July 2016 – Following the sale of its apparel business to Gildan Activewear on May 25 for $110.0 million (all figures USD), Ennis announced net sales for the first fiscal quarter ending May 31 totalled $90.4 million. This is compared to $96.8 million in the same quarter last year, a decrease of 6.6 per cent.

“We are pleased that we were able to close the sale of the apparel business within the first quarter,” said Keith Walters, chairman, CEO and president, in an official statement. “The completion of this transaction will allow us to focus on our core print business, including pursuing acquisitions that fit our corporate strategy,” added Walters.

The quarterly net loss from the sale of the apparel business, net of tax, was $26.0 million, or $1.01 per share, resulting in a net loss of $16.9 million, or $0.65 per diluted share.

In the same quarter in 2015, net earnings were $9.2 million or $0.36 per diluted share. The company generated adjusted EBITDA from continuing operations of $13.8 million compared to $16.9 million in the first quarter of 2015.