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ENNIS BUSINESS FORMS, INC., REPORTS INTERIM OPERATING RESULTS

 ENNIS BUSINESS FORMS, INC., REPORTS INTERIM OPERATING RESULTS
 ENNIS, Texas, June 17 /PRNewswire/ -- Kenneth A. McCrady, chairman of the board, reported interim operating results for Ennis Business Forms, Inc. (NYSE: EBF) today. Sales for the first quarter ended May 31, 1992 amounted to $31,233,000 compared to $31,812,000 for the first quarter last year. Net earnings for the quarter ended May 31, 1992 amounted to $4,970,000 ($.27 a share), compared to earnings of $6,032,000 ($.33 a share) for the corresponding period last year. Per share earnings computations were based on 18,163,257 shares for the 1992 quarter and 18,279,090 shares for the prior period. The number of shares outstanding and earnings per share of common stock have been adjusted for a three-for-two stock distribution in July 1991.
 During the fiscal year ended February 29, 1992 the company decided to discontinue its investment in American Business Equipment, Inc. (ABE), its copier and service subsidiary, and, as a result of that decision, the operating results of ABE were reported as a discontinued operation, and a provision for the estimated loss on disposal was recognized. On May 27, 1992, the company sold the assets, except real estate, and business of ABE on a more favorable basis than was used in determining the provision for loss on disposal. The May 27, 1992 sale of ABE assets resulted in a gain of $398,000 ($.02 a share) in the quarter ended May 31, 1992. The company expects to finalize the sale of the ABE real estate within a few days. If the sale is completed as expected, there will be an additional gain of approximately $170,000 ($.01 a share), net of income taxes, which will be reported in the second quarter. The prior year first quarter results include earnings from ABE's operations of $89,000 ($.01 a share).
 The company adopted Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes, in the fiscal year ended February 29, 1992, retroactive to March 1, 1991. Operating results for the quarter ended May 31, 1991 have been restated to reflect the cumulative effect of the change in accounting principle which produced additional earnings of $1.5 million ($.08 a share.)
 Earnings Summary
 Three Months Ended May 31,
 1992 1991
 (Thousands Omitted)
 Net sales $31,233 $31,812
 Earnings from continuing operations
 before income taxes 7,185 6,995
 Provision for income taxes 2,613 2,552
 Earnings from continuing operations 4,572 4,443
 Earnings from discontinued
 operation - net of taxes 398 89
 Cumulative effect of change in
 accounting for income taxes -- 1,500
 Net earnings $ 4,970 $ 6,032
 Per share amounts:
 Continuing operations $ .25 .24
 Discontinued operation .02 .01
 Cumulative effect of change in
 accounting for income taxes -- .08
 Net earnings $ .27 .33
 -0- 6/17/92
 /CONTACT: Kenneth A. McCrady of Ennis Business Forms, Inc., 214-875-6581/ CO: Ennis Business Forms, Inc. ST: Texas IN: SU: ERN


LD -- NY078 -- 1278 06/17/92 18:10 EDT
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Publication:PR Newswire
Date:Jun 17, 1992
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