ZEP (ZEP) 10-Q 8 Apr 15 2015 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Feb. 28, 2015	Apr. 03, 2015
Document and Entity Information
Entity Registrant Name	Zep Inc.
Entity Central Index Key	1408287
Document Type	10-Q
Document Period End Date	28-Feb-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-23
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		23,225,301
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Feb. 28, 2015	Aug. 31, 2014
In Thousands, unless otherwise specified
ASSETS
Cash and cash equivalents	$3,129	$14,303
Accounts receivable, less reserve for doubtful accounts of $3,950 at February 28, 2015 and $4,474 at August 31, 2014	95,601	108,010
Inventories, net	83,864	75,950
Insurance receivable	9,564	13,106
Prepaid expenses and other current current assets	13,062	6,254
Deferred income taxes	8,164	10,452
Total Current assets	213,384	228,075
Property, plant and equipment, net of accumulated depreciation of $117,042 at February 28, 2015 and $112,794 at August 31, 2014	72,951	75,361
Goodwill	120,254	121,005
Identifiable intangible assets, net	116,506	121,643
Other long-term assets	12,260	10,127
Total Assets	535,355	556,211
LIABILITIES AND STOCKHOLDERS' EQUITY
Current maturities of long-term debt	20,001	20,006
Accounts payable	51,437	65,874
Accrued compensation	16,490	19,720
Other accrued liabilities	33,130	39,329
Total Current liabilities	121,058	144,929
Long-term debt, less current maturities	190,446	186,880
Deferred income taxes	17,930	13,931
Other long-term liabilities	16,880	17,092
Total Liabilities	346,314	362,832
Commitments and Contingencies (Note 5)
Stockholders' equity:
Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued and outstanding
Common stock, $0.01 par value; 500,000,000 shares authorized; 22,664,359 issued and outstanding at February 28, 2015, and 22,396,229 issued and outstanding at August 31, 2014	227	224
Paid-in capital	111,494	108,432
Retained earnings	73,663	72,918
Accumulated other comprehensive income	3,657	11,805
Total Stockholders' Equity	189,041	193,379
Total Liabilities and Stockholders' Equity	$535,355	$556,211

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Feb. 28, 2015	Aug. 31, 2014
In Thousands, except Share data, unless otherwise specified
CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$3,950	$4,474
Less accumulated depreciation	$117,042	$112,794
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	22,664,359	22,396,229
Common stock, shares outstanding	22,664,359	22,396,229

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2015	Feb. 28, 2014
CONSOLIDATED STATEMENTS OF INCOME
Net sales	$160,070	$157,752	$328,360	$322,644
Cost of products sold	87,758	83,709	177,267	169,340
Gross profit	72,312	74,043	151,093	153,304
Selling, distribution, and administrative expenses	70,110	70,889	141,610	142,276
Fire-related gain, net	-1,000		-1,000
Restructuring charges	578		507
Acquisition and integration costs		417		1,031
Operating profit	2,624	2,737	9,976	9,997
Other expense:
Interest expense, net	1,862	3,441	3,658	5,752
Loss on foreign currency transactions	377	120	807	170
Miscellaneous expense, net	97	125	283	187
Total other expense	2,336	3,686	4,748	6,109
Income (loss) before income taxes	288	-949	5,228	3,888
Income tax provision (benefit)	126	-267	1,928	1,473
Net income (loss)	$162	($682)	$3,300	$2,415
Earnings (loss) per share:
Basic earnings (loss) per share (in dollars per share)	$0.01	($0.03)	$0.15	$0.11
Diluted earnings (loss) per share (in dollars per share)	$0.01	($0.03)	$0.14	$0.11
Shares used in calculation:
Basic Weighted Average Number of Shares Outstanding (in shares)	22,553	22,320	22,497	22,242
Diluted Weighted Average Number of Shares Outstanding (in shares)	23,017	22,320	22,993	22,871
Dividends Declared per share (in dollars per share)	$0.06	$0.05	$0.11	$0.10

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2015	Feb. 28, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income (loss)	$162	($682)	$3,300	$2,415
Other comprehensive income (loss):
Foreign currency translation adjustment	-5,072	-1,118	-8,148	-176
Other comprehensive income (loss)	-5,072	-1,118	-8,148	-176
Comprehensive income (loss)	($4,910)	($1,800)	($4,848)	$2,239

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
Operating Activities
Net income (loss)	$3,300	$2,415
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation and amortization	10,751	11,042
Gain on disposal of fixed assets	-3	-68
Excess tax benefits from share-based payments	-116	-201
Other non-cash charges	1,580	1,735
Deferred income taxes	3,554	843
Insurance proceeds for fire related operating costs	6,322
Changes in assets and liabilities:
Accounts receivable	8,754	8,263
Inventories	-9,791	-10,286
Prepaid expenses and other current assets	-20,189	617
Accounts payable	-13,066	5,593
Accrued compensation and other current liabilities	-7,738	-18,954
Other long-term liabilities	-244	111
Other assets	-1,208	-555
Net Cash Provided by (used for) operating activities	-18,094	555
Investing Activities
Purchases of property, plant and equipment	-5,218	-5,269
Insurance proceeds for assets damaged in fire	10,536
Proceeds from sale of property, plant and equipment	3	67
Principal payment from innovation partner		300
Net cash provided by (used for) investing activities	5,321	-4,902
Financing Activities
Proceeds from credit facility borrowings	301,604	176,900
Repayments of borrowings from credit facility	-290,679	-171,025
Principal repayment - industrial revenue bonds	-7,150
Proceeds from (payments for) secured borrowings	-498	-1,342
Debt issuance costs	159
Stock issuances	1,369	1,981
Excess tax benefits from share-based payments	116	201
Dividend payments	-2,556	-2,262
Net cash provided by financing activities	2,365	4,453
Effect of exchange rate changes on cash	-766	20
Net change in cash and cash equivalents	-11,174	126
Cash and cash equivalents - beginning of period	14,303	2,402
Cash and cash equivalents - end of period	$3,129	$2,528

DESCRIPTION_OF_BUSINESS_AND_BA

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Feb. 28, 2015
Descripition Of Business And Basis Of Presentation
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
	1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
	Description of the Business
	Zep Inc. (“Zep,” “we,” “our” or the “Company”) is a leading consumable chemical packaged goods company, providing a wide variety of high performance chemicals and related products and services that help professionals maintain, clean and protect their assets. We market our products and services under well recognized brand names, including Zep®, Zep Professional®, Zep Commercial®, Zep Automotive® and other Zep Inc. brands. Our common stock is listed on the New York Stock Exchange under the ticker symbol “ZEP.”
	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended August 31, 2014 filed with the United States Securities and Exchange Commission (“SEC”) on November 12, 2014.  Management believes that all adjustments necessary for the fair statement of results, consisting of normal recurring items, have been included in the accompanying unaudited condensed consolidated financial statements.
	The preparation of our condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The principal areas of judgment relate to: (1) accounts receivable, including estimates as to the recoverability of insurance receivables; (2) inventories; (3) long-lived and definite-lived intangible assets; (4) goodwill and indefinite-lived intangibles; (5) self-insurance reserves; (6) assessment of loss contingencies, including environmental and litigation liabilities; and (7) legal and other contingencies. Future events and their effects cannot be predicted with certainty, and accordingly, our accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of our condensed consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. We evaluate and update our assumptions and estimates on an ongoing basis and may employ outside experts to assist in our evaluations. Actual results could differ from the estimates we have used.
	The results of operations for the three and six months ended February 28, 2015 are not necessarily indicative of the results we expect for the full fiscal year because our net sales, net income and operating cash flows are generally higher in the second half of our fiscal year. More specifically, due to the seasonal nature of a portion of our business and the number of available selling days, sales in the third and fourth quarters of our fiscal year have historically exceeded those generated in the first half of the fiscal year.
	Consolidation Policy
	We consolidate all entities that we control.  The general condition for control is ownership of a majority of the voting interests of an entity. Control may also exist in arrangements where we are the primary beneficiary of a variable interest entity (“VIE”). An entity that will have both the power to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb the losses or receive the benefits significant to the VIE is considered a primary beneficiary of that entity. We have determined that we are not a primary beneficiary in any material VIE.  We eliminate all significant intercompany accounts and transactions from our condensed consolidated financial statements.
	Fair Value Disclosures
	Our financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, and debt. The net book values of cash and cash equivalents, trade receivables, and trade payables are representative of their respective fair values due to their short-term nature. We estimate that the carrying value of all of our outstanding debt obligations approximates fair value based on the variable nature of our effective interest rate associated with the indebtedness, which is a Level 2 fair value estimate based on a market approach.

FIRE_AT_AEROSOL_MANUFACTURING_

FIRE AT AEROSOL MANUFACTURING FACILITY	6 Months Ended
	Feb. 28, 2015
Fire At Aerosol Manufacturing Facility
FIRE AT AEROSOL MANUFACTURING FACILITY
	2. FIRE AT AEROSOL MANUFACTURING FACILITY
	On May 23, 2014, a fire occurred at our aerosol manufacturing facility located in Marietta, Georgia (the “Aerosol Facility”). The fire, the cause of which remains unknown, destroyed our chemical raw material warehouse and damaged other supporting infrastructure that contains or supports our production equipment.  Some of the work in process, raw material and finished goods inventory located at the Aerosol Facility was also destroyed or damaged.  The products manufactured at the Aerosol Facility included cleaning and maintenance chemicals, lubricants and automotive brake cleaner.
	We have arranged for contract manufacturers, one of which was already producing certain aerosol products for us, to manufacture products formerly produced in the Aerosol Facility. We also resumed production at the Aerosol Facility on a limited basis in an attempt to mitigate revenue loss resulting from the fire. We are assisting the contract manufacturers in their efforts to satisfy our requirements for the products by loaning them production equipment and assigning some of our associates to work with them, as needed.  However, despite these efforts, the contract manufacturers are currently unable to manufacture some of our products in the quantity and in the formulations required to satisfy some customer requirements for the products. Furthermore, because some of the raw materials destroyed in the fire represented long-term supplies that normally would not have been replenished at the rate required after the fire, we experienced delays in obtaining supplies of some of the raw materials needed by the contract manufacturers to produce our products.  We now have the capabilities to meet the majority of our customer requirements.  As a result of the fire, we have experienced, and continue to experience, higher costs of production in two key categories:  (1) higher costs associated with the production by contract manufacturers as compared to costs of our historical in-house production and (2) costs associated with inefficiencies of operating at our Aerosol Facility on a limited basis as compared to a full-production basis.  We expect that our business-interruption insurance will cover these costs for a period of time that will be determined through discussions with our insurance companies.
	We maintain casualty and business-interruption insurance that we believe will cover the losses resulting from the fire after the first $1.0 million of losses, which is the Company’s self-insured retention under such policies.  Our insurance covers:  (1) the costs to repair, rebuild or replace the damaged portions of the Aerosol Facility (without deduction for depreciation) at the same or another site, (2) the gross earnings, defined as income minus variable expenses during the time when production is suspended at the Aerosol Facility, and (3) the increased costs during the disruption of production.
	We also maintain commercial liability insurance, subject to a $1.5 million self-insured retention. As of February 28, 2015, we have recorded a $2.8 million reserve related to third party claims related to the fire, which represents our best estimate.
	We maintain workers’ compensation insurance, subject to a $500,000 per claim self-insured retention.  One workers’ compensation claim has been asserted against us as a result of the fire at the Aerosol Facility.
	Our insurance coverage may not fully compensate us for all losses we incur as a result of the fire, which in turn, could have a material adverse impact on our financial condition and results of operations.  The timing of receipt of insurance proceeds from losses related to the fire will continue to be materially different from when those losses are incurred.
	A summary of our total costs incurred and lost gross earnings related to the fire since the fire occurred, along with related insurance recoveries recorded and insurance proceeds received, is shown in the table below:
			Six Months Ended February 28, 2015							Since the Fire Occurred May 23, 2014
			Incurred			Recoveries		Insurance		Incurred		Recoveries		Insurance
						Recorded		Proceeds				Recorded		Proceeds
	Incremental costs(1)		$	13,317		$	13,317	$	16,859	$	31,423	$	31,423	$	21,859
	Lost gross earnings(2)		1,590			1,000		1,000		4,443		1,000		1,000
	Total					$	14,317	$	17,859			$	32,423	$	22,859
		-1		We record estimated insurance recoveries for excess costs related to the fire to the extent we have determined that recovery of such costs is probable, thereby offsetting the costs incurred.
		-2		We record recoveries for lost gross earnings due to the fire only when we have received the cash proceeds or a written confirmation of the amount of the proceeds from the insurer.  We continue to be in discussions with our insurance companies regarding the recoverability of the remaining $3.4 million of unrecovered lost gross earnings.
	Our inability to fulfill customer requirements has resulted in the loss of certain customers and will likely result in temporary or permanent loss of customers or market share for certain of our aerosol products, and, thus, may continue to cause a loss of revenue in future periods. The estimated impact of lost sales related to the fire for the first six months of fiscal 2015 was approximately $3.4 million with an estimated impact to profit before tax of $1.6 million. We expect that our business interruption insurance will cover these losses for a period of time that will be determined through discussions with our insurance companies.  We have received cash proceeds from our insurance companies of $1.0 million to date related to the gross earnings associated with lost sales, which is reflected as fire related gain, net in our condensed consolidated statements of operations for the three and six months ended February 28, 2015.  Any significant loss of revenue resulting from the fire and its aftermath that is not covered by our insurance policy could have a material impact on our financial condition and results of operations.
	We may be liable to third parties as a result of damage to or destruction of their property or as a result of the release of hazardous substances into the environment during the fire.  We also may be liable to regulatory authorities for potential violations of regulatory requirements and/or for damage to the environment caused by the release of hazardous substances during the fire.  We cannot fully estimate the amount of such exposure at this time.
	Activity impacting the insurance receivable balance related to the fire in the first six months of fiscal 2015 is summarized below:
	Balance at August 31, 2014		$	13,106
	Fire related costs to be recovered:
	Employee related expenses		3,988
	Incremental costs of outsourced production		5,471
	Professional fees		636
	Clean up and waste removal		790
	Other fire related costs		2,432
	Total additional fire related costs		13,317
	Less: Cash proceeds received (excluding $1,000 recorded as fire related gain, net)		(16,859		)
	Balance at February 28, 2015		$	9,564

INVENTORIES

INVENTORIES	6 Months Ended
	Feb. 28, 2015
Inventories.
INVENTORIES
	3. INVENTORIES
	Inventories include materials, direct labor and related manufacturing overhead and are stated at the lower of cost (approximate costs determined on a first-in, first-out or average cost basis) or market, and consisted of the following:
		February 28, 2015			August 31, 2014
	Raw materials and supplies	$	15,283		$	15,386
	Work in process	4,711			1,721
	Finished goods	66,303			60,959
		86,297			78,066
	Less: Reserves	(2,433		)	(2,116		)
	Inventories, net	$	83,864		$	75,950

DEBT_OBLIGATIONS

DEBT OBLIGATIONS	6 Months Ended
	Feb. 28, 2015
Debt Obligations
DEBT OBLIGATIONS
	4. DEBT OBLIGATIONS
	Our indebtedness and credit arrangements consisted of the following:
		February 28, 2015			August 31, 2014
	Revolving credit facility and capital leases	$	137,564		$	125,006
	Term loan	73,125			75,000
	Industrial revenue bonds	—			7,150
		210,689			207,156
	Less: Debt discount	(242		)	(270		)
	Less: Current maturities of long-term debt	(20,001		)	(20,006		)
	Long term debt, less current maturities	$	190,446		$	186,880
	On August 21, 2014, the Company entered into a $325 million five-year senior, secured credit facility (the “2014 Credit Facility”). The 2014 Credit Facility is comprised of a revolving loan facility that provides for advances in the initial aggregate principal amount of up to $250 million and a term loan to the Company, in the initial aggregate principal amount of $75 million. As of February 28, 2015, $190 million of the total $211 million in borrowings outstanding under the 2014 Credit Facility have been reflected within Long-term debt, less current maturities on the condensed consolidated balance sheets given our current intent and ability to settle $190 million of those borrowings in periods subsequent to February 29, 2016. The short- and long-term classification of debt on the condensed consolidated balance sheets may fluctuate not only in response to repayment of amounts borrowed under the 2014 Credit Facility, but also concurrent with changes in our projected cash flow for the 12-month period subsequent to the balance sheet date. The base interest rate associated with borrowings made under the 2014 Credit Facility during the three and six months ended February 28, 2015 approximated 0.1% and 0.2%, respectively. In addition to this base interest rate, our effective interest rate includes an applicable margin that adjusts in accordance with our leverage ratio.  During the three and six months ended February 28, 2015, this applicable margin averaged 2.47%.
	As of August 31, 2014, we had $7.2 million of industrial revenue bonds outstanding that were issued in connection with the construction of our facility in DeSoto, Texas and were scheduled to be due in 2018.  In the first quarter of fiscal 2015, we redeemed those industrial revenue bonds using funds available under the 2014 Credit Facility.
	As of February 28, 2015, our credit availability under the 2014 Credit Facility totaled $60.0 million. We remained in compliance with our debt covenants as of February 28, 2015, and we believe that, during the next twelve months, based on our current operations, our liquidity and capital resources will be sufficient to meet our working capital, capital expenditure and other anticipated cash requirements.
	The 2014 Credit Facility replaced the five-year revolving credit agreement, dated as of July 15, 2010, among the Company, Acuity Specialty Products, Inc., certain other subsidiaries of the Company, and JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association, Regions Bank and the other lenders party thereto, as lenders, which was due to expire on July 15, 2015 (the “2010 Credit Facility”). As such, there were no amounts outstanding under the 2010 Credit Facility as of February 28, 2015.  The effective interest rate associated with borrowings made under the 2010 Credit Facility included an applicable margin that averaged 3.50% during the three and six months ended February 28, 2014.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Feb. 28, 2015
Commitments and Contingencies
COMMITMENTS AND CONTINGENCIES
	5. COMMITMENTS AND CONTINGENCIES
	Litigation
	We are subject to various legal claims arising in the normal course of business. We are self-insured up to specified limits for certain types of claims, including product liability, and are fully self-insured for certain other types of claims, including environmental, product recall, and patent infringement. Based on information currently available, it is the opinion of management that the ultimate resolution of pending and threatened legal proceedings will not have a material adverse effect on our results of operations, financial position, or cash flows. However, in the event of unexpected future developments, it is possible that the ultimate resolution of such matters, if unfavorable, could have a material adverse effect on our results of operations, financial position, or cash flows.
	We establish accruals for legal claims when the costs associated with the claims become probable and can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts accrued for such claims. However, we cannot make a meaningful estimate of actual costs or a range of reasonably possible losses that could possibly be higher or lower than the amounts accrued. In addition, from time to time we may incur expense associated with efforts to enforce our non-compete agreements.
	California Sales Representative Litigation
	In December 2010, two of our former California-based sales representatives filed suit against us on behalf of themselves and all other sales representatives who were employed by Acuity Specialty Products, Inc. in the State of California and similarly situated.  In fiscal 2013, we settled the original two plaintiffs’ claims and paid the State of California fees under the California Labor Code Private Attorney General Act of 2004.  The Court awarded the plaintiffs’ lawyers legal fees in the amount of $1,162,000 with respect to the lawsuit filed by the two California sales representatives.  The Company believes that the award is excessive and has appealed.
	The ultimate resolution of the plaintiffs’ attorney fees associated with the California Sales Representative Litigation is uncertain.  We are reserved for this matter based on a settlement offer to plaintiffs’ counsel.  All other issues regarding this litigation have been resolved.
	During the second quarter and first six months of fiscal 2014, we recorded charges of $3.8 million and $4.6 million, respectively, against earnings associated with legal defense and settlement costs related to the California Sales Representative Litigation. Of these charges, $1.0 million was classified within interest expense, net, in the condensed consolidated statements of operations for the three months ended February 28, 2014. The additional $2.8 million and $3.6 million in the three and six months ended February 28, 2014, respectively, were classified as selling, distribution and administrative expenses in the condensed consolidated statements of operations.
	Environmental Matters
	General
	Our operations are subject to federal, state, local, and foreign laws and regulations relating to the generation, storage, handling, transportation, and disposal of hazardous substances and solid and hazardous waste, and the remediation of contaminated sites. Permits and environmental controls are required for certain of our operations to limit air and water pollution, and these permits are subject to modification, renewal, and revocation by the issuing authorities. We will incur capital and operating costs relating to environmental compliance on an ongoing basis. Environmental laws and regulations have generally become stricter in recent years, and the cost of responding to future changes may be substantial. While management believes that we are currently in substantial compliance with all material environmental laws and regulations, and have taken reasonable steps to ensure such compliance, there can be no assurance that we will not incur significant costs to remediate violations of such laws and regulations, particularly in connection with acquisitions of existing operating facilities, or to comply with changes in, or stricter or different interpretations of, existing laws and regulations. Such costs could have a material adverse effect on our results of operations.
	Superfund Sites
	Certain of our subsidiaries are currently a party to federal and state administrative proceedings arising under federal and state laws enacted for the protection of the environment where a state or federal agency or a private party alleges that hazardous substances generated by our subsidiary have been discharged into the environment and a state or federal agency is requiring a cleanup of soil and/or groundwater pursuant to federal or state superfund laws. In each of these proceedings in which our subsidiary has been named as a party that allegedly generated hazardous substances that were transported to a waste site owned and operated by another party, either: (1) our subsidiary is one of many other identified generators who have reached an agreement regarding the allocation of costs for cleanup among the various generators and our potential liability is not material; (2) our subsidiary has been identified as a potential generator and the sites have been remediated by the Environmental Protection Agency or by a state for a cost that is not material; (3) other generators have cleaned up the site and have not pursued a claim against our subsidiary and our liability, if any, would not be material; or (4) our subsidiary has been identified as a potential generator but has been indemnified by its waste broker and transporter.
	Environmental Remediation Orders
	Certain of our subsidiaries are a party to environmental remediation orders with respect to certain facilities, as discussed below. We arrived at our current estimates with respect to these matters based on studies prepared by independent third party environmental consulting firms. Our estimates of the actual costs of remediation of these matters could vary depending upon the results of additional testing and geological studies, the rate at which site conditions may change, the success of initial remediation designed to address the most significant areas of contamination, and changes in regulatory requirements.
	One of our subsidiaries has been named as a responsible party with respect to a facility located on Seaboard Industrial Boulevard in Atlanta, Georgia that it owns and currently uses in the manufacture of our products. Further, our subsidiary has executed a consent order with the Georgia Environmental Protection Division (“EPD”) covering this remediation, and is operating under an EPD approved Corrective Action Plan, which may be amended from time to time based on the progression of our remediation. While it is reasonably possible that the total remediation cost could range up to $10.0 million, management’s best estimate of the total probable remediation costs continues to be $5.0 million. As of February 28, 2015, we recorded liabilities related to the remediation of this site in an undiscounted, pre-tax amount of $2.1 million.
	One of our subsidiaries has been named as a responsible party with respect to our Aerosol Facility.  With regard to the Aerosol Facility, our subsidiary is responsible for the expected costs of implementing an Amended Corrective Action Plan that was conditionally approved by the EPD in June 2012 under the Georgia Hazardous Response Act.  Testing subsequent to the fire has not shown a need to materially change our remediation efforts at the site.
	Additionally, one of our subsidiaries previously conducted manufacturing operations at a facility in Cartersville, Georgia that has since been sold and where sub-surface contamination exists.  Pursuant to the terms of the sale, the subsidiary retained environmental exposure that might arise from its previous use of this property. Management is preparing a plan to address sub-surface contamination at this location.
	While it is reasonably possible that the total costs incurred by us in connection with the remediation of the Aerosol Facility and the Cartersville site could range up to an aggregate of $16.0 million, we recorded liabilities related to the remediation of these sites in an aggregate undiscounted, pre-tax amount of $7.0 million, which is management’s best estimate of total remaining remediation costs.  Our recorded liabilities include the costs to rebuild the water treatment facility that was destroyed in the fire.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	6 Months Ended
	Feb. 28, 2015
Earnings Per Share
EARNINGS PER SHARE
	6. EARNINGS PER SHARE
	Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Unvested shares of restricted stock are excluded from basic shares outstanding. Diluted earnings per share is computed similarly, but reflects the potential dilution that would occur if dilutive options were exercised and restricted stock awards were vested. The following table shows the computation of basic and diluted earnings per share:
		Three Months Ended					Six Months Ended
		February 28,					February 28,
		2015		2014			2015		2014
	Net income (loss)	$	162	$	(682	)	$	3,300	$	2,415
	Basic weighted average shares outstanding	22,553		22,320			22,497		22,242
	Common stock equivalents (stock options and restricted stock)	464		—			496		629
	Diluted weighted average shares outstanding	23,017		22,320			22,993		22,871
	Basic earnings (loss) per share	$	0.01	$	(0.03	)	$	0.15	$	0.11
	Diluted earnings (loss) per share	$	0.01	$	(0.03	)	$	0.14	$	0.11
	For the three month periods ended February 28, 2015 and 2014, we excluded 0.7 million and 1.2 million common stock equivalents, respectively, from our earnings per share calculation because of their anti-dilutive effect on this calculation.  For the three month period ended February 28, 2014, no adjustment for common stock equivalents is reflected in the calculation of dilutive loss per share because the effect of including these potentially dilutive items would be anti-dilutive.  For the six month periods ended February 28, 2015 and 2014, we excluded 0.7 million and 0.3 million common stock equivalents, respectively, from our earnings per share calculation because of their anti-dilutive effect on this calculation.

SECURITIZATION_OF_CERTAIN_ACCO

SECURITIZATION OF CERTAIN ACCOUNTS RECEIVABLE	6 Months Ended
	Feb. 28, 2015
Securitization of Certain Accounts Receivable
SECURITIZATION OF CERTAIN ACCOUNTS RECEIVABLE
	7. SECURITIZATION OF CERTAIN ACCOUNTS RECEIVABLE
	On May 31, 2013, we entered into a Master Receivables Purchase Agreement with Bank of America N.A. (“BofA”), whereby BofA may periodically purchase certain accounts receivable amounts from us. Proceeds received from these transfers will be discounted at a rate of LIBOR plus 225 basis points, which is currently less than our cost of borrowing. We receive the majority of those proceeds immediately upon our transfer of qualifying receivable balances to BofA, whereas the billing terms associated with accounts receivable that we may subject to this program can range up to one year. We believe these transfers represent an economical means to manage operating working capital. We will continue to administer the collection of the accounts receivable that are securitized under this agreement. Therefore, we account for the transfer of these receivables as securitized borrowing transactions rather than a true sale of accounts receivable. Accounts receivable subject to this agreement remain classified as accounts receivable, less reserve for doubtful accounts in our condensed consolidated balance sheets. As of February 28, 2015, the amount of securitized borrowings reflected within other accrued liabilities in our condensed consolidated balance sheets totaled $8.2 million. The expense that we recorded in connection with the discount incurred on the transfer of these receivables, which was nominal, is reflected within interest expense, net in our condensed consolidated statements of operations. The proceeds received from these transfers are reflected as secured borrowings in our condensed consolidated statements of cash flows.

RESTRUCTURING

RESTRUCTURING	6 Months Ended
	Feb. 28, 2015
Restructuring
RESTRUCTURING
	8. RESTRUCTURING
	In fiscal year 2013, we began executing a variety of complexity-reduction activities, including facilities consolidation, process simplification, product-line and customer rationalization, and headcount reductions related to such activities. In the second quarter of fiscal 2015, we recorded $0.6 million of additional restructuring charges related to the simplification and alignment of our U.S. commercial and European operations. As of February 28, 2015, the restructuring reserve was classified as short-term and included in accrued compensation on the accompanying condensed consolidated balance sheets:
		Severance			Facility Exit
		Costs			Costs
	Balance as of August 31, 2014	$	834		$	261
	Restructuring charges, net	578			(71		)
	Cash payments	(251		)	(190		)
	Foreign currency translation	(67		)	—
	Balance as of February 28, 2015	$	1,094		$	—

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Feb. 28, 2015
Acquisitions
ACQUISITIONS
	9. ACQUISITIONS
	Vehicle Care division of Ecolab Inc.
	We completed the acquisition of Ecolab’s Vehicle Care division (“EVC”), effective December 1, 2012 (“Closing Date”), for $116.8 million in cash.  The combination of EVC, our existing North American Sales and Service vehicle wash operations, and Niagara National LLC created a new platform that we refer to as “Zep Vehicle Care.”  Zep Vehicle Care is a leading provider of vehicle care products, including soaps, polishes, sealants, wheel and tire treatments and air fresheners to professional car washes, convenience stores, auto detailers, and commercial fleet wash customers.  Zep Vehicle Care provides car, truck and fleet wash operators with high efficacy products for their wash tunnels and facilities. In addition, we entered into a transition services agreement under which Ecolab continued to provide certain services to us until December 1, 2013.
	The operating results of EVC are included in our condensed consolidated financial statements as of the Closing Date. We incurred acquisition and integration costs associated with the EVC acquisition and our previous acquisitions during the three and six months ended February 28, 2014 of $0.4 million and $1.0 million, respectively.

SUBSEQUENT_EVENT

SUBSEQUENT EVENT	6 Months Ended
	Feb. 28, 2015
Subsequent Events
Subsequent Event
	10. SUBSEQUENT EVENT
	On April 8, 2015, the Company announced that it has entered into a definitive agreement under which New Mountain Capital will acquire all outstanding common shares of Zep Inc. for $20.05 per share in cash. The enterprise value of the transaction is approximately $692 million.
	Under the terms of the agreement, Zep Inc. shareholders will receive $20.05 in cash for each outstanding share of Zep Inc. common stock they own. The purchase price represents a 23% premium to Zep Inc.’s 90-day volume weighted average stock price for the period ended April 7, 2015. The agreement was unanimously approved by Zep Inc.’s Board of Directors.
	The definitive agreement contains a “go-shop” provision under which Zep Inc. may solicit alternative proposals from third parties during the next 30 calendar days on customary terms and conditions for transactions of this nature.  The Zep Inc. Board, with the assistance of its advisors, has the right to actively solicit acquisition proposals during this period.  There can be no assurances that this process will result in any alternative transaction.
	The acquisition is subject to customary closing conditions, including receipt of shareholder and regulatory approvals. The acquisition requires the affirmative vote of a majority of the votes cast by the holders of outstanding shares of the Company’s stock, which will be sought at a special meeting of shareholders. New Mountain Capital has received fully committed debt financing in connection with the acquisition. The transaction is currently expected to close in the third calendar quarter of 2015.

DESCRIPTION_OF_BUSINESS_AND_BA1

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Feb. 28, 2015
Descripition Of Business And Basis Of Presentation
Basis of Presentation
	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended August 31, 2014 filed with the United States Securities and Exchange Commission (“SEC”) on November 12, 2014.  Management believes that all adjustments necessary for the fair statement of results, consisting of normal recurring items, have been included in the accompanying unaudited condensed consolidated financial statements.
	The preparation of our condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The principal areas of judgment relate to: (1) accounts receivable, including estimates as to the recoverability of insurance receivables; (2) inventories; (3) long-lived and definite-lived intangible assets; (4) goodwill and indefinite-lived intangibles; (5) self-insurance reserves; (6) assessment of loss contingencies, including environmental and litigation liabilities; and (7) legal and other contingencies. Future events and their effects cannot be predicted with certainty, and accordingly, our accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of our condensed consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. We evaluate and update our assumptions and estimates on an ongoing basis and may employ outside experts to assist in our evaluations. Actual results could differ from the estimates we have used.
	The results of operations for the three and six months ended February 28, 2015 are not necessarily indicative of the results we expect for the full fiscal year because our net sales, net income and operating cash flows are generally higher in the second half of our fiscal year. More specifically, due to the seasonal nature of a portion of our business and the number of available selling days, sales in the third and fourth quarters of our fiscal year have historically exceeded those generated in the first half of the fiscal year.
Consolidation Policy
	Consolidation Policy
	We consolidate all entities that we control.  The general condition for control is ownership of a majority of the voting interests of an entity. Control may also exist in arrangements where we are the primary beneficiary of a variable interest entity (“VIE”). An entity that will have both the power to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb the losses or receive the benefits significant to the VIE is considered a primary beneficiary of that entity. We have determined that we are not a primary beneficiary in any material VIE.  We eliminate all significant intercompany accounts and transactions from our condensed consolidated financial statements.
Fair Value Disclosures
	Fair Value Disclosures
	Our financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, and debt. The net book values of cash and cash equivalents, trade receivables, and trade payables are representative of their respective fair values due to their short-term nature. We estimate that the carrying value of all of our outstanding debt obligations approximates fair value based on the variable nature of our effective interest rate associated with the indebtedness, which is a Level 2 fair value estimate based on a market approach.

FIRE_AT_AEROSOL_MANUFACTURING_1

FIRE AT AEROSOL MANUFACTURING FACILITY (Tables)	6 Months Ended
	Feb. 28, 2015
Fire At Aerosol Manufacturing Facility
Schedule of total costs incurred and lost margin related to the fire
			Six Months Ended February 28, 2015							Since the Fire Occurred May 23, 2014
			Incurred			Recoveries		Insurance		Incurred		Recoveries		Insurance
						Recorded		Proceeds				Recorded		Proceeds
	Incremental costs(1)		$	13,317		$	13,317	$	16,859	$	31,423	$	31,423	$	21,859
	Lost gross earnings(2)		1,590			1,000		1,000		4,443		1,000		1,000
	Total					$	14,317	$	17,859			$	32,423	$	22,859
		-1		We record estimated insurance recoveries for excess costs related to the fire to the extent we have determined that recovery of such costs is probable, thereby offsetting the costs incurred.
		-2		We record recoveries for lost gross earnings due to the fire only when we have received the cash proceeds or a written confirmation of the amount of the proceeds from the insurer.  We continue to be in discussions with our insurance companies regarding the recoverability of the remaining $3.4 million of unrecovered lost gross earnings.
Schedule of insurance receivable balance
	Balance at August 31, 2014		$	13,106
	Fire related costs to be recovered:
	Employee related expenses		3,988
	Incremental costs of outsourced production		5,471
	Professional fees		636
	Clean up and waste removal		790
	Other fire related costs		2,432
	Total additional fire related costs		13,317
	Less: Cash proceeds received (excluding $1,000 recorded as fire related gain, net)		(16,859		)
	Balance at February 28, 2015		$	9,564

INVENTORIES_Tables

INVENTORIES (Tables)	6 Months Ended
	Feb. 28, 2015
Inventories.
Schedule of inventories
		February 28, 2015			August 31, 2014
	Raw materials and supplies	$	15,283		$	15,386
	Work in process	4,711			1,721
	Finished goods	66,303			60,959
		86,297			78,066
	Less: Reserves	(2,433		)	(2,116		)
	Inventories, net	$	83,864		$	75,950

DEBT_OBLIGATIONS_Tables

DEBT OBLIGATIONS (Tables)	6 Months Ended
	Feb. 28, 2015
Debt Obligations
Schedule of indebtedness and credit arrangements
		February 28, 2015			August 31, 2014
	Revolving credit facility and capital leases	$	137,564		$	125,006
	Term loan	73,125			75,000
	Industrial revenue bonds	—			7,150
		210,689			207,156
	Less: Debt discount	(242		)	(270		)
	Less: Current maturities of long-term debt	(20,001		)	(20,006		)
	Long term debt, less current maturities	$	190,446		$	186,880

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	6 Months Ended
	Feb. 28, 2015
Earnings Per Share
Schedule of basic and diluted earnings per common share
		Three Months Ended					Six Months Ended
		February 28,					February 28,
		2015		2014			2015		2014
	Net income (loss)	$	162	$	(682	)	$	3,300	$	2,415
	Basic weighted average shares outstanding	22,553		22,320			22,497		22,242
	Common stock equivalents (stock options and restricted stock)	464		—			496		629
	Diluted weighted average shares outstanding	23,017		22,320			22,993		22,871
	Basic earnings (loss) per share	$	0.01	$	(0.03	)	$	0.15	$	0.11
	Diluted earnings (loss) per share	$	0.01	$	(0.03	)	$	0.14	$	0.11

RESTRUCTURING_Tables

RESTRUCTURING (Tables)	6 Months Ended
	Feb. 28, 2015
Restructuring
Schedule of changes in restructuring reserve
		Severance			Facility Exit
		Costs			Costs
	Balance as of August 31, 2014	$	834		$	261
	Restructuring charges, net	578			(71		)
	Cash payments	(251		)	(190		)
	Foreign currency translation	(67		)	—
	Balance as of February 28, 2015	$	1,094		$	—

FIRE_AT_AEROSOL_MANUFACTURING_2

FIRE AT AEROSOL MANUFACTURING FACILITY (Details) (USD $)	3 Months Ended	6 Months Ended	9 Months Ended
	Feb. 28, 2015	Feb. 28, 2015	Feb. 28, 2015	Aug. 31, 2014
Fire at Aerosol manufacturing facility
Insurance Receivable	$9,564,000	$9,564,000	$9,564,000	$13,106,000
Estimated impact to profit before tax	-1,000,000	-1,000,000
Fire related charges, net
Employee related expenses		3,988,000
Incremental costs of outsourced production		5,471,000
Professional fees		636,000
Clean up and waste removal		790,000
Other fire related costs		2,432,000
Total additional fire related costs		13,317,000
Cash proceeds received (excluding $1,000 recorded as fire related gain, net)		-16,859,000
Aerosol Facility | Fire
Fire at Aerosol manufacturing facility
Losses amount as deductible under first-party insurance		1,000,000
Property damage deductible under commercial liability insurance		1,500,000
Reserve recorded related to third party claims related to the fire	2,800,000	2,800,000	2,800,000
Per claim deductible under workers' compensation insurance		500,000
Number of workers' compensation claim which has been asserted		1
Estimated impact of lost sales related to the fire		3,400,000
Estimated impact to profit before tax related to the fire		1,600,000
Insurance Proceeds		17,859,000	22,859,000
Insurance recoveries		14,317,000	32,423,000
Aerosol Facility | Fire | Incremental costs
Fire at Aerosol manufacturing facility
Incurred		13,317,000	31,423,000
Insurance Proceeds		16,859,000	21,859,000
Insurance recoveries		13,317,000	31,423,000
Aerosol Facility | Fire | Total gross earnings
Fire at Aerosol manufacturing facility
Incurred		1,590,000	4,443,000
Insurance Proceeds		1,000,000	1,000,000
Insurance recoveries		1,000,000	1,000,000
Insurance Recoveries Unrecovered			$3,400,000

INVENTORIES_Details

INVENTORIES (Details) (USD $)	Feb. 28, 2015	Aug. 31, 2014
In Thousands, unless otherwise specified
Inventories
Raw materials and supplies	$15,283	$15,386
Work in process	4,711	1,721
Finished goods	66,303	60,959
Inventory gross	86,297	78,066
Less: Reserves	-2,433	-2,116
Inventories, net	$83,864	$75,950

DEBT_OBLIGATIONS_Details

DEBT OBLIGATIONS (Details) (USD $)	Feb. 28, 2015	Aug. 31, 2014
In Thousands, unless otherwise specified
Credit facility
Long-term debt, total	$210,689	$207,156
Less: debt discount	-242	-270
Less: Current maturities of long-term debt	-20,001	-20,006
Long-term debt, less current maturities	190,446	186,880
Revolving credit facility and capital leases
Credit facility
Long-term debt, total	137,564	125,006
Term loan
Credit facility
Long-term debt, total	73,125	75,000
Industrial revenue bonds
Credit facility
Long-term debt, total		$7,150

DEBT_OBLIGATIONS_Details_2

DEBT OBLIGATIONS (Details 2) (USD $)	0 Months Ended	3 Months Ended	6 Months Ended	0 Months Ended	3 Months Ended	6 Months Ended
	Aug. 21, 2014	Feb. 28, 2015	Feb. 28, 2015	Jul. 15, 2010	Feb. 28, 2014	Feb. 28, 2014	Aug. 31, 2014
Debt obligations
Long-term debt, less current maturities		$190,446,000	$190,446,000				$186,880,000
Outstanding Borrowings		210,689,000	210,689,000				207,156,000
2014 Credit Facility
Debt obligations
Aggregate principal amount	325,000,000
Term of facility	5 years
Long-term debt, less current maturities		190,000,000	190,000,000
Outstanding Borrowings		211,000,000	211,000,000
Projected time period entity believes sufficient liquidity and capital resources to meet needs			12 months
Base interest rate during the period (as a percent)		0.10%	0.20%
Additional interest margin added to variable rate (as a percent)		2.47%	2.47%
Remaining borrowing capacity		60,000,000	60,000,000
2014 revolving loan facility
Debt obligations
Aggregate principal amount	250,000,000
2014 term loan
Debt obligations
Aggregate principal amount	75,000,000
Industrial revenue bonds
Debt obligations
Outstanding Borrowings							7,150,000
2010 Credit Facility
Debt obligations
Term of facility				5 years
Outstanding Borrowings		$0	$0
Additional interest margin added to variable rate (as a percent)					3.50%	3.50%

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Dec. 31, 2010	Feb. 28, 2014	Feb. 28, 2015	Feb. 28, 2014	Aug. 31, 2013
	item				item
Environmental Issue
Loss contingency information
Number of subsidiaries named as a responsible party			1
Aggregate amount expected to be incurred			$5,000,000
Undiscounted pre-tax liability			2,100,000
Environmental Issue | Marietta
Loss contingency information
Number of subsidiaries named as a responsible party			1
Environmental Issue | Cartersville
Loss contingency information
Number of subsidiaries previously conducted manufacturing operations			1
Environmental Issue | Maximum
Loss contingency information
Aggregate amount expected to be incurred			10,000,000
Subsidiaries
Loss contingency information
Number of identified generators who have reached an agreement regarding the allocation of costs					1
Subsidiaries | Environmental Issue | Cartersville
Loss contingency information
Undiscounted pre-tax liability			7,000,000
Subsidiaries | Environmental Issue | Maximum
Loss contingency information
Aggregate amount expected to be incurred			16,000,000
California Sales Representative Litigation
Loss contingency information
Number of sales representatives who have filed suit against the entity	2
Number of plaintiffs with whom claims are settled					2
Legal defense and settlement costs		3,800,000	1,162,000	4,600,000
California Sales Representative Litigation | Interest Expense
Loss contingency information
Interest expense		1,000,000
California Sales Representative Litigation | Selling, General and Administrative Expenses
Loss contingency information
Legal defense and settlement costs classified within interest expense or selling, distribution and administrative expenses		$2,800,000		$3,600,000

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2015	Feb. 28, 2014
Basic earnings (loss) per share:
Net income (loss)	$162	($682)	$3,300	$2,415
Basic weighted average shares outstanding	22,553,000	22,320,000	22,497,000	22,242,000
Common stock equivalents (stock options and restricted stock) (in shares)	464,000		496,000	629,000
Diluted weighted average shares outstanding	23,017,000	22,320,000	22,993,000	22,871,000
Basic earnings (loss) per share (in dollars per share)	$0.01	($0.03)	$0.15	$0.11
Diluted earnings (loss) per share (in dollars per share)	$0.01	($0.03)	$0.14	$0.11
Anti-dilutive common stock equivalents (in shares)	700,000	1,200,000	700,000	300,000

SECURITIZATION_OF_CERTAIN_ACCO1

SECURITIZATION OF CERTAIN ACCOUNTS RECEIVABLE (Details) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Feb. 28, 2015
Maximum period under billing terms associated with accounts receivable	1 year
Amount of securitized borrowings reflected within Other accrued liabilities	$8.20
London interbank offered rate
Basis spread on discounting rate (as a percent)	2.25%

RESTRUCTURING_Details

RESTRUCTURING (Details) (USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2015
Changes to restructuring reserve
Restructuring charges, net	$578	$507
Severance Costs
Changes to restructuring reserve
Balance at the beginning of the period		834
Restructuring charges, net		578
Cash payments		-251
Foreign currency translation		-67
Balance at the end of the period	1,094	1,094
Facility Exit Costs
Changes to restructuring reserve
Balance at the beginning of the period		261
Restructuring charges, net		-71
Cash payments		-190
Additional restructuring charges US commercial and European operations
Changes to restructuring reserve
Restructuring charges, net	$578

ACQUISITIONS_Details

ACQUISITIONS (Details) (USD $)	3 Months Ended	6 Months Ended	0 Months Ended
	Feb. 28, 2014	Feb. 28, 2014	Dec. 01, 2012
Business acquisitions
Acquisition and integration costs	$417,000	$1,031,000
EVC
Business acquisitions
Purchase price in cash			$116,800,000

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (New Mountain Capital, Subsequent Event, USD $)	0 Months Ended
In Millions, except Per Share data, unless otherwise specified	Apr. 08, 2015	Apr. 07, 2015	Apr. 08, 2015
New Mountain Capital | Subsequent Event
Subsequent Event
Share price in cash (in dollars per share)	$20.05		$20.05
Value of transaction	$692
Premium percentage on purchase price		23.00%
Number of days of volume weighted average stock price considered for premium percentage		90 days
Go-shop period for alternative proposals	30 days