen de utilidad bruta mejoró ligeramente al 29,3%. La compañía pagó un dividendo especial de 2,50 dólares por acción el 8 de noviembre de 2024 y declaró un dividendo trimestral de 0,25 dólares por acción que se pagará el 6 de febrero de 2025.
Durante el período de nueve meses, los ingresos disminuyeron un 6,4% a 301,9 millones de dólares, con ganancias netas de 31,2 millones de dólares (1,19 dólares por acción diluida). La compañía mantiene un sólido balance financiero sin deudas y recientemente adquirió un negocio que contribuyó con 3,3 millones de dólares en ingresos y 0,02 dólares en ganancias por acción diluida para el tercer trimestre.
Ennis Inc. (NYSE: EBF)는 2024 회계연도 3분기 재무 결과를 보고하며 수익이 9,980만 달러로, 작년 같은 분기의 1억 460만 달러에서 4.6% 감소했다고 밝혔습니다. 수익이 감소했음에도 불구하고 희석 주당 순이익은 0.39달러로 0.38달러에서 증가했으며, 총 이익률은 29.3%로 약간 개선되었습니다. 회사는 2024년 11월 8일에 주당 2.50달러의 특별 배당금을 지급하였고, 2025년 2월 6일에 지급될 주당 0.25달러의 분기 배당금을 선언하였습니다.
9개월 동안 수익은 3억 1,910만 달러로 6.4% 감소했으며, 순이익은 3,120만 달러(희석 주당 1.19달러)입니다. 회사는 부채가 없는 강력한 재무 상태를 유지하고 있으며, 최근에는 330만 달러의 수익과 0.02달러의 희석 주당 순이익을 기여하는 사업체를 인수했습니다.
Ennis Inc. (NYSE: EBF) a annoncé les résultats financiers du troisième trimestre de l'exercice 2024, avec des revenus de 99,8 millions de dollars, en baisse de 4,6% par rapport à 104,6 millions de dollars au même trimestre de l'année dernière. Malgré une baisse des revenus, le bénéfice par action diluée a augmenté à 0,39 dollar contre 0,38 dollar, et la marge brute a légèrement augmenté à 29,3%. L'entreprise a versé un dividende spécial de 2,50 dollars par action le 8 novembre 2024 et a déclaré un dividende trimestriel de 0,25 dollar par action, payable le 6 février 2025.
Pour la période de neuf mois, les revenus ont diminué de 6,4% à 301,9 millions de dollars, avec un bénéfice net de 31,2 millions de dollars (1,19 dollar par action diluée). L'entreprise maintient un bilan solide sans dettes et a récemment acquis une entreprise contribuant à hauteur de 3,3 millions de dollars en revenus et de 0,02 dollar en bénéfice dilué par action pour le troisième trimestre.
Ennis Inc. (NYSE: EBF) hat die finanziellen Ergebnisse für das 3. Quartal des Geschäftsjahres 2024 mit Einnahmen von 99,8 Millionen Dollar veröffentlicht, was einem Rückgang von 4,6% gegenüber 104,6 Millionen Dollar im gleichen Quartal des Vorjahres entspricht. Trotz rückläufiger Einnahmen stieg der Gewinn je verwässerter Aktie von 0,38 Dollar auf 0,39 Dollar, und die Bruttogewinnmarge verbesserte sich leicht auf 29,3%. Das Unternehmen zahlte am 8. November 2024 eine Sonderdividende von 2,50 Dollar pro Aktie und erklärte eine vierteljährliche Dividende von 0,25 Dollar pro Aktie, die am 6. Februar 2025 fällig ist.
Im Zeitraum von neun Monaten verringerten sich die Einnahmen um 6,4% auf 301,9 Millionen Dollar, mit einem Nettoergebnis von 31,2 Millionen Dollar (1,19 Dollar pro verwässerter Aktie). Das Unternehmen weist eine starke Bilanz ohne Schulden auf und hat kürzlich ein Unternehmen übernommen, das 3,3 Millionen Dollar an Einnahmen und 0,02 Dollar an verwässertem Gewinn je Aktie für das 3. Quartal beigesteuert hat.
- Earnings per share increased to $0.39 from $0.38 year-over-year
- Gross profit margin improved to 29.3% from 29.2%
- EBITDA margin increased to 18.2% from 17.5%
- Strong balance sheet with no debt
- New acquisition contributed $3.3M in revenues and $0.02 EPS
- Reduced selling, general and administrative costs by $1.1M
- Revenue declined 4.6% to $99.8M year-over-year
- Nine-month revenue decreased 6.4% to $301.9M
- Nine-month net earnings dropped to $31.2M from $32.5M
- Facing increased competition and price pressure
- Experiencing softening demand in some markets
-
Revenues were
for the quarter compared to$99.8 million for the same quarter last year, a decrease of$104.6 million or -$4.8 million 4.6% . -
Earnings per diluted share for the current quarter were
compared to$0.39 for the comparative quarter last year.$0.38 -
Our gross profit margin for the quarter was
29.3% compared to29.2% for the comparative quarter last year. -
The Board approved a special dividend of
per share paid November 8, 2024 to stockholders of record at the close of business on October 11, 2024.$2.50
Financial Overview
The Company’s revenues for the third quarter ended November 30, 2024 were
The Company’s revenues for the nine-month period ended November 30, 2024 were
Keith Walters, Chairman, Chief Executive Officer and President, commented by stating, “Overall we are pleased with our performance for the quarter. We face increased competition with respect to certain product lines, which is exerting downward pressure on prices and production volumes. We also observe softening demand in some markets as customers explore alternatives to certain products. Nevertheless, we continue to either acquire or launch new product lines to offset that natural attrition. In late June, we acquired a business that gave us new product lines in new markets, adding
“We also are careful to manage our costs, reducing our selling, general and administrative costs by
"We believe we have one of the strongest balance sheets in the industry, with no debt and significant cash. During the quarter, we returned
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 nine months ended November 30, 2024 and 2023 to the most comparable GAAP measure, net earnings (dollars in thousands).
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
November 30,
|
|
|
November 30,
|
|
|
November 30,
|
|
|
November 30,
|
|
||||
Net earnings |
$ |
10,204 |
|
|
$ |
9,906 |
|
|
$ |
31,199 |
|
|
$ |
32,451 |
|
Income tax expense |
|
3,871 |
|
|
|
3,910 |
|
|
|
11,834 |
|
|
|
12,808 |
|
Interest expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Depreciation and amortization |
|
4,080 |
|
|
|
4,454 |
|
|
|
12,510 |
|
|
|
13,295 |
|
EBITDA (non-GAAP) |
$ |
18,155 |
|
|
$ |
18,270 |
|
|
$ |
55,543 |
|
|
$ |
58,554 |
|
% of sales |
|
18.2 |
% |
|
|
17.5 |
% |
|
|
18.4 |
% |
|
|
18.1 |
% |
In Other News
On December 19, 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 |
|
|
Nine months ended |
|
||||||||||
Condensed Consolidated Operating Results |
|
November 30,
|
|
|
November 30,
|
|
|
November 30,
|
|
|
November 30,
|
|
||||
Net sales |
|
$ |
99,771 |
|
|
$ |
104,621 |
|
|
$ |
301,917 |
|
|
$ |
322,675 |
|
Cost of goods sold |
|
|
70,522 |
|
|
|
74,090 |
|
|
|
211,985 |
|
|
|
225,004 |
|
Gross profit |
|
|
29,249 |
|
|
|
30,531 |
|
|
|
89,932 |
|
|
|
97,671 |
|
Selling, general and administrative |
|
|
16,341 |
|
|
|
17,410 |
|
|
|
50,068 |
|
|
|
54,094 |
|
Loss from disposal of assets |
|
|
(138 |
) |
|
|
1 |
|
|
|
(95 |
) |
|
|
53 |
|
Income from operations |
|
|
13,046 |
|
|
|
13,120 |
|
|
|
39,959 |
|
|
|
43,524 |
|
Other income |
|
|
(1,029 |
) |
|
|
(696 |
) |
|
|
(3,074 |
) |
|
|
(1,735 |
) |
Earnings before income taxes |
|
|
14,075 |
|
|
|
13,816 |
|
|
|
43,033 |
|
|
|
45,259 |
|
Income tax expense |
|
|
3,871 |
|
|
|
3,910 |
|
|
|
11,834 |
|
|
|
12,808 |
|
Net earnings |
|
$ |
10,204 |
|
|
$ |
9,906 |
|
|
$ |
31,199 |
|
|
$ |
32,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
26,013,892 |
|
|
|
25,894,578 |
|
|
|
26,028,596 |
|
|
|
25,826,691 |
|
Diluted |
|
|
26,088,957 |
|
|
|
26,083,301 |
|
|
|
26,192,008 |
|
|
|
25,991,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.39 |
|
|
$ |
0.38 |
|
|
$ |
1.20 |
|
|
$ |
1.26 |
|
Diluted |
|
$ |
0.39 |
|
|
$ |
0.38 |
|
|
$ |
1.19 |
|
|
$ |
1.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Condensed Consolidated Balance Sheet Information |
|
|
|
|
|
|
|
November 30,
|
|
|
February 29,
|
|
||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash |
|
|
|
|
|
|
|
$ |
55,704 |
|
|
$ |
81,597 |
|
||
Short-term investments |
|
|
|
|
|
|
|
|
12,862 |
|
|
|
29,325 |
|
||
Accounts receivable, net |
|
|
|
|
|
|
|
|
40,255 |
|
|
|
47,209 |
|
||
Inventories, net |
|
|
|
|
|
|
|
|
39,379 |
|
|
|
40,037 |
|
||
Prepaid expenses |
|
|
|
|
|
|
|
|
4,215 |
|
|
|
3,214 |
|
||
Total Current Assets |
|
|
|
|
|
|
|
|
152,415 |
|
|
|
201,382 |
|
||
Property, plant & equipment, net |
|
|
|
|
|
|
|
|
53,195 |
|
|
|
54,965 |
|
||
Operating lease right-of-use assets, net |
|
|
|
|
|
|
|
|
11,124 |
|
|
|
9,827 |
|
||
Goodwill and intangible assets, net |
|
|
|
|
|
|
|
|
128,881 |
|
|
|
132,676 |
|
||
Other assets |
|
|
|
|
|
|
|
|
440 |
|
|
|
340 |
|
||
Total Assets |
|
|
|
|
|
|
|
$ |
346,055 |
|
|
$ |
399,190 |
|
||
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts payable |
|
|
|
|
|
|
|
$ |
12,077 |
|
|
$ |
11,846 |
|
||
Accrued expenses |
|
|
|
|
|
|
|
|
15,578 |
|
|
|
17,541 |
|
||
Current portion of operating lease liabilities |
|
|
|
|
|
|
|
|
4,664 |
|
|
|
4,414 |
|
||
Total Current Liabilities |
|
|
|
|
|
|
|
|
32,319 |
|
|
|
33,801 |
|
||
Long-term debt |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
||
Other non-current liabilities |
|
|
|
|
|
|
|
|
16,040 |
|
|
|
15,548 |
|
||
Total liabilities |
|
|
|
|
|
|
|
|
48,359 |
|
|
|
49,349 |
|
||
Shareholders' equity |
|
|
|
|
|
|
|
|
297,696 |
|
|
|
349,841 |
|
||
Total Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
$ |
346,055 |
|
|
$ |
399,190 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
Nine months ended |
|
||||||||||
|
|
|
|
|
November 30, |
|
||||||||||
Condensed Consolidated Cash Flow Information |
|
|
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
||
Cash provided by operating activities |
|
|
|
|
|
|
|
$ |
53,097 |
|
|
$ |
52,500 |
|
||
Cash provided by (used in) investing activities |
|
|
|
|
|
|
|
|
7,919 |
|
|
|
(43,175 |
) |
||
Cash used in financing activities |
|
|
|
|
|
|
|
|
(86,909 |
) |
|
|
(19,391 |
) |
||
Change in cash |
|
|
|
|
|
|
|
|
(25,893 |
) |
|
|
(10,066 |
) |
||
Cash at beginning of period |
|
|
|
|
|
|
|
|
81,597 |
|
|
|
93,968 |
|
||
Cash at end of period |
|
|
|
|
|
|
|
$ |
55,704 |
|
|
$ |
83,902 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241223454973/en/
For Further Information Contact:
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.
2441 Presidential Parkway
Phone: (972) 775-9801
Fax: (972) 775-9820
www.ennis.com
Source: Ennis, Inc.
FAQ
What was Ennis (EBF) Q3 2024 revenue and how did it compare to last year?
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