Ennis Business Forms, Inc. Reports Third Quarter Operating Results

Business Wire, Dec 19, 2003

Business Editors

DESOTO, Texas--(BUSINESS WIRE)--Dec. 19, 2003

Ennis Business Forms, Inc. (NYSE:EBF) today reported operating results for its third quarter ended November 30, 2003.

"The acquisition of Calibrated Forms Co., Inc. continues to fuel increased sales and earnings for both the quarter and nine month periods being reported," Keith Walters, CEO and President of Ennis Business Forms, Inc. stated. "While some leading indicators are pointing to an improved economic climate, there are few signs of a recovery in the business forms industry at this time. The Company continues to stress cost containment and focus on developing marketing opportunities in its quest to improve shareholder value."

For the third quarter ended November 30, 2003, net sales amounted to $66,398,000 compared to $59,151,000 for the same period last year, an increase of 12.3%. Net earnings for the quarter amounted to $4,475,000 or $.27 per diluted share, compared to $3,675,000, or $.22 per diluted share for the corresponding period last year, an increase of 21.8%. Per share earnings computations were based on 16,622,244 shares for the quarter compared to 16,500,182 shares for the prior period.

For the nine months ended November 30, 2003, net sales amounted to $196,275,000 compared to $173,540,000 for the same period last year, an increase of 13.1%. Net earnings for the nine months amounted to $13,076,000 or $.79 per diluted share, compared to $10,792,000 or $.65 per diluted share for the corresponding period last year, an increase of 21.2%. Per share earnings computations were based on 16,577,927 shares for the nine months compared to 16,496,182 shares for the prior period.

Ennis Business Forms, Inc., (NYSE:EBF) is one of the largest private-label printed business product suppliers in the United States. Headquartered in DeSoto, Texas, the Company has 30 production facilities located in 12 states, strategically located to serve the Company's national network of distributors. Ennis offers an extensive product line from simple to complex forms, laser cut-sheets, negotiable documents, internal bank forms, tags, labels, presentation folders, commercial printing, advertising specialties, screen printed products, and point-of-purchase display advertising that can be custom designed to customer needs. In addition, Ennis maintains highly proficient regional Customer Sales Centers to support distributors in their business efforts.