Printer Friendly

ENNIS BUSINESS FORMS REPORTS FIRST HALF OPERATING RESULTS

 ENNIS BUSINESS FORMS REPORTS FIRST HALF OPERATING RESULTS
 ENNIS, Texas, Sept. 11 /PRNewswire/ -- Kenneth A. McCrady, chairman of the board, reported interim operating results for Ennis Business Forms, Inc. (NYSE: EBF) today. For the six months ended Aug. 31, 1992, net sales were $64,413,000, compared to sales of $65,690,000 for the same period last year, and net earnings were $10,445,000 ($.58 a share), compared to earnings for the same period last year of $11,364,000 ($.62 a share). Per share earnings computations were based on 17,865,848 shares for 1992 and 18,257,352 shares for the prior period.
 For the second quarter ended Aug. 31, 1992, net sales were $33,180,000 compared to sales of $33,878,000 for the same period last year, and net earnings were $5,475,000 ($.31 a share), compared to net earnings for the same period last year of $5,332,000 ($.29 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 six months ended Aug. 31, 1992. Of the total gain, $162,000 ($.01 a share) was recognized in the quarter ended Aug. 31, 1992. The prior year three month and six month periods include earnings from ABE's operations of $16,000 and $105,000 ($.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 six months ended Aug. 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).
 ENNIS BUSINESS FORMS, INC.
 Earnings Summary
 Six Months Ended Aug. 31,
 1992 1991
 (Thousands Omitted)
 Net Sales $ 64,413 65,690
 Earnings from continuing operations
 before income taxes 15,520 15,355
 Provision for income taxes 5,635 5,596
 Earnings from continuing operations 9,885 9,759
 Earnings from discontinued
 operation - net of taxes 560 105
 Cumulative effect of change in
 accounting for income taxes -- 1,500
 Net earnings $ 10,445 11,364
 Per share amounts:
 Continuing operations $ .55 .53
 Discontinued operation .03 .01
 Cumulative effect of change in
 accounting for income taxes -- .08
 Net earnings $ .58 .62
 Three Months Ended Aug. 31,
 1992 1991
 (Thousands Omitted)
 Net Sales $ 33,180 33,878
 Earnings from continuing operations
 before income taxes 8,335 8,360
 Provision for income taxes 3,022 3,044
 Earnings from continuing operations 5,313 5,316
 Earnings from discontinued
 operation - net of taxes 162 16
 Net earnings $ 5,475 5,332
 Per share amounts:
 Continuing operations $ .30 .29
 Discontinued operation .01 --
 Net earnings $ .31 .29
 -0- 9/11/92
 /CONTACT: Kenneth A. McCrady of Ennis Advertising & Communication, 214-875-6581/
 (EBF) CO: Ennis Business Forms, Inc. ST: Texas IN: SU: ERN


PS -- NY068 -- 8650 09/11/92 16:58 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 11, 1992
Words:584
Previous Article:REXENE CORPORATION ANNOUNCES KEY STEP IN IMPLEMENTING PLAN OF REORGANIZATION
Next Article:FLORIDA REGIONAL STOCK REPORT FOR FRIDAY, SEPT. 11
Topics:


Related Articles
ENNIS BUSINESS FORMS REPORTS NINE MONTHS OPERATING RESULTS
ENNIS BUSINESS FORMS, INC., REPORTS INTERIM OPERATING RESULTS
ENNIS BUSINESS FORMS, INC. REPORTS NINE MONTHS OPERATING RESULTS
ENNIS BUSINESS FORMS, INC. REPORTS FIRST QUARTER OPERATING RESULTS
ENNIS BUSINESS FORMS, INC. REPORTS FIRST HALF OPERATING RESULTS
ENNIS BUSINESS FORMS, INC. REPORTS NINE MONTHS OPERATING RESULTS
ENNIS BUSINESS FORMS, INC. REPORTS OPERATING RESULTS FOR THE YEAR ENDED FEB. 28, 1995
ENNIS BUSINESS FORMS, INC. REPORTS FIRST QUARTER OPERATING RESULTS
ENNIS BUSINESS FORMS, INC. REPORTS NINE MONTHS OPERATING RESULTS
Ennis Business Forms, Inc. Reports First Quarter Operating Results

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters