##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 10-Q
  þ
    
    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
 For the Quarterly Period Ended November 30, 2009
 OR
 o
    
    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.
  Texas
    
    75-0256410(State or Other Jurisdiction of
Incorporation or Organization)
    
    (I.R.S. Employer Identification No.)2441 Presidential Pkwy., Midlothian, Texas
    
    76065(Address of Principal Executive Offices)
    
    (Zip code)
 (972) 775-9801
 þ o
 o o
  Large accelerated filer oAccelerated filer þNon-accelerated filer o(Do not check if a smaller reporting company)Smaller reporting company o o þ




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##### 



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 TABLE OF CONTENTS
 PART I: FINANCIAL INFORMATIONItem 1. Financial Statements
    
    
    3Consolidated Balance Sheets at November 30, 2009 (unaudited) and February 28, 2009
    
    
    3Unaudited Consolidated Statements of Earnings for the three and nine months ended November
30, 2009 and 2008
    
    
    5Unaudited Consolidated Statements of Cash Flows for the nine months ended November 30, 2009
and 2008
    
    
    6Notes to the Consolidated Financial Statements
    
    
    7Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    22Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    38Item 4. Controls and Procedures
    
    
    39PART II: OTHER INFORMATIONItem 1. Legal Proceedings
    
    
    39Item 1A. Risk Factors
    
    
    39Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    39Item 3. Defaults Upon Senior Securities
    
    
    40Item 4. Submission of Matters to a Vote of Security Holders
    
    
    40Item 5. Other Information
    
    
    40Item 6. Exhibits
    
    
    40SIGNATURES
    
    
    41EX-31.1EX-31.2EX-32.1EX-32.2
  2




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##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 Item 1. FINANCIAL STATEMENTS
 
 ENNIS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS  (Dollars in thousands )
 November 30,
    
    
    February 28,2009
    
    
    2009(unaudited)AssetsCurrent assetsCash
    
    $
    22,594
    
    
    $
    9,286Accounts receivable, net of allowance for doubtful receivables
of $4,463 at November 30, 2009 and $3,561 at February 28, 2009
    
    
    57,726
    
    
    
    57,467Prepaid expenses
    
    
    4,270
    
    
    
    3,780Prepaid income taxes
    
    
    
    
    
    
    4,826Inventories
    
    
    76,048
    
    
    
    101,167Deferred income taxes
    
    
    5,728
    
    
    
    5,728Assets held for sale
    
    
    804
    
    
    
    Total current assets
    
    
    167,170
    
    
    
    182,254Property, plant and equipment, at costPlant, machinery and equipment
    
    
    134,696
    
    
    
    133,300Land and buildings
    
    
    51,129
    
    
    
    43,150Other
    
    
    22,349
    
    
    
    22,679Total property, plant and equipment
    
    
    208,174
    
    
    
    199,129Less accumulated depreciation
    
    
    148,934
    
    
    
    144,457Net property, plant and equipment
    
    
    59,240
    
    
    
    54,672Goodwill
    
    
    117,341
    
    
    
    117,341Trademarks and tradenames, net
    
    
    58,930
    
    
    
    59,030Customer lists, net
    
    
    20,316
    
    
    
    22,007Deferred finance charges, net
    
    
    1,163
    
    
    
    486Other assets
    
    
    636
    
    
    
    590Total assets
    
    $
    424,796
    
    
    $
    436,380
 See accompanying notes to consolidated financial statements.
 3




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ENNIS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS  (Dollars in thousands, except for share and per share amounts )
 November 30,
    
    
    February 28,2009
    
    
    2009(unaudited)Liabilities and Shareholders EquityCurrent liabilitiesAccounts payable
    
    $
    24,610
    
    
    $
    24,723Accrued expensesEmployee compensation and benefits
    
    
    15,996
    
    
    
    12,919Taxes other than income
    
    
    1,583
    
    
    
    1,322Federal and state income taxes payable
    
    
    820
    
    
    
    Other
    
    
    5,827
    
    
    
    4,706Current installments of long-term debt
    
    
    39
    
    
    
    210Total current liabilities
    
    
    48,875
    
    
    
    43,880Long-term debt, less current installments
    
    
    42,067
    
    
    
    76,185Liability for pension benefits
    
    
    9,245
    
    
    
    6,988Deferred income taxes
    
    
    17,097
    
    
    
    16,250Other liabilities
    
    
    405
    
    
    
    1,071Total liabilities
    
    
    117,689
    
    
    
    144,374Commitments and contingenciesShareholders equityPreferred stock $10 par value,
authorized 1,000,000 shares; none issued
    
    
    
    
    
    
    Common stock $2.50 par value, authorized 40,000,000 shares;
issued 30,053,443 shares at November 30 and February 28, 2009
    
    
    75,134
    
    
    
    75,134Additional paid in capital
    
    
    122,237
    
    
    
    122,448Retained earnings
    
    
    200,230
    
    
    
    186,857Accumulated other comprehensive income (loss):Foreign currency translation, net of taxes
    
    
    240
    
    
    
    (1,016
    )Unrealized loss on derivative instruments, net of taxes
    
    
    (1,313
    )
    
    
    (1,387
    )Minimum pension liability, net of taxes
    
    
    (12,107
    )
    
    
    (12,107
    )(13,180
    )
    
    
    (14,510
    )384,421
    
    
    
    369,929Treasury stockCost of 4,323,501 shares at November 30, 2009 and
4,336,557 shares at February 28, 2009
    
    
    (77,314
    )
    
    
    (77,923
    )Total shareholders equity
    
    
    307,107
    
    
    
    292,006Total liabilities and shareholders equity
    
    $
    424,796
    
    
    $
    436,380
 See accompanying notes to consolidated financial statements.
 4




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ENNIS,  INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS(Dollars in thousands except per share amounts)
(Unaudited)
 Three months ended
    
    
    Nine months endedNovember 30,
    
    
    November 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Net sales
    
    $
    127,756
    
    
    $
    142,453
    
    
    $
    396,353
    
    
    $
    466,703Cost of goods sold
    
    
    93,456
    
    
    
    104,596
    
    
    
    295,247
    
    
    
    349,156Gross profit
    
    
    34,300
    
    
    
    37,857
    
    
    
    101,106
    
    
    
    117,547Selling, general and administrative
    
    
    19,006
    
    
    
    21,933
    
    
    
    58,417
    
    
    
    67,860(Gain) loss from disposal of assets
    
    
    2
    
    
    
    (71
    )
    
    
    (1
    )
    
    
    (338
    )Income from operations
    
    
    15,292
    
    
    
    15,995
    
    
    
    42,690
    
    
    
    50,025Other income (expense)Interest expense
    
    
    (662
    )
    
    
    (778
    )
    
    
    (2,082
    )
    
    
    (2,703
    )Other, net
    
    
    (40
    )
    
    
    337
    
    
    
    (334
    )
    
    
    164(702
    )
    
    
    (441
    )
    
    
    (2,416
    )
    
    
    (2,539
    )Earnings before income taxes
    
    
    14,590
    
    
    
    15,554
    
    
    
    40,274
    
    
    
    47,486Provision for income taxes
    
    
    5,399
    
    
    
    5,678
    
    
    
    14,902
    
    
    
    17,333Net earnings
    
    $
    9,191
    
    
    $
    9,876
    
    
    $
    25,372
    
    
    $
    30,153Weighted average common shares
outstandingBasic
    
    
    25,763,840
    
    
    
    25,751,068
    
    
    
    25,745,886
    
    
    
    25,717,105Diluted
    
    
    25,825,800
    
    
    
    25,808,497
    
    
    
    25,788,579
    
    
    
    25,790,031Per share amountsNet earnings  basic
    
    $
    0.36
    
    
    $
    0.38
    
    
    $
    0.99
    
    
    $
    1.17Net earnings  diluted
    
    $
    0.36
    
    
    $
    0.38
    
    
    $
    0.98
    
    
    $
    1.17Cash dividends per share
    
    $
    0.155
    
    
    $
    0.155
    
    
    $
    0.465
    
    
    $
    0.465
 See accompanying notes to consolidated financial statements.
 5




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ENNIS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS  (Dollars in thousands)  (Unaudited)
 Nine months endedNovember 30,2009
    
    
    2008Cash flows from operating activities:Net earnings
    
    $
    25,372
    
    
    $
    30,153Adjustments to reconcile net earnings to net cash provided
by operating activities:Depreciation
    
    
    6,830
    
    
    
    7,567Amortization of deferred finance charges
    
    
    330
    
    
    
    335Amortization of tradenames and customer lists
    
    
    1,803
    
    
    
    1,814Gain from disposal of assets
    
    
    (1
    )
    
    
    (338
    )Bad debt expense
    
    
    1,768
    
    
    
    2,819Stock based compensation
    
    
    803
    
    
    
    742Excess tax benefit of stock based compensation
    
    
    
    
    
    
    (105
    )Deferred income taxes
    
    
    (15
    )
    
    
    Changes in operating assets and liabilities:Accounts receivable
    
    
    (1,680
    )
    
    
    1,179Prepaid expenses
    
    
    4,447
    
    
    
    (2,953
    )Inventories
    
    
    26,101
    
    
    
    (6,496
    )Other assets
    
    
    (1,065
    )
    
    
    56Accounts payable and accrued expenses
    
    
    5,185
    
    
    
    1,640Other liabilities
    
    
    (666
    )
    
    
    (1,216
    )Prepaid pension asset/liability for pension benefits
    
    
    2,257
    
    
    
    1,006Net cash provided by operating activities
    
    
    71,469
    
    
    
    36,203Cash flows from investing activities:Capital expenditures
    
    
    (11,739
    )
    
    
    (4,005
    )Proceeds from disposal of plant and property
    
    
    8
    
    
    
    868Net cash used in investing activities
    
    
    (11,731
    )
    
    
    (3,137
    )Cash flows from financing activities:Repayment of debt
    
    
    (34,171
    )
    
    
    (21,699
    )Dividends
    
    
    (11,999
    )
    
    
    (11,992
    )Purchase of treasury stock
    
    
    (405
    )
    
    
    Proceeds from exercise of stock options
    
    
    
    
    
    
    630Excess tax benefit of stock based compensation
    
    
    
    
    
    
    105Net cash used in financing activities
    
    
    (46,575
    )
    
    
    (32,956
    )Effect of exchange rate changes on cash
    
    
    145
    
    
    
    (531
    )Net change in cash
    
    
    13,308
    
    
    
    (421
    )Cash at beginning of period
    
    
    9,286
    
    
    
    3,393Cash at end of period
    
    $
    22,594
    
    
    $
    2,972
 See accompanying notes to consolidated financial statements.
 6




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ENNIS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 1. Significant Accounting Policies and General Matters
 Basis of Presentation
  Recent Accounting Pronouncements
     7




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ENNIS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 1. Significant Accounting Policies and General Matters-continued
      2. Accounts Receivable and Allowance for Doubtful Receivables
  8




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ENNIS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 2. Accounts Receivable and Allowance for Doubtful Receivables-continued
   Three months ended
    
    
    Nine months endedNovember 30,
    
    
    November 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Balance at beginning of period
    
    $
    4,068
    
    
    $
    5,324
    
    
    $
    3,561
    
    
    $
    3,954Bad debt expense
    
    
    240
    
    
    
    790
    
    
    
    1,768
    
    
    
    2,819Recoveries
    
    
    239
    
    
    
    5
    
    
    
    257
    
    
    
    18Accounts written off
    
    
    (74
    )
    
    
    (917
    )
    
    
    (1,141
    )
    
    
    (1,589
    )Foreign currency translation
    
    
    (10
    )
    
    
    
    
    
    
    18
    
    
    
    Balance at end of period
    
    $
    4,463
    
    
    $
    5,202
    
    
    $
    4,463
    
    
    $
    5,202
 3. Inventories
   November 30,
    
    
    February 28,2009
    
    
    2009Raw material
    
    $
    12,174
    
    
    $
    13,357Work-in-process
    
    
    14,151
    
    
    
    13,090Finished goods
    
    
    49,723
    
    
    
    74,720$
    76,048
    
    
    $
    101,167
 4. Goodwill and Other Intangible Assets
  9




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ENNIS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 4. Goodwill and Other Intangible Assets-continued
   GrossCarrying
    
    
    AccumulatedAs of November 30, 2009
    
    Amount
    
    
    Amortization
    
    
    NetAmortized intangible assets (in thousands)Tradenames
    
    $
    1,234
    
    
    $
    842
    
    
    $
    392Customer lists
    
    
    29,908
    
    
    
    9,592
    
    
    
    20,316Noncompete
    
    
    500
    
    
    
    479
    
    
    
    21$
    31,642
    
    
    $
    10,913
    
    
    $
    20,729
 As of February 28, 2009Amortized intangible assets (in thousands)Tradenames
    
    $
    1,234
    
    
    $
    742
    
    
    $
    492Customer lists
    
    
    29,908
    
    
    
    7,901
    
    
    
    22,007Noncompete
    
    
    500
    
    
    
    467
    
    
    
    33$
    31,642
    
    
    $
    9,110
    
    
    $
    22,532
 November 30,
    
    
    February 28,2009
    
    
    2009Non-amortizing intangible assets (in thousands)Trademarks
    
    $
    58,538
    
    
    $
    58,538
   2010
    
    $
    2,403,0002011
    
    
    2,397,0002012
    
    
    2,391,0002013
    
    
    2,347,0002014
    
    
    2,254,0002015
    
    
    2,136,000
 10




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ENNIS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 4. Goodwill and Other Intangible Assets-continued
  Print
    
    
    ApparelSegment
    
    
    SegmentTotal
    
    
    Total
    
    
    TotalBalance as of March 1, 2008
    
    $
    40,688
    
    
    $
    137,700
    
    
    $
    178,388Goodwill acquired
    
    
    2,104
    
    
    
    
    
    
    
    2,104Goodwill impairment
    
    
    
    
    
    
    (63,151
    )
    
    
    (63,151
    )Balance as of March 1, 2009
    
    
    42,792
    
    
    
    74,549
    
    
    
    117,341Goodwill acquired
    
    
    
    
    
    
    
    
    
    
    Goodwill impairment
    
    
    
    
    
    
    
    
    
    
    Balance as of November 30, 2009
    
    $
    42,792
    
    
    $
    74,549
    
    
    $
    117,341
  5. Other Accrued Expenses
  November 30,
    
    
    February 28,2009
    
    
    2009Accrued taxes
    
    $
    317
    
    
    $
    332Accrued legal and professional fees
    
    
    448
    
    
    
    430Accrued interest
    
    
    127
    
    
    
    129Accrued utilities
    
    
    1,755
    
    
    
    1,499Accrued repairs and maintenance
    
    
    513
    
    
    
    410Accrual-earn out agreements
    
    
    599
    
    
    
    225Other accrued expenses
    
    
    2,068
    
    
    
    1,681$
    5,827
    
    
    $
    4,706
 6. Derivative Instruments and Hedging Activities
   11




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ENNIS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 7. Fair Value Financial Instruments
   Level 1 
    
    Inputs utilize quoted prices (unadjusted) in active markets for identical
assets or liabilities that the Company has the ability to access.Level 2 
    
    Inputs utilize data points that are observable such as quoted prices,
interest rates and yield curves.Level 3 
    
    Inputs are unobservable data points for the asset or liability, and
include situations where there is little, if any, market activity for the asset or
liability.
   Fair Value Measurements UsingQuotedPricesin Active
    
    
    SignificantMarkets for
    
    
    Other
    
    
    SignificantIdentical
    
    
    Observable
    
    
    UnobservableNovember 30,
    
    
    Assets
    
    
    Inputs
    
    
    InputsDescription
    
    2009
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)Derivative
liability (Swap)
    
    $
    (2,067
    )
    
    $
    
    
    
    $
    (2,067
    )
    
    $
    $
    (2,067
    )
    
    $
    
    
    
    $
    (2,067
    )
    
    $
    
 8. Long-Term Debt
  November 30,
    
    
    February 28,2009
    
    
    2009Revolving credit facility
    
    $
    40,000
    
    
    $
    74,000Interest rate swap
    
    
    2,067
    
    
    
    2,185Capital lease obligation
    
    
    39
    
    
    
    21042,106
    
    
    
    76,395Less current installments
    
    
    39
    
    
    
    210Long-term debt
    
    $
    42,067
    
    
    $
    76,185
 12




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ENNIS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 8. Long-Term Debt-continued
     9. Shareholders Equity
  Three months ended
    
    
    Nine months endedNovember 30,
    
    
    November 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Net earnings
    
    $
    9,191
    
    
    $
    9,876
    
    
    $
    25,372
    
    
    $
    30,153Foreign currency translation adjustment,
net of deferred taxes
    
    
    283
    
    
    
    (1,414
    )
    
    
    1,256
    
    
    
    (1,618
    )Unrealized gain (loss) on derivative instruments,
net of deferred taxes
    
    
    (20
    )
    
    
    (866
    )
    
    
    74
    
    
    
    (1,155
    )Comprehensive income
    
    $
    9,454
    
    
    $
    7,596
    
    
    $
    26,702
    
    
    $
    27,380
 13




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ENNIS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 9. Shareholders Equity-continued
  AccumulatedAdditional
    
    
    
    
    
    
    OtherCommon Stock
    
    
    Paid-in
    
    
    Retained
    
    
    Comprehensive
    
    
    Treasury StockShares
    
    
    Amount
    
    
    Capital
    
    
    Earnings
    
    
    Income (Loss)
    
    
    Shares
    
    
    Amount
    
    
    TotalBalance February 28, 2009
    
    
    30,053,443
    
    
    $
    75,134
    
    
    $
    122,448
    
    
    $
    186,857
    
    
    $
    (14,510
    )
    
    
    (4,336,557
    )
    
    $
    (77,923
    )
    
    $
    292,006Net earnings
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    25,372
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    25,372Foreign currency translation,
net of deferred tax of $738
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,256
    
    
    
    
    
    
    
    
    
    
    
    1,256Unrealized gain on
derivative instruments, net
of deferred tax benefit of $43
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    74
    
    
    
    
    
    
    
    
    
    
    
    74Comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    26,702Dividends declared
($0.465 per share)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (11,999
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (11,999
    )Stock based compensation
    
    
    
    
    
    
    
    
    
    
    803
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    803Exercise of stock options
and restricted stock grants
    
    
    
    
    
    
    
    
    
    
    (1,014
    )
    
    
    
    
    
    
    
    
    
    
    56,356
    
    
    
    1,014
    
    
    
    Stock repurchases
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (43,300
    )
    
    
    (405
    )
    
    
    (405
    )Balance November 30, 2009
    
    
    30,053,443
    
    
    $
    75,134
    
    
    $
    122,237
    
    
    $
    200,230
    
    
    $
    (13,180
    )
    
    
    (4,323,501
    )
    
    $
    (77,314
    )
    
    $
    307,107
  10. Stock Option Plans and Stock Based Compensation
   14




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 10. Stock Option Plans and Stock Based Compensation-continued
 Stock
Options
  WeightedNumber
    
    Weighted
    
    Average
    
    Aggregateof
    
    Average
    
    Remaining
    
    IntrinsicShares
    
    Exercise
    
    Contractual
    
    Value(a)(exact quantity)
    
    Price
    

Life (in years)
    
    (in thousands)Outstanding at February 28, 2009
    
    
    318,563
    
    
    $
    10.98
    
    
    
    2.4
    
    
    $
    75Granted
    
    
    105,000
    
    
    
    8.94Terminated
    
    
    (115,000
    )
    
    
    8.69Exercised
    
    
    
    
    
    
    Outstanding at November 30, 2009
    
    
    308,563
    
    
    $
    11.14
    
    
    
    5.2
    
    
    $
    1,294Exercisable at November 30, 2009
    
    
    198,563
    
    
    $
    12.16
    
    
    
    2.9
    
    
    $
    711
 
 (a)
    
    Intrinsic value is measured as the excess fair market value of the Companys Common Stock as
reported on the New York Stock Exchange over the applicable exercise price.  Expected volatility
    
    
    32.35
    %Expected term (years)
    
    
    4Risk free interest rate
    
    
    2.01
    %Dividend yield
    
    
    4.74
    %Weighted average grant-date fair value
    
    $
    1.583
  Three months ended
    
    Nine months endedNovember 30,
    
    November 30,2009
    
    2008
    
    2009
    
    2008Total cash received
    
    $
    
    
    
    $
    525
    
    
    $
    
    
    
    $
    630Income tax benefits
    
    
    
    
    
    
    105
    
    
    
    
    
    
    
    105Total grant-date fair value
    
    
    
    
    
    
    120
    
    
    
    
    
    
    
    133Intrinsic value
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
 15




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 10. Stock Option Plans and Stock Based Compensation-continued
  WeightedAverageNumber
    
    Grant Dateof Options
    
    Fair ValueUnvested at February 28, 2009
    
    
    18,425
    
    
    $
    2.85New grants
    
    
    105,000
    
    
    
    1.58Vested
    
    
    (13,425
    )
    
    
    2.85Forfeited
    
    
    
    
    
    
    Unvested at November 30, 2009
    
    
    110,000
    
    
    $
    1.64
  Restricted
Stock
  WeightedAverageNumber of
    
    Grant DateShares
    
    Fair ValueOutstanding at February 28, 2009
    
    
    103,091
    
    
    $
    19.33Granted
    
    
    44,800
    
    
    
    8.94Terminated
    
    
    
    
    
    
    Vested
    
    
    (56,421
    )
    
    
    17.48Outstanding at November 30, 2009
    
    
    91,470
    
    
    $
    15.38
  11. Employee Benefit Plans
  16




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 11. Employee Benefit Plans-continued
  Three months ended
    
    
    Nine months endedNovember 30,
    
    
    November 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Components of net periodic benefit costService cost
    
    $
    284
    
    
    $
    337
    
    
    $
    854
    
    
    $
    1,007Interest cost
    
    
    686
    
    
    
    657
    
    
    
    2,056
    
    
    
    1,970Expected return on plan assets
    
    
    (606
    )
    
    
    (813
    )
    
    
    (1,818
    )
    
    
    (2,437
    )Amortization of:Prior service cost
    
    
    (37
    )
    
    
    (37
    )
    
    
    (109
    )
    
    
    (109
    )Unrecognized net loss
    
    
    425
    
    
    
    192
    
    
    
    1,274
    
    
    
    575Net periodic benefit cost
    
    $
    752
    
    
    $
    336
    
    
    $
    2,257
    
    
    $
    1,006
  12. Earnings per share
   Three months ended
    
    
    Nine months endedNovember 30,
    
    
    November 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Basic weighted average
common shares outstanding
    
    
    25,763,840
    
    
    
    25,751,068
    
    
    
    25,745,886
    
    
    
    25,717,105Effect of dilutive options
    
    
    61,960
    
    
    
    57,429
    
    
    
    42,693
    
    
    
    72,926Diluted weighted average
common shares outstanding
    
    
    25,825,800
    
    
    
    25,808,497
    
    
    
    25,788,579
    
    
    
    25,790,031Per share amounts:Net earnings  basic
    
    $
    0.36
    
    
    $
    0.38
    
    
    $
    0.99
    
    
    $
    1.17Net earnings  diluted
    
    $
    0.36
    
    
    $
    0.38
    
    
    $
    0.98
    
    
    $
    1.17Cash dividends
    
    $
    0.155
    
    
    $
    0.155
    
    
    $
    0.465
    
    
    $
    0.465
 17




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 12. Earnings per share-continued
  13. Segment Information and Geographic Information
   SM SM SM SM SM SM SM SM SM SM
    18




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 13. Segment Information and Geographic Information-continued
  Print
    
    Apparel
    
    
    
    
    
    ConsolidatedSegment
    
    Segment
    
    Corporate
    
    TotalsThree months ended November 30, 2009:Net sales
    
    $
    70,590
    
    
    $
    57,166
    
    
    $
    
    
    
    $
    127,756Depreciation
    
    
    1,490
    
    
    
    522
    
    
    
    209
    
    
    
    2,221Amortization of identifiable intangibles
    
    
    234
    
    
    
    367
    
    
    
    
    
    
    
    601Segment earnings (loss) before
income tax
    
    
    12,695
    
    
    
    6,015
    
    
    
    (4,120
    )
    
    
    14,590Segment assets
    
    
    146,321
    
    
    
    252,586
    
    
    
    25,889
    
    
    
    424,796Capital expenditures
    
    
    317
    
    
    
    5,607
    
    
    
    15
    
    
    
    5,939Three months ended November 30, 2008:Net sales
    
    $
    82,577
    
    
    $
    59,876
    
    
    $
    
    
    
    $
    142,453Depreciation
    
    
    1,491
    
    
    
    678
    
    
    
    239
    
    
    
    2,408Amortization of identifiable intangibles
    
    
    238
    
    
    
    366
    
    
    
    
    
    
    
    604Segment earnings (loss) before
income tax
    
    
    13,382
    
    
    
    6,286
    
    
    
    (4,114
    )
    
    
    15,554Segment assets
    
    
    155,209
    
    
    
    345,704
    
    
    
    8,577
    
    
    
    509,490Capital expenditures
    
    
    638
    
    
    
    137
    
    
    
    16
    
    
    
    791Nine months ended November 30, 2009:Net sales
    
    $
    216,215
    
    
    $
    180,138
    
    
    $
    
    
    
    $
    396,353Depreciation
    
    
    4,532
    
    
    
    1,654
    
    
    
    644
    
    
    
    6,830Amortization of identifiable intangibles
    
    
    703
    
    
    
    1,100
    
    
    
    
    
    
    
    1,803Segment earnings (loss) before
income tax
    
    
    36,215
    
    
    
    15,638
    
    
    
    (11,579
    )
    
    
    40,274Segment assets
    
    
    146,321
    
    
    
    252,586
    
    
    
    25,889
    
    
    
    424,796Capital expenditures
    
    
    1,671
    
    
    
    9,933
    
    
    
    135
    
    
    
    11,739Nine months ended November 30, 2008:Net sales
    
    $
    253,269
    
    
    $
    213,434
    
    
    $
    
    
    
    $
    466,703Depreciation
    
    
    4,855
    
    
    
    2,003
    
    
    
    709
    
    
    
    7,567Amortization of identifiable intangibles
    
    
    714
    
    
    
    1,100
    
    
    
    
    
    
    
    1,814Segment earnings (loss) before
income tax
    
    
    42,204
    
    
    
    17,717
    
    
    
    (12,435
    )
    
    
    47,486Segment assets
    
    
    155,209
    
    
    
    345,704
    
    
    
    8,577
    
    
    
    509,490Capital expenditures
    
    
    3,583
    
    
    
    337
    
    
    
    85
    
    
    
    4,005
 19




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 13. Segment Information and Geographic Information-continued
  United States
    
    
    Canada
    
    
    Mexico
    
    
    TotalThree months ended November 30, 2009:Net sales to unaffiliated customersPrint Segment
    
    $
    70,590
    
    
    $
    
    
    
    $
    
    
    
    $
    70,590Apparel Segment
    
    
    52,607
    
    
    
    4,096
    
    
    
    463
    
    
    
    57,166$
    123,197
    
    
    $
    4,096
    
    
    $
    463
    
    
    $
    127,756Identifiable long-lived assetsPrint Segment
    
    $
    38,598
    
    
    $
    
    
    
    $
    
    
    
    $
    38,598Apparel Segment
    
    
    6,199
    
    
    
    35
    
    
    
    9,583
    
    
    
    15,817Corporate
    
    
    4,825
    
    
    
    
    
    
    
    
    
    
    
    4,825$
    49,622
    
    
    $
    35
    
    
    $
    9,583
    
    
    $
    59,240Three months ended November 30, 2008:Net sales to unaffiliated customersPrint Segment
    
    $
    82,577
    
    
    $
    
    
    
    $
    
    
    
    $
    82,577Apparel Segment
    
    
    55,572
    
    
    
    3,958
    
    
    
    346
    
    
    
    59,876$
    138,149
    
    
    $
    3,958
    
    
    $
    346
    
    
    $
    142,453Identifiable long-lived assetsPrint Segment
    
    $
    41,434
    
    
    $
    
    
    
    $
    
    
    
    $
    41,434Apparel Segment
    
    
    6,354
    
    
    
    43
    
    
    
    1,472
    
    
    
    7,869Corporate
    
    
    5,554
    
    
    
    
    
    
    
    
    
    
    
    5,554$
    53,342
    
    
    $
    43
    
    
    $
    1,472
    
    
    $
    54,857Nine months ended November 30, 2009:Net sales to unaffiliated customersPrint Segment
    
    $
    216,215
    
    
    $
    
    
    
    $
    
    
    
    $
    216,215Apparel Segment
    
    
    166,181
    
    
    
    11,840
    
    
    
    2,117
    
    
    
    180,138$
    382,396
    
    
    $
    11,840
    
    
    $
    2,117
    
    
    $
    396,353Nine months ended November 30, 2008:Net sales to unaffiliated customersPrint Segment
    
    $
    253,269
    
    
    $
    
    
    
    $
    
    
    
    $
    253,269Apparel Segment
    
    
    199,560
    
    
    
    13,011
    
    
    
    863
    
    
    
    213,434$
    452,829
    
    
    $
    13,011
    
    
    $
    863
    
    
    $
    466,703
 14. Supplemental Cash Flow Information
  Nine months endedNovember 30,2009
    
    2008Interest paid
    
    $
    2,084
    
    
    $
    3,117Income taxes paid
    
    $
    9,914
    
    
    $
    20,701
 20




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 15. Concentrations of Risk
    16. Assets Held for Sale
  17. Subsequent Events
   21




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 
 Item 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 Overview
  Business Segment Overview
  Print Segment
  SM SM SM SM SM SM SM SM SM SM
   22




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
      Apparel Segment
        23




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
     Risk Factors
  Our results and financial condition are affected by global and local market conditions, and
competitors pricing strategies, which can adversely affect our sales, margins, and net income.
  
    
    Our ability to manage upward pressure on commodity prices and the impact of
government actions to manage national economic conditions such as consumer spending,
inflation rates and unemployment levels, particularly given the current volatility in
the global financial markets;
    
    The impact on our margins of labor costs given our labor-intensive business model,
the trend toward higher wages in both mature and developing markets and the potential
impact of union organizing efforts on day-to-day operations of our manufacturing
facilities.
 24




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 Declining economic conditions could negatively impact our business.
   The terms and conditions of our credit facility impose certain restrictions on our operations. We
may not be able to raise additional capital, if needed, for proposed expansion projects.
   Declining financial market conditions could adversely impact the funding status of our pension
plan.
  In fiscal year 2009 we were required to write down goodwill and other intangible assets and we may
have similar charges in the future, which could cause our financial condition and results of
operations to be negatively affected in the future.
  25




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 Printed business forms may be superceded over time by paperless business forms or otherwise
affected by technological obsolescence and changing customer preferences, which could reduce our
sales and profits.
  Our distributors face increased competition from various sources, such as office supply
superstores. Increased competition may require us to reduce prices or to offer other incentives in
order to enable our distributors to attract new customers and retain existing customers.
  Technological improvements may reduce our competitive advantage over some of our competitors, which
could reduce our profits.
  We could experience labor disputes that could disrupt our business in the future.
  We obtain our raw materials from a limited number of suppliers and any disruption in our
relationships with these suppliers, or any substantial increase in the price of raw materials or
material shortages could have a material adverse effect on us.
   26




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
   We face intense competition to gain market share, which may lead some competitors to sell
substantial amounts of goods at prices against which we cannot profitably compete.
  The apparel industry is heavily influenced by general economic cycles.
  Our apparel foreign operations could be subject to unexpected changes in regulatory requirements,
tariffs and other market barriers and political and economic instability in the countries where it
operates, which could negatively impact our operating results.
  Our apparel products are subject to foreign competition, which in the past have been faced with
significant U.S. government import restrictions.
   27




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
     Environmental regulations may impact our future operating results.
  Our construction of a new apparel manufacturing facility in Mexico is subject to multiple approvals
and uncertainties that could affect our ability to complete the project on schedule or at budgeted
cost.
  28




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 We are exposed to the risk of non-payment by our customers on a significant amount of our sales.
  Our business incurs significant freight and transportation costs.
  The price of energy is prone to significant fluctuations and volatility.
  We rely on independent contract production for a portion of our apparel production.
  We depend upon the talents and contributions of a limited number of individuals, many of whom would
be difficult to replace.
  Cautionary Statements
  29




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
   Critical Accounting Policies and Judgments
      30




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
      Result of Operations
 Three Months Ended November 30,
    
    
    Nine Months Ended November 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Net sales
    
    $
    127,756
    
    
    
    100.0
    %
    
    $
    142,453
    
    
    
    100.0
    %
    
    $
    396,353
    
    
    
    100.0
    %
    
    $
    466,703
    
    
    
    100.0
    %Cost of goods sold
    
    
    93,456
    
    
    
    73.2
    
    
    
    104,596
    
    
    
    73.4
    
    
    
    295,247
    
    
    
    74.5
    
    
    
    349,156
    
    
    
    74.8Gross profit
    
    
    34,300
    
    
    
    26.8
    
    
    
    37,857
    
    
    
    26.6
    
    
    
    101,106
    
    
    
    25.5
    
    
    
    117,547
    
    
    
    25.2Selling, general and
administrative
    
    
    19,006
    
    
    
    14.8
    
    
    
    21,933
    
    
    
    15.4
    
    
    
    58,417
    
    
    
    14.7
    
    
    
    67,860
    
    
    
    14.5(Gain) loss from disposal
of assets
    
    
    2
    
    
    
    0.0
    
    
    
    (71
    )
    
    
    0.0
    
    
    
    (1
    )
    
    
    0.0
    
    
    
    (338
    )
    
    
    0.0Income from operations
    
    
    15,292
    
    
    
    12.0
    
    
    
    15,995
    
    
    
    11.2
    
    
    
    42,690
    
    
    
    10.8
    
    
    
    50,025
    
    
    
    10.7Other expense
    
    
    (702
    )
    
    
    (0.6
    )
    
    
    (441
    )
    
    
    (0.3
    )
    
    
    (2,416
    )
    
    
    (0.6
    )
    
    
    (2,539
    )
    
    
    (0.5
    )Earnings before income taxes
    
    
    14,590
    
    
    
    11.4
    
    
    
    15,554
    
    
    
    10.9
    
    
    
    40,274
    
    
    
    10.2
    
    
    
    47,486
    
    
    
    10.2Provision for income taxes
    
    
    5,399
    
    
    
    4.2
    
    
    
    5,678
    
    
    
    4.0
    
    
    
    14,902
    
    
    
    3.8
    
    
    
    17,333
    
    
    
    3.7Net earnings
    
    $
    9,191
    
    
    
    7.2
    %
    
    $
    9,876
    
    
    
    6.9
    %
    
    $
    25,372
    
    
    
    6.4
    %
    
    $
    30,153
    
    
    
    6.5
    %
 31




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 Results of Operations  Consolidated
 Overview.
 Three Months ended November 30, 2009 compared to Three Months ended November 30, 2008
 Net Sales.
 Cost of Goods Sold.
 Selling, general and administrative expense.
 Gain/Loss from disposal of assets.
 Income from operations.
 Other income and expense.
 Provision for income taxes.
 Net earnings.
 32




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 Nine Months ended November 30, 2009 compared to Nine Months ended November 30, 2008
 Net Sales.
 Cost of Goods Sold.
 Selling, general and administrative expense.
 Gain from disposal of assets.
 Income from operations.
 Other income and expense.
 Provision for income taxes.
 Net earnings.
 33




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 Results of Operations  Segments
 Three months ended
    
    
    Nine months endedNovember 30,
    
    
    November 30,Net Sales by Segment (in thousands)
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Print
    
    $
    70,590
    
    
    $
    82,577
    
    
    $
    216,215
    
    
    $
    253,269Apparel
    
    
    57,166
    
    
    
    59,876
    
    
    
    180,138
    
    
    
    213,434Total
    
    $
    127,756
    
    
    $
    142,453
    
    
    $
    396,353
    
    
    $
    466,703
 Print Segment
 Apparel Segment
 Three months ended
    
    
    Nine months endedNovember 30,
    
    
    November 30,Gross Profit by Segment (in thousands)
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Print
    
    $
    20,111
    
    
    $
    21,776
    
    
    $
    60,217
    
    
    $
    67,782Apparel
    
    
    14,189
    
    
    
    16,081
    
    
    
    40,889
    
    
    
    49,765Total
    
    $
    34,300
    
    
    $
    37,857
    
    
    $
    101,106
    
    
    $
    117,547
 Print Segment
 Apparel Segment
 34




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 Three months ended
    
    
    Nine months endedNovember 30,
    
    
    November 30,Profit by Segment (in thousands)
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008Print
    
    $
    12,695
    
    
    $
    13,382
    
    
    $
    36,215
    
    
    $
    42,204Apparel
    
    
    6,015
    
    
    
    6,286
    
    
    
    15,638
    
    
    
    17,717Total
    
    
    18,710
    
    
    
    19,668
    
    
    
    51,853
    
    
    
    59,921Less corporate expenses
    
    
    4,120
    
    
    
    4,114
    
    
    
    11,579
    
    
    
    12,435Earnings before income taxes
    
    $
    14,590
    
    
    $
    15,554
    
    
    $
    40,274
    
    
    $
    47,486
 Print Segment
 Apparel Segment
 Liquidity and Capital Resources
 November 30,
    
    February 28,(Dollars in thousands)
    
    2009
    
    2009
    
    ChangeWorking Capital
    
    $
    118,295
    
    
    $
    138,374
    
    
    
    -14.5
    %Cash
    
    $
    22,594
    
    
    $
    9,286
    
    
    
    143.3
    %
 Working Capital.
 Nine months ended November 30,(Dollars in thousands)
    
    2009
    
    2008
    
    ChangeNet Cash provided by operating activities
    
    $
    71,469
    
    
    $
    36,203
    
    
    
    97.4
    %Net Cash used in investing activities
    
    $
    (11,731
    )
    
    $
    (3,137
    )
    
    
    274.0
    %Net Cash used in financing activities
    
    $
    (46,575
    )
    
    $
    (32,956
    )
    
    
    41.3
    %
 Cash flows from operating activities.
 Cash flows from investing activities.
 35




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 Cash flows from financing activities.
 Credit Facility.
    Pension 
 Inventories 
 Capital Expenditures 
  36




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
  Contractual Obligations & Off-Balance Sheet Arrangements 
 Recent Accounting Pronouncements
       37




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
     
 Item 3.
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 Market Risk
 Cash
  Interest Rates
  Foreign Exchange
  38




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
   
 Item 4.
    
    CONTROLS AND PROCEDURES
 Evaluation of Disclosure Controls and Procedures.
  
 PART II. OTHER INFORMATION
 
 Item 1.
    
    Legal Proceedings
  
 Item 1A.
    
    Risk Factors
  
 Item 2.
    
    Unregistered Sales of Equity Securities and Use of Proceeds
   39




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009


Items 3 and 5 are not applicable and have been omitted
 
 Item 4.
    
    Submission of Matters to a Vote of Security Holders
  
 Item 6.
    
    Exhibits
  Exhibit Number
    
    DescriptionExhibit 3.1(a)
    
    Restated Articles of Incorporation as amended through June 23, 1983 with
attached amendments dated June 20, 1985, July 31, 1985 and June 16, 1988
incorporated herein by reference to Exhibit 5 to the Registrants Form 10-K
Annual Report for the fiscal year ended February 28, 1993.Exhibit 3.1(b)
    
    Amendment to Articles of Incorporation dated June 17, 2004 incorporated herein
by reference to Exhibit 3.1(b) to the Registrants Form 10-K Annual Report for
the fiscal year ended February 28, 2007.Exhibit 3.2(a)
    
    Bylaws of the Registrant as amended through October 15, 1997 incorporated
herein by reference to Exhibit 3(ii) to the registrants Form 10-Q Quarterly
Report for the quarter ended November 30, 1997.Exhibit 3.2(b)
    
    First amendment to Bylaws of the Registrant dated December 20, 2007
incorporated herein by reference to Exhibit 3.1 to the Registrants Form 8-K
Current Report filed on December 20, 2007.Exhibit 31.1
    
    Certification Pursuant to Rule 13a-14(a)/15d-14(a) of Chief Executive Officer.*Exhibit 31.2
    
    Certification Pursuant to Rule 13a-14(a)/15d-14(a) of Chief Financial Officer.*Exhibit 32.1
    
    Section 1350 Certification of Chief Executive Officer.**Exhibit 32.2
    
    Section 1350 Certification of Chief Financial Officer.**
 
 *
    
    Filed herewith**
    
    Furnished herewith 40




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##### Table of Contents



ENNIS, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED NOVEMBER 30, 2009
 
   ENNIS, INC.Date: December 23, 2009
    /s/ Keith S. WaltersKeith S. WaltersChairman, Chief Executive Officer and
PresidentDate: December 23, 2009
    /s/ Richard L. Travis, Jr.Richard L. Travis, Jr.V.P.  Finance and CFO,
Secretary and
Principal Financial and Accounting Officer 41




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##### Table of Contents



INDEX TO EXHIBITS
 Exhibit Number
    
    DescriptionExhibit 3.1(a)
    
    Restated Articles of Incorporation as amended through June 23, 1983 with
attached amendments dated June 20, 1985, July 31, 1985 and June 16, 1988
incorporated herein by reference to Exhibit 5 to the Registrants Form 10-K
Annual Report for the fiscal year ended February 28, 1993.Exhibit 3.1(b)
    
    Amendment to Articles of Incorporation dated June 17, 2004 incorporated herein
by reference to Exhibit 3.1(b) to the Registrants Form 10-K Annual Report for
the fiscal year ended February 28, 2007.Exhibit 3.2(a)
    
    Bylaws of the Registrant as amended through October 15, 1997 incorporated
herein by reference to Exhibit 3(ii) to the registrants Form 10-Q Quarterly
Report for the quarter ended November 30, 1997.Exhibit 3.2(b)
    
    First amendment to Bylaws of the Registrant dated December 20, 2007
incorporated herein by reference to Exhibit 3.1 to the Registrants Form 8-K
Current Report filed on December 20, 2007.Exhibit 31.1
    
    Certification Pursuant to Rule 13a-14(a)/15d-14(a) of Chief Executive Officer.*Exhibit 31.2
    
    Certification Pursuant to Rule 13a-14(a)/15d-14(a) of Chief Financial Officer.*Exhibit 32.1
    
    Section 1350 Certification of Chief Executive Officer.**Exhibit 32.2
    
    Section 1350 Certification of Chief Financial Officer.**
 
 *
    
    Filed herewith**
    
    Furnished herewith