Contents

          2   Letter To Shareholders
          6   Rewarding Partnerships
          8   Forms Solutions Group
          10  Promotional Solutions Group
          12  Financial Solutions Group
          14  Selected Financial Data
          15  Management's Discussion and Analysis
          18  Ten-Year Financial Review
          20  Consolidated Financial Statements
          35  Independent Auditors' Report
          36  Facility Descriptions


  Annual Summary

                      Fiscal Year   Fiscal Year
                         Ended         Ended      Percentage
                      February 28,  February 29,   Increase
                          2001          2000      (Decrease)

 Net sales(1)         $229,186,000  $176,600,000       29.8

 Earnings before
  income taxes          21,571,000    24,041,000      (10.3)

Income taxes             8,394,000     8,918,000       (5.9)

Net earnings            13,177,000    15,123,000      (12.9)

Dividends               10,075,000    10,068,000         .1

Per share
of common stock:
 Basic and diluted
   earnings                    .81           .93      (12.9)
 Dividends                     .62           .62       ---

Weighted average
 number of shares of
  common stock
  outstanding           16,246,545    16,249,861       ---

(1) In accordance with recent accounting requirements, net sales
for all periods reported have been restated to include revenues
from shipping and handling charges.  See accompanying notes to
consolidated financial statements.

                                1

<PAGE>

Letter To Shareholders

Ennis has been actively engaged with acquisition and major
organization change this past year.  The Company is now divided
into three operating groups: Forms Solutions, Promotional
Solutions, and Financial Solutions. Over the past two years, we
built a network of Ennis Forms facilities that grew beyond their
original local market influence. By developing this ability
through our electronic infrastructure, we give our customers a
local source of supply, and national production capabilities when
needed.  We further applied that technology to cross-selling
among our various businesses. The result has been a continuing
stability in our Forms business, which distinguishes Ennis from
the industry trends. These favorable trends are continuing into
the new fiscal year, but the market for traditional forms is
flat, even the best forms company will eventually need to
diversify. Our new structure recognizes this reality. Ennis
remains committed to our core business, and we have expanded into
related printing products and services.

The past year produced mixed results for Ennis Business Forms.
Our sales grew by 29.8 percent for the year, a new record
for growth, but our profits declined in the fourth quarter. The
disappointment in profits came from two primary areas: the
consolidation of the Louisville operation into the Promotional
Solutions Group and lower than expected sales in our Promotional
Solutions and Financial Solutions Groups.

The Promotional Solutions Group was created from a combination of
a new acquisition (Adams McClure) and previous Ennis plants whose
customer base showed more opportunity in this market segment. One
of those facilities was the Louisville operation.  This business
had not been operating profitably.  The plant was closed and its
activities were consolidated into the Denver facilities. The
consolidation into our Denver operations was the largest
contributor to our shortfall in profit. The main factors were
hiring problems in Denver, equipment damage from the move,
excessive waste and obsolescence problems from the Louisville
inventory. Also, a new customer contract significantly increased
the volume unexpectedly during the move, complicating the
process. Currently, we have reorganized the production process
and are satisfied that the problems are behind us. We believe
that the Promotional Solutions Group will be a significant
growth area and profit contributor to Ennis in the future.

The Financial Solutions Group, formerly Northstar Computer Forms,
which was purchased in June of 2000, is an exciting acquisition
for Ennis. Northstar is a well respected business for both

                                2

<PAGE>

its products and use of advanced technology. Ken Overstreet, the
former President of Northstar, continues that role with Ennis for
the Financial Solutions Group. Since the retirement of Bob Knappe
Sr., President of the Promotional Solutions Group, Ken has taken
on the additional responsibilities as President of the
Promotional Solutions Group. As stated above, the Financial and
Promotional Groups each experienced sales levels below our
expectations. Both groups have made significant adjustments to
their cost structure in adjusting to the lower volume, including
closing a small facility in Wisconsin. The sales from this
closure were retained and transferred to another Ennis facility
in DeWitt, Iowa. The move was completed on time and under budget.
We are pleased that the Northstar Company has been able to
service the debt Ennis incurred in the acquisition, and has still
been accretive to earnings. The acquisition debt has been reduced
by $10,850,000 (29.7%) in 9 months. The cash flow from the
Financial Solutions Group has exceeded our expectations.
In addition, the cross-selling efforts which began in the
Forms Solutions Group are now being expanded into the Financial
Solutions Group. Several current Ennis customers are now becoming
important new customers for the former Northstar Company. More
information on the Financial Solutions Group can be found on
pages 12 and 13.

The Forms Solutions Group experienced another year of excellent
profitability. Our gross margin continued to improve from 30.2%
to 31.3%. We know that our Forms Solutions Group can meet market
prices and still make a good profit. In an industry which is
consolidating rapidly, we feel Ennis has a cost advantage on
products that are in the medium to short-run market segment. This
portion of the forms market is not declining at the rate of the
long-run producers.  As a trade-only supplier, our customer base
is actually growing.  The decisions made by several of the large
direct selling manufacturers are causing increased outsourcing.
The distributor side of the business has been quite active in
pursuing the customers affected by this downsizing. Ennis
currently does business with the majority of these distributors.
We are confident Ennis is a very competitive supplier, and
currently we have an aggressive program to pursue this developing
business.

                                3

<PAGE>

Fiscal 2001 Results
As stated earlier, our goal of revenue growth was achieved, but
our profits declined in the fourth quarter. Specifically, for the
fiscal 2001 twelve-month period, the Company reported net
earnings of $13,177,000 or $.81 per diluted share, compared with
net earnings of $15,123,000 or $.93 per diluted share, for the
fiscal 2000 year. This is a 12.9% decrease over last year. Net
sales amounted to $229,186,000 as compared to $176,600,000 for
the fiscal 2000 year. This is a 29.8% increase over last year.


Financial Condition
Our financial condition remains strong. At February 28, 2001, the
ratio of current assets to current liabilities was 3.3 to 1 with
a debt to equity ratio of .26. Our Earnings Before Interest,
Taxes, Depreciation and Amortization (EBITDA) or cash flow
remains very strong at $33,347,000, an increase of 9% over last
year. Finally, our Return on Equity amounted to 14.6%.

Electronic Commerce
Ennis continues to recognize the importance of electronic
commerce in the future. In fiscal year 2001, the Company launched
its new business to business (B2B) website. We are pleased to
have successfully piloted it to selected customers. In fiscal
2002, the website will be introduced to an expanded group of
customers.  We have found that such applications do not fit the
needs of all our customers, and will continue to offer various
modes of transaction processing at the customer's choice. The
Company also continues to develop Electronic Data Interchange
(EDI) and Internet solutions as an option for a wide range of
business transactions with its larger customers. Finally, the
Company continues the major upgrade of its computer system
infrastructure to an Enterprise Resource Planning (ERP) system.
We have successfully installed three operational sites, including
our largest facility, and have three currently in development.
Ennis has been able to avoid the common business interruption
problems that often accompany these improvements.

Dividend Policy
The Company's dividend policy continues to be an important part
of our commitment to rewarding shareholders. The Company paid
$.62 a share again in fiscal 2001. We are proud of our 28 years
of consecutive dividend payments. While various uses of the
Company's cash are considered on a regular basis by the Board of
Directors, it continues to be the Board and Management's belief
that the dividend is of great importance to the majority of our
shareholders. With our excellent cash flow, the Board of
Directors does not anticipate a change in the Company's dividend
policy.

                                4

<PAGE>

Management Changes
In October, Ken Overstreet was appointed to the Board of
Directors. As stated earlier, upon the retirement of Bob Knappe
Sr., Ken was also named President of the Promotional Solutions
Group.

Future
We see our fiscal year 2002 as one of capitalizing on the new
opportunities this structure has created. Ennis now has an
extensive product line to offer to our distributors. The
integration of Northstar has gone smoothly. The cultures of our
two companies have complemented each other quite well. Ennis has
established a new image in our marketplace, which is opening
sales possibilities. Our presence in the industry with expanded
product lines, and a strong competitive price and quality, have
been well received.

The challenge of a mature product line in forms is being
addressed with higher growth opportunities, such as point-of-
purchase products, screen-printed large format products,
holograms for security documents, gift certificates and many
others. The state of the general economy is always a concern, but
demand for our products has historically fallen less than typical
consumer goods. As the consolidation of the printing industry
continues, we believe there will be companies available of
interest to our three groups, but our focus continues to be solid
integration before moving aggressively into acquisitions again.
We will not be a consolidator without a plan for profitability.

We would like to thank our employees, customers and shareholders
for their continued support. We would particularly like to
welcome the large number of new customers and employees. Our
commitment to increasing shareholder value through profitable
growth remains our top priority.

/s/ Keith S. Walters

Keith S. Walters
Chairman, CEO and President

                                5

<PAGE>


Rewarding Partnerships
The new millennium has brought with it many new key words and
phrases not only to the printing industry, but also to the
business world in general. Relationship selling, strategic
partnerships, solutions, customer relationship marketing (CRM),
and E-Commerce have all affected the way we continue to conduct
business. Ennis has incorporated many new programs that focus on
the above concepts, but none more important than strategic
partnerships.

Ennis Business Forms continues to thrive due to the relationships
developed through our distributor customer base, internal
manufacturing capabilities and key vendors. These relationships
have solidified existing accounts while allowing expansion into
new or underdeveloped accounts. Rewarding partnerships are built
when units come together to the benefit of both. The
relationships and partnerships built by Ennis are of the
rewarding type. Not only does Ennis succeed, but our customers
and vendors also join us in success.

Partnerships with Customers
Over the last few years, new and exciting key relationships have
been developed within our distributor base. An example of a
rewarding partnership is Ennis' relationship with Safeguard
Business Systems.

Safeguard Business Systems, a distributor based company focusing
on small businesses, selected Ennis as a strategic partner in
January 2000.  This partnership has allowed Safeguard to
strengthen its financial standing while offering their
distributors an expanded product offering. The results for
FY 2001 have been promising, with year-to-year sales increasing
by 145%. The increase in sales and efficiencies benefited both
Ennis and Safeguard. In FY 2002, efforts will be targeted to
increase sales within additional product categories such as tags,
labels, and a specialized bank marketing program that was
developed through the Financial Solutions Group.

Partnerships with Suppliers
We rely on our suppliers to provide us with the tools to produce
our industry leading products. A normal customer/supplier
relationship would not allow Ennis to meet the expectations


                                6

<PAGE>

of our customers. Partnerships developed between Ennis and our
suppliers have given us an advantage in the marketplace. These
advantages can be found through long term supply contracts,
cooperative advertising funds, and the many smaller programs
developed especially for Ennis. Assistance in marketing the
vendor's product, forecasting usage, and other tools allow Ennis
to stay competitive in a time when many companies in our industry
are having difficulties. The partnership forged between Ennis and
Mead Carbonless Papers is a fine example. This relationship
benefits both companies. Both companies are trying to increase
market share in a very competitive market.  The partnership
developing between Ennis and Mead will assist in helping both
companies meet the expectations of their customers and the
industry.

Partnerships Among Ennis Locations
With the addition of Northstar and Adams McClure, Ennis has
entered into another form of relationship, internal partnerships.
This type of partnership is found among the three Solutions
Groups. Ennis' 29 manufacturing facilities rely on each other for
assistance each day.

Partnerships have been developed among several of our original
locations and our newest acquisition, Northstar. In addition to
the opportunities within Northstar, Adams McClure has been able
to move production of several previously outsourced items into
our Admore facility in Macomb, MI. Joint sales calls,
transferring of orders, and sharing of knowledge have benefited
the combined Ennis. We have only just begun to tap into the
opportunities available through cross-selling the three different
groups. It is our focus to continue to develop these types of
relationships among each of our plants over the next year.

Rewarding partnerships have been developed with our manufacturing
locations, vendors, and most importantly numerous customers. As
our product line continues to grow and the industry continues to
consolidate, developing rewarding partnerships becomes more
important. Ennis' focus over the next year will be to develop
these existing relationships to the optimum level, while
searching for new relationships that would be beneficial to both
parties.

                                7

<PAGE>


Forms Solutions Group
Ennis Business Forms for many years has been a leading wholesale
manufacturer of business forms and related products. Ennis
continues this tradition through its Forms Solutions Group. This
Group remains a vibrant and encouraging fixture for the more than
50,000 distributors, printers, dealers, and manufacturers who
have grown to depend on Ennis' stability. The Forms Solutions
Group offers not only one of the most extensive product offerings
available, but also enables customers to chose from plants
nationwide to best serve their geographic needs. The Forms Group
now consists of 12 manufacturing facilities in 9 states.

Stability
The fundamental task of the Forms Solutions Group is to insure
that its manufacturing plants provide firm financial stability
for Ennis as the Company expands into products and markets
outside of the traditional forms industry. Ennis' Forms Solutions
Group has again, this year with the support of its loyal
customers and vendors, provided a solid financial base in both
revenues and income for the corporation. It is not an accident
that the Forms Group has outperformed its competitors in a year
when most print manufacturers were struggling. The diverse make-
up and nationwide expanse of the Ennis customer base serves to
insulate the Forms Solutions Group to a degree from the negative
pressures other competitors experience within the industry.

As we look to the future, the Forms Solutions Group plants will
continue to build relationships that are more than simply a
customer/vendor. They will become partnerships. Ennis will
provide not only the products and services necessary for our
partners to succeed, but the security that the Forms Solutions
Group will continue to meet their ever-changing needs.

Integration
FY 2001 has seen the initial rollout of our ERP system, which
will be extended to all of the Forms Solutions Group plants
within the next 16 months. It is our belief that this system,
once fully implemented, will provide a distinct competitive
advantage in servicing our 50,000 customers, whether by phone,
fax, email or the Internet. This software package offers Ennis a
comprehensive view of every aspect of sales and  production, and
we believe it to be a state-of-the-art system that will be seldom
matched or surpassed in our industry.

The development of the Promotional and Financial Solutions Group
will continue to benefit the Forms Group. Cross-selling
opportunities exist between both our internal manufacturing
capabilities and our expansive customer bases. We will continue
focusing on additional opportunities among the three Solutions
Groups in FY 2002.

Growth
The Forms Solutions Group customer base continues to grow with
more than 3,000 new traditional and non-traditional accounts
opening in a year, which has seen continued consolidation within
the industry. In the coming year, it is the Group's intent to
offer more

                                8

<PAGE>

 specialized service to all customer classes. The Forms Group
will focus increased efforts on the fastest growing customer
classes of dealers and distributors. Utilizing the strengths of
both a National and Regional presence, our plants can offer
competitive advantages to customers looking to form long-term
alliances with the industry's leading
wholesale manufacturer.

To meet the growing demand for e-commerce, Ennis is now providing
three of its catalogs and over 750 products for on-line Internet
ordering. The Forms Solutions Group has been very proactive in
developing an interactive website, www.ennis.com, which we expect
to provide a solid platform for growth, not only for our own
company, but for our customers as well. Pricing, product
information, and online catalogs are currently available on the
site. A well-funded professional effort is continuously active in
monitoring, updating and expanding the website to insure that it
is one of the most useful, secure and customer-friendly sites
available in the industry.

Ennis has been a lead company in the development of an Internet
site that is specific to our industry and to the enhancement of
the supply chain to which Ennis is committed. These efforts will
be expanded in 2001 with customers soon having the ability to
track orders and even place custom repeat orders on-line.

Ennis' Forms Solutions Group is confident that our strong
financial position, our national network of manufacturing plants,
our extensive mix of quality products, and our loyal and diverse
customer base will enable us to improve our market share. Our
internal programs including both comprehensive cost reduction and
vendor or supply chain alliances will insure that the Forms Group
not only remains competitive but also profitable.

                                9

<PAGE>


Promotional Solutions Group
Ennis' recent acquisition, Adams McClure, is one of the
industry's leading single source specialists in the design,
production, and distribution of printed and electronic
promotional media. Adams McClure is using a full-service,
integrated capabilities approach to provide the production and
distribution of point-of-sale programs for manufacturers,
retailers, and advertising agencies. Their customers have come to
depend on a unique combination of innovation, responsiveness and
experience that are required for the successful execution of
promotional programs.

Adams McClure is a seven-year old company that has enjoyed
significant revenue growth. Today, the Adams McClure companies
have joined with two other manufacturing locations, Admore
(presentation products) and Wolfe City Tag and Label
(flexoprinting, advertising specialties, and Post-it (registered
trademark) Notes), to form the Promotional Solutions Group. This
is a time of dynamic change for the Group.

The Promotional Solutions Group is privileged to serve some well-
known key accounts in satisfying point-of-sale promotional
products. These companies include 7-Eleven, Coors Brewing
Company, BP/Amoco Oil Company, Burger King Corporation, Sonic
Industries, Walt Disney, and the Pepsi-Cola Company as well as
several of the top advertising agencies in the United States.
This year the Promotional Solutions Group concentrated on
providing additional products and services for existing
customers. In addition, all product lines and services were
introduced to other Ennis resellers.

Stability
In the process of combining the various business units, Adams
McClure encountered several growth and control problems. New
control procedures were instituted to provide accountability and
cost control in order to maximize current profits as well as
manage future growth. The product mix has been changed to delete
unprofitable items and add new innovative products and services
to enhance promotional programs.

By combining existing capabilities with experience and new ideas,
Adams McClure has become an industry leader in lithographic and
screen printing on plastic. In addition to indoor and outdoor
signage, they have developed capabilities in lenticular (multi-
dimensional) printing which is unmatched in the industry. The
Promotional Group facilities in Macomb, MI (Admore) and Wolfe
City, TX continue to excel in their respective product lines.

Providing resources and capabilities at every stage of
development and production, our customers have come to depend on
Adams McClure to provide a unique level of account management and
services.  Working together with our clients, we develop a
partnership with a mutual goal of success. Helping our customers
be successful with their promotional programs provides stability
in existing as well as future client relationships.

Integration
The Promotional Solutions Group consists of eight production
facilities and four distribution centers.  These facilities work
together in the design, production, and distribution of complex

                               10

<PAGE>

promotional programs.  Promotional Group customers can now turn
to one company for all of their promotional needs.  Customers can
now come to Adams McClure and have an account manager that will
provide assistance in creative services, design expertise,
production supervision, multiple printing methods, finishing,
assembly, and fulfillment services. As a part of the Ennis
Promotional Solutions Group, Adams McClure can now combine unique
capabilities for promotional printing and programs with a solid
foundation of business related printed media including brochures,
tags, labels, stationery, forms, folders and advertising
specialties. Our customers are provided with integrated resources
and products that not only help promote products and services,
but also support continuing operations. Specialized customer
orders have already been shared among the three primary
Promotional Group locations. Orders previously outsourced by
Adams McClure can now be printed within Ennis' Promotional
Solutions Group. For example, large fulfillment orders can be
printed at the most efficient location, then combined to offer
the complete solution to the customer.

Growth
Adams McClure is in a unique position of furnishing printed
materials and services with three important mediums: paper,
plastic and packaging. This expertise has allowed Adams McClure
to offer expanded services to existing customers and to tap into
a $14 billion market that is growing annually. The integration of
the different printing technologies has enabled the Company to
furnish consistency of imaging while using different printing
methods.

Much of the print production, finishing and distribution of point-
of-sale programs is done on tight schedules that have to meet the
customers' mailing or distribution dates. When major promotions
are coordinated with electronic media placement, such as radio
and television, having a program executed on time at the point-of-
sale is imperative. Adams McClure has developed a reputation for
quality and dependability when it comes to getting the job done
fast, doing it right and on time. For example, 7-Eleven
Corporation depends on Adams McClure to produce and distribute up
to 200 various promotional elements to more
than 5,000 stores nationwide every month. Sonic Industries counts
on Adams McClure when it comes to outdoor banners and backlit
menu boards that promote new food products as well as old
favorites at more than 2,000 restaurants every month. Burger King
uses Adams McClure for the production and distribution of
national promotional programs. A recent Coors alliance with
Molson has provided additional business in three operating units
of Adams McClure due to an integration of products and services,
which include the fulfillment of product packaging and the
production and distribution of point-of-sale promotional
products.

The Promotional Solutions Group, anchored by Adams McClure and
completed by the established Admore and Wolfe City locations, is
poised for growth. Relying on a strong reputation for quality and
dependability, diversified capabilities, and an eye on new
technology, the Promotional Solutions Group is prepared to
provide a complement of promotional products and services that
will position the Company for significant growth in an expanding
promotional marketplace.

                               11


<PAGE>

Financial Solutions Group
This is a dynamic time in the financial marketplace with many
changes in customer requirements, product mix, and operations.
Ennis' newly formed Financial Solutions Group is comprised
entirely of the former Northstar Computer Forms, which was
acquired by Ennis in June 2000. Northstar designs, manufactures,
and markets internal bank forms, negotiable documents, and custom
business forms and services.

The Financial Solutions Group works through strategic business
alliances and distributor/business partners to provide full
support to customers and coverage of market opportunities
throughout the country.  Northstar sells its products nationally
through distributors with direct marketing to the nation's 200
largest banks, which are serviced by manufacturer's
representatives. The Company's primary emphasis is MICR (Magnetic
Ink Character Recognition) printing. Our customers include
financial institutions and processors of MICR encoded documents.

Stability
The financial industry is rapidly changing as traditional
institutions extend their reach into new markets through
consolidation and e-commerce. These changes require Northstar to
use leading-edge technology and industry knowledge to meet
customer demands. These demands include extra capacity for
conversions, MICR readability rates that approach 100 percent,
and expanded services to include automated order entry,
production, and billing. With five plants placed throughout the
United States, Northstar has developed strategic relationships
with business partners, distributors, and major customers. We are
the leading provider of internal bank forms and negotiable
products to the industry. Founded in 1962, Northstar has grown
steadily to gain approximately 20 percent market share.

Integration
Northstar joined the Ennis family in June of 2000 and became the
Financial Solutions Group. This strategic fit is bringing
combined advantages to our customers. Northstar's financial
expertise complements both the Forms Solutions and Promotional
Solutions Groups. This allows all of Ennis' customers to do one-
stop shopping by providing them with customer service, order
entry, production, and distribution of an expanded product line
that can truly serve all sizes of customers in multiple
industries.

Northstar distinguishes itself from the competition through
technology and capabilities that enhance
customer support:
  Leadership in Optical Character Recognition (OCR), Optical Mark
    Read (OMR), and bar coding.
  Electronic Data Interchange (EDI) enabling customers to place
    and verify order status and receive billing on-line.
  Compatibility with banks' image processing systems.

                               12

<PAGE>

  Complete forms management programs.
  Summary billing and ACH options.
  Pre-press technology systems enabling direct computer-to-plate
    composition.

Growth
With the acquisition of Northstar, Ennis now has the most
complete product line in the industry.  Northstar's family of
products include internal bank forms, negotiable documents,
digital printing, and secured distribution. Internal bank forms
are documents used by all banks for daily reconciliation. This is
a market that exceeds $300 million in annual shipments. Northstar
serves approximately 7600 banks and branches. The negotiable
document market consists of money orders, official checks,
cashier's checks, and gift certificates, which represents annual
shipments approaching $150 million on a national basis.
Northstar addresses security issues such as fraud and
counterfeiting while making it easy to do business with our
Company. Even with the apparent continued consolidation in the
industry, Northstar is in a position for growth within this
specialized market.

Several new exciting products and services are currently being
introduced to the marketplace. Of particular interest is the use
of holograms on negotiable documents such as cashier's checks,
certificates of title, and gift certificates. Northstar is the
first industry leader to put holograms on bank documents in order
to reduce fraud and counterfeiting. These holograms can be custom
designed to indicate the name of the customer or generic to
indicate a business segment. Used in conjunction with watermarks
and thermochromic inks, Northstar provides the most secure
documents available in the market.

Another new technology is the ability to go from computer design
directly to laser print. This technology bypasses proofs, film,
and printing plates and allows Northstar to be a true print-on-
demand center that can change variable information on every
document. Northstar is also a leader in image compatible forms.
The American National Standards Institute (ANSI) has just changed
requirements for all financial documents to become more
compatible with image processing. Northstar has acquired
additional testing equipment to enable compliance with these new
financial requirements.

Northstar continues to use technology to become the low-cost
leader and thus increase profits for existing products. Northstar
has a rich history that continues to transform itself into a
technology driven company enabling it to be an industry leader.


                               13

<PAGE>

Selected Financial Data

YEARS ENDED
  FEBRUARY 28
  OR 29             FY2001   FY2000    FY1999   FY1998    FY1997
(In thousands,
  except per
  share amounts)

Net sales (1)     $229,186 $176,600  $159,690 $162,962  $161,969
Net earnings        13,177   15,123    14,110   10,208    13,493
  per basic
  and diluted
  share of
  common stock         .81      .93       .87      .62       .82
Total assets       142,854  102,934    94,335   94,474    94,957
Long-term debt      23,555      462         7      206       195
Cash dividends
  per share of
  common stock        .620     .620      .620     .620      .615

(1) In accordance with recent accounting requirements, net sales
for all periods reported have been restated to include revenues
from shipping and handling charges.  See accompanying notes to
consolidated financial statements.


                               14

<PAGE>


Management's Discussion and Analysis

Liquidity and Capital Resources
     The Company has maintained a strong financial position with
working capital at February 28, 2001 of $40,355,000, an increase
of 23.1% from the beginning of the year, and a current ratio of
3.25 to 1.  The increase is due to the reinvesting of long term
investments in short term securities.  The Company has $8,964,000
in cash and equivalents, $980,000 in short term investments,
$2,170,000 in long term investments and $23,555,000 in long-term
debt, less current installments.  The Company's acquisition of
Northstar Computer Forms, Inc. (Northstar) for approximately
$44,153,000 was financed with $36,500,000 in bank loans with the
balance being provided by internal cash resources.  The Company
made scheduled payments of $1,700,000 and pre-paid $9,150,000 of
the debt financing during the year ended February 28, 2001.  The
Company expects to generate sufficient cash flow to more than
cover its operating and other capital requirements for the
foreseeable future.


Accounting Standards
     Statement of Financial Accounting Standards ("SFAS") No 133,
"Accounting for Derivative Instruments and Hedging Activities,"
as amended by SFAS No. 138, will require the Company to recognize
all derivatives on the balance sheet at fair value.  If the
derivative is a hedge, depending on the nature of the hedge,
changes in the fair value of derivatives will either be offset
against the change in fair value of the hedged item through
earnings, or recognized in other comprehensive income until the
hedged item is recognized in earnings.  The March 1, 2001
adoption of SFAS No. 133 and SFAS No. 138 is not expected to have
a material effect on the Company's financial position or results
of operations.



Results of Operations

2001 as compared to 2000
     Net sales in 2001 increased 29.8% from 2000.  In accordance
with recent accounting requirements, net sales for all periods
reported have been restated to include revenues from shipping and
handling charges.  See accompanying notes to consolidated
financial statements.  The increase was attributable to revenue
from the Company's newly acquired businesses.  Northstar,
acquired June 6, 2000, which operates as our Financial Solutions
Group accounted for 19.0% of the increase in net sales.  Adams
McClure L.P. (Adams McClure), acquired November 4, 1999, part of
our Promotional Solutions Group accounted for 10.6% of the
increase in net sales.   The gross profit margin decreased from
29.9% in fiscal 2000 to 27.4% in fiscal 2001.  The decrease in
gross profit margin is primarily as a result of the consolidation
and integration of our Louisville operations with our Adams
McClure operations in Denver.  In addition, the decrease in gross
margin is attributable to the fact that our acquisitions, as
reflected in the Promotional Solutions Group and the Financial
Solutions Group, typically have lower gross profit margins than
that of the Forms Solution Group.  Selling, general and
administrative expenses increased 30.8% during fiscal 2001 as
compared to 2000.  The increase in selling, general and
administrative expenses was attributable to the acquisition of
Northstar and Adams McClure.  Investment income decreased 28.2%
in 2001 as compared to 2000 as a result of using funds previously
available for investment for the Company's recent acquisitions.
Interest expense increased from $40,000 in fiscal 2000 to
$2,046,000 in fiscal 2001 as a result of the $36,500,000 debt
issued to finance the Northstar Acquisition.  Other income
decreased 70% in 2001 as compared to 2000.  Other income in 2001
includes a pre-tax gain of $653,000 resulting from the sale of
the Louisville facility while other income in 2000 included a pre-
tax gain of $1,182,000 from the sale of rental property in
Boulder City, Nevada.  The Company's effective Federal and state
income tax rate for 2001 was 38.9%, as compared to 2000's
effective rate of 37.1%.  The primary reason for the increase is
due to non-deductible goodwill from the acquisition of Northstar
in fiscal 2001 and the recognition of tax benefits related to the
charitable contribution of one of the Company's office buildings
in fiscal 2000.

                               15

<PAGE>


2000 as compared to 1999

Net sales in 2000 increased 10.6% from 1999.  In accordance
with recent accounting requirements, net sales for all periods
reported have been restated to include revenues from shipping and
handling charges.  See accompanying notes to consolidated
financial statements.  The increase was attributable to revenue
from the Company's newly acquired businesses and increases from
the Company's business forms product segment.

Our newly acquired platform of Adams McClure, now part of our
Promotional Solutions Group effective March 1, 2000, accounted
for 5.4% of the increase.  Our newly acquired businesses in the
business forms product segment, now the Forms Solutions Group
accounted for 3.6%.  The Company continues to believe there are
growth opportunities in many of its product lines.  The gross
profit margin decreased from 31.0% in fiscal 1999 to 29.9 % in
fiscal 2000.  The following items contributed to the decrease in
profit margins: increased labor costs in the business forms
product segment, the effect of the acquisition of Adams McClure,
as this business has lower profit margins than the business forms
product segment, and to adverse operating results from the Tool &
Die segment in the first quarter.  A reduction of inventory
quantities during the fiscal year (see Note 3 to the consolidated
financial statements) resulted in a LIFO inventory decrement of
$1,222,000 which had a positive impact on gross margins.
Selling, general and administrative expenses increased 9.8%
during fiscal 2000 as compared to 1999.  The increase was
attributable to the acquisition of the Houston, Texas business
forms operating unit in November 1998, the acquisitions of
American Forms, Inc. and Adams McClure in November 1999 and to a
pre-tax charge of $611,000 (included in selling, general and
administrative expenses) resulting from the impairment of
intangible assets relating to the Company's InstaColor
(registered trademark) product line which occurred in the second
fiscal quarter of 2000.  Investment and other income increased in
2000 primarily as the result of a pre-tax gain of $1,182,000 from
the sale of rental property in Boulder City, Nevada.  Earnings
per basic and diluted share trended in the same manner as net
earnings.  The Company's effective Federal and state income tax
rate for 2000 was 37.1%, as compared to 1999's effective rate of
37.5%.  The primary reason for the decrease is due to the
recognition of tax benefits related to the charitable
contribution of one of the Company's office buildings.


Revenue Growth

The Company continues to be confident of its strategy to
achieve revenue growth through partnering arrangements with trade
distributors and manufacturers.  The Company also continues its
partnering contracts with various customers.  With the Company's
new acquisitions, these partnering strategies can be expanded
further over more diverse product lines and brings about more
cross-selling opportunities to existing and potential customers.


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 Summary of
Significant Accounting Policies in the Notes to the Consolidated
Financial Statements.

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 and interest rate
swap, totaled $26.99 million at February 28, 2001.  The impact on
the Company's results of operations of a

                               16

<PAGE>

one-point interest rate change on the outstanding balance of the
variable rate financial instruments as of February 28, 2001 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.


Management's letter to shareholders, operations overview and
discussion and analysis of results of operations contain 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 traditional 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
the contracting market for traditional forms products, variability
in the prices of paper and other raw materials, and competitive
conditions associated with the Company's products.  Because of such
uncertainties, readers are cautioned not to place undue reliance on
such forward-looking statements which speak only as of April 12,
2001.


                               17

<PAGE>

FINANCIAL DATA

<TABLE>

Ten-Year Financial Review
(In thousands, except per share and per dollar of sales amounts)
<CAPTION>
<S>               <C>       <C>     <C>      <C>      <C>      <C>      <C>     <C>      <C>      <C>
FISCAL YEARS       FY2001   FY2000   FY1999   FY1998   FY1997   FY1996   FY1995  FY1994   FY1993   FY1992

Net sales (1)     $229,186 $176,600 $159,690 $162,962 $161,969 $150,071 $147,920 $140,369 $136,498 $139,170

Earnings before
 income taxes       21,571   24,041   22,558   15,805   21,485   30,104  32,041   31,039   32,276   32,303

Provision for
income taxes         8,394    8,918    8,448    5,597    7,992   11,487  12,025   11,582   11,584   11,536

Earnings from
 continuing
 operations         13,177   15,123   14,110   10,208   13,493   18,617  20,016   19,457   20,692   20,767

Per dollar of
sales                 .057     .086     .088     .063     .083     .124    .135     .139     .152     .149

Basic and diluted
 per common share      .81      .93      .87      .62      .82     1.13    1.22     1.16     1.18     1.14

Net earnings        13,177   15,123   14,110   10,208   13,493   18,617  20,016   19,457   21,252   21,216

Basic and diluted
 per common share      .81      .93      .87      .62      .82     1.13    1.22     1.16     1.21     1.16

Dividends           10,075   10,068   10,116   10,191   10,110    9,782   9,453    9,270    9,400    9,310

  Per share            .62      .62      .62      .62     .615     .595    .575     .555     .535      .51

  Shareholders'
     equity         91,540   88,267   83,499   81,672   81,586   78,195  69,338   58,897   60,565   66,485

  Per share           5.63     5.43     5.12     4.97     4.96     4.76    4.22     3.52     3.52     3.65

Current assets      58,263   43,305   52,676   53,660   52,627   67,544  59,265   48,519   48,928   51,035

Current
 liabilities        17,908   10,525    8,367   10,396   10,307   13,054  12,976   12,548   12,087    9,631

Net working
 capital            40,355   32,780   44,309   43,264   42,320   54,490  46,289   35,971   36,841   41,404

Ratio of current
 assets to
 current
 liabilities        3.3:1     4.1:1    6.3:1    5.2:1    5.1:1    5.2:1   4.6:1    3.9:1    4.0:1    5.3:1

Depreciation of
 plant and
 equipment           8,313    5,394    4,941    5,634    4,475    3,553   3,499    3,805    4,086    4,368

Additions to
 property, plant
 and equipment       3,594    2,988    3,663    9,576   13,575    6,106   4,010    2,215    1,315    2,484

</TABLE>
(1) In accordance with recent accounting requirements, net sales
for all periods reported have been restated to include revenues
from shipping and handling charges.  See accompanying notes to
consolidated financial statements.




                             18 & 19



<PAGE>

Consolidated Statements of Earnings
(In thousands, except share and per share amounts)


FOR THE YEARS ENDED FEBRUARY 28 OR 29       FY2001      FY2000      FY1999
(In thousands, except share and per share amounts)

Net sales                                 $229,186    $176,600    $159,690

Costs and expenses:
 Cost of sales                             166,340     123,815     110,151

 Selling, general and administrative
  expenses                                  40,356      30,856      28,104
                                           -------     -------     -------
                                           206,696     154,671     138,255
                                           -------     -------     -------

    Earnings from operations                22,490      21,929      21,435
                                           -------     -------     -------
Other income (expense):
 Investment income                             826       1,150       1,376
 Interest expense                           (2,046)        (40)        (57)
 Other, principally gain on
  sale of assets in 2000 and 2001              301       1,002        (196)
                                           -------     -------     -------
                                              (919)      2,112       1,123
                                           -------     -------     -------
    Earnings before income taxes            21,571      24,041      22,558

Provision for income taxes                   8,394       8,918       8,448
                                           -------     -------     -------
    Net earnings                          $ 13,177    $ 15,123    $ 14,110
                                           =======     =======     =======

Net earnings per basic and
 diluted share of common stock                $.81        $.93        $.87



Weighted average number of
 common shares outstanding              16,246,545  16,249,861  16,311,772



See accompanying notes to consolidated financial statements.

                               20


<PAGE>

Consolidated Statements of Cash Flows




FOR THE YEARS ENDED FEBRUARY 28 OR 29        FY2001      FY2000     FY1999
(in thousands)

Cash flows from operating activities:
  Net earnings                              $13,177     $15,123     $14,110
  Adjustments to reconcile net earnings to
  net cash provided by operating activities:
    Depreciation and amortization             9,730       5,874       5,352
    Impairment of long-lived assets              --         611          --
    (Gain) loss on the sale of equipment       (709)     (1,234)         30
    Deferred income taxes                      (169)      1,721         727
    Pension plan expense                        950        (181)       (864)
    Other                                       474          97          13
    Changes in operating assets
    and liabilities:
      Receivables                             1,128      (4,620)        184
      Inventories                            (1,117)        573        (247)
      Other current assets,
         including deferred taxes             1,559         178        (355)
      Accounts payable and accrued expenses  (2,266)      1,935      (1,847)
                                             ------      ------      ------
         Net cash provided by
           operating activities              22,757      20,077      17,103
                                             ------      ------      ------

Cash flows from investing activities:
  Capital expenditures                       (3,594)     (2,988)     (3,663)
  Purchase of operating assets,
  net of cash acquired                      (34,339)    (17,319)     (2,302)
  Proceeds from disposal of property          1,141       1,971         468
  Redemption (purchase) of investments        5,853      (9,003)         --
                                             ------      ------      ------
         Net cash used in
           investing activities             (30,939)    (27,339)     (5,497)
                                             ------      ------      ------

Cash flows from financing activities:
  Debt issued to finance
    Northstar acquisition                    36,500          --          --
  Repayment of debt issued to
    finance Northstar acquisition           (10,850)         --          --
  Dividends                                 (10,075)    (10,068)    (10,116)
  Purchase of treasury stock                     (2)     (1,537)     (3,300)
  Proceeds from exercise of stock options       173          --          --
  Other                                        (637)        213        (199)
                                             ------      ------      ------
         Net cash provided by (used
            in) financing activities         15,109     (11,392)    (13,615)
                                             ------      ------      ------

Net change in cash and cash equivalents       6,927     (18,654)     (2,009)
Cash and cash equivalents at
  beginning of year                           2,037      20,691      22,700
                                             ------      ------      ------

Cash and cash equivalents at end
 of year                                    $ 8,964     $ 2,037    $ 20,691
                                             ======      ======      ======

See accompanying notes to consolidated financial statements.

                               21

<PAGE>

Consolidated Balance Sheets

FOR THE YEARS ENDED FEBRUARY 28 OR 29                     FY2001      FY2000
(In thousands, except share and par value amounts)

                  Assets
Current assets:
  Cash and cash equivalents                             $  8,964    $  2,037
  Investment securities                                      980       1,438
  Receivables, principally trade, less
    allowance for doubtful receivables of
    $1,484 in 2001 and $1,263 in 2000                     29,957      26,015
  Inventories, at lower of cost
   (principally last-in, first-out) or market             13,088       9,890
  Unbilled contract revenues                                 364       2,058
  Other current assets                                     4,910       1,867
                                                        --------     -------
          Total current assets                            58,263      43,305
                                                        --------     -------

Investment securities                                      2,170       7,565

Property, plant and equipment, at cost:
  Plant machinery and equipment                           90,927      75,326
  Land and buildings                                      22,504      17,811
  Other                                                   13,944      11,192
                                                         -------     -------
                                                         127,375     104,329
  Less accumulated depreciation                           69,594      62,601
                                                         -------     -------
          Net property, plant and equipment               57,781      41,728
                                                         -------     -------

Cost of purchased businesses in excess of
  amounts allocated to net identifiable assets, net       23,615       8,680

Other assets                                               1,025       1,656
                                                         -------     -------

                                                        $142,854    $102,934
                                                         =======    ========

Liabilities and Shareholders' Equity
Current liabilities:
  Current installments of long-term debt                $  4,176    $    302
  Accounts payable                                         6,067       5,380
  Accrued expenses:
    Employee compensation and benefits                     4,161       3,862
    Taxes other than income                                  870         762
    Other                                                  2,634         219
                                                         -------     -------
          Total current liabilities                       17,908      10,525
                                                         -------     -------

Long-term debt, less current installments                 23,555         462
Deferred credits, principally deferred income taxes        9,851       3,680
Shareholders' equity:
  Series A junior participating preferred stock of
    $10 par value.  Authorized 1,000,000 shares;
    none issued                                               --          --
  Common stock of $2.50 par value.  Authorized
    40,000,000 shares; issued 21,249,860 shares           53,125      53,125
  Additional paid in capital                               1,040       1,040
  Retained earnings                                      127,817     125,980
                                                         -------     -------
                                                         181,982     180,145
  Less cost of 4,979,095 shares in 2001 and 5,058,048
    shares in 2000 of common stock in treasury            90,442      91,878
                                                         -------     -------
          Total shareholders' equity                      91,540      88,267
                                                         -------     -------

                                                        $142,854    $102,934
                                                         =======     =======


See accompanying notes to consolidated financial statements.

                               22


<PAGE>

Notes to Consolidated Financial Statements

NOTE 1

Significant Accounting Policies and General Matters

Basis of Consolidation.  The consolidated financial statements
include the accounts of the Company and its majority owned
subsidiaries.  All significant intercompany accounts and
transactions have been eliminated.

Cash and Cash Equivalents.  The Company invests cash in excess of
daily operating requirements in income producing investments.
Such amounts, at February 28 or 29, 2001 and 2000, were
$5,475,000 and $1,874,000, respectively.  All such investments
(consisting of Eurodollar deposits of U.S. banks) have an
original maturity of 90 days or less and are considered to be
cash equivalents.  Such investments exceed total cash and cash
equivalents at February 28, 2001 and February 29, 2000 due to
outstanding checks issued in the normal course of business.

Investment Securities.  Investment securities at February 28,
2001 consist of U.S. Treasury Notes and U.S. Treasury Bills.  The
Company has the ability and intent to hold these securities until
maturity; therefore, they are classified as held-to-maturity and
are reflected at amortized cost in the accompanying consolidated
financial statements.

Property, Plant and Equipment.  Depreciation of property, plant
and equipment is provided by the straight-line method at rates
presently considered adequate to amortize the total cost over the
useful lives of the assets, which range from 3 to 11 years for
plant machinery and equipment and 10 to 40 years for buildings
and improvements.  Repairs and maintenance are expensed as
incurred.  Renewals and betterments are capitalized and
depreciated over the remaining life of the specific property
unit.  The Company capitalizes all significant leases which are
in substance acquisitions of property.

Intangible Assets.  The excess of cost over amounts assigned to
net identifiable assets of purchased subsidiaries is amortized on
the straight-line basis over periods from 15 to 40 years.  Other
acquired intangibles are principally non-compete agreements and
are being amortized on the straight-line basis over 5 years.  At
February 28 or 29, 2001 and 2000, accumulated amortization of
intangible assets amounted to $3,219,000 and $1,802,000,
respectively.  The Company assesses the recoverability of
intangible assets, including goodwill, by determining whether the
asset balance can be recovered over its remaining life through
undiscounted future cash flows of the acquired asset.  The amount
of impairment if any, is measured based on projected discounted
future operating cash flows.

Impairment of Long-Lived Assets and Long-Lived Assets to Be
Disposed Of.  Long-lived assets and certain identifiable
intangibles are reviewed for impairment whenever events or changes
in circumstances indicate that the carrying amount of an asset may
not be recoverable.  Recoverability of assets to be held and used
is measured by a comparison of the carrying amount of an asset to
future net cash flows expected to be generated by the asset.  If
such assets are considered to be impaired, the impairment to be
recognized is measured by the amount by which the carrying amount
of the assets exceeds the fair value of the assets.  Assets to be
disposed of are reported at the lower of the carrying amount or
fair value less costs to sell.  In the second quarter of the fiscal
year ended February 29, 2000, the Company charged to expense
$611,000 resulting from the impairment of intangible assets
relating to the Company's InstaColor (Registered Trademark) product
line.

Fair Value of Financial Instruments.  The carrying amount of cash
and cash equivalents, receivables and accounts payable
approximates fair value because of the short maturity of these
instruments.  Long-term debt as of February 28, 2001 approximates
its fair value.  See also Notes 2 and 4.

Derivative Financial Instruments.  Interest rate swaps are held
for purposes other than trading.  The Company utilized swap
agreements related to its term loan to effectively fix the
interest rate.  Amounts receivable or payable under interest rate
swap agreements are recorded as adjustments to interest expense.

                               23

<PAGE>

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

Advertising Expenses.  The Company expenses advertising costs as
incurred.  Catalog and brochure preparation and printing costs,
which are considered direct response advertising, are amortized
to expense over the life of the catalog which typically ranges
from three to twelve months.  Advertising expense was
approximately $1,847,000 $2,014,000, and $2,310,000 during the
years ended February 28 or 29, 2001, 2000, and 1999,
respectively.  Included in advertising expense is amortization
related to direct response advertising of $840,000, $976,000 and
$1,169,000 for the years ended February 28 or 29, 2001, 2000, and
1999, respectively.  Unamortized direct response advertising
costs included in other current assets at February 28 or 29, 2001
and 2000 were $164,000 and $590,000, respectively.

Income Taxes.  Income taxes are accounted for under the asset and
liability method.  Deferred tax assets and liabilities are
recognized for the future tax consequences attributable to
differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax bases
and operating loss and tax credit carry forwards.  Deferred tax
assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled.
The effect on deferred tax assets and liabilities of a change in
tax rates is recognized in income in the period that includes the
enactment date.

Credit Risk.  The Company's financial instruments which are
exposed to credit risk consist of its trade receivables and
investment securities.  The trade receivables are geographically
dispersed primarily within the continental United States and the
investment securities are generally restricted to investment
grade commercial paper, Eurodollar deposits of U.S. banks, and
U.S. Government obligations.

Nature of Operations.  The Company is principally in the business
of manufacturing and selling business forms and other printed
business products to customers primarily located in the United
States.

Earnings Per Share.  Basic earnings per share is computed by
dividing earnings available for common shareholders by the
weighted average number of shares outstanding during the period.
Diluted earnings per share is computed by dividing earnings
available for common shareholders by the weighted average number
of shares outstanding plus the number of additional shares that
would have been outstanding if potentially dilutive securities
had been issued.  At February 28 or 29, 2001, 2000 and 1999,
794,500; 611,750 and 499,962 options were not included in the
diluted earnings per share computation because their inclusion
would be antidilutive.  There is no difference in the denominator
used for basic and diluted earnings per share for all periods
presented.

Comprehensive Income.  Comprehensive income is materially the
same as net earnings for all periods presented.

Estimates.  The preparation of financial statements in conformity
with generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements
and the reported amounts of revenue and expenses during the
reporting period.  Actual results could differ from these
estimates.

Shipping and Handling Costs.  During September 2000, the Emerging
Issues Task Force ("EITF") of the Financial Accounting Standards
Board ("FASB") released Issue No. 00-10, Accounting for "Shipping
and Handling Fees and Costs."  This standard states that a
company may adopt a policy of including shipping and handling
costs in cost of sales.  Previously, the Company netted shipping
and handling costs against shipping and handling revenues.
Accordingly, shipping and handling costs have been restated as
Cost of Goods Sold and Net Sales and Cost of Goods Sold amounts
have been restated for the periods presented.  This change in
accounting treatment has no effect on net earnings.

                               24

<PAGE>

NOTE 2

Investment Securities

Amortized cost and estimated fair value of investment
securities classified as held-to-maturity were as follows at
February 28 or 29, 2001 and 2000 (in thousands):

                                              GROSS
                                            UNREALIZED
                                             HOLDING
                                  AMORTIZED   GAINS    ESTIMATED
                                     COST    (LOSSES)  FAIR VALUE
February 28, 2001
Investment securities:
   Due in less than one year        $  980      $ (4)   $  976
   Due in one to two years           2,170        37     2,207
                                    ------      ----     -----
Total investment securities         $3,150      $ 33    $3,183
                                    ======      ====     =====

February 29, 2000
Investment securities:
   Due in less than one year         $1,438     $ (7)   $1,431
   Due in one to two years            7,565      (75)    7,490
                                     ------      ---    ------
Total investment securities          $9,003     $(82)   $8,921
                                     ======      ===    ======


NOTE 3

Inventories

The Company values the raw material content of most of its
business forms inventories at the lower of last-in, first-out
(LIFO) cost or market.  At February 28 or 29, 2001 and 2000,
approximately 65% and 81%, respectively, of business forms
inventories are valued at LIFO with the remainder of inventories
valued at the lower of first-in, first-out (FIFO) cost or market.
The following table summarizes the components of inventory at the
different stages of production (in thousands):

     FEBRUARY 28 OR 29                  FY2001       FY2000

     Raw material                      $ 7,159       $5,592
     Work-in-process                     1,220        1,480
     Finished goods                      4,709        2,818
                                       -------       ------
                                       $13,088       $9,890
                                       =======       ======


The excess of current costs over LIFO stated values was
approximately $3,730,000 and $4,033,000 at February 28, 2001 and
February 29, 2000, respectively.

During Fiscal 2001 and 2000, inventory quantities were
reduced.  This reduction resulted in a liquidation of LIFO
inventory quantities carried at lower costs prevailing in prior
years as compared with the cost of fiscal year 2001 and 2000
purchases, the effect of which decreased cost of sales by
approximately $151,000 in 2001 and $1,222,000 in 2000 and increased
net earnings by approximately $95,000 ($0.01 per share) in 2001 and
$768,000 ($0.05 per share) in 2000.  There were no significant
liquidations of LIFO inventories during the year ended February 28,
1999.


NOTE 4

Long-Term Debt

     Long-term debt consisted of the following at February 28,
2001 and February 29, 2000 (in thousands):

     FEBRUARY 28 OR 29              FY2001          FY2000

     Term loan                     $20,150           $ --
     Revolving credit facility       5,500             --
     Industrial revenue bonds        1,340             --
     Other                             741            764
                                    ------            ---
                                    27,731            764
     Less current installments       4,176            302
                                    ------            ---
     Long-term debt                $23,555           $462
                                    ======            ===

The term loan is due in quarterly installments of $850,000
commencing on September 30, 2000 and continuing each quarter
until the loan is payable in full on June 30, 2003.  Interest
payments are required monthly at LIBOR plus one percent (5.38% as
of February 28, 2001).

The availability under the revolving credit facility is
reduced quarterly by $460,000 commencing on March 31, 2001 and
continuing each quarter until the loan matures on June 30, 2003,
at which time all amounts outstanding are payable in


                               25

<PAGE>


full.  Interest payments are required monthly at LIBOR plus one
percent (5.38% as of February 28, 2001).  Availability under the
revolving credit facility at February 28, 2001 is $6,000,000.

The industrial revenue bonds are obligations of Northstar
Computer Forms, Inc. (Northstar) and require annual principal
repayments of $335,000 until fully paid in August 2004.  Interest
payments are required monthly at a variable rate based upon
comparable tax-exempt issues.  The Revenue Bonds are collateralized
by an outstanding irrevocable direct-pay letter of credit with a
financial institution equal to the outstanding principal amount of
the Revenue Bonds.

The Company utilized swap agreements related to the term
loan to effectively fix the interest rate at 6.89% for
$25,000,000 of the principal amount of the loan.  The fair value
of the swap at February 28, 2001 is approximately ($825,000).

The term loan and revolving credit facility are unsecured and
contain certain restrictive covenants, including restrictions on
additional indebtedness, investments in or advances to others,
acquisitions of other businesses, declaration and payment of
dividends and repurchase of capital stock.

                            FY2001       FY2000      FY1999
Total interest paid      $2,050,000     $48,000     $48,000



                               26

<PAGE>

NOTE 5

Shareholders' Equity

<TABLE>
     Following is a summary of transactions in shareholders'
equity accounts for the three years ended February 28, 2001 (in
thousands, except share amounts):
<CAPTION>

                                                                     ACCUMULATED
                                               ADDITIONAL               OTHER
                                  COMMON STOCK   PAID-IN   RETAINED COMPREHENSIVE     TREASURY STOCK
                               SHARES   AMOUNT   CAPITAL   EARNINGS     INCOME     SHARES     AMOUNT
<S>                         <C>         <C>       <C>      <C>         <C>        <C>         <C>

Balance February 28, 1998   21,249,860  $53,125   $1,040   $119,335     $   --    (4,812,175)  $(91,828)
   Net earnings                     --       --       --     14,110         --            --         --
   Dividends declared
     ($.62 per share)               --       --       --    (10,116)        --            --         --
   Treasury stock issued            --       --       --     (1,022)        --       115,816      2,155
   Treasury stock purchases         --       --       --         --         --      (300,038)    (3,300)
                            ----------   ------    -----    -------      -----     ----------    ------

Balance February 28, 1999   21,249,860  $53,125   $1,040   $122,307     $   --    (4,996,397)  $(92,973)
   Net earnings                     --       --       --     15,123         --            --         --
   Dividends declared
     ($.62 per share)               --       --       --    (10,068)        --            --         --
   Treasury stock issued            --       --       --     (1,382)        --       138,599      2,632
   Treasury stock purchases         --       --       --         --         --      (200,250)    (1,537)
                            ----------   ------    -----    -------      -----     ----------    ------

Balance February 29, 2000   21,249,860  $53,125   $1,040   $125,980     $   --    (5,058,048)  $(91,878)
   Net earnings                     --       --       --     13,177         --            --         --
   Dividends declared
     ($.62 per share)               --       --       --    (10,075)        --            --         --
   Treasury stock issued            --       --       --     (1,265)        --        79,223      1,438
   Treasury stock purchases         --       --       --         --         --          (270)        (2)
                            ----------   ------    -----    -------      -----     ---------     ------
Balance February 28, 2001   21,249,860  $53,125   $1,040   $127,817     $   --    (4,979,095)  $(90,442)
                            ==========   ======    =====    =======      =====     =========     ======


</TABLE>

In fiscal 1999, the Company adopted a Shareholder Rights Plan,
which provides that the holders of the Company's common stock
receive one preferred share purchase right (a "Right") for each
share of the Company's common stock they own.  Each Right
entitles the holder to buy one one-thousandth of a share of
Series A Junior Participating Preferred Stock, par value $10.00
per share, at a purchase price of $27.50 per one one-thousandth
of a share, subject to adjustment.  The Rights are not currently
exercisable, but would become exercisable if certain events
occurred relating to a person or group acquiring or attempting to
acquire 15% or more of the outstanding shares of common stock of
the Company.  Under those circumstances, the holders of Rights
would be entitled to buy shares of the Company's common stock or
stock of an acquiror of the Company at a 50% discount.  The
Rights expire on November 4, 2008, unless earlier redeemed by the
Company.

                               27

<PAGE>

NOTE 6

Stock Options

     At February 28, 2001, 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 980,777 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 per share weighted-average fair value of options granted
during fiscal years ended February 28 or 29, 2001, 2000, and
1999, was $0.72, $0.73, and $1.25, respectively, on the date of
grant using the Black Scholes option-pricing model with the
following weighted-average assumptions:

     FOR THE YEARS ENDED
      FEBRUARY 28 or 29             FY2001       FY2000       FY1999

     Expected dividend yield         8.26%        8.90%        6.02%
     Stock price volatility         21.92%       22.15%       22.14%
     Risk-free interest rate         6.24%        5.25%        4.53%
     Expected option term          6 years      6 years      6 years


The Company applies Accounting Principles Board (APB)
Opinion No. 25 and related interpretations in accounting for its
plans.  Accordingly, no compensation cost has been recognized for
its incentive stock option plans.  Had compensation cost for the
Company's incentive stock option plans been determined consistent
with Statement of Financial Accounting Standards (SFAS) No. 123,
the Company's net earnings and earnings per share would have been
reduced to the pro forma amounts indicated below (in thousands,
except per share amounts):


     FOR THE YEARS ENDED
       FEBRUARY 28 OR 29           FY2001   FY2000    FY1999

     Net earnings:
       As reported                $13,177   $15,123  $14,110
       Pro forma                   13,034    15,006   14,062

     Earnings per share:
       As reported - basic and        .81       .93      .87
       diluted
       Pro forma - basic and          .80       .92      .86
       diluted



                               28

<PAGE>



Following is a summary of transactions of incentive stock
options during the three fiscal years ended in 2001:


	 				            WEIGHTED
                                             NUMBER   AVERAGE
                                               OF     EXERCISE
  FOR THE YEARS ENDED FEBRUARY 28 OR 29      SHARES    PRICE

  Outstanding at February 28, 1998
          (154,522 shares exercisable)      295,837    $13.75
  Granted                                   239,750     10.12
  Terminated                                (35,625)    13.10
                                            -------
  Outstanding at February 28, 1999
          (170,774 shares exercisable)      499,962     12.17
  Granted                                   185,000      8.69
  Terminated                                (73,212)    14.98
                                            -------
  Outstanding at February 29, 2000
          (132,375 shares exercisable)      611,750     10.78
  Granted                                   271,723      7.12
  Terminated                                (88,973)     7.79
                                            -------

  Outstanding at February 28, 2001
          (211,688 shares exercisable)      794,500    $ 9.86
                                            =======


<TABLE>
The following table summarizes information about incentive
stock options outstanding at February 28, 2001:

<CAPTION>

                                 OPTIONS OUTSTANDING                      OPTIONS EXERCISABLE
                                 -------------------                   ---------------------------
                                   WEIGHTED AVERAGE      WEIGHTED                      WEIGHTED
      EXERCISE         NUMBER    REMAINING CONTRACTUAL    AVERAGE         NUMBER        AVERAGE
       PRICES       OUTSTANDING     LIFE (IN YEARS)    EXERCISE PRICE  EXERCISABLE  EXERCISE PRICE
  <S>               <C>          <C>                   <C>             <C>          <C>
  $ 7.06 to $10.31    614,250            8.3              $ 8.73         60,813         $10.13
   11.06 to  12.00     98,750            5.5               11.15         69,375          11.14
   13.81 to  15.63     36,750            2.8               13.86         36,750          13.86
   19.25               44,750             .8               19.25         44,750          19.25
                      -------                                           -------
  $ 7.06 to  19.25    794,500            5.0              $ 9.86        211,688         $13.03
                      =======                                           =======

</TABLE>
                               29

<PAGE>

NOTE 7

INCOME TAXES

The components of the provision for income taxes for fiscal
years 2001, 2000 and 1999 are (in thousands):

                                     FY2001    FY2000   FY1999
  Current:
       Federal                        $7,661   $6,195   $6,785
       State and local                   902    1,002      936
  Deferred                             (169)    1,721      727
  Total provision for income taxes    $8,394   $8,918   $8,448
                                      ------   ------   ------
  Total income taxes paid             $9,503   $7,609   $7,488
                                      ======   ======   ======

The following summary reconciles the statutory U.S. Federal income
tax rate to the Company's effective tax rate:

                                         FY2001   FY2000   FY1999

  Statutory rate                         35.0%     35.0%     35.0%
  Provision for state income taxes,
   net of Federal income tax benefit      2.7       2.7       2.7
  ESOP pass-through dividend deduction   (0.6)     (0.5)     (0.7)
  Goodwill non-deductible                 1.3        --        --
  Other                                   0.5      (0.1)      0.5
                                          ---       ---       ---
           Effective tax rate            38.9%     37.1%     37.5%
                                         ====      ====      ====


The components of deferred income tax assets and liabilities are
summarized as follows (in thousands):

  FEBRUARY 28 OR 28                              FY2001    FY2000

  Current deferred asset:
    Allowance for doubtful receivables          $  558     $  442
    Inventory valuation                            290        356
    Employee compensation and benefits           1,408        305
    Other                                          (32)        97
                                                 -----      -----
                                                $2,224     $1,200
                                                 =====      =====
  Noncurrent deferred liability:
    Depreciation                                $8,166     $3,060
    Intangibles amortization and impairments      (344)      (296)
    Prepaid pension cost                           563        321
    Partnership interest                           199        --
    Other                                          169        332
                                                 -----      -----
                                                $8,753     $3,417
                                                 =====      =====

                               30


<PAGE>

NOTE 8

Employee Benefit Plans

The Company and certain subsidiaries have a noncontributory
defined benefit retirement plan covering substantially all of
their employees.  Benefits are based on years of service and the
employee's average compensation for the highest five compensation
years preceding retirement or termination.  The Company's funding
policy is to contribute annually an amount in accordance with the
requirements of ERISA.  The cost of the plan and balances of plan
assets and obligations are shown below:


Pension expense for fiscal years 2001, 2000 and 1999 included the
following components (in thousands):

                                         FY2001    FY2000  FY1999
   Service cost - benefits earned
       during the current period         $1,474   $1,478   $1,761
   Interest cost on projected benefit
   obligation                             2,439    2,658    2,960
   Expected return on plan assets        (2,496)  (2,846)  (3,005)
   Net amortization and deferral           (467)    (348)    (202)
                                          -----    -----    -----
   Net periodic pension cost             $  950   $  942   $1,514
                                          =====    =====    ======


Assumptions used in accounting for the defined benefit plans for
fiscal years 2001, 2000 and 1999 are as follows:

                                         FY2001   FY2000   FY1999

   Weighted average discount rate         7.50%    7.75%    7.25%
   Earnings progression                   4.50%    4.50%    4.50%
   Expected long-term rate of return
   on plan assets                         9.25%    9.25%    9.25%


Assets and obligations for fiscal years 2001 and 2000 are as
follows (in thousands):

   FEBRUARY 28 or 29                           FY2001     FY2000

   Projected benefit obligation
   Beginning of year                          $31,875    $39,366
   Service and interest cost                    3,912      4,136
   Actuarial (gain) loss                        2,141     (5,706)
   Benefits paid                               (1,040)    (5,921)
                                               ------     ------
   End of year                                 36,888     31,875
                                               ======     ======

                      Fair value of plan assets
   Beginning of year                          $27,380    $30,784
   Company contributions                           --      1,123
   Net gains                                     (130)     1,394
   Benefits paid                               (1,040)    (5,921)
                                               ------     ------
   End of year                                 26,210     27,380
                                               ======     ======

   Excess of projected benefit obligation
     over plan assets                         (10,678)    (4,495)
   Unrecognized losses and prior service cost  11,652      7,111
   Unrecognized net transition asset being
     recognized over the average
     remaining service life                      (748)    (1,439)
                                                -----     ------
   Prepaid pension cost                        $  226    $ 1,177
                                                =====     ======


                               31


<PAGE>

NOTE 9

Acquisitions and Disposal

During the third quarter of fiscal 1999, the Company
purchased the assets and business of Forms Manufacturing, Inc., a
Houston based manufacturer of business forms, for an acquisition
cost of $3,435,000.  Payment was made with $2,302,000 cash and
115,816 shares of treasury stock valued at $1,133,000.  The
acquisition was accounted for by the purchase method and the
excess of cost over amounts allocated to net identifiable assets
of $1,333,000, is being amortized over 15 years.

On November 4, 1999, the Company purchased the general and
limited partnership interests in Adams McClure, L.P.  The
$16,926,000 purchase price for this transaction consisted of
$1,250,000 in cash, $1,250,000 in stock (138,599 shares of the
Company's common stock) and assumption of certain liabilities of
Adams McClure, L.P. amounting to approximately $14,426,000 which
were immediately paid by the Company.  The acquisition was
accounted for by the purchase method and the excess of cost over
amounts allocated to net identifiable assets of $3,467,000 is being
amortized over a period of 15 years.

On November 15, 1999, the Company purchased the production
equipment, furniture and fixtures, name and operations of
American Forms, Inc.  In a separate transaction, the Company
purchased the land and building currently occupied by American
Forms, Inc.  The $2,248,000 purchase price of these transactions
included a promissory note to pay $525,000 over three years.  The
excess of cost over amounts allocated to net identifiable assets
of $197,000 is being amortized over a period of 15 years.

On June 6, 2000, the Company completed its acquisition of
the outstanding stock of Northstar for approximately $44,153,000.
The acquisition was financed with $36,500,000 in bank loans with
the balance being provided by internal cash resources.  Northstar
became a wholly owned subsidiary and operates as the Financial
Solutions Group.  The excess of cost over amounts allocated to
net identifiable assets of approximately $14,644,000 is being
amortized over a period of 15 years.

The accompanying consolidated financial statements include
the operations of Northstar since the date of acquisition.  The
following table presents certain operating information on a pro
forma basis as though Northstar had been acquired as of March 1,
1999, after including the estimated impact of adjustments such as
amortization of goodwill and depreciation, interest expense,
reduced interest income and related tax effects (in thousands,
except per share amount):

FEBRUARY 28 or 29                        FY2001        FY2000

Net sales                               $240,000       $223,907
Net earnings                              13,350         14,540
Earnings per share -
 basic and diluted                           .82            .89

The pro forma results are not necessarily indicative of what would
have occurred if the acquisitions had been in effect for the periods
presented.  In addition, they are not intended to be a projection of
future results and do not reflect any synergies that might be achieved
from combining the operations.



                              32

<PAGE>

NOTE 10

Segment Information

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.  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).  On June 6, 2000, the
Company acquired Northstar which became the Financial Solutions Group.  In
the comparative prior year periods, the Company reported its Tool & Die
Company as a separate segment.  The current year's presentation includes
the Tool & Die Company as part of the Forms Solutions Group.  All prior
year disclosures herein conform to the current year presentation.
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 fiscal years ended February 28 or 29, 2001,
2000 and 1999 were as follows (in thousands):


<TABLE>

<CAPTION>

                                      FORMS       PROMOTIONAL     FINANCIAL
	                              SOLUTIONS      SOLUTIONS      SOLUTIONS                      CONSOLIDATED
	                                GROUP         GROUP           GROUP          CORPORATE        TOTALS
<S>	                              <C>	     <C>	     <C>	     <C>	      <C>
Fiscal year ended February 28, 2001:
Net sales                             $119,857       $72,642         $36,687         $     --         $229,186
Depreciation and amortization            3,699         2,883           2,623              525            9,730
Segment earnings (loss)
  before income taxes                   22,782         3,763             753           (5,727)          21,571
Segment assets                          43,738        40,213          45,490           13,413          142,854
Capital expenditures                     1,993           458              --            1,143            3,594

Fiscal year ended February 29,2000:
Net sales                             $121,451       $55,149          $   --         $     --         $176,600
Depreciation and amortization            2,458         2,888              --              528            5,874
Segment earnings (loss)
  before income taxes                   22,300         5,985              --           (4,244)          24,041
Segment asset                           42,950        43,332              --           16,652          102,934
Capital expenditures                       829           169              --            1,990            2,988

Fiscal year ended February 28, 1999:
Net sales                             $113,212       $46,478          $   --         $     --         $159,690
Depreciation and amortization            2,841         1,985              --              526            5,352
Segment earnings (loss)
  before income taxes                   20,752         5,841              --           (4,035)          22,558
Segment assets                          46,121        24,361              --           23,853           94,335
Capital expenditures                     2,922           411              --              330            3,663

</TABLE>

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

                                 33


<PAGE>

NOTE 11

<TABLE>

<CAPTION>

Quarterly Information (Unaudited)

QUARTER ENDED                                       MAY         AUGUST         NOVEMBER      FEBRUARY
(in thousands, except per share amounts)
<S>						  <C>		<C>		<C>	      <C>
Fiscal year ended February 28, 2001:
   Net sales                                      $49,347       $58,805	        $61,382       $59,652
   Gross profit                                    14,687        17,133          17,442        13,584
   Net earnings                                     3,854         3,785           4,023         1,515
   Dividends paid                                   2,510         2,522           2,522         2,521
   Per share of common stock:
	Basic and diluted net earnings                .24           .23             .25           .09
	Dividends                                    .155          .155            .155          .155

Fiscal year ended February 29, 2000:
   Net sales                                      $42,114       $40,519         $43,450       $50,517
   Gross profit                                    11,988        12,408          13,612        14,777
   Net earnings                                     3,234         3,905           3,960         4,024
   Dividends paid                                   2,519         2,520           2,519         2,510
   Per share of common stock:
	Basic and diluted net earnings                .20           .24             .24           .25
	Dividends                                    .155          .155            .155          .155

</TABLE>

Notes:
Gross profit and net earnings for the fourth quarter of fiscal 2001 were
adversely affected by the consolidation and integration of the Company's
Louisville operations with its Adams McClure operations in Denver.  The
impact of this event reduced net earnings approximately $0.10 per share.
Year end adjustments related to physical inventory counts and LIFO
Valuation were negligible.  Revenue in the Forms Solutions Group, like
the economy, reflected weakness resulting in lower than expected earnings
in the quarter.

The fourth quarter of fiscal 2000 earnings benefited from year-end adjustments
related to physical inventory counts and LIFO valuation of approximately
$434,000, net of income taxes, ($.03 per diluted share).

The second quarter of fiscal 2000 includes a charge of $384,000, net of income
taxes, ($0.02 per share) resulting from the impairment of intangible assets
relating to the Company's InstaColor (registered trademark) product line and a
gain of $743,000, net of income taxes, ($0.05 per share) from the sale of
rental property in Boulder City, Nevada.


                        34

<PAGE>



Independent Auditors' Report

The Board of Directors and Shareholders
Ennis Business Forms, Inc.:

We have audited the accompanying consolidated balance sheets of Ennis Business
Forms, Inc. and subsidiaries as of February 28, 2001 and February 29, 2000, and
the related consolidated statements of earnings and cash flows for each of the
years in the three-year period ended February 28, 2001.  These consolidated
financial statements are the responsibility of the Company's management.  Our
responsibility is to express an opinion on these consolidated financial
statements based on our audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States of America.  Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of Ennis Business
Forms, Inc. and subsidiaries as of February 28, 2001 and February 29, 2000,
and the results of their operations and their cash flows for each of the years
in the three-year period ended February 28, 2001, in conformity with
accounting principles generally accepted in the United States of America.




	                             /S/ KPMG LLP


Dallas, Texas
April 12, 2001


                                35

<PAGE>


FACILITY DESCRIPTIONS

PROMOTIONAL                                 FORMS
Bell, California                            Paso Robles, California
 Presentation Products & Packaging          Custom Forms & Bank Checks
 Promotional Products                       Guest Checks
Denver, Colorado                            Custom Labels
 Boxes & Dies                               Software Compatible Forms & Bank
                                              Checks(Imprinted)
 Graphic Design & Prepress                 Moultrie, Georgia
 Point of Purchase Displays                 Custom Forms & Bank Checks
Macomb, Michigan                           DeWitt, Iowa
 Presentation Products & Packaging          Custom Forms & Bank Checks
 Promotional Products                       Custom Labels
Dallas, Texas                               Software Compatible Forms & Bank
                                              Checks (Imprinted)
 Fulfillment                                Tags
Wolfe City, Texas                          Ft. Scott, Kansas
 Advertising Specialties                    Business Forms & Supplies
                                              (Imprinted)
 Labels                                     Guest checks
 Post-it(registered trademark)             Coshocton, Ohio
 Notes                                      Custom Forms & Bank Checks
  Promotional Products                     Portland, Oregon
  Tags                                      Custom Forms & Bank Checks
                                           Knoxville, Tennessee
                                            Custom Forms & Bank Checks
                                           Dallas, Texas
                                            Connolly Tool & Die
                                           Ennis, Texas
FINANCIAL                                   Award Ribbons
Golden, Colorado                            Copier & Computer Supplies
 Internal Bank Forms                        Custom Forms & Bank Checks
 Negotiable Documents                       Guest Checks
Nevada, Iowa                                Register Forms & Sales Books
 Internal Bank Forms                        Software Compatible Forms &  Bank
                                              Checks (Imprinted)
 Negotiable documents                      Houston, Texas
Brooklyn Park, Minnesota                    Custom Forms & Bank Checks
 Negotiable Documents                      San Antonio, Texas
Roseville, Minnesota                        Custom Forms & Bank Checks
 Internal Bank Forms                       Chatham, Virginia
 Negotiable Documents                       Custom Forms & Bank Checks
Bridgewater, Virginia                       Guest Checks
 Internal Bank Forms                        Register Forms & Sales Books
 Negotiable Documents                       Software Compatible Forms &  Bank
                                              Checks (Imprinted)

                                 36