PART I: FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's financial position weakened slightly with decreased year-over-year sales and net earnings Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Items | Aug 31, 2020 | Feb 29, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $83,906 | $68,258 | | Accounts receivable, net | $33,523 | $43,086 | | Total current assets | $155,186 | $149,884 | | Goodwill | $82,527 | $82,527 | | **Total assets** | **$360,201** | **$365,699** | | **Liabilities & Equity** | | | | Total current liabilities | $34,608 | $37,969 | | Total liabilities | $65,889 | $71,370 | | **Total shareholders' equity** | **$294,312** | **$294,329** | Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended Aug 31, 2020 | Three Months Ended Aug 31, 2019 | Six Months Ended Aug 31, 2020 | Six Months Ended Aug 31, 2019 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $86,612 | $108,816 | $175,608 | $216,849 | | Gross profit margin | $25,155 | $32,458 | $49,062 | $65,154 | | Income from operations | $8,920 | $12,814 | $14,816 | $25,807 | | Net earnings | $6,421 | $9,533 | $10,606 | $19,165 | | Diluted EPS | $0.25 | $0.37 | $0.41 | $0.74 | Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Six Months Ended Aug 31, 2020 | Six Months Ended Aug 31, 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $28,154 | $27,718 | | Net cash used in investing activities | ($353) | ($20,264) | | Net cash used in financing activities | ($12,153) | ($43,396) | | **Net change in cash** | **$15,648** | **($35,942)** | | Cash at end of period | $83,906 | $52,500 | [Notes to Unaudited Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Key notes detail the pandemic's impact, recent acquisitions, credit facility status, and stock repurchase activity - The COVID-19 pandemic led to reduced demand, resulting in the **furlough of 320 employees** and facility closures[103](index=103&type=chunk) - The company acquired The Flesh Company for approximately **$9.9 million** and Integrated Print & Graphics for **$8.9 million**[51](index=51&type=chunk)[53](index=53&type=chunk) - As of August 31, 2020, the company had **no outstanding long-term debt** and **$99.3 million** in available borrowing capacity[78](index=78&type=chunk)[79](index=79&type=chunk) - The company repurchased **26,472 shares for $0.42 million**, with **$10.7 million** remaining available under the repurchase program[81](index=81&type=chunk)[192](index=192&type=chunk) - On September 18, 2020, the Board declared a quarterly dividend of **$0.225 per share**[105](index=105&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the pandemic's impact on sales, improved margins from cost controls, and strong liquidity Results of Operations Comparison (Three Months Ended Aug 31) | Metric | 2020 | 2019 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $86.6M | $108.8M | ($22.2M) | (20.4%) | | Gross Profit Margin | 29.0% | 29.8% | (0.8 pts) | - | | Income from Operations | $8.9M | $12.8M | ($3.9M) | (30.5%) | | Net Earnings | $6.4M | $9.5M | ($3.1M) | (32.6%) | - The company's liquidity position is strong, with **$83.9 million in cash** and **$99.3 million** available under its credit facility[129](index=129&type=chunk)[168](index=168&type=chunk) - Key business challenges include the COVID-19 pandemic, product portfolio transformation, and **intense price competition**[127](index=127&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk) - Cash flow from operations remained strong at **$28.2 million** for the six-month period, slightly up from $27.7 million[169](index=169&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk is limited to interest rates on its credit facility, which currently has no outstanding debt - The company is exposed to interest rate risk on its variable-rate Credit Facility, but had **no outstanding debt** as of August 31, 2020[181](index=181&type=chunk) [Item 4. Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal controls over financial reporting were effective - The CEO and CFO concluded that the company's **disclosure controls and procedures were effective** as of August 31, 2020[183](index=183&type=chunk) - There have been **no material changes** in internal control over financial reporting during the quarter[187](index=187&type=chunk) PART II: OTHER INFORMATION [Item 1. Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company is not a party to any material legal proceedings outside of ordinary business litigation - There are **no material pending legal proceedings**, other than ordinary routine litigation incidental to the business[189](index=189&type=chunk) [Item 1A. Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's previously disclosed risk factors were reported during the quarter - **No material changes** in Risk Factors were reported from previous filings[190](index=190&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company continued its stock repurchase program, leaving $10.7 million available for future buybacks - The Board authorized a stock repurchase program of up to **$40.0 million**, with **$10.7 million** remaining available[191](index=191&type=chunk)[192](index=192&type=chunk) Issuer Purchases of Equity Securities (Six Months Ended Aug 31, 2020) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | May 1, 2020 - May 31, 2020 | 26,472 | $16.00 | | **Total** | **26,472** | **$16.00** | [Item 5. Other Information](index=31&type=section&id=Item%205.%20Other%20Information) The company's CFO retired for personal reasons and an interim CFO was appointed from within the company - On September 28, 2020, CFO and Treasurer **Richard L. Travis, Jr. retired** for personal reasons[194](index=194&type=chunk) - **Vera Burnett**, the company's accounting manager since 1997, was appointed as Interim CFO and Treasurer[197](index=197&type=chunk)[198](index=198&type=chunk) [Item 6. Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists standard filed exhibits, including corporate documents, certifications, and XBRL data files - The report includes standard exhibits such as corporate governance documents, CEO/CFO certifications, and XBRL data files[200](index=200&type=chunk) Signatures [Signatures](index=33&type=section&id=Signatures) The report was duly signed and authorized by the CEO and the newly appointed Interim CFO on October 7, 2020 - The report was signed on October 7, 2020, by **Keith S. Walters (CEO)** and **Vera Burnett (Interim CFO)**[204](index=204&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $2.50 per share EBF New York Stock Exchange FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended May 31, 2020 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period from to Commissio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended February 29, 2020 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __________ to __________ Commission File Number 1-5807 ENNIS, INC. (Exact Name of Registrant as Specified in Its Charter) Texas 75-0256410 (State or Other Jurisdiction of Inc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $2.50 per share EBF New York Stock Exchange FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended November 30, 2019 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period from to Comm ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $2.50 per share EBF New York Stock Exchange FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended August 31, 2019 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period from to Commis ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $2.50 per share EBF New York Stock Exchange FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended May 31, 2019 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period from to Commissio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended February 28, 2019 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from __________ to __________ Commission File Number 1-5807 ENNIS, INC. (Exact Name of Registrant as Specified in Its Charter) Texas 75-0256410 (State or Other Jurisdiction of Inc ...

PART I: FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements for November 30, 2018, reflect increased total assets and net earnings, driven by acquisitions and strong operating cash flow [Unaudited Consolidated Balance Sheets](index=3&type=section&id=Unaudited%20Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in thousands) | Account | November 30, 2018 | February 28, 2018 | | :--- | :--- | :--- | | Cash and cash equivalents | $80,818 | $96,230 | | Total current assets | $162,972 | $163,344 | | Goodwill | $81,376 | $70,603 | | Intangible assets, net | $63,139 | $49,254 | | **Total assets** | **$362,334** | **$329,439** | | Total current liabilities | $30,632 | $29,571 | | Long-term debt | $30,000 | $30,000 | | **Total liabilities** | **$74,612** | **$67,735** | | **Total shareholders' equity** | **$287,722** | **$261,704** | - **Total assets increased** by **$32.9 million**, primarily due to a **$10.8 million** increase in goodwill and a **$13.9 million** increase in net intangible assets, largely resulting from acquisitions[11](index=11&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) [Unaudited Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Operations) Consolidated Statement of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended Nov 30, 2018 | Three Months Ended Nov 30, 2017 | Nine Months Ended Nov 30, 2018 | Nine Months Ended Nov 30, 2017 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $108,070 | $93,606 | $300,080 | $283,083 | | Gross profit margin | $33,755 | $29,956 | $94,269 | $90,807 | | Income from operations | $14,006 | $13,318 | $39,224 | $39,752 | | Net earnings | $10,419 | $8,274 | $29,233 | $24,598 | | Diluted EPS | $0.40 | $0.33 | $1.14 | $0.97 | - For the three months ended November 30, 2018, **net sales increased** **15.5%** YoY, and **net earnings increased** **25.9%** YoY. For the nine-month period, **net sales grew** **6.0%** YoY, and **net earnings grew** **18.8%** YoY[17](index=17&type=chunk) [Unaudited Consolidated Statements of Cash Flows](index=8&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statement of Cash Flows Highlights (in thousands) | Cash Flow Category | Nine Months Ended Nov 30, 2018 | Nine Months Ended Nov 30, 2017 | | :--- | :--- | :--- | | Net cash provided by operating activities | $36,667 | $33,818 | | Net cash used in investing activities | ($30,855) | ($3,406) | | Net cash used in financing activities | ($21,224) | ($17,948) | | **Net change in cash** | **($15,412)** | **$12,464** | | Cash at end of period | $80,818 | $92,930 | - **Cash used in investing activities increased significantly** to **$30.9 million** from **$3.4 million** YoY, primarily due to **$27.4 million** spent on business acquisitions[24](index=24&type=chunk) - **Cash used in financing activities increased** due to **higher** dividend payments (**$16.7M** vs **$14.6M** YoY) and more common stock repurchases (**$4.6M** vs **$3.3M** YoY)[24](index=24&type=chunk) [Notes to Unaudited Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) - The company adopted new accounting standards for revenue recognition (ASU 2014-09) and pension cost presentation (ASU 2017-07) on March 1, 2018. The adoption of the revenue standard **did not have a significant impact**[28](index=28&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - On July 31, 2018, the Company **acquired** Wright Business Graphics (WBG) for approximately **$38.9 million**, consisting of **$22.7 million** in cash and **$16.2 million** in Ennis common stock. This acquisition **added** **$10.8 million** to goodwill[54](index=54&type=chunk)[68](index=68&type=chunk) - On April 30, 2018, the Company **acquired** the assets of Allen-Bailey Tag & Label for **$4.7 million** in cash, plus potential contingent consideration[58](index=58&type=chunk) - During the nine months ended November 30, 2018, the company **repurchased** **234,823** shares of common stock for **$4.6 million**. As of November 30, 2018, **$13.8 million remained available** under the repurchase program[21](index=21&type=chunk)[76](index=76&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes revenue growth to acquisitions, while gross margin declined due to rising costs and acquisition impact, with net earnings boosted by tax rate changes [Overview and Business Challenges](index=20&type=section&id=Overview%20and%20Business%20Challenges) - The company identifies itself as the **largest provider** of business forms, labels, tags, envelopes, and presentation folders to independent distributors in the U.S., operating **60** manufacturing plants[105](index=105&type=chunk)[106](index=106&type=chunk) - **Key business challenges include**: - **Product obsolescence** due to digital technology advances - **Intense price competition** and production overcapacity in the print industry - **Rising raw material costs** and supply chain pressures, with multiple price increases over the last eight months - **Consolidation of customers** (distributors), leading to **increased** pricing pressure[115](index=115&type=chunk)[116](index=116&type=chunk)[120](index=120&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Q3 FY2019 vs Q3 FY2018 Performance (Three months ended Nov 30) | Metric | 2018 | 2017 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $108.1M | $93.6M | +$14.5M | +15.5% | | Gross Profit Margin | 31.2% | 32.0% | -0.8 p.p. | - | | Income from Operations | $14.0M | $13.3M | +$0.7M | +5.3% | | Net Earnings | $10.4M | $8.3M | +$2.1M | +25.3% | - The **$14.5 million increase in quarterly net sales was driven by contributions** from the acquisitions of Wright (**$15.4 million**) and ABTL (**$3.0 million**), offsetting organic declines[130](index=130&type=chunk) - **Gross margin percentage declined primarily due to** **increased** raw material costs and the **dilutive impact** of the Wright and ABTL acquisitions, whose margins are currently below the company average[133](index=133&type=chunk) - The **effective tax rate for the quarter decreased** to **25.0%** from **37.0%** in the prior year, a direct result of the Tax Cuts and Jobs Act of 2017[138](index=138&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) - The company **relies on cash from operations** and its **$100 million** revolving credit facility for liquidity. As of November 30, 2018, cash and equivalents were **$80.8 million**[150](index=150&type=chunk)[151](index=151&type=chunk) - **Working capital decreased slightly** to **$132.3 million** from **$133.8 million** at fiscal year-end, **impacted** by the use of **$22.6 million** in cash for the Wright acquisition[153](index=153&type=chunk) - As of November 30, 2018, the company had **$30.0 million** of borrowings under its revolving credit line, with approximately **$69.3 million** in **available borrowing capacity**[158](index=158&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations on its variable-rate debt, with a one-percentage-point change impacting annual results by approximately $0.3 million - The company is **exposed to interest rate risk** on its **$30.0 million** of variable-rate borrowings under its Credit Facility[166](index=166&type=chunk) - A hypothetical one-point interest rate change would have an **annual impact of approximately** **$0.3 million** on the company's results of operations[166](index=166&type=chunk) [Item 4. Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of November 30, 2018, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's **disclosure controls and procedures were effective** as of November 30, 2018[168](index=168&type=chunk) - There were **no changes in internal control over financial reporting** during the fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[169](index=169&type=chunk) PART II: OTHER INFORMATION [Item 1. Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material pending legal proceedings outside of ordinary routine litigation incidental to its business - There are **no material pending legal proceedings** against the company[172](index=172&type=chunk) [Item 1A. Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported since the last Annual Report on Form 10-K - **No material changes in Risk Factors were reported** since the last Annual Report on Form 10-K[173](index=173&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the third quarter, the company repurchased 196,880 shares of common stock, with $13.8 million remaining available under the program Share Repurchases (Three Months Ended November 30, 2018) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | September 2018 | — | — | | October 2018 | 29,360 | $19.49 | | November 2018 | 167,520 | $19.75 | | **Total** | **196,880** | **$19.71** | - As of November 30, 2018, **approximately $13.8 million was available** for future share repurchases under the existing program[175](index=175&type=chunk) [Item 6. Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the Form 10-Q, including corporate governance documents and CEO/CFO certifications - The report **includes standard exhibits** such as Articles of Incorporation, Bylaws, and CEO/CFO certifications pursuant to Sarbanes-Oxley rules[180](index=180&type=chunk)