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Ennis, Inc.(EBF), a leading player i n the printing and manufacturing industry, has recently disclosed its unaudited condensed consolidated financial information for the second quarter ending August 31, 2023. This report provides a comprehensive overview of the company's financial performance, including both net income/loss and revenue.
During the second quarter of 2023, Ennis, Inc. reported total revenues of $106.76 million, showcasing a commendable performance in the face of economic challenges. This figure, although slightly lower than the same period in the previous year when it stood at $111.23 million, reflects the resilience of the company in maintaining a strong revenue stream.
Over the six-month period ending August 31, 2023, Ennis, Inc. recorded total revenues of $218.05 million, compared to $218.90 million in the corresponding period in 2022. The marginal decrease in revenue over the six months indicates the company's ability to navigate through market fluctuations.
Net Income Dip
While Ennis, Inc. displayed steady revenue, its net income saw a slight dip. For the second quarter of 2023, the company reported a net income of $10.91 million, compared to $12.19 million during the same period in 2022. This decline in net income is attributed to factors such as rising operating expenses and other financial costs.
Over the six-month period ending August 31, 2023, Ennis, Inc. recorded a net income of $22.55 million, a decrease from $23.82 million in the previous year. Despite the dip in net income, the company continues to maintain a strong financial position.
Ennis, Inc. also disclosed its condensed consolidated balance sheet information as of August 31, 2023, which provides insights into the company's financial health.
Current Assets:
- Cash: $100.34 million
- Accounts receivable, net: $48.22 million
- Inventories, net: $45.65 million
- Other current assets: $4.73 million
Total Current Assets: $198.94 million
Other Assets:
- Property, plant & equipment, net: $51.99 million
- Operating lease right-of-use assets: $12.16 million
- Goodwill and intangible assets: $135.49 million
- Other assets: $0.29 million
Total Assets: $398.87 million
Liabilities and Shareholders' Equity:
- Current liabilities: $35.61 million
- Other non-current liabilities: $20.11 million
Total Liabilities: $55.72 million
Shareholders' Equity: $343.15 million
Consolidated Cash Flow
Ennis, Inc. provided insight into its cash flow for the six months ending August 31, 2023:
- Cash provided by operating activities: $34.93 million
- Cash used in investing activities: ($15.64 million)
- Cash used in financing activities: ($12.92 million)
- Change in cash:$6.37 million
This demonstrates the company's ability to generate cash from its operations while strategically managing its investments and financing activities.
Ennis, Inc. continues to exhibit resilience and stability in the face of economic challenges. While net income has seen a slight dip, the company's robust revenue and strong financial position signify its ability to adapt and thrive in the dynamic market landscape. Investors and stakeholders will be closely watching as the company moves forward in the coming months.