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              NOVEMBER 30, 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 November 30, 2003
-----------------------        --------------------------------
Common stock, par value                16,363,623
   $2.50 per share

<PAGE>


                   ENNIS BUSINESS FORMS, INC.

                              INDEX


Part I.   Financial information - unaudited

   Item 1 - Financial Statements
      Condensed Consolidated Balance Sheets --
        November 30, 2003 and February 28, 2003            2 - 3

      Condensed Consolidated Statements of Earnings --
        Three and Nine Months Ended November 30, 2003
        and 2002                                             4

      Condensed Consolidated Statements of Cash Flows --
        Three and Nine Months Ended November 30, 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)


<TABLE>
<CAPTION>                                 November 30, February 28,
                                              2003         2003
                                              ----         ----
                                          (unaudited)
                        Assets
                        ------
<S>                                       <C>          <C>
Current assets:
    Cash and cash equivalents               $ 23,811     $ 13,860
    Accounts receivable, net                  30,033       32,077
    Prepaid expenses                           1,720        1,708
    Inventories                               13,536       13,104
    Contract costs in excess of billings         294          967
    Other current assets                       3,264        3,296
                                             -------      -------
               Total current assets           72,658       65,012
                                             -------      -------

Property, plant and equipment, net            47,219       51,264

Goodwill, net                                 34,269       34,241

Other assets                                   1,891        2,020
                                             -------      -------

                                            $156,037     $152,537
                                             =======      =======
</TABLE>







                                                      (Continued)




                                2
<PAGE>

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

<TABLE>
<CAPTION>                                 November 30,  February 28,
                                              2003          2003
                                              ----          ----
                                           (unaudited)

                   Liabilities and
                 Shareholders' Equity
                 --------------------
 <S>                                      <C>           <C>
 Current liabilities:
     Accounts payable                     $  7,135      $  6,644
     Accrued expenses:
        Employee compensation and
           benefits                          9,063         6,784
        Federal and state income tax
           payable                             841            --
        Taxes other than income              1,941         1,430
        Other                                3,408         3,398
     Current installments of long-term
        debt                                 6,335         7,038
                                           -------       -------
              Total current liabilities     28,723        25,294
                                           -------       -------

 Accrued pension                             1,510         2,130

 Long-term debt, less current
    installments                            13,300        18,135

 Deferred credits, principally income
    taxes                                    9,661        10,075

 Shareholders' equity:
     Preferred stock, at par value              --            --
     Common stock, at par value             53,125        53,125
     Additional paid in capital                245           461
     Retained earnings                     143,319       137,848
     Accumulated other comprehensive
        loss                                (5,099)       (5,225)
                                           -------       -------
                                           191,590       186,209

     Treasury stock                        (88,747)      (89,306)
                                           -------       -------

              Total shareholders' equity   102,843        96,903
                                           -------       -------

                                          $156,037      $152,537
                                           =======       =======
</TABLE>

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       Nine Months Ended
                               November 30,             November 30,
                            2003         2002        2003         2002
                            ----         ----        ----         ----
<S>                       <C>          <C>         <C>          <C>
Net sales                 $66,398      $59,151     $196,275     $173,540

Costs and expenses:
   Cost of sales           48,824       43,560      144,644      127,349
   Selling, general
      and
      administrative
      expenses              9,949        9,331       29,470       27,805
                           ------       ------      -------      -------

                           58,773       52,891      174,114      155,154
                           ------       ------      -------      -------

Earnings from
   operations               7,625        6,260       22,161       18,386
                           ------       ------      -------      -------

Other income
   (expense):
   Investment income            6           33          33           147
   Interest expense          (183)        (299)       (662)         (937)
   Other expense, net        (115)         (67)       (326)         (190)
                           ------       ------     -------       -------

                             (292)        (333)       (955)        (980)
                           ------       ------     -------      -------

Earnings before income
   taxes                    7,333        5,927      21,206       17,406

Provision for income        2,858        2,252       8,130        6,614
   taxes
                           ------       ------     -------      -------

Net earnings              $ 4,475      $ 3,675    $ 13,076     $ 10,792
                           ======       ======     =======      =======

Weighted average
   number of common
   shares outstanding
   - Basic             16,363,391   16,282,938  16,347,768   16,278,938
   Plus incremental
      shares from
      assumed exercise
      of stock options    258,853      217,244     230,159      217,244
                       ----------   ----------  ----------   ----------
Weighted average
   number of common
   shares outstanding
   - Diluted           16,622,244   16,500,182  16,577,927   16,496,182
                       ==========   ==========  ==========   ==========

Per share amounts:
   Net earnings -
      basic                  $.27         $.23        $.80         $.66
                             ====         ====        ====         ====
   Net earnings -
      diluted                $.27         $.22        $.79         $.65
                             ====         ====        ====         ====
   Cash dividends per
      share                 $.155         $.155      $.465        $.465
                            =====         =====      =====        =====
</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)
<TABLE>
<CAPTION>                                        Nine Months Ended
                                                   November 30,
                                                  2003       2002
                                                  ----       ----
<S>                                             <C>        <C>
Cash flows from operating activities:
   Net earnings                                 $13,076    $10,792
   Adjustments to reconcile net earnings to
       net cash provided by operating
       activities:
         Depreciation                             6,975      6,929
         Amortization of trademark                   99         --
         Gain on the sale of equipment               --        (53)
         Changes in operating assets and
            liabilities:
              Receivables                         2,044       (814)
              Prepaid expenses                      (12)    (2,116)
              Inventories                          (432)       140
              Contract costs in excess of
                billings                            673       (276)
              Other current assets                  (45)       204
              Accounts payable and accrued
                expenses                          4,335        974
              Other assets and liabilities       (1,004)     2,861
                                                 ------     ------

            Net cash provided by operating
               activities                        25,709     18,641
                                                 ------     ------

Cash flows from investing activities:
   Cash acquired from the acquisition of
      Calibrated                                    --       1,508
   Capital expenditures                         (3,040)     (3,100)
   Redemption of investments                        --       1,802
   Proceeds from disposal of property              110         110
   Other                                           (28)          6
                                                ------      ------

            Net cash (used in) provided by
               investing activities             (2,958)        326
                                                ------      ------

Cash flows from financing activities:
   Repayment of debt issued to finance
      acquisition                               (5,538)     (5,690)
   Dividends                                    (7,605)     (7,570)
   Issue of treasury stock, net                    343         103
   Other                                            --        (480)
                                                ------      ------

            Net cash used in financing
               activities                      (12,800)    (13,637)
                                                ------      ------

Net change in cash and cash equivalents          9,951       5,330
Cash and cash equivalents at beginning of
   period                                       13,860      16,180
                                                ------      ------

Cash and cash equivalents at end of period     $23,811     $21,510
                                                ======      ======

Non-cash activities:
   Debt issued in connection with acquisition
      of Calibrated                            $    --    $22,000
                                                ======     ======
</TABLE>

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 November 30, 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  November
   30,  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  784,984  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)
   -----------------------------------------------------------

    <TABLE>
    <CAPTION>                  Three Months       Nine Months
                            Ended November 30  Ended November 30
                              2003     2002      2003     2002
                              ----     ----      ----     ----
    <S>                     <C>       <C>      <C>      <C>
    Net earnings:
     As reported            $4,475    $3,675   $13,076  $10,792
     Deduct:  Stock-based
       Employee
     compensation
       expense not included
       in reported income,
       net of related tax       14        15        42       45
       effects
                             -----     -----     -----   ------
     Pro forma              $4,461    $3,660   $13,034  $10,747
                             =====     =====    ======   ======

    Net earnings per share:
     As reported - basic      $.27      $.23      $.80     $.66
     Pro forma - basic         .27       .22       .80      .66

     As reported - diluted     .27       .22       .79      .65
     Pro forma - diluted       .27       .22       .79      .65
   </TABLE>

   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 $22,000 and $67,000 would  have  been
   recorded  for  the  three and nine months ended  November  30,
   2003,  respectively.  After related income tax  effects,  this
   would  have reduced net income by $14,000 and $42,000 for  the
   three  and  nine months ended November 30, 2003, respectively.
   Earnings per share would have remained the same for the  three
   months ended November 30, 2003.

   For  the nine month periods ended November 30, 2003 and  2002,
   42,250  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):


                               November 30,  February 28,
                                   2003          2003
                                   ----          ----

         Raw material           $ 7,105       $ 6,664
         Work-in-process          1,594         1,161
         Finished goods           4,837         5,279
                                 ------        ------

                                $13,536       $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  $13,202,000  for  the
   nine  months ended November 30, 2003 and $11,030,744  for  the
   nine   months  ended  November  30,  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
   nine  months ended November 30, 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
   November 30, 2003:
 Net sales       $ 35,440   $ 17,339    $ 13,619   $   --    $ 66,398
 Depreciation         799        587         739      141       2,266
 Amortization
   of trademark        33         --          --       --          33
 Segment
   earnings
   (loss)
   before
   income tax       5,057      2,190       2,099   (2,013)      7,333
 Segment assets    80,101     34,186      36,887    4,863     156,037
 Capital
   expenditures       223         36         176      203         638

Three months ended
   November 30, 2002:
 Net sales       $ 28,045   $ 17,830    $ 13,276   $  --     $ 59,151
 Depreciation         443        579         777     408        2,207
 Segment
   Earnings
   (loss)
   before
   income tax       4,262      1,917       1,399  (1,651)       5,927
 Segment assets    81,103     36,880      41,169   4,817      163,969
 Capital
   expenditures       715        115          --     124          954

Nine months ended
   November 30, 2003:
 Net sales      $ 107,133   $ 51,406    $ 37,736   $  --    $ 196,275
 Depreciation       2,478      1,761       2,238     498        6,975
 Amortization
   of trademark        99         --          --      --           99
 Segment
   Earnings
   (loss)
   before
   income tax      15,917      5,995       4,838  (5,544)      21,206
 Segment assets    80,101     34,186      36,887   4,863      156,037
 Capital
   expenditures     1,221        471         897     451        3,040

Nine months ended
   November 30, 2002:
 Net sales       $ 82,141   $ 54,077    $ 37,322   $  --    $ 173,540
 Depreciation       2,199      1,724       2,404     602        6,929
 Segment
   Earnings
   (loss)
   before
   income tax      13,398      5,892       2,975  (4,859)      17,406
 Segment assets    81,103     36,880      41,169   4,817      163,969
 Capital
   expenditures     1,780        611         964    (255)       3,100
</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 November 30,      2002

     Pro forma net sales                       $ 64,335
     Pro forma net earnings                       3,767
     Pro forma earnings per share - diluted        0.23

     For the Nine Months Ended November 30,       2002

     Pro forma net sales                       $202,908
     Pro forma net earnings                      11,056
     Pro forma earnings per share - diluted        0.67

   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 $13,500,000 at November  30,
   2003.   The  fair value of the swap at November 30,  2003  was
   approximately ($189,000) 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 November 30, 2003, of $43,935,000, an increase
of  10.6% from the beginning of the year, and a current ratio  of
2.5  to  1.  The increase in current assets is due  to  operating
profits  less  funds  used  to pay dividends.   The  Company  has
$23,811,000 in cash and cash equivalents and $13,300,000 in long-
term  debt, less current installments.  The Company made payments
of  $5,538,000  of the debt financing for the nine  months  ended
November  30, 2003.  The Company anticipates repaying  the  long-
term   debt  of  $1,500,000  per  quarter  until  the   debt   is
extinguished  in  January 2006.  In December  2003,  the  Company
amended  its  debt agreement to provide more flexibility  in  its
pension  plan funding requirements.  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 nine months totaled $3,040,000. 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 November 30, 2003 increased
12.3%  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  2.0%  from the remaining portion  of  the  Forms
Solutions  Group and a .8% decrease in the Promotional  Solutions
Group.   For the nine months ended November 30, 2003,  net  sales
increased 13.1% 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  1.5%  decrease  in  the
Promotional Solutions Group.  Revenues in the Financial Solutions
Group increased .5% and .2% respectively for the three months and
the nine months ended November 30, 2003.  The general economy and
industry declines continue to be factors impacting each Group.

Gross  profit  margins increased from 26.4% in the  three  months
ended  November  30,  2002 to 26.5% in  the  three  months  ended
November  30,  2003 and decreased from 26.6% in the  nine  months
ended  November  30,  2002  to 26.3% in  the  nine  months  ended
November  30, 2003.  The decrease is the result of a  combination
of  factors.   The  Forms  Solutions Group  gross  profit  margin
decreased from 27.8% in the three months ended November 30,  2002
to  25.3%  in the three months ended November 30, 2003  and  from
29.2% for  the  nine  months ended November 30, 2002 to 26.4% for
the nine months ended November 30, 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 nine months ended November  30,  2003
when  compared  to  the prior respective period.   The  Financial
Solutions  Group  experienced a slight increase in  gross  profit
margins for the three and nine months ended November 30, 2003 due
to  more efficient fixed cost absorption and an increase  in  the
volume of profitable sales.

Selling,  general and administrative expenses increased 6.6%  for
the  three months ended November 30, 2003 and 6.0% for  the  nine
months ended November 30, 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 $299,000 in  the  three  months
ended  November  30, 2002 to $183,000 in the three  months  ended
November  30,  2003  and from $937,000 in the nine  months  ended
November  30, 2002 to $662,000 in the nine months ended  November
30, 2003 due to a decline in interest rates.

Investment  income  decreased from $33,000 in  the  three  months
ended  November  30,  2002 to $6,000 in the  three  months  ended
November  30,  2003  and from $147,000 in the nine  months  ended
November  30,  2002 to $33,000 in the nine months ended  November
30, 2003 due to the decline in interest rates.

The  effective rate of the Federal and state income  tax  expense
was  38.0%  for  the  nine months ended  November  30,  2003  and
November 30, 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  generally 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
payable under interest rate swap



                               13
<PAGE>

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 December 22, 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 November  30,
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
$19,300,000  at November 30, 2003.  The impact on  the  Company's
results of operations of a one-point interest rate change on the

                               14
<PAGE>

outstanding balance of the variable rate financial instruments as
of  November  30,  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  17  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 December 22,
         2003 regarding the press  release announcing  its third
         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 December 22, 2003          /s/ Harve Cathey
     -------------------        -------------------------------
                                Harve Cathey
                                Vice President - Finance and
                                CFO, Secretary
                                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>