Ennis Reports 6.2 Percent Increased Revenue
Net sales increased from $517.7 million for the year ended Feb. 28, 2010 to $550.0 million for the year ended Feb. 28, 2011, an increase of $32.3 million or 6.2 percent. Print sales for the year were $272.7 million, compared to $282.3 million for the same period last year, or a decrease of 3.4 percent. Apparel sales for the year were $277.3 million, compared to $235.4 million for the same period last year, or an increase of 17.8 percent. Overall, margins increased 200 bps, from 26.1 percent for fiscal year 2010 to 28.1 percent for fiscal year 2011. Print margins increased from 27.6 percent to 28.3 percent, while Apparel margins increased from 24.4 percent to 27.9 percent, for the year ended Feb. 28, 2010 and 2011, respectively. Net earnings increased from $35.2 million, or 6.8 percent of sales, for the year ended Feb. 28, 2010 to $44.6 million, or 8.1 percent of sales, for the year ended Feb. 28, 2011. Diluted earnings increased from $1.36 per share to $1.72 per share for the year ended Feb. 28, 2010 and 2011, respectively, or 26.5 percent. We estimate that the start-up impact associated with the Agua Prieta facility was approximately $4.6 million ($3.0 million after tax) for the period. We still estimate the total negative impact associated with the start-up of the Agua Prieta facility to be within our original guidance of around $9.0 million, with the majority of the remaining portion being incurred during the first and second quarter of fiscal year 2012.