On this page of StockholderLetter.com we present the latest annual shareholder letter from ENNIS, INC. — ticker symbol EBF. Reading current and past EBF letters to shareholders can bring important insights into the investment thesis.

ENNIS BOARD OF DIRECTORS Keith S. Walters Troy L. Priddy John R. Blind Alejandro Quiroz Chairman of the Board, CEO and President of Ennis, Inc. Retired and Former Vice President of the Printing and Carbonless Division of the Specialty Papers Business Unit of Glatfelter Aaron Carter President of Troy Priddy Custom Homes Chairman of the Board, President and CEO of InveStore Michael J. Schaefer Assistant Regional Vice President for Ross Stores, Inc. Retired and Former Executive Vice President, CFO and Treasurer of Methodist Health Systems Barbara T. Clemens Margaret A. Walters Retired and Former Vice President of Sales and Customer Service for Boise Paper, a division of Packaging Corporation of America Retired Educator Gary S. Mozina %JKGH 'ZGEWVKXG 1H EGT QH 5VGXGPUQP *QNFKPIU +PE ENNIS CORPORATE EXECUTIVE OFFICERS Keith S. Walters Dan Gus Chairman of the Board, CEO and President General Counsel and Secretary Vera Burnett Ronald M. Graham %JKGH (KPCPEKCN 1H EGT CPF 6TGCUWTGT Vice President Administration Wade Brewer Terry Pennington %JKGH 1RGTCVKPI 1H EGT %JKGH 4GXGPWG 1H EGT CONTENTS 3 Message to Shareholders 8 Financial Highlights Form 10-K Corporate Info
LETTER TO SHAREHOLDERS Keith S. Walters Chairman, CEO & President Ennis is celebrating our 115th year in business. We believe this long tenure is a testament to the strength and reputation of our company. We continue to focus on fundamentals such as conservative PCPEKCNU CPF DWUKPGUU KPVGITKV[ 6JQUG RTKPEKRCNU JCXG CNNQYGF WU VQ FGNKXGT C FKXKFGPF VQ QWT UJCTGJQNFGTU VYQ JWPFTGF CPF VJTGG SWCTVGTU KP C TQY 1WT UWEEGUUHWN CESWKUKVKQP RTQITCO JCU DTQWIJV WU HQWT PGY EQORCPKGU VJG RCUV [GCT 9G CTG EQPVKPWCNN[ NQQMKPI HQT PGY CESWKUKVKQP QRRQTVWPKVKGU CPF VJGTG CRRGCT VQ UVKNN be many opportunities as smaller printers look to exit the business. 1WT RQUKVKXG TGRWVCVKQP KP VJG OCTMGVRNCEG KU XGT[ MG[ VQ QWT UWEEGUU rate. It is not unusual for a past seller to offer a recommendation to a future seller in Ennis behalf. I ll expand on these acquisitions later in my letter. Ennis is celebrating our 115th year in business. We believe this long tenure is a testament to the strength and reputation of our company. 6JKU RCUV UECN [GCT JCU EJCNNGPIGF WU VQ CFLWUV VQ VJG UQHVGPKPI QH QWT OCTMGV 6JGTG YCU GZEGUU KPXGPVQT[ KP VJG OCTMGV HTQO customers overstocking during the paper supply shortages. We started seeing a softening of orders in some of our product lines KP VJG HQWTVJ SWCTVGT QH (; 6JCV WPHQTVWPCVGN[ HQTGUJCFQYGF VJG VTGPFU YG YQWNF UGG HQT (; 6JG CPVKEKRCVGF FGENKPG QH our backlogs during the year required a refocused level of attention QP QWT HWPFCOGPVCN QRGTCVKPI RTCEVKEGU UWEJ CU KPXGPVQT[ EQUVU NCDQT EQUVU CPF RTKEKPI CEEWTCE[ 9G YKNN UJCTG UQOG QH VJG operational accomplishments to offset the impacts caused by the market imbalances. Market Conditions 6JG NCTIGUV KORCEV QP UCNGU VJKU RCUV [GCT YCU VJG FGUVQEMKPI QT TGFWEVKQP QH KPXGPVQTKGU D[ C OCLQTKV[ QH EWUVQOGTU KP QWT UGIOGPVU 6JG OCKP ECWUG QH VJKU YCU VJG KPFWUVT[oU KPCDKNKV[ VQ RTGFKEV YJGTG VJG RCRGT OCTMGV YCU IQKPI 6JG EJCPIKPI QYPGTUJKR KP OCP[ QH VJG RCRGT OKNNU YKNN OCMG VJKU CP GXQNXKPI UVQT[ HQT VJG HQTGUGGCDNG HWVWTG ennis.com | 3
9G GZRGEVGF VJKU VQ QEEWT CU YG YKVPGUUGF many distributors in 2022 placing orders for 1.5 to 2 times their normal order patterns due to concerns of running out of product. We EGTVCKPN[ JCF EQPEGTPU VJG[ YGTG JQCTFKPI EQORCTGF VQ VJGKT XQNWOGU 6JQUG apprehensions became reality as distributors ordering behavior started to change in the fourth quarter as the lead times and prices QP RCRGT NGXGNGF 6JG NCEM QH TGQTFGTU KORCEVGF QWT TUV CPF UGEQPF SWCTVGTU QH 6JKU UNQYFQYP VJGP KPFWEGF UQOG QH QWT EWUVQOGTU VQ OQXG CP[ YQTM VJG[ EQWNF RTQFWEG KP JQWUG VQ NN QRGP ECRCEKVKGU KP VJGKT RNCPVU 1H EQWTUG VJGUG CEVKQPU KORCEVGF QWT QXGTCNN FGOCPF (QTVWPCVGN[ YG EQPVKPWG VQ JCXG OCP[ RTQFWEVU VJCV CTG unique to Ennis and those orders remained. 6JKU XQNWOG YKNN UJKHV DCEM VQ 'PPKU YG DGNKGXG as the market normalizes as it has in the past OCTMGV WRU CPF FQYPU 6JG RTKEG QH RCRGT has remained elevated from the high level QH VJG RCRGT UJQTVCIGU 6JKU EQPVKPWGU VQ be a risk factor in driving some customers to alternatives such as electronic solutions XGTUWU RCRGT DCUGF QRVKQPU 1PG GZCORNG is the Internal Revenue Service no longer offers printed tax forms to individuals and small businesses since the beginning of 6JKU FGEKUKQP PGICVKXGN[ KORCEVGF QWT past year s sales due to our supply contract YKVJ VJG +45 6JGUG CTG EGTVCKPN[ PQV PGY TKUM HCEVQTU DWV C UNQYN[ FGXGNQRKPI TGCNKV[ 9G CTG YGNN CYCTG CPF VT[ VQ WUG VJG CESWKUKVKQP QH NGUU VJTGCVGPGF RTQFWEV NKPGU VQ UNQY this decline. Ennis was able to generate gains of more than $11 million in sales growth with our expanded market share.
'PPKU YCU CDNG VQ IGPGTCVG ICKPU QH OQTG VJCP OKNNKQP KP UCNGU ITQYVJ YKVJ QWT GZRCPFGF OCTMGV UJCTG YKVJ OCP[ FKUVTKDWVQTU CPF VJG acquisition program. Such a contract signed VJKU [GCT YCU YKVJ QPG QH VJG NCTIGUV 7 5 DCUGF KPUWTCPEG EQORCPKGU 6JG EQPVTCEV KU HQT RTG printed data roll products. Another contract YCU YKVJ C EWUVQOGT YJQ RTQXKFGU ETKVKECN communication documents both domestic CPF KPVGTPCVKQPCNN[ 1WT DTQCF IGQITCRJKE HQQVRTKPV QH OCPWHCEVWTKPI NQECVKQPU CDKNKV[ VQ WVKNK\G GZKUVKPI GSWKROGPV YKNNKPIPGUU VQ KPXGUV KP PGY ECRKVCN CPF QWT KPFWUVT[ expertise are the primary reasons these EWUVQOGTU UGNGEVGF VQ RCTVPGT YKVJ 'PPKU Ennis offers our distributors a technology advantage that makes transactions seamless and increases efficiencies. Leveraging our technology systems gives WU C UKIPK ECPV CFXCPVCIG EQORCTGF VQ QWT smaller competitors. End-use companies often require their suppliers to support an electronic transfer of orders and the return of pertinent order data. Ennis offers our distributors a technology advantage that makes transactions seamless and increases GH EKGPEKGU 6JKU CFXCPVCIG CNNQYGF WU VQ capture additional business through our more advanced distributor customers. Operational 1WT UECN [GCT UCY VJG EQPVKPWCVKQP QH QWT backlog decline from the highs of 2022 and 1WT DCEMNQIU HQT VCI NCDGN CPF RTGUUWTG UGCN RTQFWEVU JGNF UVGCF[ HQT VJG TUV JCNH QH the past year but have softened since then. 1VJGT RTQFWEV DCEMNQIU FGENKPGF DWV CTG UVKNN KP NKPG YKVJ QWT JKUVQTKECN CXGTCIGU 9G UCY UQOG UVCDKNK\CVKQP QH VJG NCDQT OCTMGV FWTKPI VJG RCUV [GCT CNNQYKPI WU VQ NN ETKVKECN RQUKVKQPU 6JGTG EQPVKPWGU VQ DG WRYCTF RTGUUWTG QP YCIGU CV OQUV QH QWT NQECVKQPU 9G YKNN EQPVKPWG VQ OQPKVQT VJGUG trends as demand softens. # IQCN NCUV [GCT YCU TGVWTPKPI QWT KPXGPVQT[ levels back to our historic level of nine turns. ;GU GXGP QWT )GPGTCN /CPCIGTU ECWIJV VJG panic of buying paper in excess of needs from fear of running out of paper! We have CEEQORNKUJGF VJKU IQCN YJKEJ EGTVCKPN[ RWV WU KP C DGVVGT UKVWCVKQP CU VJG OCTMGV UNQYGF 1WT IQCN PQY KU VQ OCKPVCKP VJKU NGXGN QH inventory through our real-time information U[UVGO 1WT QRGTCVKPI OCPCIGOGPV VGCO FKF C IQQF LQD QH DTKPIKPI VJKU DCEM WPFGT control and our goal is to avoid a reoccurrence in the future. Acquisitions &WTKPI VJKU RCUV [GCT 'PPKU CESWKTGF HQWT EQORCPKGU 1P /C[ YG CESWKTGF VJG CUUGVU QH 5V[NG%TCHV 2TKPVKPI NQECVGF KP %CPVQP /KEJKICP 5V[NG%TCHV KU C VTCFG QPN[ RTKPVGT UKPEG URGEKCNK\KPI KP DWUKPGUU HQTOU KPVGITCVGF products and commercial printing. 1P ,WPG YG CESWKTGF VJG CUUGVU QH 7/% 2TKPV KP 1XGTNCPF 2CTM -CPUCU 7/% Print has been a leading trade-only printer and provider of commercial printing services UKPEG 6JKU YCU PQV CP QRGTCVKQP YKVJ many of the basic systems and procedures YG CTG WUGF VQ UGGKPI KP C RTKPVKPI RNCPV We actually passed on this a couple of times in the past but the price became attractive CU VJG PWODGTU YGTG RTGUGPVGF +V JCU DGGP more troublesome than expected but it is UOCNN GPQWIJ VQ PQV JCXG C OCLQT KORCEV #U VJG[ UC[ pUQOGVKOGU [QW IGV YJCV [QW RC[ HQTq 9G YKNN IGV VJKU VWTPGF CTQWPF CPF ennis.com | 5
 • shareholder letter icon 6/20/2024 Letter Continued (Full PDF)
 • stockholder letter icon More "Publishing & Printing" Category Stockholder Letters
 • Benford's Law Stocks icon EBF Benford's Law Stock Score = 87


EBF Shareholder/Stockholder Letter Transcript:


ENNIS BOARD OF DIRECTORS
Keith S. Walters
Troy L. Priddy
John R. Blind
Alejandro Quiroz
Chairman of the Board, CEO and President of Ennis, Inc.
Retired and Former Vice President of the Printing and Carbonless
Division of the Specialty Papers Business Unit of Glatfelter
Aaron Carter
President of Troy Priddy Custom Homes
Chairman of the Board, President and CEO of InveStore
Michael J. Schaefer
Assistant Regional Vice President for Ross Stores, Inc.
Retired and Former Executive Vice President, CFO and Treasurer of
Methodist Health Systems
Barbara T. Clemens
Margaret A. Walters
Retired and Former Vice President of Sales and Customer Service
for Boise Paper, a division of Packaging Corporation of America
Retired Educator
Gary S. Mozina
%JKGH 'ZGEWVKXG 1H  EGT QH 5VGXGPUQP *QNFKPIU  +PE 
ENNIS CORPORATE EXECUTIVE OFFICERS
Keith S. Walters
Dan Gus
Chairman of the Board, CEO and President
General Counsel and Secretary
Vera Burnett
Ronald M. Graham
%JKGH (KPCPEKCN 1H  EGT CPF 6TGCUWTGT
Vice President     Administration
Wade Brewer
Terry Pennington
%JKGH 1RGTCVKPI 1H  EGT
%JKGH 4GXGPWG 1H  EGT
CONTENTS
3 Message to Shareholders
8 Financial Highlights
Form 10-K
Corporate Info

LETTER TO
SHAREHOLDERS
Keith S. Walters
Chairman, CEO & President
Ennis is celebrating our 115th year in business. We believe this long
tenure is a testament to the strength and reputation of our company.
We continue to focus on fundamentals such as conservative
  PCPEKCNU  CPF DWUKPGUU KPVGITKV[  6JQUG RTKPEKRCNU JCXG CNNQYGF WU 
VQ  FGNKXGT  C  FKXKFGPF  VQ  QWT  UJCTGJQNFGTU  VYQ  JWPFTGF  CPF  VJTGG 
SWCTVGTU        KP  C  TQY   1WT  UWEEGUUHWN  CESWKUKVKQP  RTQITCO  JCU 
DTQWIJV  WU  HQWT  PGY  EQORCPKGU  VJG  RCUV  [GCT   9G  CTG  EQPVKPWCNN[ 
NQQMKPI  HQT  PGY  CESWKUKVKQP  QRRQTVWPKVKGU  CPF  VJGTG  CRRGCT  VQ  UVKNN 
be many opportunities as smaller printers look to exit the business.
1WT RQUKVKXG TGRWVCVKQP KP VJG OCTMGVRNCEG KU XGT[ MG[ VQ QWT UWEEGUU 
rate. It is not unusual for a past seller to offer a recommendation
to a future seller in Ennis    behalf. I   ll expand on these acquisitions
later in my letter.

Ennis is celebrating our 115th year in
business. We believe this long tenure
is a testament to the strength and
reputation of our company.

6JKU  RCUV    UECN  [GCT  JCU  EJCNNGPIGF  WU  VQ  CFLWUV  VQ  VJG  UQHVGPKPI 
QH  QWT  OCTMGV   6JGTG  YCU  GZEGUU  KPXGPVQT[  KP  VJG  OCTMGV  HTQO 
customers overstocking during the paper supply shortages. We
started seeing a softening of orders in some of our product lines
KP  VJG  HQWTVJ  SWCTVGT  QH  (;         6JCV  WPHQTVWPCVGN[  HQTGUJCFQYGF 
VJG  VTGPFU  YG  YQWNF  UGG  HQT  (;         6JG  CPVKEKRCVGF  FGENKPG  QH
our backlogs during the year required a refocused level of attention
QP  QWT  HWPFCOGPVCN  QRGTCVKPI  RTCEVKEGU  UWEJ  CU  KPXGPVQT[  EQUVU  
NCDQT  EQUVU  CPF  RTKEKPI  CEEWTCE[   9G  YKNN  UJCTG  UQOG  QH  VJG 
operational accomplishments to offset the impacts caused by the
market imbalances.
Market Conditions
6JG  NCTIGUV  KORCEV  QP  UCNGU  VJKU  RCUV  [GCT  YCU  VJG  FGUVQEMKPI  QT 
TGFWEVKQP QH KPXGPVQTKGU D[ C OCLQTKV[ QH EWUVQOGTU KP QWT UGIOGPVU  
6JG OCKP ECWUG QH VJKU YCU VJG KPFWUVT[oU KPCDKNKV[ VQ RTGFKEV YJGTG 
VJG RCRGT OCTMGV YCU IQKPI  6JG EJCPIKPI QYPGTUJKR KP OCP[ QH VJG 
RCRGT OKNNU YKNN OCMG VJKU CP GXQNXKPI UVQT[ HQT VJG HQTGUGGCDNG HWVWTG  
ennis.com |
3

9G  GZRGEVGF  VJKU  VQ  QEEWT  CU  YG  YKVPGUUGF 
many distributors in 2022 placing orders for
1.5 to 2 times their normal order patterns due
to concerns of running out of product. We
EGTVCKPN[  JCF  EQPEGTPU  VJG[  YGTG  JQCTFKPI 
EQORCTGF  VQ  VJGKT        XQNWOGU   6JQUG 
apprehensions became reality as distributors   
ordering behavior started to change in the
fourth quarter as the lead times and prices
QP  RCRGT  NGXGNGF   6JG  NCEM  QH  TGQTFGTU 
KORCEVGF  QWT    TUV  CPF  UGEQPF  SWCTVGTU  QH 
       6JKU  UNQYFQYP  VJGP  KPFWEGF  UQOG  QH 
QWT EWUVQOGTU VQ OQXG CP[ YQTM VJG[ EQWNF 
RTQFWEG  KP JQWUG  VQ    NN  QRGP  ECRCEKVKGU 
KP  VJGKT  RNCPVU   1H  EQWTUG   VJGUG  CEVKQPU 
KORCEVGF  QWT  QXGTCNN  FGOCPF   (QTVWPCVGN[  
YG EQPVKPWG VQ JCXG OCP[ RTQFWEVU VJCV CTG 
unique to Ennis and those orders remained.
6JKU XQNWOG YKNN UJKHV DCEM VQ 'PPKU YG DGNKGXG 
as the market normalizes as it has in the past
OCTMGV  WRU  CPF  FQYPU   6JG  RTKEG  QH  RCRGT 
has remained elevated from the high level
QH  VJG  RCRGT  UJQTVCIGU   6JKU  EQPVKPWGU  VQ 
be a risk factor in driving some customers
to alternatives such as electronic solutions
XGTUWU  RCRGT DCUGF  QRVKQPU   1PG  GZCORNG 
is the Internal Revenue Service no longer
offers printed tax forms to individuals and
small businesses since the beginning of
       6JKU  FGEKUKQP  PGICVKXGN[  KORCEVGF  QWT 
past year   s sales due to our supply contract
YKVJ VJG +45  6JGUG CTG EGTVCKPN[ PQV PGY TKUM 
HCEVQTU  DWV  C  UNQYN[  FGXGNQRKPI  TGCNKV[   9G 
CTG YGNN CYCTG CPF VT[ VQ WUG VJG CESWKUKVKQP 
QH  NGUU  VJTGCVGPGF  RTQFWEV  NKPGU  VQ  UNQY
this decline.
Ennis was able to generate
gains of more than $11 million in
sales growth with our expanded
market share.


'PPKU YCU CDNG VQ IGPGTCVG ICKPU QH OQTG VJCP 
    OKNNKQP KP UCNGU ITQYVJ YKVJ QWT GZRCPFGF 
OCTMGV UJCTG YKVJ OCP[ FKUVTKDWVQTU CPF VJG 
acquisition program. Such a contract signed
VJKU [GCT YCU YKVJ QPG QH VJG NCTIGUV 7 5  DCUGF 
KPUWTCPEG EQORCPKGU  6JG EQPVTCEV KU HQT RTG 
printed data roll products. Another contract
YCU  YKVJ  C  EWUVQOGT  YJQ  RTQXKFGU  ETKVKECN 
communication documents both domestic
CPF  KPVGTPCVKQPCNN[   1WT  DTQCF  IGQITCRJKE 
HQQVRTKPV  QH  OCPWHCEVWTKPI  NQECVKQPU   CDKNKV[ 
VQ  WVKNK\G  GZKUVKPI  GSWKROGPV   YKNNKPIPGUU 
VQ  KPXGUV  KP  PGY  ECRKVCN   CPF  QWT  KPFWUVT[ 
expertise are the primary reasons these
EWUVQOGTU UGNGEVGF VQ RCTVPGT YKVJ 'PPKU 
Ennis offers our distributors a
technology advantage that
makes transactions seamless
and increases efficiencies.
Leveraging our technology systems gives
WU  C  UKIPK  ECPV  CFXCPVCIG  EQORCTGF  VQ  QWT 
smaller competitors. End-use companies
often require their suppliers to support an
electronic transfer of orders and the return
of pertinent order data. Ennis offers our
distributors a technology advantage that
makes transactions seamless and increases
GH  EKGPEKGU   6JKU  CFXCPVCIG  CNNQYGF  WU  VQ 
capture additional business through our
more advanced distributor customers.
Operational
1WT    UECN  [GCT  UCY  VJG  EQPVKPWCVKQP  QH  QWT 
backlog decline from the highs of 2022 and
      1WT DCEMNQIU HQT VCI  NCDGN CPF RTGUUWTG 
UGCN RTQFWEVU JGNF UVGCF[ HQT VJG   TUV JCNH QH 
the past year but have softened since then.
1VJGT RTQFWEV DCEMNQIU FGENKPGF DWV CTG UVKNN 
KP NKPG YKVJ QWT JKUVQTKECN CXGTCIGU  
9G  UCY  UQOG  UVCDKNK\CVKQP  QH  VJG  NCDQT 
OCTMGV  FWTKPI  VJG  RCUV  [GCT   CNNQYKPI  WU  VQ 
  NN  ETKVKECN  RQUKVKQPU   6JGTG  EQPVKPWGU  VQ  DG 
WRYCTF  RTGUUWTG  QP  YCIGU  CV  OQUV  QH  QWT 
NQECVKQPU  9G YKNN EQPVKPWG VQ OQPKVQT VJGUG 
trends as demand softens.
#  IQCN  NCUV  [GCT  YCU  TGVWTPKPI  QWT  KPXGPVQT[ 
levels back to our historic level of nine turns.
;GU  GXGP QWT )GPGTCN /CPCIGTU ECWIJV VJG 
panic of buying paper in excess of needs
from fear of running out of paper! We have
CEEQORNKUJGF  VJKU  IQCN  YJKEJ  EGTVCKPN[  RWV 
WU KP C DGVVGT UKVWCVKQP CU VJG OCTMGV UNQYGF  
1WT  IQCN  PQY  KU  VQ  OCKPVCKP  VJKU  NGXGN  QH 
inventory through our real-time information
U[UVGO   1WT  QRGTCVKPI  OCPCIGOGPV  VGCO
FKF  C  IQQF  LQD  QH  DTKPIKPI  VJKU  DCEM  WPFGT 
control and our goal is to avoid a reoccurrence
in the future.
Acquisitions
&WTKPI  VJKU  RCUV  [GCT   'PPKU  CESWKTGF  HQWT 
EQORCPKGU  1P /C[           YG CESWKTGF VJG 
CUUGVU QH 5V[NG%TCHV 2TKPVKPI  NQECVGF KP %CPVQP  
/KEJKICP  5V[NG%TCHV KU C VTCFG QPN[ RTKPVGT UKPEG 
     URGEKCNK\KPI KP DWUKPGUU HQTOU  KPVGITCVGF 
products and commercial printing.
1P  ,WPG             YG  CESWKTGF  VJG  CUUGVU  QH 
7/%  2TKPV  KP  1XGTNCPF  2CTM   -CPUCU   7/% 
Print has been a leading trade-only printer
and provider of commercial printing services
UKPEG         6JKU  YCU  PQV  CP  QRGTCVKQP  YKVJ 
many of the basic systems and procedures
YG  CTG  WUGF  VQ  UGGKPI  KP  C  RTKPVKPI  RNCPV  
We actually passed on this a couple of times
in the past but the price became attractive
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more troublesome than expected but it is
UOCNN  GPQWIJ  VQ  PQV  JCXG  C  OCLQT  KORCEV  
#U  VJG[  UC[   pUQOGVKOGU  [QW  IGV  YJCV  [QW 
RC[ HQTq  9G YKNN IGV VJKU VWTPGF CTQWPF CPF 
ennis.com |
5



shareholder letter icon 6/20/2024 Letter Continued (Full PDF)
 

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