Ennis (EBF) 10-Q 10 Jan 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Nov. 30, 2022	Dec. 30, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 30, 2022
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Trading Symbol	EBF
Entity Registrant Name	ENNIS, INC.
Entity Central Index Key	0000033002
Current Fiscal Year End Date	--02-28
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		25,836,392
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	1-5807
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	75-0256410
Entity Address, Address Line One	2441 Presidential Pkwy
Entity Address, City or Town	Midlothian
Entity Address, State or Province	TX
Entity Address, Country	US
Entity Address, Postal Zip Code	76065
City Area Code	972
Local Phone Number	775-9801
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $2.50 per share
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2022	Feb. 28, 2022
Current assets
Cash	$ 87,000	$ 85,606
Accounts receivable, net of allowance for doubtful receivables of $1,692 at November 30, 2022 and $1,200 at February 28, 2022	45,738	39,022
Inventories, net	49,922	38,538
Prepaid expenses	2,434	1,863
Total current assets	185,094	165,029
Property, plant and equipment
Plant, machinery and equipment	153,504	151,126
Land and buildings	59,987	59,642
Computer equipment and software	18,430	18,368
Other	4,321	4,275
Total property, plant and equipment	236,242	233,411
Less accumulated depreciation	186,802	179,778
Net property, plant and equipment	49,440	53,633
Operating lease right-of-use assets, net	14,214	15,544
Goodwill	93,438	88,677
Intangible assets, net	44,078	45,569
Other assets	386	392
Total assets	386,650	368,844
Current liabilities
Accounts payable	15,361	16,678
Accrued expenses	19,117	15,422
Current portion of operating lease liabilities	4,914	5,090
Total current liabilities	39,392	37,190
Liability for pension benefits	3,729	5,729
Deferred income taxes	11,905	11,405
Operating lease liabilities, net of current portion	9,215	10,241
Other liabilities	987	464
Total liabilities	65,228	65,029
Shareholders’ equity
Common stock $2.50 par value, authorized 40,000,000 shares; issued 30,053,443 shares at November 30, 2022 and February 28, 2022	75,134	75,134
Additional paid-in capital	124,593	123,990
Retained earnings	213,725	197,998
Accumulated other comprehensive income loss:
Minimum pension liability, net of taxes	(17,086)	(18,587)
Treasury stock	(74,944)	(74,720)
Total shareholders’ equity	321,422	303,815
Total liabilities and shareholders' equity	$ 386,650	$ 368,844

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2022	Feb. 28, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful receivables	$ 1,692	$ 1,200
Common stock, par value	$ 2.50	$ 2.50
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	30,053,443	30,053,443

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021
Income Statement [Abstract]
Net sales	$ 110,245	$ 102,968	$ 329,145	$ 300,349
Type of revenue [extensible list]	Net sales	Net sales	Net sales	Net sales
Cost of goods sold	$ 76,768	$ 73,768	$ 226,445	$ 213,062
Type of cost, good or service [extensible list]	Cost of goods sold	Cost of goods sold	Cost of goods sold	Cost of goods sold
Gross profit	$ 33,477	$ 29,200	$ 102,700	$ 87,287
Selling, general and administrative	17,292	17,513	52,916	54,523
(Gain) loss from disposal of assets	15	1	15	(275)
Income from operations	16,170	11,686	49,769	33,039
Other expense
Interest expense	0	(3)	0	(7)
Other, net	(496)	(878)	(1,010)	(1,136)
Total other expense	(496)	(881)	(1,010)	(1,143)
Earnings before income taxes	15,674	10,805	48,759	31,896
Income tax expense	4,388	3,242	13,652	9,569
Net earnings	$ 11,286	$ 7,563	$ 35,107	$ 22,327
Weighted average common shares outstanding
Basic	25,809,581	26,020,210	25,812,216	26,053,898
Diluted	25,888,815	26,020,210	25,892,873	26,151,480
Earnings per share
Basic	$ 0.44	$ 0.29	$ 1.36	$ 0.86
Diluted	0.44	0.29	1.36	0.85
Cash dividends per share	$ 0.250	$ 0.250	$ 0.750	$ 0.725

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 11,286	$ 7,563	$ 35,107	$ 22,327
Adjustment to pension, net of deferred tax	717	885	1,501	1,482
Comprehensive income	$ 12,003	$ 8,448	$ 36,608	$ 23,809

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]
Beginning balance at Feb. 28, 2021	$ 300,549	$ 75,134	$ 123,017	$ 194,436	$ (20,282)	$ (71,756)
Beginning balance common stock, shares at Feb. 28, 2021		30,053,443
Beginning balance, treasury stock, shares at Feb. 28, 2021						(4,103,630)
Net earnings	22,327			22,327
Adjustment to pension, net of deferred tax	1,482				1,482
Dividends paid	(18,916)			(18,916)
Stock based compensation	2,444		2,444
Exercise of stock options and restricted stock			(1,717)			$ 1,717
Exercise of stock options and restricted stock, shares						98,188
Common stock repurchases	(1,942)					$ (1,942)
Common stock repurchases, shares						(102,757)
Ending balance at Nov. 30, 2021	305,944	$ 75,134	123,744	197,847	(18,800)	$ (71,981)
Ending balance common stock, shares at Nov. 30, 2021		30,053,443
Ending balance treasury stock, shares at Nov. 30, 2021						(4,108,199)
Beginning balance at Aug. 31, 2021	305,321	$ 75,134	123,116	196,809	(19,685)	$ (70,053)
Beginning balance common stock, shares at Aug. 31, 2021		30,053,443
Beginning balance, treasury stock, shares at Aug. 31, 2021						(4,006,268)
Net earnings	7,563			7,563
Adjustment to pension, net of deferred tax	885				885
Dividends paid	(6,525)			(6,525)
Stock based compensation	642		642
Exercise of stock options and restricted stock			(14)			$ 14
Exercise of stock options and restricted stock, shares						826
Common stock repurchases	(1,942)					$ (1,942)
Common stock repurchases, shares						(102,757)
Ending balance at Nov. 30, 2021	305,944	$ 75,134	123,744	197,847	(18,800)	$ (71,981)
Ending balance common stock, shares at Nov. 30, 2021		30,053,443
Ending balance treasury stock, shares at Nov. 30, 2021						(4,108,199)
Beginning balance at Feb. 28, 2022	$ 303,815	$ 75,134	123,990	197,998	(18,587)	$ (74,720)
Beginning balance common stock, shares at Feb. 28, 2022	30,053,443	30,053,443
Beginning balance, treasury stock, shares at Feb. 28, 2022						(4,253,824)
Net earnings	$ 35,107			35,107
Adjustment to pension, net of deferred tax	1,501				1,501
Dividends paid	(19,380)			(19,380)
Stock based compensation	1,497		1,497
Exercise of stock options and restricted stock	0		(894)			$ 894
Exercise of stock options and restricted stock, shares						51,071
Common stock repurchases	$ (1,118)					$ (1,118)
Common stock repurchases, shares	(64,082)					(64,082)
Ending balance at Nov. 30, 2022	$ 321,422	$ 75,134	124,593	213,725	(17,086)	$ (74,944)
Ending balance common stock, shares at Nov. 30, 2022	30,053,443	30,053,443
Ending balance treasury stock, shares at Nov. 30, 2022						(4,266,835)
Beginning balance at Aug. 31, 2022	$ 315,316	$ 75,134	124,031	208,898	(17,803)	$ (74,944)
Beginning balance common stock, shares at Aug. 31, 2022		30,053,443
Beginning balance, treasury stock, shares at Aug. 31, 2022						(4,266,835)
Net earnings	11,286			11,286
Adjustment to pension, net of deferred tax	717				717
Dividends paid	(6,459)			(6,459)
Stock based compensation	$ 562		562
Common stock repurchases, shares	0
Ending balance at Nov. 30, 2022	$ 321,422	$ 75,134	$ 124,593	$ 213,725	$ (17,086)	$ (74,944)
Ending balance common stock, shares at Nov. 30, 2022	30,053,443	30,053,443
Ending balance treasury stock, shares at Nov. 30, 2022						(4,266,835)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021
Statement of Stockholders' Equity [Abstract]
Deferred tax adjusted to pension	$ 179	$ 295	$ 375	$ 494
Dividends paid per share	$ 0.250	$ 0.250	$ 0.750	$ 0.725

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2022	Nov. 30, 2021
Cash flows from operating activities:
Net earnings	$ 35,107	$ 22,327
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	7,766	7,752
Amortization of intangible assets	5,280	6,137
(Gain) loss from disposal of assets	15	(275)
Bad debt expense, net of recoveries	585	408
Stock based compensation	1,497	2,444
Net pension expense	1	945
Changes in operating assets and liabilities:
Accounts receivable	(5,898)	(569)
Prepaid expenses and income taxes	(487)	(357)
Inventories	(10,921)	(6,227)
Other assets	(570)	(15)
Accounts payable and accrued expenses	1,471	2,090
Other liabilities	151	(365)
Net cash provided by operating activities	33,997	34,295
Cash flows from investing activities:
Capital expenditures	(3,338)	(4,143)
Purchase of businesses, net of cash acquired	(8,767)	(4,340)
Proceeds from disposal of plant and property	0	825
Net cash used in investing activities	(12,105)	(7,658)
Cash flows from financing activities:
Dividends paid	(19,380)	(18,916)
Common stock repurchases	(1,118)	(1,942)
Net cash used in financing activities	(20,498)	(20,858)
Net change in cash	1,394	5,779
Cash at beginning of period	85,606	75,190
Cash at end of period	$ 87,000	$ 80,969

Significant Accounting Policies

Significant Accounting Policies and General Matters	9 Months Ended
	Nov. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies and General Matters	1. Significant Accounting Policies and General Matters Basis of Presentation These unaudited condensed consolidated financial statements of Ennis, Inc. and its subsidiaries (collectively referred to as the “Company,” “Registrant,” “Ennis,” or “we,” “us,” or “our”) for the period ended November 30, 2022 have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP') and pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended February 28, 2022, from which the accompanying consolidated balance sheet at February 28, 2022 was derived. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary for a fair presentation of the interim financial information have been included and are of a normal recurring nature. The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the disclosure and reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis, including those related to bad debts, inventory valuations, property, plant and equipment, intangible assets, pension plan, accrued liabilities, and income taxes. The Company bases estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. The results of operations for any interim period are not necessarily indicative of the results of operations for a full year. Recent Accounting Pronouncements Recently Issued Accounting Updates There are no recent accounting pronouncements that are anticipated to have a material impact on the Company's condensed consolidated financial statements.

Revenue

Revenue	9 Months Ended
	Nov. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	2. Revenue Nature of Revenues Revenues from contracts with customers for the sale of commercial printing products in the continental United States is primarily recognized at a point in time in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods. Revenue from the sale of commercial printing products, including shipping and handling fees billed to customers, is recognized upon the transfer of control to the customer, which is generally upon shipment to the customer when the terms of the sale are freight on board ("FOB") shipping point, or, to a lesser extent, upon delivery to the customer if the terms of the sale are FOB destination. In a small number of cases and upon customer request, the Company prints and stores commercial printing product for customer specified future delivery, generally within the same year as the product is manufactured. In this case, revenue is recognized upon the transfer of control when manufacturing is complete and title and risk of ownership is passed to the customer. Storage revenue for certain customers may be recognized over time rather than at a point in time. As of the date of this report, the amount of storage revenue is not significant to the Company’s condensed consolidated financial statements. The output method for measure of progress is determined to be appropriate. The Company recognizes storage revenue in the amount for which it has the right to invoice for revenue that is recognized over time and for which it demonstrates that the invoiced amount corresponds directly with the value to the customer for the performance completed to date. The Company does not disaggregate revenue and operates in one sales category consisting of commercial printed product revenue, which is reported as net sales on the condensed consolidated statements of operations. The Company does not have material contract assets and contract liabilities as of November 30, 2022. Significant Judgments Generally, the Company’s contracts with customers are comprised of a written quote and customer purchase order or statement of work, and governed by the Company’s trade terms and conditions. In certain instances, it may be further supplemented by separate pricing agreements and customer incentive arrangements, which typically only affect the transaction price. Contracts do not contain a significant financing component as payment terms on invoiced amounts are typically between 30 to 60 days , based on the Company’s credit assessment of individual customers, as well as industry expectations. Product returns are not significant. From time to time, the Company may offer incentives to its customers considered to be variable consideration including volume-based rebates or early payment discounts. Customer incentives considered to be variable consideration are recorded as a reduction to revenue as part of the transaction price at contract inception when there is a basis to reasonably estimate the amount of the incentive and only to the extent that it is probable that a significant reversal of any incremental revenue will not occur. Customer incentives are allocated entirely to the single performance obligation of transferring printed product to the customer. For customers with terms of FOB shipping point, the Company accounts for shipping and handling activities performed after the control of the printed product has been transferred to the customer as a fulfillment cost. The Company accrues for the costs of shipping and handling activities if revenue is recognized before contractually agreed shipping and handling activities occur. The Company’s contracts with customers are generally short-term in nature. Accordingly, the Company does not disclose the value of unsatisfied performance obligations nor the timing of revenue recognition.

Accounts Receivable and Allowan

Accounts Receivable and Allowance for Doubtful Receivables	9 Months Ended
	Nov. 30, 2022
Receivables [Abstract]
Accounts Receivable and Allowance for Doubtful Receivables	3. Accounts Receivable and Allowance for Doubtful Receivables Accounts receivable are reduced by an allowance for an estimate of amounts that are uncollectible. Substantially all of the Company’s receivables are due from customers in the United States. The Company extends credit to its customers based upon its evaluation of the following factors: (i) the customer’s financial condition, (ii) the amount of credit the customer requests, and (iii) the customer’s actual payment history (which includes disputed invoice resolution). The Company does not typically require its customers to post a deposit or supply collateral. The Company’s allowance for doubtful receivables is based on an analysis that estimates the amount of its total customer receivable balance that is not collectible. This analysis includes the pooling of receivables based on risk assessment and then assessing a default probability to these pooled balances, which can be influenced by several factors including (i) current market conditions, (ii) historical experience, (iii) reasonable forecast, and (iv) review of customer receivable aging and payment trends. The Company writes off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance in the period the payment is received. The following table presents the activity in the Company’s allowance for doubtful receivables (in thousands): Three months ended Nine months ended November 30, November 30, 2022 2021 2022 2021 Balance at beginning of period $ 1,523 $ 1,016 $ 1,200 $ 961 Bad debt expense, net of recoveries 192 249 585 408 Accounts written off ( 23 ) - ( 93 ) ( 104 ) Balance at end of period $ 1,692 $ 1,265 $ 1,692 $ 1,265

Inventories

Inventories	9 Months Ended
	Nov. 30, 2022
Inventory Disclosure [Abstract]
Inventories	4. Inventories With the exception of approximately 12.3 % and 14.0 % of its inventories valued at the lower of last-in first-out (" LIFO ") for the periods ended November 30, 2022 and February 28, 2022, respectively, the Company values its inventories at the lower of first-in, first-out (" FIFO ") cost or net realizable value. The Company regularly reviews inventories on hand, using specific aging categories, and writes down the carrying value of its inventories for excess and potentially obsolete inventories based on historical usage and estimated future usage. In assessing the ultimate realization of its inventories, the Company is required to make judgments as to future demand requirements. As actual future demand or market conditions may vary from those projected by the Company, adjustments to inventories may be required. Reserves for excess and obsolete inventory at November 30, 2022 and fiscal year ended February 28, 2022 were $ 1.6 million and $ 1.5 million, respectively. The following table summarizes the components of inventories at the different stages of production as of the dates indicated (in thousands): November 30, February 28, 2022 2022 Raw material $ 31,982 $ 25,276 Work-in-process 7,576 5,547 Finished goods 10,364 7,715 $ 49,922 $ 38,538

Acquisitions

Acquisitions	9 Months Ended
	Nov. 30, 2022
Business Combinations [Abstract]
Acquisitions	5. Acquisitions The Company applies the acquisition method of accounting for business combinations. Under the acquisition method, the acquiring entity in a business combination recognizes 100 % of the assets acquired and liabilities assumed at their acquisition date fair values. Management utilizes valuation techniques appropriate for the asset or liability being measured in determining these fair values. Any excess of the purchase price over amounts allocated to assets acquired, including identifiable intangible assets and liabilities assumed, is recorded as goodwill. Where amounts allocated to assets acquired and liabilities assumed is greater than the purchase price, a bargain purchase gain is recognized. Acquisition-related costs are expensed as incurred. Acquisition of School Photo Marketing On November 30, 2022, the Company acquired the assets and business from School Photo Marketing ("SPM"), which is based in Morganville, New Jersey, for $8.8 million (with additional potential earn-out consideration of up to $1,000,000 over a four-year period upon the attainment of specified financial benchmarks) plus the assumption of trade payables, subject to certain adjustments. The Company performed a preliminary allocation of the total estimated consideration and recorded the underlying assets acquired (including certain identified intangible assets) and liabilities assumed based on their estimated fair values using the information available as of the acquisition date. This allocation is preliminary and subject to change, which may be material. All goodwill of $4.8 million recognized as a part of this acquisition is deductible for tax purposes. The Company also recorded intangible assets with definite lives of approximately $3.2 million in connection with the transaction, which are also deductible for tax purposes. The following table summarizes the Company's preliminary purchase price allocation for SPM as of the acquisition date (in thousands): Accounts receivable $ 1,403 Inventories 463 Other assets 84 Right-of-use asset 487 Property, plant and equipment 250 Goodwill and intangibles 7,974 Operating lease liability ( 487 ) Accounts payable and accrued liabilities ( 1,407 ) $ 8,767 Acquisition of AmeriPrint Corporation On June 1, 2021, the Company acquired the assets and business from AmeriPrint Corporation (" AmeriPrint "), which is based in Harvard, Illinois, for $ 3.9 million in cash plus the assumption of trade payables, subject to certain adjustments. Goodwill of $ 0.5 million recognized as a part of the acquisition is deductible for tax purposes. The Company also recorded intangible assets with definite lives of approximately $ 1.1 million in connection with the transaction. The acquisition of AmeriPrint, which prior to the acquisition generated approximately $ 6.5 million in sales for its fiscal year ended December 31, 2020, brings added capabilities and expertise to our expanding product offering including barcoding and variable imaging. The following is a summary of the purchase price allocation for AmeriPrint (in thousands): Accounts receivable $ 417 Inventories 732 Property, plant and equipment 2,000 Goodwill and intangibles 1,607 Accounts payable and accrued liabilities ( 834 ) $ 3,922

Leases

Leases	9 Months Ended
	Nov. 30, 2022
Leases [Abstract]
Leases	6. Leases The Company leases certain of its facilities and equipment under operating leases, which are recorded as right-of-use assets and lease liabilities. The Company’s leases generally have terms of 1 – 5 years, with certain leases including renewal options to extend the leases for additional periods at the Company’s discretion. At lease inception, all renewal options reasonably certain to be exercised are considered when determining the lease term. The Company currently does not have leases that include options to purchase or provisions that would automatically transfer ownership of the leased property to the Company. Operating lease expense is recognized on a straight-line basis over the lease term, and variable lease payments are expensed as incurred. The Company had no variable lease costs for the nine months ended November 30, 2022 and November 30, 2021. The Company determines whether a contract is or contains a lease at the inception of the contract. A contract will be deemed to be or contain a lease if the contract conveys the right to control and directs the use of identified property, plant, or equipment for a period of time in exchange for consideration. The Company generally must also have the right to obtain substantially all of the economic benefits from the use of the property, plant, and equipment. Operating lease assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. To determine the present value of lease payments not yet paid, the Company estimates incremental borrowing rates based on the BBB Corporate Bond Rate at lease commencement date, as rates are not implicitly stated in most leases. Components of lease expense for the three and nine months ended November 30, 2022 and November 30, 2021 were as follows (in thousands): Three months ended Nine months ended November 30, 2022 November 30, 2021 November 30, 2022 November 30, 2021 Operating lease cost $ 1,517 $ 1,454 $ 4,545 $ 4,688 Supplemental cash flow information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,522 $ 1,459 $ 4,550 $ 4,675 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 2,042 $ — $ 2,848 $ 3,441 Weighted Average Remaining Lease Terms Operating leases 3 Years Weighted Average Discount Rate Operating leases 3.84 % Future minimum lease commitments under non-cancelable operating leases for each of the fiscal years ending are as follows (in thousands): Operating Lease Commitments 2023 (remaining 3 months) $ 1,025 2024 5,248 2025 4,514 2026 2,893 2027 1,168 2028 153 Thereafter - Total future minimum lease payments $ 15,001 Less imputed interest 872 Present value of lease liabilities $ 14,129

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Nov. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	7. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets of acquired businesses and is not amortized. Goodwill and other intangible assets are tested for impairment at a reporting unit level. The annual impairment test of goodwill and intangible assets is performed as of December 1 of each fiscal year. The Company uses qualitative factors to determine whether it is more likely than not (likelihood of more than 50%) that the fair value of a reporting unit exceeds its carrying amount, including goodwill. Some of the qualitative factors used in applying this test include consideration of macroeconomic conditions, industry and market conditions, cost factors affecting the business, overall financial performance of the business, and performance of the share price of the Company. If qualitative factors are not deemed sufficient to conclude that the fair value of the reporting unit more likely than not exceeds its carrying value, then a one-step approach is applied in making an evaluation. The evaluation utilizes multiple valuation methodologies, including a market approach (market price multiples of comparable companies) and an income approach (discounted cash flow analysis). The computations require management to make significant estimates and assumptions, including, among other things, selection of comparable publicly traded companies, the discount rate applied to future earnings reflecting a weighted average cost of capital, and earnings growth assumptions. A discounted cash flow analysis requires management to make various assumptions about future sales, operating margins, capital expenditures, working capital, and growth rates. If the evaluation results in the fair value of the goodwill for the reporting unit being lower than the carrying value, an impairment charge is recorded. Definite-lived intangible assets are amortized over their estimated useful lives and tested for impairment if events or changes in circumstances indicate that the asset may be impaired. The carrying amount and accumulated amortization of the Company’s intangible assets at each balance sheet date are as follows (in thousands): Weighted Average Remaining Gross Life Carrying Accumulated As of November 30, 2022 (in years) Amount Amortization Net Amortized intangible assets Trademarks and trade names 10.4 $ 29,328 $ 11,786 $ 17,542 Customer lists 5.3 79,126 52,666 26,460 Non-compete 2.8 235 159 76 Total 7.3 $ 108,689 $ 64,611 $ 44,078 As of February 28, 2022 Amortized intangible assets Trademarks and trade names 11.0 $ 28,207 $ 10,301 $ 17,906 Customer lists 6.1 76,458 48,903 27,555 Non-compete 3.3 877 769 108 Total 8.0 $ 105,542 $ 59,973 $ 45,569 Aggregate amortization expense was $ 5.3 million and $ 6.1 million for the nine months ended November 30, 2022 and November 30, 2021, respectively. The Company’s estimated amortization expense for the current and next four fiscal years is as follows (in thousands): 2023 $ 7,130 2024 7,354 2025 7,180 2026 6,565 2027 5,481 Changes in the net carrying amount of goodwill as of the dates indicated are as follows (in thousands): Balance as of March 1, 2021 $ 88,647 Goodwill acquired 30 Balance as of February 28, 2022 88,677 Goodwill acquired 4,761 Balance as of November 30, 2022 $ 93,438 During fiscal year 2022, the Company recorded a measurement period adjustment of $ 0.5 million to reduce goodwill related to the Infoseal acquisition. The Company records additions of $ 0.5 million and less than $ 0.1 million to goodwill related to the acquisition of AmeriPrint and Superior Copies, respectively. Additionally, $ 4.8 million was added to goodwill related to the acquisition of SPM.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Nov. 30, 2022
Payables and Accruals [Abstract]
Accrued Expenses	8. Accrued Expenses The following table summarizes the components of accrued expenses as of the dates indicated (in thousands): November 30, 2022 February 28, 2022 Employee compensation and benefits $ 13,907 $ 11,587 Taxes other than income 1,513 947 Accrued legal and professional fees 534 251 Accrued interest - 31 Accrued utilities 128 108 Accrued acquisition related obligations 9 34 Income taxes payable 2,160 1,606 Other accrued expenses 866 858 $ 19,117 $ 15,422

Long-Term Debt

Long-Term Debt	9 Months Ended
	Nov. 30, 2022
Debt Disclosure [Abstract]
Long-Term Debt	9. Long-Term Debt The Company did not renew its Credit Agreement which expired November 11, 2021 . The Company has had no outstanding long-term debt under the revolving credit line since paid in full in August 2019. As of November 30, 2022 , the Company had $ 0.5 million outstanding under a standby letters of credit arrangement secured by a cash collateral bank account.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Nov. 30, 2022
Equity [Abstract]
Shareholders' Equity	10. Shareholders’ Equity The Company’s board of directors (the " Board ") has authorized the repurchase of the Company’s outstanding common stock through a stock repurchase program, which authorized amount is currently up to $ 60.0 million in the aggregate. Under the repurchase program, purchases may be made from time to time in the open market or through privately negotiated transactions depending on market conditions, share price, trading volume and other factors. Such purchases, if any, will be made in accordance with applicable insider trading and other securities laws and regulations. These repurchases may be commenced or suspended at any time or from time to time without prior notice. During the nine months ended November 30, 2022 , the Company repurchased 64,082 shares of common stock under the program at an average price of $ 17.46 . There were no repurchases of common stock during the three-month period ended November 30, 2022 . Since the program’s inception in October 2008, there have been 2,213,111 common shares repurchased at an average price of $ 16.29 per share. As of November 30, 2022 , $ 23.9 million remained available to repurchase shares of the Company’s common stock under the program.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Nov. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	11. Stock Based Compensation The Company grants stock options, restricted stock and restricted stock units (" RSUs ") to key executives and managerial employees and non-employee directors. Prior to June 30, 2021, the Company had one stock incentive plan, the 2004 Long-Term Incentive Plan of Ennis, Inc., as amended and restated as of May 18, 2008 and was further amended on June 30, 2011 (the " Old Plan "). The Old Plan expired June 30, 2021 and all remaining unused shares expired. Subject to the affirmative vote of the shareholders, the Board adopted the 2021 Long-Term Incentive Plan of Ennis, Inc. (the " New Plan ") on April 16, 2021 authorizing 1,033,648 shares of common stock for awards and was approved by the shareholders at the Annual Meeting on July 15, 2021 by a majority vote. The New Plan expires June 30, 2031 and all unissued stock will expire on that date. At November 30, 2022 , the Company has 977,277 shares of unissued common stock reserved under the New Plan for issuance and uses treasury stock to satisfy option exercises and restricted stock awards. The Company recognizes compensation expense based on the grant date fair value of the award for stock options, restricted stock grants and RSUs on a straight-line basis over the requisite service period. The estimated number of shares to be achieved for performance based RSUs is updated each reporting period. For the three months ended November 30, 2022 and November 30, 2021 , the Company included in selling, general and administrative expenses, compensation expense related to stock-based compensation of $ 0.6 million and $ 0.6 million, respectively. For the nine months ended November 30, 2022 and November 30, 2021 , the Company included in selling, general and administrative expenses, compensation expense related to stock-based compensation of $ 1.5 million and $ 2.4 million, respectively. Stock Options The Company had no outstanding vested or unvested stock options at any time during the nine months ended November 30, 2022 and November 30, 2021 . No stock options were granted during the nine months ended November 30, 2022 and November 30, 2021. Restricted Stock The following activity occurred with respect to the Company’s restricted stock awards for the nine months ended November 30, 2022 , of which 22,000 shares were granted under the New Plan: Weighted Average Number of Grant Date Shares Fair Value Outstanding at March 1, 2022 67,164 $ 18.73 Granted 22,000 19.78 Terminated — — Vested ( 39,381 ) 19.00 Outstanding at November 30, 2022 49,783 $ 18.99 As of November 30, 2022 , the total remaining unrecognized compensation cost related to unvested restricted stock was approximately $ 1.1 million. The weighted average remaining requisite service period of the unvested restricted stock awards was 1.7 years . Restricted Stock Units During the nine months ended November 30, 2022 , 39,574 performance-based RSUs and 9,893 time-based RSUs were granted under the New Plan. The fair value of the time-based RSUs was estimated based on the fair market value of the Company’s stock on the date of grant of $ 19.47 per unit. The fair value of the performance-based RSUs, using a Monte Carlo valuation model, was $ 23.17 per unit. The performance measures include a threshold, target and maximum performance level providing the grantees an opportunity to receive more or less shares than targeted depending on actual financial performance. The award will be based on the Company’s return on equity, EBITDA and adjusted for the Company’s Relative Shareholder Return as measured against a defined peer group. The performance-based RSUs will vest no later than March 15, 2024, which is the deadline for the Compensation Committee to determine the extent of the Company’s attainment of the Performance Goals during the Performance Period that ends on February 29, 2024. The time-based RSUs vest ratably over two to three years from the date of grant. The following activity occurred with respect to the Company’s restricted stock units for the nine months ended November 30, 2022 : Time-based Performance-based Weighted Weighted Average Average Number of Grant Date Number of Grant Date Shares Fair Value Shares Fair Value Outstanding at March 1, 2022 35,071 $ 20.38 140,287 $ 23.17 Granted 9,893 19.47 39,574 23.17 Terminated — — — — Vested ( 11,690 ) 20.38 — — Outstanding at November 30, 2022 33,274 $ 20.11 179,861 $ 23.17 As of November 30, 2022, the total remaining unrecognized compensation cost of time-based RSUs was approximatel y $ 0.4 million over a weighted average remaining requisite service period of 1.8 years. As of November 30, 2022 , the total remaining unrecognized compensation of performance-based RSUs was approximately $ 1.7 million over a weighted average remaining requisite service period of 1.7 years.

Pension Plan

Pension Plan	9 Months Ended
	Nov. 30, 2022
Retirement Benefits [Abstract]
Pension Plan	12. Pension Plan The Company and certain subsidiaries have a noncontributory defined benefit retirement plan (the " Pension Plan "), covering approximately 13 % of the Company’s aggregate employees. Benefits are based on years of service and the employee’s average compensation for the highest five compensation years preceding retirement or termination. Pension expense is composed of the following components included in cost of goods sold and selling, general, and administrative expenses in the Company’s consolidated statements of earnings (in thousands): Three months ended Nine months ended November 30, November 30, 2022 2021 2022 2021 Components of net periodic benefit cost Service cost $ 236 $ 269 $ 708 $ 806 Interest cost 492 420 1,475 1,261 Expected return on plan assets ( 924 ) ( 931 ) ( 2,774 ) ( 2,792 ) Amortization of: Unrecognized net loss 601 639 1,806 1,919 Settlement charges 786 750 786 750 Net periodic benefit cost $ 1,191 $ 1,147 $ 2,001 $ 1,944 The Company is required to make contributions to the Pension Plan. These contributions are required under the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (" ERISA "). Due to the enactment of the Highway and Transportation Funding Act (" HATFA ") in August 2014, plan sponsors can calculate the discount rate used to measure the Pension Plan liability using a 25 -year average of interest rates plus or minus a corridor. The Company’s minimum required contribution to the Pension Plan is zero for the Pension Plan year ending February 28, 2023. Assuming a stable funding status, the Company would expect to make a cash contribution to the Pension Plan of between $ 1.5 million and $ 3.0 million per year. However, changes in actual investment returns or in discount rates could change this amount significantly. There was a $ 2.0 million contribution made in September 2022 to avoid a Pension Benefit Guaranty Corporation variable premium. As our Pension Plan assets are invested in marketable securities, fluctuations in market values could potentially impact our funding status, associated liabilities recorded and future required minimum contributions. At November 30, 2022 , we had an unfunded pension liability recorded on our balance sheet of approximately $ 3.7 million.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Nov. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	13. Earnings Per Share Basic earnings per share have been computed by dividing net earnings by the weighted average number of common shares outstanding during the applicable period. Diluted earnings per share reflect the potential dilution that could occur if stock options, performance-based RSUs or other contracts to issue common shares were exercised or converted into common stock. T he following table sets forth the computation for basic and diluted earnings per share for the periods indicated: Three months ended Nine months ended November 30, November 30, 2022 2021 2022 2021 Basic weighted average common shares outstanding 25,809,581 26,020,210 25,812,216 26,053,898 Effect of dilutive RSUs 79,234 — 80,657 97,582 Diluted weighted average common shares outstanding 25,888,815 26,020,210 25,892,873 26,151,480 Earnings per share Net earnings - basic $ 0.44 $ 0.29 $ 1.36 $ 0.86 Net earnings - diluted $ 0.44 $ 0.29 $ 1.36 $ 0.85 Cash dividends $ 0.250 $ 0.250 $ 0.750 $ 0.725 The Company treats unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share. Our unvested restricted shares participate on an equal basis with common shares; therefore, there is no difference in undistributed earnings allocated to each participating security. Accordingly, the presentation above is prepared on a combined basis. No options were outstanding for the nine months ended November 30, 2022 and November 30, 2021 .

Concentrations of Risk

Concentrations of Risk	9 Months Ended
	Nov. 30, 2022
Risks and Uncertainties [Abstract]
Concentrations of Risk	14. Concentrations of Risk Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and trade receivables. Cash is placed with high-credit quality financial institutions. For the purposes of the condensed consolidated statements of cash flows, the Company considers cash to include cash on hand and in bank accounts. The Federal Deposit Insurance Corporation insures accounts up to $ 250,000 . At November 30, 2022 , cash balances included $ 86.2 million that was not federally insured because it represented amounts in individual accounts above the federally insured limit for each such account. This at-risk amount is subject to fluctuation on a daily basis. While management does not believe there is significant risk with respect to such deposits, no assurance can be made that the Company will not experience losses on the Company’s deposits. The Company believes its credit risk with respect to trade receivables is limited due to industry and geographic diversification. As disclosed on the condensed consolidated balance sheets, the Company maintains an allowance for doubtful receivables to cover the Company’s estimate of credit losses associated with accounts receivable. The Company, for quality and pricing reasons, purchases its paper products from a limited number of suppliers. While other sources may be available to the Company to purchase these products, they may not be available at the cost or at the quality the Company has come to expect.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Nov. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	15. Related Party Transactions The Company leases a facility and sells product to an entity controlled by a member of the Board who was the former owner of Integrated Print & Graphics, a business that the Company acquired. The total right-of-use asset and related lease liability as of November 30, 2022 was $ 0.8 million and $ 0.9 million, respectively. During the nine months ended November 30, 2022 , total lease payments made to, and sales made to, the related party were approximately $ 0.3 million and $ 3.0 million, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Nov. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	16. Income Taxes The Company is subject to U.S. federal income tax as well as income taxes of multiple state jurisdictions. The quarterly income tax provision was computed based on our estimated annualized effective tax rate and the full-year forecasted income or loss plus the tax impact of unusual, infrequent, or nonrecurring significant items during the period. Our effective tax rate for the three and nine months ended November 30, 2022 and 2021 was 28.0 % and 30.0 %, respectively, which varied from the U.S. federal statutory tax rate of 21.0 % primarily due to the effects of state income taxes, nondeductible compensation and other permanent items. The Company made cash payments for income taxes of $ 13.1 million and $ 9.7 million, respectively, for the nine months ended November 30, 2022 and 2021.

Subsequent Events

Subsequent Events	9 Months Ended
	Nov. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events On December 15, 2022 , the Board declared a quarterly dividend on the Company's common stock of 25.0 cents per share, which will be paid on February 2, 2023 to shareholders of record as of January 5, 2023 . The expected payout for this dividend is approximately $ 6.5 million.

Significant Accounting Polici_2

Significant Accounting Policies and General Matters (Policies)	9 Months Ended
	Nov. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These unaudited condensed consolidated financial statements of Ennis, Inc. and its subsidiaries (collectively referred to as the “Company,” “Registrant,” “Ennis,” or “we,” “us,” or “our”) for the period ended November 30, 2022 have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP') and pursuant to the rules and regulations of the Securities and Exchange Commission pertaining to interim financial statements. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended February 28, 2022, from which the accompanying consolidated balance sheet at February 28, 2022 was derived. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary for a fair presentation of the interim financial information have been included and are of a normal recurring nature. The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the disclosure and reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis, including those related to bad debts, inventory valuations, property, plant and equipment, intangible assets, pension plan, accrued liabilities, and income taxes. The Company bases estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. The results of operations for any interim period are not necessarily indicative of the results of operations for a full year.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Updates There are no recent accounting pronouncements that are anticipated to have a material impact on the Company's condensed consolidated financial statements.

Accounts Receivable and Allow_2

Accounts Receivable and Allowance for Doubtful Receivables (Tables)	9 Months Ended
	Nov. 30, 2022
Receivables [Abstract]
Allowance for Doubtful Receivables	The following table presents the activity in the Company’s allowance for doubtful receivables (in thousands): Three months ended Nine months ended November 30, November 30, 2022 2021 2022 2021 Balance at beginning of period $ 1,523 $ 1,016 $ 1,200 $ 961 Bad debt expense, net of recoveries 192 249 585 408 Accounts written off ( 23 ) - ( 93 ) ( 104 ) Balance at end of period $ 1,692 $ 1,265 $ 1,692 $ 1,265

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Nov. 30, 2022
Inventory Disclosure [Abstract]
Components of Inventories	The following table summarizes the components of inventories at the different stages of production as of the dates indicated (in thousands): November 30, February 28, 2022 2022 Raw material $ 31,982 $ 25,276 Work-in-process 7,576 5,547 Finished goods 10,364 7,715 $ 49,922 $ 38,538

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Nov. 30, 2022
AmeriPrint Corporation [Member]
Business Acquisition [Line Items]
Summary of Purchase Price Allocation	The following is a summary of the purchase price allocation for AmeriPrint (in thousands): Accounts receivable $ 417 Inventories 732 Property, plant and equipment 2,000 Goodwill and intangibles 1,607 Accounts payable and accrued liabilities ( 834 ) $ 3,922
School Photo Marketing [Member]
Business Acquisition [Line Items]
Summary of Purchase Price Allocation	The following table summarizes the Company's preliminary purchase price allocation for SPM as of the acquisition date (in thousands): Accounts receivable $ 1,403 Inventories 463 Other assets 84 Right-of-use asset 487 Property, plant and equipment 250 Goodwill and intangibles 7,974 Operating lease liability ( 487 ) Accounts payable and accrued liabilities ( 1,407 ) $ 8,767

Leases (Tables)

Leases (Tables)	9 Months Ended
	Nov. 30, 2022
Leases [Abstract]
Components of Lease Expense	Components of lease expense for the three and nine months ended November 30, 2022 and November 30, 2021 were as follows (in thousands): Three months ended Nine months ended November 30, 2022 November 30, 2021 November 30, 2022 November 30, 2021 Operating lease cost $ 1,517 $ 1,454 $ 4,545 $ 4,688 Supplemental cash flow information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,522 $ 1,459 $ 4,550 $ 4,675 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 2,042 $ — $ 2,848 $ 3,441 Weighted Average Remaining Lease Terms Operating leases 3 Years Weighted Average Discount Rate Operating leases 3.84 %
Summary of Future Minimum Lease Commitments Under Non-cancelable Operating Leases	Future minimum lease commitments under non-cancelable operating leases for each of the fiscal years ending are as follows (in thousands): Operating Lease Commitments 2023 (remaining 3 months) $ 1,025 2024 5,248 2025 4,514 2026 2,893 2027 1,168 2028 153 Thereafter - Total future minimum lease payments $ 15,001 Less imputed interest 872 Present value of lease liabilities $ 14,129

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Nov. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying Amount and Accumulated Amortization of Intangible Assets	The carrying amount and accumulated amortization of the Company’s intangible assets at each balance sheet date are as follows (in thousands): Weighted Average Remaining Gross Life Carrying Accumulated As of November 30, 2022 (in years) Amount Amortization Net Amortized intangible assets Trademarks and trade names 10.4 $ 29,328 $ 11,786 $ 17,542 Customer lists 5.3 79,126 52,666 26,460 Non-compete 2.8 235 159 76 Total 7.3 $ 108,689 $ 64,611 $ 44,078 As of February 28, 2022 Amortized intangible assets Trademarks and trade names 11.0 $ 28,207 $ 10,301 $ 17,906 Customer lists 6.1 76,458 48,903 27,555 Non-compete 3.3 877 769 108 Total 8.0 $ 105,542 $ 59,973 $ 45,569
Estimated Amortization Expense	The Company’s estimated amortization expense for the current and next four fiscal years is as follows (in thousands): 2023 $ 7,130 2024 7,354 2025 7,180 2026 6,565 2027 5,481
Changes in Net Carrying Amount of Goodwill	Changes in the net carrying amount of goodwill as of the dates indicated are as follows (in thousands): Balance as of March 1, 2021 $ 88,647 Goodwill acquired 30 Balance as of February 28, 2022 88,677 Goodwill acquired 4,761 Balance as of November 30, 2022 $ 93,438

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Nov. 30, 2022
Payables and Accruals [Abstract]
Components of Accrued Expenses	The following table summarizes the components of accrued expenses as of the dates indicated (in thousands): November 30, 2022 February 28, 2022 Employee compensation and benefits $ 13,907 $ 11,587 Taxes other than income 1,513 947 Accrued legal and professional fees 534 251 Accrued interest - 31 Accrued utilities 128 108 Accrued acquisition related obligations 9 34 Income taxes payable 2,160 1,606 Other accrued expenses 866 858 $ 19,117 $ 15,422

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Nov. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Restricted Stock Awards and Restricted Stock Units Activity	The following activity occurred with respect to the Company’s restricted stock awards for the nine months ended November 30, 2022 , of which 22,000 shares were granted under the New Plan: Weighted Average Number of Grant Date Shares Fair Value Outstanding at March 1, 2022 67,164 $ 18.73 Granted 22,000 19.78 Terminated — — Vested ( 39,381 ) 19.00 Outstanding at November 30, 2022 49,783 $ 18.99 The following activity occurred with respect to the Company’s restricted stock units for the nine months ended November 30, 2022 : Time-based Performance-based Weighted Weighted Average Average Number of Grant Date Number of Grant Date Shares Fair Value Shares Fair Value Outstanding at March 1, 2022 35,071 $ 20.38 140,287 $ 23.17 Granted 9,893 19.47 39,574 23.17 Terminated — — — — Vested ( 11,690 ) 20.38 — — Outstanding at November 30, 2022 33,274 $ 20.11 179,861 $ 23.17

Pension Plan (Tables)

Pension Plan (Tables)	9 Months Ended
	Nov. 30, 2022
Retirement Benefits [Abstract]
Summary of Pension Expense Composed of Components Included in Cost of Goods Sold and Selling, General and Administrative Expenses	Pension expense is composed of the following components included in cost of goods sold and selling, general, and administrative expenses in the Company’s consolidated statements of earnings (in thousands): Three months ended Nine months ended November 30, November 30, 2022 2021 2022 2021 Components of net periodic benefit cost Service cost $ 236 $ 269 $ 708 $ 806 Interest cost 492 420 1,475 1,261 Expected return on plan assets ( 924 ) ( 931 ) ( 2,774 ) ( 2,792 ) Amortization of: Unrecognized net loss 601 639 1,806 1,919 Settlement charges 786 750 786 750 Net periodic benefit cost $ 1,191 $ 1,147 $ 2,001 $ 1,944

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Nov. 30, 2022
Earnings Per Share [Abstract]
Computation for Basic and Diluted Earnings Per Share	T he following table sets forth the computation for basic and diluted earnings per share for the periods indicated: Three months ended Nine months ended November 30, November 30, 2022 2021 2022 2021 Basic weighted average common shares outstanding 25,809,581 26,020,210 25,812,216 26,053,898 Effect of dilutive RSUs 79,234 — 80,657 97,582 Diluted weighted average common shares outstanding 25,888,815 26,020,210 25,892,873 26,151,480 Earnings per share Net earnings - basic $ 0.44 $ 0.29 $ 1.36 $ 0.86 Net earnings - diluted $ 0.44 $ 0.29 $ 1.36 $ 0.85 Cash dividends $ 0.250 $ 0.250 $ 0.750 $ 0.725

Revenue - Additional Informatio

Revenue - Additional Information (Detail)	9 Months Ended
	Nov. 30, 2022
Disaggregation Of Revenue [Line Items]
Revenue unsatisfied performance obligation, practical expedient	true
Minimum [Member]
Disaggregation Of Revenue [Line Items]
Contract with customer, customer payment terms	30 days
Maximum [Member]
Disaggregation Of Revenue [Line Items]
Contract with customer, customer payment terms	60 days

Accounts Receivable and Allow_3

Accounts Receivable and Allowance for Doubtful Receivables - Allowance for Doubtful Receivables (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021
Receivables [Abstract]
Balance at beginning of period	$ 1,523	$ 1,016	$ 1,200	$ 961
Bad debt expense, net of recoveries	192	249	585	408
Accounts written off	(23)	0	(93)	(104)
Balance at end of period	$ 1,692	$ 1,265	$ 1,692	$ 1,265

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Millions	Nov. 30, 2022	Feb. 28, 2022
Inventory Disclosure [Abstract]
Percentage of Inventories valued at LIFO	12.30%	14%
Amount of valuation reserve for excess and obsolete inventory	$ 1.6	$ 1.5

Inventories - Components of Inv

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	Nov. 30, 2022	Feb. 28, 2022
Inventory Disclosure [Abstract]
Raw material	$ 31,982	$ 25,276
Work-in-process	7,576	5,547
Finished goods	10,364	7,715
Inventories	$ 49,922	$ 38,538

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Nov. 30, 2022	Feb. 28, 2022	Jun. 01, 2021	Feb. 28, 2021
Business Acquisition [Line Items]
Percentage of assets acquired and liabilities assumed at their acquisition date fair values		100%
Goodwill		$ 93,438	$ 88,677		$ 88,647
AmeriPrint Corporation [Member]
Business Acquisition [Line Items]
Total purchase consideration		3,922		$ 3,900
Goodwill				500
Intangible assets				$ 1,100
Net sales	$ 6,500
School Photo Marketing [Member]
Business Acquisition [Line Items]
Total purchase consideration		$ 8,767

Acquisitions - Summary of Purch

Acquisitions - Summary of Purchase Price Allocation (Detail) - USD ($) $ in Thousands	Nov. 30, 2022	Jun. 01, 2021
AmeriPrint Corporation [Member]
Business Acquisition [Line Items]
Accounts receivable	$ 417
Inventories	732
Property, plant & equipment	2,000
Goodwill and intangibles	1,607
Accounts payable and accrued liabilities	(834)
Total purchase consideration	3,922	$ 3,900
School Photo Marketing [Member]
Business Acquisition [Line Items]
Accounts receivable	1,403
Inventories	463
Other assets	84
Right-of-use asset	487
Property, plant & equipment	250
Goodwill and intangibles	7,974
Operating lease liability	(487)
Accounts payable and accrued liabilities	(1,407)
Total purchase consideration	$ 8,767

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2022	Nov. 30, 2021
Lessee Lease Description [Line Items]
Leases description	The Company leases certain of its facilities and equipment under operating leases, which are recorded as right-of-use assets and lease liabilities. The Company’s leases generally have terms of 1 – 5 years, with certain leases including renewal options to extend the leases for additional periods at the Company’s discretion. At lease inception, all renewal options reasonably certain to be exercised are considered when determining the lease term. The Company currently does not have leases that include options to purchase or provisions that would automatically transfer ownership of the leased property to the Company.
Leases, renewal options, description	The Company’s leases generally have terms of 1 – 5 years, with certain leases including renewal options to extend the leases for additional periods at the Company’s discretion.
Variable lease cost	$ 0	$ 0
Minimum [Member]
Lessee Lease Description [Line Items]
Leases terms	1 year
Maximum [Member]
Lessee Lease Description [Line Items]
Leases terms	5 years

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021
Lease, Cost [Abstract]
Operating lease cost	$ 1,517	$ 1,454	$ 4,545	$ 4,688
Supplemental cash flow information related to leases was as follows:
Cash paid for amounts included in the measurement of lease liabilities, Operating cash flows from operating leases	1,522	1,459	4,550	4,675
Right-of-use assets obtained in exchange for lease obligations, Operating leases	$ 2,042	$ 0	$ 2,848	$ 3,441
Weighted Average Remaining Lease Terms, Operating leases	3 years		3 years
Weighted Average Discount Rate, Operating leases	3.84%		3.84%

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Commitments Under Non-cancelable Operating Leases (Detail) $ in Thousands	Nov. 30, 2022 USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2023 (remaining 3 months)	$ 1,025
2024	5,248
2025	4,514
2026	2,893
2027	1,168
2028	153
Thereafter	0
Total future minimum lease payments	15,001
Less imputed interest	872
Present value of lease liabilities	$ 14,129

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Nov. 30, 2022	Feb. 28, 2022
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (in years)	7 years 3 months 18 days	8 years
Gross Carrying Amount	$ 108,689	$ 105,542
Accumulated Amortization	64,611	59,973
Amortized intangible assets, Net	$ 44,078	$ 45,569
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (in years)	10 years 4 months 24 days	11 years
Gross Carrying Amount	$ 29,328	$ 28,207
Accumulated Amortization	11,786	10,301
Amortized intangible assets, Net	$ 17,542	$ 17,906
Customer Lists [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (in years)	5 years 3 months 18 days	6 years 1 month 6 days
Gross Carrying Amount	$ 79,126	$ 76,458
Accumulated Amortization	52,666	48,903
Amortized intangible assets, Net	$ 26,460	$ 27,555
Non-Compete [Member]
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (in years)	2 years 9 months 18 days	3 years 3 months 18 days
Gross Carrying Amount	$ 235	$ 877
Accumulated Amortization	159	769
Amortized intangible assets, Net	$ 76	$ 108

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Feb. 28, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of trade names, customer lists, and patent	$ 5,280	$ 6,137
Goodwill acquired	$ 4,761		$ 30
Infoseal LLC [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill acquired			500
AmeriPrint Corporation [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill acquired			500
Superior Copies [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill acquired			100
SPM [Member]
Finite-Lived Intangible Assets [Line Items]
Goodwill acquired			$ 4,800

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Estimated Amortization Expense (Detail) $ in Thousands	Nov. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 7,130
2024	7,354
2025	7,180
2026	6,565
2027	$ 5,481

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Changes in Net Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Nov. 30, 2022	Feb. 28, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Beginning balance	$ 88,677	$ 88,647
Goodwill acquired	4,761	30
Goodwill, Ending balance	$ 93,438	$ 88,677

Accrued Expenses - Components o

Accrued Expenses - Components of Accrued Expenses (Detail) - USD ($) $ in Thousands	Nov. 30, 2022	Feb. 28, 2022
Payables and Accruals [Abstract]
Employee compensation and benefits	$ 13,907	$ 11,587
Taxes other than income	1,513	947
Accrued legal and professional fees	534	251
Accrued interest	0	31
Accrued utilities	128	108
Accrued acquisition related obligations	9	34
Income taxes payable	2,160	1,606
Other accrued expenses	866	858
Accrued expenses, Total	$ 19,117	$ 15,422

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) $ in Thousands	9 Months Ended
	Nov. 30, 2022 USD ($)
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit facility maturity date	Nov. 11, 2021
Long-term debt	$ 0
Third Amendment [Member] | Standby Letters of Credit [Member]
Line of Credit Facility [Line Items]
Long-term debt	$ 500

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended	169 Months Ended
	Nov. 30, 2022 USD ($) shares	Nov. 30, 2022 USD ($) $ / shares shares	Nov. 30, 2022 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock | shares	0	64,082	2,213,111
Repurchase of common stock, average cost per share | $ / shares		$ 17.46	$ 16.29
Total remaining amount available to repurchase of shares		$ 23.9
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized aggregate amount	$ 60	$ 60	$ 60

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021	Apr. 16, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of outstanding vested and unvested stock options	0	0	0	0
Number of stock options granted			0	0
Remaining unrecognized compensation cost	$ 1.1		$ 1.1
Weighted average remaining requisite service period			1 year 8 months 12 days
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related stock based compensation before tax	0.6	$ 0.6	$ 1.5	$ 2.4
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted			22,000
RSUs vesting description			The performance-based RSUs will vest no later than March 15, 2024, which is the deadline for the Compensation Committee to determine the extent of the Company’s attainment of the Performance Goals during the Performance Period that ends on February 29, 2024. The time-based RSUs vest ratably over two to three years from the date of grant.
Performance-based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining unrecognized compensation cost	1.7		$ 1.7
Weighted average remaining requisite service period			1 year 8 months 12 days
Restricted stock units granted			39,574
Fair value of restricted stock units granted			$ 23.17
Time-based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining unrecognized compensation cost	$ 0.4		$ 0.4
Weighted average remaining requisite service period			1 year 9 months 18 days
Restricted stock units granted			9,893
Fair value of restricted stock units granted			$ 19.47
2021 Long-Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unissued common stock reserved	977,277		977,277
Number of shares authorized					1,033,648

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Restricted Stock Awards Activity (Detail) - Restricted Stock [Member]	9 Months Ended
	Nov. 30, 2022 $ / shares shares
Restricted stock grant activity
Outstanding at Beginning, Number of Shares | shares	67,164
Number of Shares, Granted | shares	22,000
Number of Shares, Vested | shares	(39,381)
Outstanding at Ending, Number of Shares | shares	49,783
Outstanding at Beginning, Weighted Average Grant Date Fair value | $ / shares	$ 18.73
Weighted Average Grant Date Fair Value, Granted | $ / shares	19.78
Weighted Average Grant Date Fair Value, Vested | $ / shares	19
Outstanding at Ending, Weighted Average Grant Date Fair value | $ / shares	$ 18.99

Stock Based Compensation - Su_2

Stock Based Compensation - Summary of Restricted Stock Units Activity (Detail)	9 Months Ended
	Nov. 30, 2022 $ / shares shares
Time-based RSUs [Member]
Restricted stock unit activity
Outstanding at Beginning, Number of Shares | shares	35,071
Number of Shares, Granted | shares	9,893
Number of Shares, Vested | shares	(11,690)
Outstanding at Ending, Number of Shares | shares	33,274
Outstanding at Beginning, Weighted Average Grant Date Fair value | $ / shares	$ 20.38
Weighted Average Grant Date Fair Value, Granted | $ / shares	19.47
Weighted Average Grant Date Fair Value, Vested | $ / shares	20.38
Outstanding at Ending, Weighted Average Grant Date Fair value | $ / shares	$ 20.11
Performance-based RSUs [Member]
Restricted stock unit activity
Outstanding at Beginning, Number of Shares | shares	140,287
Number of Shares, Granted | shares	39,574
Outstanding at Ending, Number of Shares | shares	179,861
Outstanding at Beginning, Weighted Average Grant Date Fair value | $ / shares	$ 23.17
Weighted Average Grant Date Fair Value, Granted | $ / shares	23.17
Outstanding at Ending, Weighted Average Grant Date Fair value | $ / shares	$ 23.17

Pension Plan - Additional Infor

Pension Plan - Additional Information (Detail) - USD ($)		1 Months Ended	9 Months Ended
	Feb. 28, 2023	Sep. 30, 2022	Nov. 30, 2022	Feb. 28, 2022
Defined Benefit Plan Disclosure [Line Items]
Employees covered under noncontributory Pension Plan			13%
Compensation period preceding retirement and termination			5 years
Period used for calculating Pension Plan liability			25 years
Contribution to avoid a Pension Benefit Guaranty Corporation variable premium		$ 2,000,000
Unfunded pension liability			$ 3,729,000	$ 5,729,000
Minimum [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected contributions			1,500,000
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected contributions			$ 3,000,000
Scenario Forecast [Member]
Defined Benefit Plan Disclosure [Line Items]
Minimum required contribution to the plan	$ 0

Pension Plan - Summary of Pensi

Pension Plan - Summary of Pension Expense Composed of Components Included in Cost of Goods Sold and Selling, General and Administrative Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021
Components of net periodic benefit cost
Service cost	$ 236	$ 269	$ 708	$ 806
Interest cost	492	420	1,475	1,261
Expected return on plan assets	(924)	(931)	(2,774)	(2,792)
Amortization of:
Unrecognized net loss	601	639	1,806	1,919
Settlement charge	786	750	786	750
Net periodic benefit cost	$ 1,191	$ 1,147	$ 2,001	$ 1,944

Earnings Per Share - Computatio

Earnings Per Share - Computation for Basic and Diluted Earnings Per Share (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding	25,809,581	26,020,210	25,812,216	26,053,898
Effect of dilutive RSUs	79,234	0	80,657	97,582
Diluted weighted average common shares outstanding	25,888,815	26,020,210	25,892,873	26,151,480
Earnings per share
Net earnings - basic	$ 0.44	$ 0.29	$ 1.36	$ 0.86
Net earnings - diluted	0.44	0.29	1.36	0.85
Common Stock, Dividends, Per Share, Cash Paid	$ 0.250	$ 0.250	$ 0.750	$ 0.725

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - USD ($)	9 Months Ended
	Nov. 30, 2022	Nov. 30, 2021
Earnings Per Share [Abstract]
Undistributed earnings	$ 0
Options outstanding	0	0

Concentrations of Risk - Additi

Concentrations of Risk - Additional Information (Detail)	Nov. 30, 2022 USD ($)
Concentration Risk [Line Items]
Cash balances not federally insured	$ 86,200,000
Maximum [Member]
Concentration Risk [Line Items]
Maximum insurance available to depositors under the FDIC's general deposit insurance rules	$ 250,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021	Feb. 28, 2022
Related Party Transaction [Line Items]
Operating lease right-of-use assets, net	$ 14,214		$ 14,214		$ 15,544
Operating lease liability	14,129		14,129
Operating lease cost	1,517	$ 1,454	4,545	$ 4,688
Integrated Print & Graphics (Integrated) [Member]
Related Party Transaction [Line Items]
Operating lease right-of-use assets, net	800		800
Operating lease liability	$ 900		900
Operating lease cost			300
Sales received from lease			$ 3,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2022	Nov. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	28%	30%	28%	30%
Statutory rate			21%
Payment for income taxes			$ 13.1	$ 9.7

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] $ / shares in Units, $ in Millions	Dec. 15, 2022 USD ($) $ / shares
Subsequent Event [Line Items]
Dividends payable, date declared	Dec. 15, 2022
Dividend payable date	Feb. 02, 2023
Dividend payable, date of record	Jan. 05, 2023
Expected payout of dividend | $	$ 6.5
Common Stock [Member]
Subsequent Event [Line Items]
Dividend payable per share | $ / shares	$ 0.25