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Ennis Inc. has a market cap of $482.9 million; its shares were traded at around $18.63 with a P/E ratio of 10.8 and P/S ratio of 0.9. The dividend yield of Ennis Inc. stocks is 3.3%. Ennis Inc. had an annual average earning growth of 7.4% over the past 10 years. GuruFocus rated Ennis Inc. the business predictability rank of 4-star.
Highlight of Business Operations: The Print Segment, which represented 50%, 55%, and 56% of our consolidated net sales for the fiscal years ended February 28, 2011, February 28, 2010, and February 28, 2009, respectively, is in the business of manufacturing, designing and selling business forms and other printed business products primarily to distributors located in the United States. The Print Segment operates 38 manufacturing locations throughout the United States in 17 strategically located domestic states. Approximately 96% of the business products manufactured by the Print Segment are custom and semi-custom products, constructed in a wide variety of sizes, colors, and quantities on an individual job basis depending upon the customers’ specifications.
The Apparel Segment represented 50%, 45%, and 44% of our consolidated net sales for the fiscal years ended February 28, 2011, February 28, 2010, and February 28, 2009, respectively, and operates under the name of Alstyle Apparel (“Alstyle”). Alstyle markets high quality knitted activewear (t-shirts, tank tops and fleece) across all market segments. The main products of Alstyle are standardized shirts manufactured in a variety of sizes and colors. Approximately 98% of Alstyle’s revenues are derived from t-shirt sales, with 91% domestic sales. Alstyle’s branded product lines are sold mainly under the AAA and Murina® brands.
Cotton yarn is the primary raw material used in Alstyle’s manufacturing processes. Cotton accounts for approximately 35% of the manufactured product cost. Alstyle acquires its yarn from three major sources that meet stringent quality and on-time delivery requirements. The largest supplier provided 75% of Alstyle’s yarn requirements during the year and has an entire yarn mill dedicated to Alstyle’s production. To maintain our high standard of color control associated with our apparel products, we purchase our dyeing chemicals from limited sources. If Alstyle’s relations with its suppliers are disrupted, Alstyle may not be able to enter into arrangements with substitute suppliers on terms as favorable as its current terms, and our results of operations could be materially adversely affected.
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