Ennis, Inc. reported its financial results for the second quarter ended August 31, 2024, with revenues totaling $99.0 million. This represents a decrease of $7.8 million, or 7.3%, compared to $106.8 million in the same quarter of the prior year. Net earnings for the quarter were $10.3 million, or $0.40 per diluted share, down from $10.9 million, or $0.42 per diluted share, in the comparable period last year.
Despite the decline in sales, the company's gross profit margin was 30.1%, a slight decrease from 31.0% in the prior year's second quarter. However, Ennis's EBITDA margin improved slightly to 18.6% of sales, compared to 18.5% in the second quarter of the previous year. Management stated that these results met expectations, attributing softened demand and increased price competition to larger macroeconomic conditions.
During the second quarter, Ennis completed the acquisition of Printing Technologies, Inc. (PTI), located in Indianapolis, Indiana. PTI specializes in innovative media solutions for various printing technologies, including direct thermal, thermal transfer, ink jet, dot matrix, and laser. This acquisition is expected to strengthen Ennis's production capabilities and diversify its product offerings to better serve its customer base.
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