FORM 11-K/A SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 (MARK ONE) (X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Calendar year ended December 31, 2003 ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ------------- ----------- Commission File Number 1-5807 ----------------------------- A. Full title of the plan and the address of the plan, if different from that of the issuer named below: Ennis, Inc. 401(k) Plan B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Ennis, Inc. 2441 Presidential Parkway Midlothian, TX 76065 ENNIS, INC. 401(k) PLAN Financial Statements and Supplemental Schedule (Modified Cash Basis) December 31, 2003 and 2002 ENNIS, INC. 401(k) PLAN Table of Contents Page Report of Independent Certified Public Accountants 1 Statements of Net Assets Available for Benefits (Modified Cash Basis) at December 31, 2003 and 2002 2 Statement of Changes in Net Assets Available for Benefits (Modified Cash Basis)year ended December 31, 2003 3 Notes to Financial Statements (Modified Cash Basis) 4 - 7 Supplemental Schedule Schedule H, Line 4i - Schedule of Assets (Held at End of Year) (Modified Cash Basis) 8 Report of Independent Certified Public Accountants To the Participants and Administrator Ennis, Inc. 401(k) Plan We have audited the accompanying statements of net assets available for benefits (modified cash basis) of the Ennis Business Forms, Inc. 401(k) Plan (the "Plan") as of December 31, 2003 and 2002, and the related statement of changes in net assets available for benefits (modified cash basis) for the year ended December 31, 2003. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. As described in Note 2, the financial statements and supplemental schedule were prepared on a modified cash basis of accounting, which is a comprehensive basis of accounting other than U.S. generally accepted accounting principles. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits (modified cash basis) of the Ennis Business Forms, Inc. 401(k) Plan as of December 31, 2003 and 2002, and the changes in net assets available for benefits (modified cash basis) for the year ended December 31, 2003 in conformity with the modified cash basis of accounting described in Note 2. Our audit was performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedule of assets (held at end of year) (modified cash basis) as of December 31, 2003, is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plan's management. The supplemental schedule has been subjected to the auditing procedures applied in our audit of the 2003 financial statements and, in our opinion, is fairly stated in all material respects in relation to the 2003 financial statements taken as a whole. /s/ Travis, Wolff & Company, L.L.P. Dallas, Texas June 2, 2004 1 ENNIS, INC. 401(k) PLAN Statements of Net Assets Available for Benefits (Modified Cash Basis) December 31, 2003 and 2002 2003 2002 ---- ---- Assets: Investments, at fair value Investments held by Trustee $ 21,497,246 $ 13,080,750 Participant loans 1,052,044 620,122 ---------- ---------- Net assets available for benefits $ 22,549,290 $ 13,700,872 ========== ========== See accompanying notes. 2 ENNIS, INC. 401(k) PLAN Statement of Changes in Net Assets Available for Benefits (Modified Cash Basis) Year ended December 31, 2003 Additions to net assets attributed to: Employee contributions $ 1,686,921 Rollover contributions 78,347 Rollover contributions from Calibrated Forms Company, Inc. 401(k) Plan 3,823,745 In-kind contributions 583,710 Employer matching contributions 85,804 Employer profit sharing contributions 400,000 Investment income (loss): Interest and dividends 112,373 Net appreciation in fair value of investments 3,307,263 ---------- Net additions 10,078,163 ---------- Deductions from net assets attributed to: Administrative expenses 79,775 Benefits paid and withdrawals 1,149,970 ---------- Total deductions 1,229,745 ---------- Net increase 8,848,418 Net assets available for benefits at beginning of year 13,700,872 ---------- Net assets available for benefits at end of year $ 22,549,290 ========== See accompanying notes. 3 ENNIS, INC. 401(k) PLAN Notes to Financial Statements (Modified Cash Basis) 1. Description of the Plan The following description of the Ennis, Inc. (the "Company") 401(k) Plan (the "Plan") provides only general information. Participants should refer to the Plan document for a more complete description of the Plan's provisions. (a) General The Plan was formed February 1, 1994 and is a defined contribution plan covering substantially all employees of the Company. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (IRC). In addition, the financial statements have been prepared in compliance with ERISA. (b) Eligibility Employees age 18 and older of the Company are eligible to participate in the Plan after completing 60 days of service, as defined by the Plan. (c) Contributions Participants may make voluntary contributions to the Plan ranging from 1% to 100% of eligible pay subject to the Internal Revenue Service (IRS) annual limitations. The Plan allows rollovers of distributions from other qualified plans. The Plan provides for 50% employer matching contributions or discretionary employer contributions not to exceed $1,000 for certain employees not enrolled in the Pension Plan for Employees of the Company. Eligibility for employer contributions depends on the participant's employment location. During 2003, the Company made a profit sharing contribution of $400,000 on behalf of the former employees of Northstar Computer Forms, Inc. in accordance with their original plan. The Northstar Computer Forms, Inc. 401(k) Profit Sharing Plan was merged into the Plan on February 1, 2001. (d) Participant Accounts Each participant's account is credited with the participant's contribution, any employer contribution, and the allocation of the Plan earnings. Allocations are based on participant earnings or account balances, as defined in the Plan document. The benefit to which a participant is entitled is the benefit that can be provided from the participant's interest in his or her account. (e) Vesting Participants are immediately vested in their contributions plus actual earnings thereon and qualified employer matching contributions. Profit sharing contributions vest over a period of five years. 4 ENNIS, INC. 401(k) PLAN Notes to Financial Statements (continued) (Modified Cash Basis) 1. Description of the Plan - Continued (f) Loans Under provisions of the Plan, participants may borrow up to 50% of their total account balance up to a maximum of $50,000. Loan repayments are made in equal installments through payroll deductions generally over a term not to exceed five years. All loans are considered a directed investment from the participant's Plan account with all payments of principal and interest credited to the participant's account. A maximum number of two outstanding loans are allowed per individual. The minimum loan is $1,000 and requires a $75 set-up fee payable for each loan. The interest rate is determined based on the prime rate as determined by the Plan's trustee plus 2%. 2. Summary of Significant Accounting Policies (a) Basis of Accounting The accompanying financial statements have been prepared on the modified cash basis of accounting and present the net assets available for benefits and changes in those net assets. Consequently, certain additions and the related assets are recognized when received rather than when earned, and certain deductions are recognized when paid rather than when the obligation is incurred. Investments are adjusted to fair value for presentation in the accompanying financial statements. Purchases and sales are recorded on a trade-date basis. The modified cash basis of accounting is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. (b) Use of Estimates The preparation of financial statements in conformity with the modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America, requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. (c) Investments Investments in registered investment companies are valued at published market prices, which represent the net asset value of the shares held by the Plan at year-end. Units of common collective trusts are valued based on the fair value of the underlying assets of the trust as determined by the trust sponsor. Common stock is valued at the quoted market price on the last business day of the year. Money market funds are valued at cost, which approximates market value. Participant loans are valued at cost, which approximates fair value. (d) Benefits paid to Participants Benefits paid to participants are recorded as a reduction of net assets available for benefits when paid. 5 ENNIS, INC. 401(k) PLAN Notes to Financial Statements (continued) (Modified Cash Basis) 3. Investments Participants may direct the allocation of amounts deferred to the available investment funds. Provisions of the Plan allow participant contributions in 5% increments to be vested in any of the available funds. The Plan's investments, at fair value, at December 31, 2003 and 2002 were comprised of the following: 2003 2002 ---- ---- Wells Fargo Treasury Plus Money Market $ 3,353,786 * $ 2,706,147 * Pimco Total Fund 1,233,109 * 634,816 Janus Balanced Fund 1,469,894 * 1,051,303 * Wells Fargo LifePath 2010 Fund 232,428 116,003 Wells Fargo LifePath 2020 Fund 587,208 468,357 Wells Fargo LifePath 2030 Fund 1,787,144 * 1,515,361 * Wells Fargo LifePath 2040 Fund 219,589 140,261 Aim Basic Value Fund 780,252 113,451 Wells Fargo Index Fund 1,564,453 * 633,455 Goldman Sachs Capital Growth Fund 2,391,527 * 1,629,072 * Wells Fargo Large Company Growth Fund 723,984 431,423 Janus Twenty Fund 220,972 158,059 Invesco Dynamics Fund 3,823,384 * 2,203,075 * Invesco Small Capital Growth Fund 821,090 371,700 Janus Worldwide Fund - 294,955 Templeton World Fund 768,347 - Ennis Business Forms, Inc. Common Stock 1,520,079 * 613,312 Participant loans 1,052,044 620,122 ---------- ---------- $ 22,549,290 $ 13,700,872 ========== ========== Total investments * Represents 5% or more of the net assets available for benefits During 2003, the Plan's investments (including investments bought, sold and held during the year) appreciated (depreciated) in value as follows: Registered investment companies $ 2,977,511 Common stock 329,752 --------- $ 3,307,263 ========= 6 ENNIS, INC. 401(k) PLAN Notes to Financial Statements (continued) (Modified Cash Basis) 4. Plan Termination Although the Company has not expressed any intent to do so, it has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. 5. Tax Status of Plan The Plan has obtained its latest determination letter dated September 27, 2002 in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The Plan administrator and the Plan's management believe that the Plan is currently being operated within the applicable IRS rules and regulations. 6. In-Kind Contributions During the 2003 Plan year, the Company terminated its Employee Stock Ownership Plan and approximately 50,300 shares of the Company's stock was contributed to the Plan. 7. Plan Amendments Effective July 31, 2003, the Plan was amended to merge the net assets (approximately $3,800,000) of Calibrated Forms Company, Inc. 401(k) Plan into the Plan. 7 SUPPLEMENTAL SCHEDULE ENNIS, INC. 401(k) PLAN Schedule H, Line 4i - Schedule of Assets (Held at End of Year) (Modified Cash Basis) EIN: 75-0256410 Plan#: 011 December 31, 2003 (a) (b) Identity of (c) Description of issuer, investments including (e) Current borrower, maturity date, rate of value lessor or interest, collateral, similar party par, or maturity value --------------- ------------------------ ------- * Wells Fargo Treasury Plus Wells Fargo Fund Money Market $ 3,353,786 Pimco Funds Pimco Total Fund 1,233,109 Janus Funds Janus Balanced Fund 1,469,894 Wells Fargo LifePath 2010 * Wells Fargo Fund Fund 232,428 Wells Fargo LifePath 2020 * Wells Fargo Fund Fund 587,208 Wells Fargo LifePath 2030 * Wells Fargo Fund Fund 1,787,144 Wells Fargo LifePath 2040 * Wells Fargo Fund Fund 219,589 Aim Family of Funds Aim Basic Value Fund 780,252 * Wells Fargo Fund Wells Fargo Index Fund 1,564,453 Goldman Sachs Goldman Sachs Capital Asset Management Growth Fund 2,391,527 Wells Fargo Large Company * Wells Fargo Fund Growth Fund 723,984 Janus Funds Janus Twenty Fund 220,972 * INVESCO Family of Funds Invesco Dynamics Fund 3,823,384 * INVESCO Family of Invesco Small Capital Funds Growth Fund 821,090 Templeton Fund Templeton World Fund 768,347 * Ennis Business Ennis Business Forms, Forms, Inc. Inc. Common Stock 1,520,079 Loans with interest rates ranging from 6.00% to * Participants 11.5% 1,052,044 ---------- Total investments $ 22,549,290 ========== * Indicates party-in-interest to the Plan. Column (d) cost is not required since all investments are directed by participants. 8 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. ENNIS, INC. 401(k) PLAN Date: June 28, 2004 /s/Harve Cathey -------------------------------- Harve Cathey, Vice President - Finance and CFO, Secretary, Principal Financial and Accounting Officer Ennis, Inc.