Monday, Ennis, Inc. (EBF), a provider of business forms, business products and active wear, reported a slight increase in profit for the second quarter, despite lower revenues, benefiting from improved gross margin and a decrease in expenses.
Net earnings for the second quarter were $9.54 million or $0.37 per share, up from $9.34 million or $0.36 per share in the previous year.
Revenues for the quarter declined 14.5% to $137.77 million from $161.05 million a year ago.
Print sales for the quarter were $73.9 million, down 13.5% from $85.4 million for the same quarter last year. Apparel sales for the quarter declined 15.6% to $63.9 million from $75.7 million last year.
Cost of goods sold declined to $101.94 million from $121.81 million in the earlier year. Overall gross profit margins increased to 26.0% from 24.4% in the previous year.
Operating expenses were $19.95 million, compared to $23.52 million last year.
For the six-month period, net earnings declined to $16.18 million or $0.63 per share from $20.28 million or $0.78 per share in the same period of the previous year. Revenues for the period declined 17.2% to $268.60 million from $324.25 million last year.
EBF is currently trading at $14.87, down 0.10 or 0.67%, on the NYSE.
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