Ennis gains in first-quarter from School Photo Marketing

GaryPageau ,
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Ennis, Inc. reported financial results for the first quarter ended May 31, 2023. Highlights include revenues of $111.3 million for the quarter compared to $107.7 million for the same quarter last year, an increase of $3.6 million or 3.3%. The increase includes revenue contributions of approximately $4.1 million from School Photo Marketing, an acquisition completed on Nov. 30, 2022, and Stylecraft Printing Co., an acquisition completed on May 23, 2023. The increase from acquisitions was partially offset by an otherwise slight decline in sales volume as purchasing patterns have normalized since last year’s tight paper market, the company said.

“Our results for the quarter were within our expectations,” said Keith Walters, chairman, CEO and President. “Our gross profit margin for the quarter of 30.6% is within our target range and showed improvement of 300 basis points from 27.6% in the sequential quarter ending Feb. 28, 2023 and declined 100 basis points to 30.6% compared to 31.6% in the same prior-year quarter. Our EBITDA remained relatively stable at $20.5 million or 18.4% of sales compared to the sequential quarter, $20.5 million or 19.9% of sales, and compared to the same quarter last year $20.5 million or 19.1% of sales.”

 

Three months ended

May 31,

May 31,

2023

2022

Net earnings

$

11,635

$

11,627

Income tax expense

4,525

4,523

Interest expense

—

—

Depreciation and amortization

4,344

4,378

EBITDA (non-GAAP)

$

20,504

$

20,528

% of sales

18.4

%

19.1

%