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Form 10-Q ENNIS, INC. For: Aug 31

September 30, 2022 11:13 AM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended August 31, 2022

OR

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period from to

Commission File Number 1-5807

 

ENNIS, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Texas

 

75-0256410

(State or Other Jurisdiction of
Incorporation or Organization)

 

(I.R.S. Employer
Identification No.)

 

 

 

2441 Presidential Pkwy., Midlothian, Texas

 

76065

(Address of Principal Executive Offices)

 

(Zip code)

Registrant’s Telephone Number, Including Area Code: (972) 775-9801

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $2.50 per share

 

EBF

 

New York Stock Exchange

 

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

 

 

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

 

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of September 23, 2022, there were 25,836,392 shares of the Registrant’s common stock outstanding.

 

 

 


 

ENNIS, INC. AND SUBSIDIARIES

FORM 10-Q

FOR THE PERIOD ENDED AUGUST 31, 2022

TABLE OF CONTENTS

 

PART I: FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1. Condensed Consolidated Financial Statements (unaudited)

 

3

 

 

 

 

 

Condensed Consolidated Balance Sheets at August 31, 2022 and February 28, 2022

 

3

 

 

 

 

 

Condensed Consolidated Statements of Operations for the three and six months ended August 31, 2022 and August 31, 2021

 

5

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended August 31, 2022 and August 31, 2021

 

6

 

 

 

 

 

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three and six ended August 31, 2022 and August 31, 2021

 

7

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended August 31, 2022 and August 31, 2021

 

8

 

 

 

 

 

Condensed Notes to Unaudited Consolidated Financial Statements

 

9

 

 

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

19

 

 

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

26

 

 

 

 

 

Item 4. Controls and Procedures

 

26

 

 

 

PART II: OTHER INFORMATION

 

 

 

 

 

 

 

Item 1. Legal Proceedings

 

26

 

 

 

 

 

Item 1A. Risk Factors

 

26

 

 

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

26

 

 

 

 

 

Item 3. Defaults Upon Senior Securities

 

27

 

 

 

 

 

Item 4. Mine Safety Disclosures

 

27

 

 

 

 

 

Item 5. Other Information

 

27

 

 

 

 

 

Item 6. Exhibits

 

27

 

 

 

SIGNATURES

 

28

 

 

 

 


 

PART I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

ENNIS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands)

 

 

 

August 31,

 

 

February 28,

 

 

 

2022

 

 

2022

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash

 

$

91,520

 

 

$

85,606

 

Accounts receivable, net of allowance for doubtful receivables of $1,523 at August 31, 2022 and $1,200 at February 28, 2022

 

 

43,887

 

 

 

39,022

 

Inventories, net

 

 

48,391

 

 

 

38,538

 

Prepaid expenses

 

 

2,078

 

 

 

1,863

 

Total current assets

 

 

185,876

 

 

 

165,029

 

Property, plant and equipment

 

 

 

 

 

 

Plant, machinery and equipment

 

 

152,318

 

 

 

151,126

 

Land and buildings

 

 

59,819

 

 

 

59,642

 

Computer equipment and software

 

 

18,439

 

 

 

18,368

 

Other

 

 

4,321

 

 

 

4,275

 

Total property, plant and equipment

 

 

234,897

 

 

 

233,411

 

Less accumulated depreciation

 

 

184,657

 

 

 

179,778

 

Net property, plant and equipment

 

 

50,240

 

 

 

53,633

 

Operating lease right-of-use assets, net

 

 

13,571

 

 

 

15,544

 

Goodwill

 

 

88,677

 

 

 

88,677

 

Intangible assets, net

 

 

42,631

 

 

 

45,569

 

Other assets

 

 

477

 

 

 

392

 

Total assets

 

$

381,472

 

 

$

368,844

 

 

See accompanying notes to consolidated financial statements.

 

3


 

ENNIS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS-Continued

(unaudited, in thousands, except for par value and share amounts)

 

 

 

August 31,

 

 

February 28,

 

 

 

2022

 

 

2022

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

15,777

 

 

$

16,678

 

Accrued expenses

 

 

19,128

 

 

 

15,422

 

Current portion of operating lease liabilities

 

 

4,602

 

 

 

5,090

 

Total current liabilities

 

 

39,507

 

 

 

37,190

 

Liability for pension benefits

 

 

5,729

 

 

 

5,729

 

Deferred income taxes

 

 

11,666

 

 

 

11,405

 

Operating lease liabilities, net of current portion

 

 

8,790

 

 

 

10,241

 

Other liabilities

 

 

464

 

 

 

464

 

Total liabilities

 

 

66,156

 

 

 

65,029

 

Shareholders’ equity

 

 

 

 

 

 

Common stock $2.50 par value, authorized 40,000,000 shares; issued 30,053,443 shares at August 31, 2022 and February 28, 2022

 

 

75,134

 

 

 

75,134

 

Additional paid-in capital

 

 

124,031

 

 

 

123,990

 

Retained earnings

 

 

208,898

 

 

 

197,998

 

Accumulated other comprehensive loss:

 

 

 

 

 

 

Minimum pension liability, net of taxes

 

 

(17,803

)

 

 

(18,587

)

Treasury stock

 

 

(74,944

)

 

 

(74,720

)

Total shareholders’ equity

 

 

315,316

 

 

 

303,815

 

Total liabilities and shareholders' equity

 

$

381,472

 

 

$

368,844

 

 

 

See accompanying notes to consolidated financial statements.

 

4


 

ENNIS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except share and per share amounts)

 

 

 

Three months ended

 

 

Six months ended

 

 

 

August 31,

 

 

August 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net sales

 

$

111,233

 

 

$

100,451

 

 

$

218,900

 

 

$

197,381

 

Cost of goods sold

 

 

76,014

 

 

 

71,550

 

 

 

149,677

 

 

 

139,294

 

Gross profit

 

 

35,219

 

 

 

28,901

 

 

 

69,223

 

 

 

58,087

 

Selling, general and administrative

 

 

17,942

 

 

 

18,095

 

 

 

35,624

 

 

 

37,010

 

(Gain) loss from disposal of assets

 

 

 

 

 

1

 

 

 

 

 

 

(276

)

Income from operations

 

 

17,277

 

 

 

10,805

 

 

 

33,599

 

 

 

21,353

 

Other expense

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

(2

)

 

 

-

 

 

 

(4

)

Other, net

 

 

(342

)

 

 

(146

)

 

 

(514

)

 

 

(258

)

              Total other expense

 

 

(342

)

 

 

(148

)

 

 

(514

)

 

 

(262

)

Earnings before income taxes

 

 

16,935

 

 

 

10,657

 

 

 

33,085

 

 

 

21,091

 

Income tax expense

 

 

4,741

 

 

 

3,197

 

 

 

9,264

 

 

 

6,327

 

Net earnings

 

$

12,194

 

 

$

7,460

 

 

$

23,821

 

 

$

14,764

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

25,797,097

 

 

 

26,080,121

 

 

 

25,805,419

 

 

 

26,055,056

 

Diluted

 

 

25,858,811

 

 

 

26,170,396

 

 

 

25,867,504

 

 

 

26,146,421

 

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.47

 

 

$

0.29

 

 

$

0.92

 

 

$

0.57

 

Diluted

 

$

0.47

 

 

$

0.29

 

 

$

0.92

 

 

$

0.57

 

Cash dividends per share

 

$

0.250

 

 

$

0.250

 

 

$

0.500

 

 

$

0.475

 

 

See accompanying notes to consolidated financial statements.

 

5


 

ENNIS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited, in thousands)

 

 

 

Three months ended

 

 

Six months ended

 

 

 

August 31,

 

 

August 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net earnings

 

$

12,194

 

 

$

7,460

 

 

$

23,821

 

 

$

14,764

 

Adjustment to pension, net of deferred taxes

 

 

480

 

 

 

298

 

 

 

784

 

 

 

597

 

Comprehensive income

 

$

12,674

 

 

$

7,758

 

 

$

24,605

 

 

$

15,361

 

 

See accompanying notes to consolidated financial statements.

 

6


 

ENNIS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited, in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Treasury Stock

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income (Loss)

 

 

Shares

 

 

Amount

 

 

Total

 

Balance May 31, 2022

 

30,053,443

 

 

$

75,134

 

 

$

123,862

 

 

$

203,158

 

 

$

(18,283

)

 

 

(4,283,874

)

 

$

(75,244

)

 

$

308,627

 

Net earnings

 

 

 

 

 

 

 

 

 

 

12,194

 

 

 

 

 

 

 

 

 

 

 

 

12,194

 

Adjustment to pension, net of deferred tax of $160

 

 

 

 

 

 

 

 

 

 

 

 

 

480

 

 

 

 

 

 

 

 

 

480

 

Dividends paid ($0.25 per share)

 

 

 

 

 

 

 

 

 

 

(6,454

)

 

 

 

 

 

 

 

 

 

 

 

(6,454

)

Stock based compensation

 

 

 

 

 

 

 

469

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

469

 

Exercise of stock options and restricted stock

 

 

 

 

 

 

 

(300

)

 

 

 

 

 

 

 

 

17,039

 

 

 

300

 

 

 

 

Balance August 31, 2022

 

30,053,443

 

 

$

75,134

 

 

$

124,031

 

 

$

208,898

 

 

$

(17,803

)

 

 

(4,266,835

)

 

$

(74,944

)

 

$

315,316

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance February 28, 2022

 

30,053,443

 

 

$

75,134

 

 

$

123,990

 

 

$

197,998

 

 

$

(18,587

)

 

 

(4,253,824

)

 

$

(74,720

)

 

$

303,815

 

Net earnings

 

 

 

 

 

 

 

 

 

 

23,821

 

 

 

 

 

 

 

 

 

 

 

 

23,821

 

Adjustment to pension, net of deferred tax of $261

 

 

 

 

 

 

 

 

 

 

 

 

 

784

 

 

 

 

 

 

 

 

 

784

 

Dividends paid ($0.50 per share)

 

 

 

 

 

 

 

 

 

 

(12,921

)

 

 

 

 

 

 

 

 

 

 

 

(12,921

)

Stock based compensation

 

 

 

 

 

 

 

936

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

936

 

Exercise of stock options and restricted stock

 

 

 

 

 

 

 

(895

)

 

 

 

 

 

 

 

 

51,071

 

 

 

895

 

 

 

 

Common stock repurchases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(64,082

)

 

 

(1,119

)

 

 

(1,119

)

Balance August 31, 2022

 

30,053,443

 

 

$

75,134

 

 

$

124,031

 

 

$

208,898

 

 

$

(17,803

)

 

 

(4,266,835

)

 

$

(74,944

)

 

$

315,316

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance May 31, 2021

 

30,053,443

 

 

$

75,134

 

 

$

122,746

 

 

$

195,874

 

 

$

(19,983

)

 

 

(4,021,466

)

 

$

(70,319

)

 

$

303,452

 

Net earnings

 

 

 

 

 

 

 

 

 

 

7,460

 

 

 

 

 

 

 

 

 

 

 

 

7,460

 

Adjustment to pension, net of deferred tax of $95

 

 

 

 

 

 

 

 

 

 

 

 

 

298

 

 

 

 

 

 

 

 

 

298

 

Dividends paid ($0.25 per share)

 

 

 

 

 

 

 

 

 

 

(6,525

)

 

 

 

 

 

 

 

 

 

 

 

(6,525

)

Stock based compensation

 

 

 

 

 

 

 

636

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

636

 

Exercise of stock options and restricted stock

 

 

 

 

 

 

 

(266

)

 

 

 

 

 

 

 

 

15,198

 

 

 

266

 

 

 

 

Balance August 31, 2021

 

30,053,443

 

 

$

75,134

 

 

$