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ENNIS BUSINESS FORMS, INC. REPORTS NINE MONTHS OPERATING RESULTS

 ENNIS, Texas, Dec. 15 /PRNewswire/ -- Kenneth A. McCrady, chairman of the board, reported interim operating results for Ennis Business Forms, Inc. (NYSE: EBF) today. For the nine months ended Nov. 30, 1992, net sales were $98,195,000, compared to sales of $99,950,000 for the same period last year, and net earnings were $15,383,000 ($.87 a share), compared to earnings for the same period last year of $16,241,000 ($.89 a share). Per share earnings computations were based on 17,664,889 shares for 1992 and 18,247,675 shares for the prior period.
 For the third quarter ended Nov. 30, 1992, net sales were $33,782,000 compared to sales of $34,260,000 for the same period last year, and net earnings were $4,938,000 ($.29 a share), compared to net earnings for the same period last year of $4,877,000 ($.27 a share).
 During the fiscal year ended Feb. 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 entered into agreements to sell the assets and business of ABE and the ABE real estate on a more favorable basis than was used in determining the provision for loss on disposal. The sale of ABE assets resulted in a gain of $560,000 ($.03 a share) during the nine months ended Nov. 30, 1992. The prior year three month and nine month periods include earnings from ABE's operations of $38,000 and $143,000 ($.01 a share), respectively.
 The company adopted Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes, in the fiscal year ended Feb. 29, 1992, retroactive to March 1, 1991. Operating results for the nine months ended Nov. 30, 1991 have been restated to reflect the cumulative effect of the change in accounting principle which produced additional earnings of $1,500,000 ($.08 a share).
 ENNIS BUSINESS FORMS, INC.
 Earnings Summary
 (Dollars in thousands -- unaudited)
 Nine months ended Nov. 30 1992 1991
 Net sales 98,195 99,950
 Earnings from continuing operations
 before income taxes 23,396 23,139
 Provision for income taxes 8,573 8,541
 Earnings from continuing operations 14,823 14,598
 Earnings from discontinued operation --
 net of taxes 560 143
 Cumulative effect of change in accounting
 for income taxes -- 1,500
 Net earnings $15,383 16,241
 Per share amounts:
 Continuing operations $.84 $.80
 Discontinued operation .03 .01
 Cumulative effect of change in
 accounting for income taxes -- .08
 Net earnings $.87 $.89
 Three months ended Nov. 30 1992 1991
 Net sales 33,782 34,260
 Earnings from continuing operations
 before income taxes 7,876 7,784
 Provision for income taxes 2,938 2,945
 Earnings from continuing operations 4,938 4,839
 Earnings from discontinued operation -
 net of taxes -- 38
 Net earnings 4,938 4,877
 Net earnings per share $.29 .27
 -0- 12/15/92
 /CONTACT: Kenneth A. McCrady of Ennis Business Forms, Inc., 214-875-6581/
 (EBF)


CO: Ennis Business Forms, Inc. ST: Texas IN: SU: ERN

SM -- NY083 -- 7437 12/15/92 17:28 EST
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Date:Dec 15, 1992
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