Exhibit 99.1
Press Release
2441 Presidential Parkway <bullet> Midlothian, Texas 76065
<bullet> Phone 972.775.9801 <bullet> Fax 800.579.4271 <bullet>
www.ennis.com
FOR IMMEDIATE RELEASE FOR ADDITIONAL INFORMATION
CONTACT: Keith S. Walters,
Chairman President & CEO
(800) 752-5386
Midlothian, Texas, November 19, 2004
ENNIS, INC. CLOSES ALSTYLE APPAREL TRANSACTION
Completion of $242 Million Merger
Midlothian, Texas -- Ennis, Inc. (formerly Ennis Business
Forms, Inc.) (NYSE: EBF) a manufacturer of printed business
products headquartered in Midlothian, Texas has completed the
merger of Alstyle Apparel, Inc. with and into a subsidiary of
Ennis, Inc. The Company also closed its new financing facility
arranged through LaSalle National Bank and six other banks and
funded approximately $109 million of its $150 million
Term/Revolver facility. The shareholders of Ennis, Inc., at a
special shareholders meeting on November 4, 2004, approved the
transaction and no other approvals were necessary.
Given that the transaction closed during the month, only a
small part of the financial results of Alstyle Apparel will be
reflected in the financial statements of Ennis, Inc. for the third
quarter ended November 30, 2004. Due to the late close of the
merger in the third quarter, Ennis will not issue its third
quarter earnings release until January 7, 2005 rather than its
usual date of December 21, 2004.
Keith Walters, Chairman, President and CEO of Ennis said, "We
are looking forward to the addition of Alstyle Apparel to further
supplement the products we currently offer to our existing
customers as well as the opportunity to penetrate some of the
existing Alstyle customers with traditional Ennis products. With
the addition of the new shares granted in this merger, the Company
will now have a market capitalization (traditionally defined as
common shares outstanding multiplied by the current price of
common stock) approaching $500 million based upon its most recent
average price. We wish to thank our shareholders for their
continued support as we move forward to broaden the scope of our
business products to our existing customer base."
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About Ennis
Ennis, Inc. (www.ennis.com) (formerly Ennis Business Forms,
Inc.) is primarily engaged in the production of and sale of
business forms, promotional products, including activewear
apparel, and other business products. The Company is one of the
largest private-label printed business product suppliers in the
United States. Headquartered in Midlothian, Texas, the Company
has 37 production facilities located in 16 states, strategically
located to serve the Company's national network of distributors.
With the merger of Alstyle Apparel the company has 6 additional
facilities in California and Mexico devoted to the production of
activewear apparel and has 7 distribution centers located
throughout the U.S. and Canada. The Company, together with its
subsidiaries, operates in four business segments: the Forms
Solutions Group, the Promotional Solutions Group, the Financial
Solutions Group, and the newly acquired Alstyle Apparel. The
Forms Solutions Group is primarily engaged in the business of
manufacturing and selling business forms and other printed
business products. The Promotional Solutions Group is primarily
engaged in the business of design, production and distribution of
printed and electronic media, presentation products, flexographic
printing, advertising specialties and Post-it <registered
trademark> Notes. The Financial Solutions Group designs,
manufactures and markets printed forms and specializes in internal
bank forms, secure and negotiable documents and custom products.
Alstyle Apparel is primarily engaged in the production and sales
of activewear including t-shirts, fleece goods, and other
wearables.
This news release contains statements relating to future results
of the company including statements (i) that the issuance of
shares in the merger will expand the Company's market
capitalization to an amount approaching $500 million based upon
the Company's most recent stock price, (ii) and that the Company
funded $109 million of its $150 million Term/Revolver facility,
as well as other anticipated, believed, planned, forecasted,
expected, targeted and estimated results and the company's outlook
concerning future results, that are "forward-looking statements"
as defined in the U.S. Private Securities Litigation Reform Act of
1995. Readers are cautioned not to place undue reliance on these
forward-looking statements and any such forward-looking statements
are qualified in their entirety by reference to the following
cautionary statements. All forward-looking statements speak only
as of the date hereof and are based on current expectations and
involve a number of assumptions, risks and uncertainties that
could cause the actual results to differ materially from such
forward-looking statements.
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