FORM 10-Q

               SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D. C. 20549

           QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
             OF THE SECURITIES EXCHANGE ACT OF 1934


For Quarter Ended              AUGUST 31, 2003
                   ---------------------------------------------

Commission File Number             1-5807
                       -----------------------------------------

                          ENNIS BUSINESS FORMS, INC.
----------------------------------------------------------------
                          (Exact name of registrant as
                            specified in its charter)


               TEXAS                            75-0256410
----------------------------------------------------------------
  (State or other Jurisdiction of          (I. R. S. Employer
   Incorporation or organization)          Identification No.)

  1510 N. Hampton, Suite 300, DeSoto, TX           75115
----------------------------------------------------------------
 (Address of principal executive offices)        (Zip Code)


                        (972) 228-7801
----------------------------------------------------------------
   (Registrant's telephone number, including area code)


                          No Change
----------------------------------------------------------------
  (Former name, former address and former fiscal year,
              if changed since last report.)


Indicate  by check mark whether the registrant (1) has filed  all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for such shorter period that the registrant was required  to
file  such  reports),  and (2) has been subject  to  such  filing
requirements for the past 90 days.

                                              Yes  X     No
                                                 -----     -----
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.



         Class                     Outstanding at August 31, 2003
-------------------------          ------------------------------
Common stock, par value                       16,362,659
   $2.50 per share

<PAGE>
                   ENNIS BUSINESS FORMS, INC.

                              INDEX


  Part I.   Financial information - unaudited

     Item 1 - Financial Statements
       Condensed Consolidated Balance Sheets --
          August 31, 2003 and February 28, 2003        2 - 3

       Condensed Consolidated Statements of Earnings
          -- Three and Six Months Ended August 31,
          2003 and 2002                                  4

       Condensed Consolidated Statements of Cash
         Flows -- Three and Six Months Ended
         August 31, 2003 and 2002                        5

       Notes to Condensed Consolidated Financial
         Statements                                    6 - 11

     Item 2 - Management's Discussion and Analysis
       of Financial Condition and Results of
       Operations                                     11 - 14

     Item 3 - Quantitative and Qualitative
       Disclosures of Market Risk                     14 - 15

     Item 4 - Controls and Procedures                   15

  Part II. Other Information

     Item 6 - Exhibits and Reports on Form 8-K          15

  Signatures                                            16


<PAGE>
                 PART I.  FINANCIAL INFORMATION

Item 1.  FINANCIAL STATEMENTS

                   ENNIS BUSINESS FORMS, INC.
              CONDENSED CONSOLIDATED BALANCE SHEETS
                     (Dollars in Thousands)


                                          August 31,  February 28,
                                             2003         2003
                                             ----         ----
                                          (unaudited)
                         Assets
                         ------

Current assets:
   Cash and cash equivalents              $  20,882     $  13,860
   Accounts receivable, net                  29,813        32,077
   Prepaid expenses                           1,365         1,708
   Inventories                               14,680        13,104
   Contract costs in excess of billings         279           967
   Other current assets                       3,399         3,296
                                            -------       -------
              Total current assets           70,418        65,012
                                            -------       -------

Property, plant and equipment, net           48,870        51,264

Goodwill, net                                34,269        34,241

Other assets                                  1,921         2,020
                                            -------       -------

                                           $155,478      $152,537
                                            =======       =======









                                                      (Continued)


                                2
<PAGE>
                   ENNIS BUSINESS FORMS, INC.
        CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
                     (Dollars in Thousands)


                                          August 31,  February 28,
                                             2003         2003
                                             ----         ----
                                          (unaudited)
                    Liabilities and
                 Shareholders' Equity
               -------------------------

  Current liabilities:
     Accounts payable                     $   7,211   $    6,644
     Accrued expenses:
         Employee compensation and
          benefits                            7,456        6,784
         Federal and state income tax           141           --
          payable
         Taxes other than income              1,741        1,430
         Other                                3,689        3,398
     Current installments of long-term
      debt                                    6,336        7,038
                                            -------      -------
               Total current liabilities     26,574       25,294
                                            -------      -------

  Accrued pension                             3,441        2,130

  Long-term debt, less current
   installments                              14,800       18,135

  Deferred credits, principally income
   taxes                                      9,800       10,075

  Shareholders' equity:
     Preferred stock, at par value               --           --
     Common stock, at par value              53,125       53,125
     Additional paid in capital                 249          461
     Retained earnings                      141,381      137,848
     Accumulated other comprehensive
      loss                                   (5,128)      (5,225)
                                            -------      -------
                                            189,627      186,209

     Treasury stock                         (88,764)     (89,306)
                                            -------      -------

               Total shareholders'
                equity                      100,863       96,903
                                            -------      -------

                                           $155,478     $152,537
                                            =======      =======

See accompanying notes to condensed consolidated financial
statements.




                                3
<PAGE>
                   ENNIS BUSINESS FORMS, INC.

          CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
         (Dollars in Thousands Except Per Share Amounts)
                           (Unaudited)
 <TABLE>
 <CAPTION>               Three Months Ended       Six Months Ended
                             August 31,              August 31,
                          2003        2002        2003        2002
                          ----        ----        ----        ----
  <S>                   <C>         <C>        <C>         <C>
  Net sales             $65,003     $56,646    $129,877    $114,389

  Costs and expenses:
     Cost of sales       47,496      41,050      95,820      83,789
     Selling, general
      and administrative
      expenses            9,866       9,123      19,521      18,474
                        -------     -------     -------     -------

                         57,362      50,173     115,341     102,263
                        -------     -------     -------     -------

  Earnings from
   operations             7,641       6,473      14,536      12,126
                        -------     -------     -------     -------

  Other income
   (expense):
     Investment
      income                 13          42          27         114
     Interest expense      (192)       (300)       (479)       (638)
     Other expense, net    (208)        (58)       (211)       (123)
                        -------     -------     -------     -------

                           (387)       (316)       (663)       (647)
                        -------     -------     -------     -------

  Earnings before
   income taxes           7,254       6,157      13,873      11,479

  Provision for
   income taxes           2,757       2,340       5,272       4,362
                        -------     -------     -------     -------

  Net earnings          $ 4,497     $ 3,817     $ 8,601     $ 7,117
                        =======     =======     =======     =======

  Weighted average
   number of
   common shares
   outstanding
   - Basic           16,347,228  16,280,438  16,340,968  16,277,224
     Plus
      incremental
      shares from
      assumed
      exercise of
      stock options     262,047     218,668     215,605     218,668
                        -------     -------     -------     -------
  Weighted average
   number of
   common shares
   outstanding
   - Diluted         16,609,275  16,499,106  16,556,573  16,495,892
                     ==========  ==========  ==========  ==========

  Per share amounts:
     Net earnings -
     basic                 $.28        $.24        $.53        $.44
                           ====        ====        ====        ====
     Net earnings -
     diluted               $.27        $.23        $.52        $.43
                           ====        ====        ====        ====
     Cash dividends
     per share            $.155       $.155        $.31        $.31
                          =====       =====        ====        ====
</TABLE>

See accompanying notes to condensed consolidated financial
statements.


                                4
<PAGE>

                   ENNIS BUSINESS FORMS, INC.

         CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                     (Dollars in Thousands)
                           (Unaudited)
                                                  Six Months Ended
                                                     August 31,
                                                   2003       2002
                                                   ----       ----
  Cash flows from operating activities:
     Net earnings                                $8,601     $7,117
     Adjustments to reconcile net earnings to
        net cash provided by operating
        activities:
          Depreciation                            4,709      4,722
          Amortization of trademark                  66         --
          Gain on the sale of equipment              (4)        (2)
          Other                                   1,038        993
          Changes in operating assets and
            liabilities:
              Receivables                         2,264       (737)
              Prepaid expenses                      343     (1,304)
              Inventories                        (1,576)      (471)
              Other current assets                  525       (197)
              Accounts payable and accrued
                expenses                          2,139      1,785
              Other assets                           31         17
                                                -------    -------

             Net cash provided by operating
               activities                        18,136     11,923
                                                -------    -------

  Cash flows from investing activities:
     Capital expenditures                        (2,402)    (2,146)
     Redemption of investments                       --      1,442
     Proceeds from disposal of property              91         57
     Other                                          (28)         6
                                                -------    -------

             Net cash used in investing
               activities                        (2,339)      (641)
                                                -------    -------

  Cash flows from financing activities:
     Repayment of debt issued to finance
       acquisition                               (3,700)    (3,840)
     Dividends                                   (5,068)    (5,046)
     Purchase of treasury stock                     330        103
     Other                                         (337)      (437)
                                                -------    -------

             Net cash used in financing
               activities                        (8,775)    (9,220)
                                                -------    -------

  Net change in cash and cash equivalents         7,022      2,062
  Cash and cash equivalents at beginning of
    period                                       13,860     16,180
                                                -------    -------

  Cash and cash equivalents at end of period    $20,882    $18,242
                                                =======    =======

See accompanying notes to condensed consolidated financial
statements.


                                5

<PAGE>
                   ENNIS BUSINESS FORMS, INC.
      NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


1. Basis of Presentation
   ---------------------
   These  unaudited  condensed consolidated financial  statements
   of   Ennis   Business   Forms,  Inc.  and   its   subsidiaries
   (collectively  the  "Company" or  "Ennis"),  for  the  quarter
   ended  August  31, 2003 have been prepared in accordance  with
   generally   accepted   accounting   principles   for   interim
   financial reporting.  Accordingly, they do not include all  of
   the  information and footnotes required by generally  accepted
   accounting  principles for complete financial  statements  and
   should  be  read in conjunction with the audited  consolidated
   financial  statements  and  notes  thereto  included  in   the
   Company's  Form  10-K for the year ended  February  28,  2003,
   from  which  the  accompanying condensed consolidated  balance
   sheet  at  February  28,  2003 was derived.   All  significant
   intercompany  balances and transactions have  been  eliminated
   in   consolidation.   In  the  opinion  of   management,   all
   adjustments  (consisting only of normal recurring adjustments)
   considered  necessary for a fair presentation of  the  interim
   financial  information  have been included.   The  results  of
   operations   for  any  interim  period  are  not   necessarily
   indicative of the results of operations for a full year.

2. Stock Option Plans and Stock Based Compensation
   -----------------------------------------------
   The  Company  has stock options granted to key  executive  and
   managerial  employees and non-employee directors.   At  August
   31,  2003,  the Company has two incentive stock option  plans:
   the  1998  Option  and  Restricted Stock  Plan  and  the  1991
   Incentive  Stock Option Plan. The Company has  785,984  shares
   of  unissued  common  stock reserved under  the  stock  option
   plans  for issuance to officers and directors, and supervisory
   employees  of the Company and its subsidiaries.  The  exercise
   price  of  each option granted equals the quoted market  price
   of  the  Company's common stock on the date of grant,  and  an
   option's  maximum term is ten years.  Options may  be  granted
   at  different times during the year and vest over a five  year
   period.

   The  Company  accounts  for employee and director  stock-based
   compensation  arrangements in accordance with  the  provisions
   of  Accounting  Principles Board Opinion No.  25,  "Accounting
   for  Stock  Issued  to Employees" (APB No.  25),  and  related
   interpretations,  and complies with the disclosure  provisions
   of  Statement  of  Financial Accounting Standards  (SFAS)  No.
   123,  "Accounting for Stock-Based Compensation" and  SFAS  No.
   148,    "Accounting    for   Stock-Based   Compensation    and
   Disclosure."

   The  following table represents the effect on net  income  and
   earnings  per  share as if the Company had  applied  the  fair
   value  based  method and recognition provisions  of  SFAS  No.
   123,  "Accounting  for  Stock-Based Compensation,"  to  stock-
   based  Employee Compensation (in thousands, except  per  share
   amounts):



                                6
<PAGE>

2.   Stock Option Plans and Stock Based Compensation (continued)
     -----------------------------------------------------------

                                 Three Months      Six Months
                               Ended August 31,  Ended August 31,
                                2003     2002     2003     2002
                                ----     ----     ----     ----

      Net earnings:
       As reported            $4,497   $3,817   $8,601   $7,117
       Deduct:  Stock-based
       Employee compensation
       expense not included
       in reported income,
       net of related tax         14       15       28       30
       effects
                              ------   ------   ------   ------
       Pro forma              $4,483   $3,802   $8,573   $7,087
                              ======   ======   ======   ======

      Net earnings per share:
       As reported - basic      $.28     $.24     $.53     $.44
       Pro forma - basic         .27      .23      .52      .44

       As reported - diluted     .27      .23      .52      .43
       Pro forma - diluted       .27      .23      .52      .43


   As  required, the pro forma disclosures above include  options
   granted  since  March 1, 1996.  Consequently, the  effects  of
   applying SFAS 123 for providing pro forma disclosures may  not
   be  representative of the effects on reported net  income  for
   future  years  until all options outstanding are  included  in
   the   pro  forma  disclosures.   For  purposes  of  pro  forma
   disclosures,   the   estimated  fair  value   of   stock-based
   compensation plans and other options is amortized  to  expense
   primarily over the vesting period.

   In  December  2002, the FASB issued SFAS No. 148,  "Accounting
   for  Stock-Based Compensation and Disclosure."  SFAS  No.  148
   amends  the transition and disclosure provisions of  SFAS  No.
   123.   If  the Company had adopted the prospective  transition
   method   prescribed  by  SFAS  148  in  first  quarter   2003,
   compensation  expense of $23,000 and $45,000 would  have  been
   recorded  for the three and six months ended August 31,  2003,
   respectively.   After related income tax effects,  this  would
   have  reduced net income by $14,000 and $28,000 for the  three
   and  six months ended August 31, 2003, respectively.  Earnings
   per  share  would have decreased one cent for the  six  months
   ended August 31, 2003.

   For  the  six  month periods ended August 31, 2003  and  2002,
   73,250  and 71,250 of options, respectively, were not included
   in  the  diluted earnings per share computation because  their
   exercise price exceeded the average fair market value  of  the
   Company's stock for the period.




                                7
<PAGE>
3. Inventories
   -----------
   The  Company  uses  the Last-In, First-Out  (LIFO)  method  of
   pricing  the  raw  material content of most  of  its  business
   forms  inventories, and the First-In, First-Out (FIFO)  method
   is   used  to  value  the  remainder.   The  following   table
   summarizes  the  components  of  inventory  at  the  different
   stages of production (in thousands of dollars):


                                 August 31,  February
                                                28,
                                    2003       2003
                                    ----       ----

             Raw material        $7,706      $ 6,664
             Work-in-process      1,728        1,161
             Finished goods       5,246        5,279
                                -------        -----

                                $14,680      $13,104
                                 ======       ======


4. Accumulated other comprehensive loss
   ------------------------------------
   Accumulated   other  comprehensive  loss   consists   of   the
   unrealized  portion  of  changes in  the  fair  value  of  the
   Company's  cash flow hedge and the minimum pension  liability.
   Comprehensive income was approximately $8,698,000 for the  six
   months  ended  August  31, 2003 and  $7,274,000  for  the  six
   months  ended  August 31, 2002.  Amounts charged  directly  to
   Shareholder's  Equity related to the Company's  interest  rate
   swap  and  pension  plan are included in "other  comprehensive
   income."


5. Segment Data
   ------------
   The  Company  operates  three business  segments.   The  Forms
   Solutions  Group is primarily in the business of manufacturing
   and   selling  business  forms  and  other  printed   business
   products to customers primarily located in the United  States.
   On  November  13,  2002,  effective  November  14,  2002,  the
   Company  acquired  Calibrated  Forms  Co.,  Inc.  (Calibrated)
   which  became part of the Forms Solutions Group segment.   The
   Promotional  Solutions  Group is comprised  of  Adams  McClure
   (design,   production   and  distribution   of   printed   and
   electronic  media), Admore (presentation products)  and  Wolfe
   City (flexographic printing, advertising specialties and Post-
   it  (registered  trademark) Notes).  The  Financial  Solutions
   Group  is  comprised of Northstar Computer Forms  which  is  a
   manufacturer  and  seller  of  official  bank  checks,   money
   orders,  and  internal bank forms.  Corporate  information  is
   included   to  reconcile  segment  data  to  the  consolidated
   financial statements and includes assets and expenses  related
   to    the   Company's   corporate   headquarters   and   other
   administrative costs.  Segment data for the three  months  and
   six  months ended August 31, 2003 and 2002 were as follows (in
   thousands):





                                8
<PAGE>

5. Segment Data (continued)
  ------------------------
<TABLE>
<CAPTION>             Forms    Promotional  Financial
                    Solutions   Solutions   Solutions           Consolidated
                      Group       Group       Group   Corporate    Totals
                      -----       -----       -----   ---------    ------
<S>                 <C>        <C>          <C>       <C>       <C>
Three months ended August 31, 2003:
 Net sales          $36,227     $16,639     $12,137    $    --   $ 65,003
 Depreciation           741         677         736        178      2,332
 Amortization of
   trademark             33          --          --         --         33
 Segment earnings
   (loss) before
   income tax         5,717       1,969       1,511     (1,943)     7,254
 Segment assets      75,720      34,231      40,461      5,066    155,478
 Capital
   expenditures         428         281         621        230      1,560

Three months ended August 31, 2002:
 Net sales          $26,660     $18,009     $11,977    $    --   $ 56,646
 Depreciation           909         573         801        191      2,474
 Segment earnings
   (loss) before
    income tax        4,767       2,257         701     (1,568)     6,157
 Segment assets      53,988      38,740      41,163      4,817    138,708
 Capital
   expenditures         189         322         927        268      1,706

Six months ended August 31, 2003:
 Net sales          $71,693     $34,067     $24,117    $    --   $129,877
 Depreciation         1,679       1,174       1,499        357      4,709
 Amortization of
   trademark             66          --          --         --         66
 Segment earnings
   (loss) before
   income tax        10,903       3,805       2,739     (3,574)    13,873
 Segment assets      75,720      34,231      40,461      5,066    155,478
 Capital
   expenditures         998         435         721        248      2,402

Six months ended August 31, 2002:
 Net sales          $54,096     $36,247     $24,046    $    --   $114,389
 Depreciation         1,564       1,145       1,627        386      4,722
 Segment earnings
   (loss) before
    income tax        9,136       3,975       1,576     (3,208)    11,479
 Segment assets      53,988      38,740      41,163      4,817    138,708
 Capital
   expenditures         311         496         996        343      2,146
</TABLE>

"Post-it" is a registered trademark of 3M.






                                9
<PAGE>
6. Purchase of Calibrated
   ----------------------
   On  November 14, 2002, the Company completed its acquisition of
   all  of  the  outstanding stock of Calibrated Forms  Co.,  Inc.
   (Calibrated),  a company which is principally  engaged  in  the
   design,  manufacture  and marketing of printed  business  forms
   within  the  wholesale business forms marketplace.   Calibrated
   was  acquired  to help strengthen the Company in the  wholesale
   business  forms marketplace.  Calibrated became a wholly  owned
   subsidiary  and operated as part of the Forms Solutions  Group.
   The  acquisition  was  financed with an additional  $15,000,000
   draw  against  the  Company's Revolving Credit  Facility.   The
   purchase  price  for  the  transaction  was  $22,038,000   less
   liabilities   excluded  of  $7,195,060,  and  the   liabilities
   excluded  were  evidenced  by  two  promissory  notes   bearing
   interest  at 3.75% per annum, which were paid January 3,  2003.
   In  addition,  the Purchase Agreement provides  for  additional
   consideration  in the form of an earn-out.  The  earn-out  will
   be  50%  of  the  amount,  if any, of Calibrated's  EBITDA,  as
   defined in the Purchase Agreement in excess of $6,300,000  each
   year,  to  a maximum amount of $3,000,000.  This earn-out  will
   be  paid  as  long  as  one  of  the  two  former  shareholders
   acceptable  to the Company, is employed as General  Manager  of
   Calibrated  on a full-time basis during the entire fiscal  year
   for  which  the earn-out is paid.  Any such earn  out  will  be
   recorded  as  compensation expense in  the  year  to  which  it
   relates.   The  acquisition was accounted for by  the  purchase
   method.   Approximately $2,400,000 of the goodwill  related  to
   the Calibrated acquisition is deductible for tax purposes.

   The  accompanying consolidated financial statements include the
   operations  of  Calibrated since the date of acquisition.   The
   following table represents certain operating information  on  a
   pro  forma basis as though Calibrated had been acquired  as  of
   March  1, 2002, after the estimated impact of adjustments  such
   as   amortization  of  intangible  assets,  interest   expense,
   reduced  interest income and related tax effects (in  thousands
   except per share amounts):

     For the Three Months Ended August 31,       2002

     Pro forma net sales                        $70,461
     Pro forma net earnings                       3,916
     Pro forma earnings per share - diluted        0.24

     For the Six Months Ended August 31,         2002

     Pro forma net sales                       $138,574
     Pro forma net earnings                       7,289
     Pro forma earnings per share - diluted        0.44

   The pro forma results are not necessarily indicative of what
   would have occurred if the acquisition had been in effect for
   the period presented.





                               10
<PAGE>
7. Derivative Financial Instruments and Hedging Activities
   -------------------------------------------------------
   The  Company's interest rate swaps are held for purposes  other
   than trading.  The Company utilized swap agreements related  to
   its  term  and revolving loans to effectively fix the  interest
   rate  for  a specified principal amount of the loans.   Amounts
   receivable  or payable under interest rate swap agreements  are
   recorded  as  adjustments to interest expense.  This  swap  has
   been  designated as a cash flow hedge and the after-tax  effect
   of  the  mark-to-market valuation that relates to the effective
   amount  of  derivative financial instrument is recorded  as  an
   adjustment to accumulated other comprehensive income  with  the
   offset included in accrued expenses.

   The  Company utilized swap agreements related to the term  loan
   and  revolving credit facility to effectively fix the  interest
   rate at 3.2% for a pre-set principal amount of the loans.   The
   pre-set  principal  amount of the loans  covered  by  the  swap
   agreements  declines  quarterly  in  connection  with  expected
   principal  reductions  and totaled $15,000,000  at  August  31,
   2003.   The  fair  value of the swap at  August  31,  2003  was
   approximately  ($235,000) and the change in the fair  value  of
   the  loss  from March 1, 2003, net of tax, has been charged  to
   accumulated other comprehensive loss.


Item 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
               CONDITION AND RESULTS OF OPERATIONS

Liquidity and Capital Resources
-------------------------------
The  Company  has  maintained a strong  financial  position  with
working  capital at August 31, 2003, of $43,844,000, an  increase
of  10.4% from the beginning of the year, and a current ratio  of
2.6  to  1.  The increase in current assets is due  to  operating
profits  less  funds  used  to pay dividends.   The  Company  has
$20,882,000 in cash and cash equivalents and $14,800,000 in long-
term  debt, less current installments.  The Company made payments
of  $3,335,000  of  the debt financing for the six  months  ended
August  31, 2003.  The Company anticipates repaying the long-term
debt of $1,500,000 per quarter until the debt is extinguished  in
January 2006.  The Company believes current inventory levels  are
sufficient  to  satisfy  customer demand and  anticipates  having
adequate  sources  of  supply of raw  materials  to  meet  future
business  requirements. The Company recorded a  charge  to  Other
Comprehensive Income in the amount of $4,982,000 related  to  its
pension  plan  at  February 28, 2003.  SFAS No. 87  required  the
recognition of a "minimum pension liability" if, as  of  a  given
measurement  date, the fair value of the plan's  assets  is  less
than  its accumulated benefit obligation.  The decline in  recent
years  of  the U.S. equity markets has reduced the value  of  the
Company's  qualified pension plan assets.  The Company  estimates
the  plan  assets  will  exceed the  plan's  accumulated  benefit
obligation  in  five years with annual pension plan contributions
of  approximately $2,500,000.  Capital expenditures for  the  six
months  totaled  $2,402,000. For the full  fiscal  year,  capital
expenditures   are   expected  to  be  between   $6,000,000   and
$8,000,000, which are expected to be financed through  internally
generated funds. The Company expects to generate sufficient  cash
flow  from  its  operating activities  to  more  than  cover  its
operating and capital requirements for the foreseeable future.



                               11
<PAGE>
Accounting Standards
--------------------
In December 2002, the Financial Accounting Standards Board (FASB)
issued  Statements  of Financial Accounting  Standards  No.  148,
"Accounting    for   Stock-Based   Compensation-Transition    and
Disclosure-an  Amendment to FASB Statement No. 123"  (SFAS  148).
SFAS 148 provides alternate methods of transition for a voluntary
change  to  the fair value based method of accounting for  stock-
based  employee compensation.  In addition, SFAS 148  amends  the
disclosure    requirements   of   "Accounting   for   Stock-Based
Compensation" (SFAS 123) to require prominent disclosures in both
annual  and  interim  financial statements about  the  method  of
accounting used in reporting results.  SFAS 148 is effective  for
fiscal years beginning after December 15, 2003.

Results of Operations 2003
--------------------------
Net  sales  for the three months ended August 31, 2003  increased
14.8%  from  the  corresponding period in the  prior  year.  This
increase is the result of the inclusion of Calibrated Forms  Co.,
Inc. (Calibrated) revenues for the full fiscal quarter, offset by
a  decrease  of  1.5%  from the remaining portion  of  the  Forms
Solutions  Group and a 2.4% decrease in the Promotional Solutions
Group.   For  the  six months ended August 31,  2003,  net  sales
increased 13.5% from the corresponding period in the prior  year.
This  increase  is  attributed  to the  inclusion  of  Calibrated
revenues offset by a decrease of 2.0% from the remaining  portion
of   the  Forms  Solution  Group  and  a  1.9%  decrease  in  the
Promotional Solutions Group.  Revenues in the Financial Solutions
Group  were  flat for the three months and the six  months  ended
August  31,  2003.   The  general economy and  industry  declines
continue to be factors impacting each Group.

Gross  profit  margins decreased from 27.5% in the  three  months
ended  August 31, 2002 to 26.9% in the three months ended  August
31,  2003 and from 26.8% in the six months ended August 31,  2002
to  26.2%  in the six months ended August 31, 2003.  The decrease
is  the  result of a combination of factors.  The Forms Solutions
Group  gross  profit  margin decreased from 30.4%  in  the  three
months  ended August 31, 2002 to 27.9% in the three months  ended
August 31, 2003 and from 29.4% for the six months end August  31,
2002  to  27.0%  for the six months ended August 31,  2003.   The
general  weakness  in the economy and the decline  in  the  forms
industry  contributed  to lower prices  in  the  Forms  Solutions
Group.  In addition, the gross profit margin decreased due  to  a
combination  of  lower  fixed  cost  absorption  resulting   from
decreased sales volumes in certain plants and a shift in  mix  to
lower  margin  products.  The  Promotional  Solutions  Group  had
relatively flat gross profit margins for the three and six months
ended  August  31,  2003 when compared to  the  prior  respective
period.   The  Financial  Solutions Group  experienced  a  slight
increase  in  gross profit margins for the three and  six  months
ended August 31, 2003 due to more efficient fixed cost absorption
and an increase in the volume of profitable sales.

Selling,  general and administrative expenses increased 8.1%  for
the  three  months  ended August 31, 2003 and 5.7%  for  the  six
months  ended  August 31, 2003 when compared to the corresponding
periods in the prior year.  The increase is primarily the  result
of the inclusion of Calibrated.


                               12
<PAGE>
Interest  expense  decreased from $300,000 in  the  three  months
ended  August  31,  2002 to $192,000 in the  three  months  ended
August  31, 2003 and from $638,000 in the six months ended August
31,  2002 to $479,000 in the six months ended August 31, 2003 due
to a decline in interest rates.

Investment  income  decreased from $42,000 in  the  three  months
ended August 31, 2002 to $13,000 in the three months ended August
31,  2003  and from $114,000 in the six months ended  August  31,
2002  to $27,000 in the six months ended August 31, 2003  due  to
the decline in interest rates.

The  effective rate of the Federal and state income  tax  expense
was 38.0% for the six months ended August 31, 2003 and August 31,
2002.

Critical Accounting Policies and Judgments
------------------------------------------
In  preparing our financial statements, we are required  to  make
estimates  and  assumptions  that  affect  the  disclosures   and
reported  amounts of assets and liabilities at the  date  of  the
financial  statements and the reported amounts  of  revenues  and
expenses  during the reporting period.  We evaluate our estimates
and judgments on an ongoing basis, including those related to bad
debts,  inventory  valuations,  property,  plant  and  equipment,
intangible  assets and income taxes.  We base our  estimates  and
judgments  on historical experience and on various other  factors
that we believe to be reasonable under the circumstances.  Actual
results may differ from these estimates.

We  exercise  judgment  in evaluating our long-lived  assets  for
impairment.   The Company assesses the impairment  of  long-lived
assets,  which  includes other intangible  assets,  goodwill  and
plant  and  equipment whenever events or changes in circumstances
indicate  that  the carrying value may not be  recoverable.   The
Company  assesses  the  impairment  of  goodwill  annually.    In
performing tests of impairment, the Company estimates future cash
flows  that  are expected to result from the operating  segments.
Actual  results could differ from assumptions made by management.
We  believe  our businesses will generate sufficient undiscounted
cash  flow to more than recover the investments we have  made  in
property, plant and equipment, as well as the goodwill and  other
intangibles  recorded  as  a result  of  our  acquisitions.   The
Company  cannot  predict  the  occurrence  of  future  impairment
triggering  events nor the impact such events might have  on  its
reported asset values.

Revenue  is  recognized upon shipment for all  printed  products.
Revenue   from   fixed  price  contracts  for  the   design   and
construction  of tools, dies and special machinery is  recognized
using the percentage of completion method of accounting.

Derivative  instruments are recognized on the  balance  sheet  at
fair  value. Changes in fair values of derivatives are  accounted
for based upon their intended use and designation.  The Company's
interest  rate  swaps are held for purposes other  than  trading.
The  Company  utilized swap agreements related to  its  term  and
revolving  loans  to  effectively fix the  interest  rate  for  a
specified  principal  amount of the loans.  Amounts receivable or



                               13
<PAGE>
payable  under  interest  rate swap agreements  are  recorded  as
adjustments  to interest expense.  This swap has been  designated
as  a  cash  flow hedge and the after tax effect of the  mark-to-
market  valuation  that  relates  to  the  effective  amount   of
derivative  financial instrument is recorded as an adjustment  to
accumulated  other comprehensive income with the offset  included
in accrued expenses.


Certain Factors That May Affect Future Results
----------------------------------------------
The Forms Solutions Group sells a mature product line of business
forms  and other printed business products.  The demand for  this
product   line  may  decrease  with  increasing  electronic   and
paperless forms and filings.

The Promotional and Financial Solutions Groups are dependent upon
certain  major customers.  The loss of such customers may  affect
the revenue and earnings of the Groups.

The Company has various contracts with suppliers that are subject
to  change upon renewal and may not provide the same cost  ratios
for future periods.


Forward looking statement
-------------------------
      Management's  result of operations contains forward-looking
statements  that reflect the Company's current view with  respect
to future revenues and earnings.  These statements are subject to
numerous  uncertainties, including (but not limited to) the  rate
at   which   the  business  forms  market  is  contracting,   the
application  of  technology to the production of business  forms,
demand for the Company's products in the context of a contracting
market,  variability  in  the  prices  of  paper  and  other  raw
materials,  and  competitive conditions  in  the  business  forms
market.  Because of such uncertainties, readers are cautioned not
to place undue reliance on such forward-looking statements, which
speak only as of September 29, 2003.



Item 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES OF MARKET RISK

Market Risk
-----------
The  Company  is exposed to market risk from changes in  interest
rates on debt.  A discussion of the Company's accounting policies
for  derivative  instruments is included  in  the  Notes  to  the
Consolidated  Financial Statements for period  ended  August  31,
2003.

The  Company's net exposure to interest rate risk consists  of  a
floating  rate debt instrument that is benchmarked  to  U.S.  and
European short-term interest rates.  The Company may from time to
time  utilize  interest  rate swaps to manage  overall  borrowing
costs  and  reduce exposure to adverse fluctuations  in  interest
rates.  The  Company  does  not use  derivative  instruments  for
trading  purposes.  The Company is exposed to interest rate  risk
on   short-term  and  long-term  financial  instruments  carrying
variable  interest rates.  The Company's variable rate  financial
instruments, including the outstanding credit facilities, totaled
$20,800,000  at August 31, 2003.  The  impact  on  the  Company's


                               14
<PAGE>
results of operations of a one-point interest rate change on  the
outstanding balance of the variable rate financial instruments as
of  August  31,  2003  would  be immaterial.   This  market  risk
discussion  contains forward-looking statements.  Actual  results
may  differ  materially from this discussion based  upon  general
market  conditions and changes in domestic and  global  financial
markets.


Item 4.  CONTROLS AND PROCEDURES

The Company maintains disclosure controls and procedures designed
to  ensure  that  it  is able to collect the  information  it  is
required  to disclose in the reports it files with the Securities
and  Exchange  Commission (SEC), and to  process,  summarize  and
disclose  this information within the time periods  specified  in
the rules of the SEC.  Based on their evaluation of the Company's
disclosure controls and procedures which took place as of a  date
within  90  days  of  the filing date of this report,  the  Chief
Executive  and  Chief  Financial  Officers  believe  that   these
controls and procedures are effective to ensure that the  Company
is  able to collect, process and disclose the information  it  is
required to disclose in the reports it files with the SEC  within
the required time periods.

The Company also maintains a system of internal controls designed
to  provide reasonable assurance that:  transactions are executed
in    accordance   with   management's   general   or    specific
authorization;  transactions are recorded  as  necessary  (1)  to
permit  preparation  of financial statements in  conformity  with
generally  accepted accounting principles, and  (2)  to  maintain
accountability for assets; access to assets is permitted only  in
accordance  with management's general or specific  authorization;
and  the recorded accountability for assets is compared with  the
existing assets at reasonable intervals and appropriate action is
taken with respect to any differences.

Since  the  date of the most recent evaluation of  the  Company's
internal  controls  by the Chief Executive  and  Chief  Financial
Officers, there have been no significant changes in such controls
or  in  the other factors that could have significantly  affected
those  controls, including any corrective actions with regard  to
significant deficiencies and material weaknesses.


                   PART II. OTHER INFORMATION

Item 6. EXHIBITS AND REPORTS ON FORM 8-K

     (a) Exhibits
         The  exhibits  as  listed  on  the accompanying index to
         exhibits  on page 19 are filed as part of this Form  10-
         Q.

     (b) Reports on Form 8-K
         The  Company filed a report on Form 8-K on September 26,
         2003  regarding the press release announcing  its  first
         quarter operating results.

                               15
<PAGE>
                           SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.


                                ENNIS BUSINESS FORMS, INC.


Date September 29, 2003         /s/Harve Cathey
     -------------------       -------------------------------
                               Harve Cathey
                               Vice President - Finance and CFO,
                               Secretary and Treasurer,
                               Principal Financial and
                               Accounting Officer






























                               16
<PAGE>
                        INDEX TO EXHIBITS



    Exhibit 31.1   Section 302 Certification of the CEO
    Exhibit 31.2   Section 302 Certification of the CFO
    Exhibit 32.1   Certification Pursuant to 18 U.S.C.
                   Section 1350, as Adopted Pursuant to
                   Section 906 of the Sarbanes-Oxley Act of
                   2002
    Exhibit 32.2   Certification Pursuant to 18.U.S.C.
                   Section 1350, as Adopted Pursuant to
                   Section 906 of the Sarbanes-Oxley Act of
                   2002




































                               17
<PAGE>