Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
31-May-14 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-May-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
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 Common Stock, Shares Outstanding | ' | 26,142,017 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | 31-May-14 | Feb. 28, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash | $13,266 | $5,316 |
Accounts receivable, net of allowance for doubtful receivables of $3,718 at May 31, 2014 and $3,672 at February 28, 2014 | 63,904 | 63,695 |
Prepaid expenses | 9,218 | 8,152 |
Prepaid income taxes | 162 | 623 |
Inventories | 129,598 | 130,095 |
Deferred income taxes | 6,262 | 6,262 |
Total current assets | 222,410 | 214,143 |
Property, plant and equipment, at cost | ' | ' |
Plant, machinery and equipment | 160,226 | 160,229 |
Land and buildings | 82,649 | 81,555 |
Other | 23,558 | 23,403 |
Total property, plant and equipment | 266,433 | 265,187 |
Less accumulated depreciation | 176,205 | 173,622 |
Net property, plant and equipment | 90,228 | 91,565 |
Goodwill | 115,219 | 115,207 |
Trademarks and trade names | 62,898 | 62,898 |
Other intangible assets, net | 47,460 | 48,877 |
Deferred finance charges, net | 335 | 373 |
Other assets | 3,341 | 3,284 |
Total assets | 541,891 | 536,347 |
Current liabilities | ' | ' |
Accounts payable | 21,290 | 22,062 |
Accrued expenses | ' | ' |
Employee compensation and benefits | 14,149 | 16,520 |
Taxes other than income | 866 | 445 |
Income taxes payable | 3,869 | 338 |
Other | 2,417 | 2,512 |
Total current liabilities | 42,591 | 41,877 |
Long-term debt | 105,500 | 105,500 |
Liability for pension benefits | 2,189 | 1,915 |
Deferred income taxes | 23,504 | 22,904 |
Other liabilities | 1,183 | 1,216 |
Total liabilities | 174,967 | 173,412 |
Commitments and contingencies | ' | ' |
Shareholders' equity | ' | ' |
Preferred stock $10 par value, authorized 1,000,000 shares; none issued | ' | ' |
Common stock $2.50 par value, authorized 40,000,000 shares; issued 30,053,443 shares at May 31 and February 28, 2014 | 75,134 | 75,134 |
Additional paid-in capital | 120,813 | 122,517 |
Retained earnings | 254,602 | 251,137 |
Accumulated other comprehensive income (loss): | ' | ' |
Foreign currency translation, net of taxes | 65 | -915 |
Minimum pension liability, net of taxes | -11,498 | -11,498 |
Total accumulated other comprehensive income (loss) | -11,433 | -12,413 |
Treasury stock | -72,192 | -73,440 |
Total shareholders' equity | 366,924 | 362,935 |
Total liabilities and shareholders' equity | $541,891 | $536,347 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | 31-May-14 | Feb. 28, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for doubtful receivable | $3,718 | $3,672 |
Preferred stock, par value | $10 | $10 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ' | ' |
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 |
CONSOLIDATED_STATEMENTS_OF_EAR
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | 31-May-14 | 31-May-13 |
Income Statement [Abstract] | ' | ' |
Net sales | $141,186 | $138,466 |
Cost of goods sold | 105,798 | 102,671 |
Gross profit margin | 35,388 | 35,795 |
Selling, general and administrative | 21,795 | 22,205 |
Gain from disposal of assets | -1 | -7 |
Income from operations | 13,594 | 13,597 |
Other income (expense) | ' | ' |
Interest expense | -502 | -251 |
Other, net | -343 | 157 |
Total other expense | -845 | -94 |
Earnings before income taxes | 12,749 | 13,503 |
Provision for income taxes | 4,717 | 4,997 |
Net earnings | $8,032 | $8,506 |
Weighted average common shares outstanding | ' | ' |
Basic | 25,973,227 | 26,038,068 |
Diluted | 25,987,377 | 26,055,869 |
Per share amounts | ' | ' |
Net earnings-basic | $0.31 | $0.33 |
Net earnings-diluted | $0.31 | $0.33 |
Cash dividends per share | $0.18 | ' |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' |
Net earnings | $8,032 | $8,506 |
Foreign currency translation adjustment, net of deferred taxes | 980 | 150 |
Comprehensive income | $9,012 | $8,656 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 |
Cash flows from operating activities: | ' | ' |
Net earnings | $8,032 | $8,506 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation | 2,582 | 2,387 |
Amortization of deferred finance charges | 37 | 37 |
Amortization of trade names, customer lists, and patent | 1,417 | 795 |
Gain from disposal of assets | -1 | -7 |
Bad debt expense | 144 | 1,099 |
Stock based compensation | 359 | 405 |
Deferred income taxes | ' | -1 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -263 | -4,850 |
Prepaid expenses | -380 | 4,100 |
Inventories | 642 | 11,683 |
Other assets | -56 | 36 |
Accounts payable and accrued expenses | 558 | -3,167 |
Other liabilities | -33 | 8 |
Liability for pension benefits | 274 | 520 |
Net cash provided by operating activities | 13,312 | 21,551 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -305 | -669 |
Proceeds from disposal of plant and property | 2 | 7 |
Net cash used in investing activities | -303 | -662 |
Cash flows from financing activities: | ' | ' |
Repayment of debt | ' | -12,500 |
Dividends | -4,567 | ' |
Purchase of treasury stock | -869 | -1 |
Proceeds from exercise of stock options | 54 | ' |
Net cash used in financing activities | -5,382 | -12,501 |
Effect of exchange rate changes on cash | 323 | -224 |
Net change in cash | 7,950 | 8,164 |
Cash at beginning of period | 5,316 | 6,232 |
Cash at end of period | $13,266 | $14,396 |
Significant_Accounting_Policie
Significant Accounting Policies and General Matters | 3 Months Ended |
31-May-14 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies and General Matters | ' |
1. Significant Accounting Policies and General Matters | |
Basis of Presentation | |
These unaudited 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 May 31, 2014 have been prepared in accordance with generally accepted accounting principles for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles 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, 2014, from which the accompanying consolidated balance sheet at February 28, 2014 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. In preparing the financial statements, the Company is required to make estimates and assumptions that affect the disclosure and reported amounts of assets and liabilities at the date of the 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 | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-11 “Income Taxes (Topic 40): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”), which requires an unrecognized tax benefit to be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward that the entity intends to use and is available for settlement at the reporting date. ASU 2013-11 is effective for the Company in the first quarter of fiscal year 2015. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. |
Accounts_Receivable_and_Allowa
Accounts Receivable and Allowance for Doubtful Receivables | 3 Months Ended | ||||||||
31-May-14 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts Receivable and Allowance for Doubtful Receivables | ' | ||||||||
2. 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 North America. 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 assessing a default probability to customers’ receivable balances, which is influenced by several factors including (i) current market conditions, (ii) periodic review of customer credit worthiness, and (iii) 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. Credit losses from continuing operations have consistently been within management’s expectations. | |||||||||
The following table presents the activity in the Company’s allowance for doubtful receivables for the three months ended May 31, 2014 and May 31, 2013 (in thousands): | |||||||||
Three months ended | |||||||||
May 31, | |||||||||
2014 | 2013 | ||||||||
Balance at beginning of period | $ | 3,672 | $ | 3,952 | |||||
Bad debt expense | 144 | 1,099 | |||||||
Recoveries | 11 | 5 | |||||||
Accounts written off | (109 | ) | (2,349 | ) | |||||
Balance at end of period | $ | 3,718 | $ | 2,707 | |||||
Inventories
Inventories | 3 Months Ended | ||||||||
31-May-14 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
3. Inventories | |||||||||
The Company uses the lower of last-in, first-out (LIFO) cost or market to value certain of its business forms inventories and the lower of first-in, first-out (FIFO) cost or market to value its remaining forms and apparel inventories. 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. | |||||||||
The following table summarizes the components of inventories at the different stages of production as of the dates indicated (in thousands): | |||||||||
May 31, | February 28, | ||||||||
2014 | 2014 | ||||||||
Raw material | $ | 17,504 | $ | 16,400 | |||||
Work-in-process | 11,904 | 14,386 | |||||||
Finished goods | 100,190 | 99,309 | |||||||
$ | 129,598 | $ | 130,095 | ||||||
Acquisitions
Acquisitions | 3 Months Ended | ||||
31-May-14 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisitions | ' | ||||
4. Acquisitions | |||||
On September 27, 2013, the Company acquired the assets of the Custom Envelope Division (“CED”), part of the Custom Resale Group of Cenveo, Inc., for $47.25 million in cash plus the assumption of certain trade liabilities. The cash portion of the purchase price was funded by borrowing under the Company’s line of credit facility. The CED assets are comprised of the Wisco® (“Wisco”) brand, which is produced at an owned facility in Tullahoma, TN, and the National Imprint Corporation® (“National Imprint®”, “NIC”) brand, which is produced in a leased facility in Claysburg, PA. Wisco produces and folds various types of envelopes, and NIC is an imprinter of envelopes. Both of these products are sold through print distributors and will continue to be operated under the Wisco and NIC brand names at their respective locations. Wisco and NIC had sales in excess of $40 million for the twelve month period ended December 31, 2012. The acquisition expanded and strengthened the envelope product line for the Company. | |||||
The following is a summary of the preliminary purchase price allocations for Wisco and NIC (in thousands): | |||||
Accounts receivable | $ | 3,331 | |||
Inventories | 2,391 | ||||
Other assets | 581 | ||||
Property, plant & equipment | 4,889 | ||||
Customer lists | 26,400 | ||||
Trade names | 3,600 | ||||
Goodwill | 9,462 | ||||
Accounts payable and accrued liabilities | (3,404 | ) | |||
$ | 47,250 | ||||
On September 30, 2013, the Company acquired the assets of the businesses operating under the trade name of Folder Express® from Wright Printing Company for $14.6 million in cash plus the assumption of certain trade payables. The cash portion of the purchase price was funded by borrowing under the Company’s line of credit facility. The businesses produce folders and specialty folders for music stores and public schools. The businesses had combined sales of approximately $20 million during the twelve month period ended December 31, 2012 and will continue to operate under the Folder Express and related brand names. The acquisition expands the Company’s geographic presence in folder products. | |||||
The following is a summary of the preliminary purchase price allocations for Folder Express (in thousands): | |||||
Accounts receivable | $ | 1,171 | |||
Inventories | 2,102 | ||||
Other assets | 196 | ||||
Property, plant & equipment | 1,617 | ||||
Customer lists | 5,920 | ||||
Trade name | 1,520 | ||||
Goodwill | 2,574 | ||||
Accounts payable and accrued liabilities | (493 | ) | |||
$ | 14,607 | ||||
The results of operations for Wisco, NIC and Folder Express are included in the Company’s consolidated financial statements from the dates of acquisition. The following table represents certain operating information on a pro forma basis as though all operations had been acquired as of March 1, 2012, after the estimated impact of adjustments such as amortization of intangible assets, interest expense, interest income, and related tax effects (in thousands, except per share amounts): | |||||
Three months ended | |||||
May 31, | |||||
2013 | |||||
Pro forma net sales | $ | 154,091 | |||
Pro forma net earnings | 9,699 | ||||
Pro forma earnings per share - diluted | 0.37 | ||||
The pro forma results are not necessarily indicative of what would have occurred if the acquisitions had been in effect for the periods presented. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||
5. Goodwill and Other 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 indefinite-lived intangibles are evaluated for impairment on an annual basis, or more frequently if impairment indicators arise, using a fair-value-based test that compares the fair value of the asset to its carrying value. Fair values of reporting units are typically calculated using a factor of expected earnings before interest, taxes, depreciation, and amortization. The Company must make assumptions regarding estimated future cash flows and other factors to determine the fair value of the respective assets in assessing the recoverability of its goodwill and other intangibles. If these estimates or the related assumptions change, the Company may be required to record impairment charges for these assets in the future. | |||||||||||||||||
The cost of intangible assets is based on fair values at the date of acquisition. Intangible assets with determinable lives are amortized on a straight-line basis over their estimated useful life (between 1 and 15 years). Trademarks and trade names with indefinite lives are evaluated for impairment on an annual basis, or more frequently if impairment indicators arise. The Company assesses the recoverability of its definite-lived intangible assets primarily based on its current and anticipated future undiscounted cash flows. | |||||||||||||||||
The carrying amount and accumulated amortization of the Company’s intangible assets at each balance sheet date are as follows (in thousands): | |||||||||||||||||
Weighted | Gross | Accumulated | Net | ||||||||||||||
Average | Carrying | Amortization | |||||||||||||||
Remaining | Amount | ||||||||||||||||
Life | |||||||||||||||||
(in years) | |||||||||||||||||
As of May 31, 2014 | |||||||||||||||||
Amortized intangible assets | |||||||||||||||||
Trade names | — | $ | 1,234 | $ | 1,234 | $ | — | ||||||||||
Customer lists | 6.9 | 70,207 | 23,225 | 46,982 | |||||||||||||
Patent | 3.8 | 773 | 295 | 478 | |||||||||||||
Total | 6.9 | $ | 72,214 | $ | 24,754 | $ | 47,460 | ||||||||||
As of February 28, 2014 | |||||||||||||||||
Amortized intangible assets | |||||||||||||||||
Trade names | — | $ | 1,234 | $ | 1,234 | $ | — | ||||||||||
Customer lists | 7.1 | 70,207 | 21,840 | 48,367 | |||||||||||||
Patent | 4 | 773 | 263 | 510 | |||||||||||||
Total | 7.1 | $ | 72,214 | $ | 23,337 | $ | 48,877 | ||||||||||
May 31, | February 28, | ||||||||||||||||
2014 | 2014 | ||||||||||||||||
Non-amortizing intangible assets | |||||||||||||||||
Trademarks and trade names | $ | 62,898 | $ | 62,898 | |||||||||||||
Aggregate amortization expense for the three months ended May 31, 2014 and May 31, 2013 was $1.4 million and $0.8 million, respectively. | |||||||||||||||||
The Company’s estimated amortization expense for the next five fiscal years ending in February of the stated calendar year is as follows (in thousands): | |||||||||||||||||
2016 | 5,491 | ||||||||||||||||
2017 | 5,491 | ||||||||||||||||
2018 | 5,252 | ||||||||||||||||
2019 | 4,789 | ||||||||||||||||
2020 | 4,383 | ||||||||||||||||
Changes in the net carrying amount of goodwill as of the dates indicated are as follows (in thousands): | |||||||||||||||||
Apparel | |||||||||||||||||
Segment | Segment | ||||||||||||||||
Total | Total | Total | |||||||||||||||
Balance as of February 28, 2013 | $ | 47,260 | $ | 74,549 | $ | 121,809 | |||||||||||
Goodwill acquired | 12,024 | — | 12,024 | ||||||||||||||
Goodwill impairment | — | (18,626 | ) | (18,626 | ) | ||||||||||||
Balance as of February 28, 2014 | 59,284 | 55,923 | 115,207 | ||||||||||||||
Goodwill acquired | 12 | — | 12 | ||||||||||||||
Goodwill impairment | — | — | — | ||||||||||||||
Balance as of May 31, 2014 | $ | 59,296 | $ | 55,923 | $ | 115,219 | |||||||||||
During the fiscal year ended February 28, 2014, $12.0 million was added to goodwill related to the acquisition of the Wisco, NIC and Folder Express assets, and an adjustment of ($18.6) million reflects an impairment charge related to goodwill recorded from the previous acquisition of Alstyle Apparel. During the three months ended May 31, 2014, $12,000 was added to goodwill related to the adjustment of the fair values of certain Wisco assets. |
Other_Accrued_Expenses
Other Accrued Expenses | 3 Months Ended | ||||||||
31-May-14 | |||||||||
Text Block [Abstract] | ' | ||||||||
Other Accrued Expenses | ' | ||||||||
6. Other Accrued Expenses | |||||||||
The following table summarizes the components of other accrued expenses as of the dates indicated (in thousands): | |||||||||
May 31, 2014 | February 28, 2014 | ||||||||
Accrued taxes | $ | 375 | $ | 362 | |||||
Accrued legal and professional fees | 706 | 964 | |||||||
Accrued interest | 159 | 193 | |||||||
Accrued utilities | 124 | 130 | |||||||
Accrued acquisition related obligations | 139 | 146 | |||||||
Other accrued expenses | 914 | 717 | |||||||
$ | 2,417 | $ | 2,512 | ||||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||
31-May-14 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
7. Long-Term Debt | |||||||||
Long-term debt consisted of the following as of the dates indicated (in thousands): | |||||||||
May 31, | February 28, | ||||||||
2014 | 2014 | ||||||||
Revolving credit facility | $ | 105,500 | $ | 105,500 | |||||
On September 19, 2013, the Company entered into the Third Amendment and Consent to Second Amended and Restated Credit Agreement (the “Agreement”) with a syndicate of lenders led by Bank of America, N.A. (the “Facility”). The Amendment amends and restates the financial covenant relating to Minimum Tangible Net Worth. The amended covenant requires a Minimum Tangible Net Worth of $100 million, with step-ups equal to 25% of consolidated net income. The Facility provides the Company access to $150.0 million in revolving credit, which the Company may increase to $200.0 million in certain circumstances, and matures on August 18, 2016. The Facility bears interest at the London Interbank Offered Rate (“LIBOR”) plus a spread ranging from 1.0% to 2.25% (LIBOR + 1.5% or 1.65% at May 31, 2014 and 1.69% at May 31, 2013), depending on the Company’s ratio of total funded debt to the sum of net earnings plus interest, tax, depreciation and amortization (“EBITDA”). As of May 31, 2014, the Company had $105.5 million of borrowings under the revolving credit line and $3.3 million outstanding under standby letters of credit arrangements, leaving the Company availability of approximately $41.2 million. The Facility contains financial covenants, restrictions on capital expenditures, acquisitions, asset dispositions, and additional debt, as well as other customary covenants, such as a minimum tangible equity level and the total funded debt to EBITDA ratio. The Company was in compliance with these covenants as of May 31, 2014. The Facility is secured by substantially all of the Company’s domestic assets as well as all capital securities of each of the Company’s U.S. subsidiaries and 65% of all capital securities of each of the Company’s direct foreign subsidiaries. |
Shareholders_Equity
Shareholders' Equity | 3 Months Ended | ||||||||||||||||||||||||||||||||
31-May-14 | |||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||||||||||
Shareholders' Equity | ' | ||||||||||||||||||||||||||||||||
8. Shareholders’ Equity | |||||||||||||||||||||||||||||||||
Changes in shareholders’ equity accounts for the three months ended May 31, 2014 are as follows (in thousands, except share amounts): | |||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||||||||||
Common Stock | Paid-in | Retained | Comprehensive | Treasury Stock | |||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Income (Loss) | Shares | Amount | Total | ||||||||||||||||||||||||||
Balance February 28, 2014 | 30,053,443 | $ | 75,134 | $ | 122,517 | $ | 251,137 | $ | (12,413 | ) | (4,131,276 | ) | $ | (73,440 | ) | $ | 362,935 | ||||||||||||||||
Net earnings | — | — | — | 8,032 | — | — | — | 8,032 | |||||||||||||||||||||||||
Foreign currency translation, net of deferred tax of $600 | — | — | — | — | 980 | — | — | 980 | |||||||||||||||||||||||||
Dividends declared ($.175 per share) | — | — | — | (4,567 | ) | — | — | — | (4,567 | ) | |||||||||||||||||||||||
Stock based compensation | — | — | 359 | — | — | — | — | 359 | |||||||||||||||||||||||||
Exercise of stock options and restricted stock grants | — | — | (2,063 | ) | — | — | 119,061 | 2,117 | 54 | ||||||||||||||||||||||||
Stock repurchases | — | — | — | — | — | (58,051 | ) | (869 | ) | (869 | ) | ||||||||||||||||||||||
Balance May 31, 2014 | 30,053,443 | $ | 75,134 | $ | 120,813 | $ | 254,602 | $ | (11,433 | ) | (4,070,266 | ) | $ | (72,192 | ) | $ | 366,924 | ||||||||||||||||
On October 20, 2008, the Board of Directors authorized the repurchase of up to $5.0 million of the common stock through a stock repurchase program. Under the board-approved repurchase program, share 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, and 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. On April 20, 2012, the Board increased the authorized amount available to repurchase the Company’s shares by an additional $5.0 million, bringing the total available to repurchase the Company’s common stock to approximately $9.0 million at that time. During the three months ended May 31, 2014 the Company repurchased 58,051 shares of common stock at an average price of $14.96 per share. There have been a total of 273,953 common shares repurchased under the program since its inception at an average price of $13.53 per share. |
Stock_Option_Plan_and_Stock_Ba
Stock Option Plan and Stock Based Compensation | 3 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock Option Plan and Stock Based Compensation | ' | ||||||||||||||||
9. Stock Option Plan and Stock Based Compensation | |||||||||||||||||
The Company grants stock options and restricted stock to key executives and managerial employees and non-employee directors. At May 31, 2014, the Company had one stock option plan, the 2004 Long-Term Incentive Plan of Ennis, Inc., as amended and restated as of June 30, 2011, formerly the 1998 Option and Restricted Stock Plan amended and restated as of May 14, 2008 (the “Plan”). The Company has 775,767 shares of unissued common stock reserved under the Plan for issuance as of May 31, 2014. The exercise price of each stock option granted under the | |||||||||||||||||
Plan equals a referenced price of the Company’s common stock as reported on the New York Stock Exchange on the date of grant, and an option’s maximum term is ten years. Stock options and restricted stock may be granted at different times during the year and vest ratably over various periods, from grant date up to five years. The Company uses treasury stock to satisfy option exercises and restricted stock awards. | |||||||||||||||||
The Company recognizes compensation expense for stock options and restricted stock grants on a straight-line basis over the requisite service period. For the three months ended May 31, 2014 and May 31, 2013, the Company included in selling, general and administrative expenses, compensation expense related to share based compensation of $0.4 million ($0.2 million net of tax), and $0.4 million ($0.3 million net of tax), respectively. | |||||||||||||||||
Stock Options | |||||||||||||||||
The Company had the following stock option activity for the three months ended May 31, 2014: | |||||||||||||||||
Weighted | |||||||||||||||||
Number | Weighted | Average | Aggregate | ||||||||||||||
of | Average | Remaining | Intrinsic | ||||||||||||||
Shares | Exercise | Contractual | Value(a) | ||||||||||||||
(exact quantity) | Price | Life (in years) | (in thousands) | ||||||||||||||
Outstanding at February 28, 2014 | 369,405 | $ | 15.86 | 6 | $ | 416 | |||||||||||
Granted | 31,418 | 15.78 | |||||||||||||||
Terminated | (20,000 | ) | 16.21 | ||||||||||||||
Exercised | (6,000 | ) | 8.94 | ||||||||||||||
Outstanding at May 31, 2014 | 374,823 | $ | 15.95 | 6.4 | $ | 301 | |||||||||||
Exercisable at May 31, 2014 | 295,063 | $ | 16.16 | 5.8 | $ | 274 | |||||||||||
(a) | Intrinsic value is measured as the excess fair market value of the Company’s common stock as reported on the New York Stock Exchange over the applicable exercise price. | ||||||||||||||||
The following is a summary of the assumptions used and the weighted average grant-date fair value of the stock options granted during the three months ended May 31, 2014 and May 31, 2013: | |||||||||||||||||
May 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected volatility | 29.25 | % | 30.41 | % | |||||||||||||
Expected term (years) | 3 | 3 | |||||||||||||||
Risk free interest rate | 0.91 | % | 0.35 | % | |||||||||||||
Dividend yield | 4.11 | % | 4.63 | % | |||||||||||||
Weighted average grant-date fair value | $ | 2.7 | $ | 1.96 | |||||||||||||
A summary of the stock options exercised and tax benefits realized from stock based compensation is presented below (in thousands): | |||||||||||||||||
Three months ended | |||||||||||||||||
May 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Total cash received | $ | 54 | $ | — | |||||||||||||
Income tax benefits | — | — | |||||||||||||||
Total grant-date fair value | 9 | — | |||||||||||||||
Intrinsic value | 36 | — | |||||||||||||||
A summary of the status of the Company’s unvested stock options at February 28, 2014, and changes during the three months ended May 31, 2014 is presented below: | |||||||||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Number | Grant Date | ||||||||||||||||
of Options | Fair Value | ||||||||||||||||
Unvested at February 28, 2014 | 112,211 | $ | 2.89 | ||||||||||||||
New grants | 31,418 | 2.7 | |||||||||||||||
Vested | (63,869 | ) | 3.27 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Unvested at May 31, 2014 | 79,760 | $ | 2.51 | ||||||||||||||
As of May 31, 2014, there was $0.2 million of unrecognized compensation cost related to unvested stock options granted under the Plan. The weighted average remaining requisite service period of the unvested stock options was 2.0 years. The total fair value of shares underlying the options vested during the three months ended May 31, 2014 was $1.0 million. | |||||||||||||||||
Restricted Stock | |||||||||||||||||
The Company had the following restricted stock grant activity for the three months ended May 31, 2014: | |||||||||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Number of | Grant Date | ||||||||||||||||
Shares | Fair Value | ||||||||||||||||
Outstanding at February 28, 2014 | 180,902 | $ | 15.77 | ||||||||||||||
Granted | 85,807 | 15.78 | |||||||||||||||
Terminated | — | — | |||||||||||||||
Vested | (113,061 | ) | 16.42 | ||||||||||||||
Outstanding at May 31, 2014 | 153,648 | $ | 15.3 | ||||||||||||||
As of May 31, 2014, the total remaining unrecognized compensation cost related to unvested restricted stock granted under the Plan was approximately $2.2 million. The weighted average remaining requisite service period of the unvested restricted stock awards was 2.2 years. As of May 31, 2014, the Company’s outstanding restricted stock had an underlying fair value at date of grant of $2.4 million. |
Pension_Plan
Pension Plan | 3 Months Ended | ||||||||
31-May-14 | |||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||
Pension Plan | ' | ||||||||
10. Pension Plan | |||||||||
The Company and certain subsidiaries have a noncontributory defined benefit retirement plan (the “Pension Plan”), covering approximately 8% of 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. The Company’s funding policy is to contribute annually an amount in accordance with the requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”). | |||||||||
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 | |||||||||
May 31, | |||||||||
2014 | 2013 | ||||||||
Components of net periodic benefit cost | |||||||||
Service cost | $ | 281 | $ | 315 | |||||
Interest cost | 612 | 601 | |||||||
Expected return on plan assets | (964 | ) | (872 | ) | |||||
Amortization of: | |||||||||
Prior service cost | (36 | ) | (36 | ) | |||||
Unrecognized net loss | 381 | 512 | |||||||
Net periodic benefit cost | $ | 274 | $ | 520 | |||||
The Company is required to make contributions to the Pension Plan. These contributions are required under the minimum funding requirements of ERISA. Due to the recent enactment of the Moving Ahead for Progress in the 21st Century Act (MAP-21) in July 2012, 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. Prior to MAP-21, the discount rate used in measuring the pension liability was based on the 24-month average of interest rates. As a result of the enactment, which effectively raises the discount rates mandated for determining the value of a pension plan’s benefit liability and annual cost of accruals, the Company’s minimum required contribution to the Pension Plan is zero for the Pension Plan year ending February 28, 2015. However, the Company expects to make a cash contribution to the Pension Plan of between $2.0 million and $3.0 million during fiscal year 2015. The Company contributed $3.0 million to the Pension Plan during fiscal year 2014. |
Earnings_per_Share
Earnings per Share | 3 Months Ended | ||||||||
31-May-14 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings per Share | ' | ||||||||
11. 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 or other contracts to issue common shares were exercised or converted into common stock. | |||||||||
For the three months ended May 31, 2014 and May 31, 2013, 296,668 and 333,405 shares, respectively, related to stock options were not included in the diluted earnings per share computation because their exercise price exceeded the average fair market value of the Company’s stock. The following table sets forth the computation for basic and diluted earnings per share for the periods indicated: | |||||||||
Three months ended | |||||||||
May 31, | |||||||||
2014 | 2013 | ||||||||
Basic weighted average common shares outstanding | 25,973,227 | 26,038,068 | |||||||
Effect of dilutive options | 14,150 | 17,801 | |||||||
Diluted weighted average common shares outstanding | 25,987,377 | 26,055,869 | |||||||
Per share amounts: | |||||||||
Net earnings – basic | $ | 0.31 | $ | 0.33 | |||||
Net earnings – diluted | $ | 0.31 | $ | 0.33 | |||||
Cash dividends | $ | 0.175 | $ | — | |||||
Segment_Information_and_Geogra
Segment Information and Geographic Information | 3 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information and Geographic Information | ' | ||||||||||||||||
12. Segment Information and Geographic Information | |||||||||||||||||
The Company operates in two segments–the Print Segment and the Apparel Segment. | |||||||||||||||||
The Print Segment, which represented 63% of the Company’s consolidated net sales for the three months ended May 31, 2014, is in the business of manufacturing, designing, and selling business forms and other printed business products primarily to distributors located in the United States. The Print Segment operates 50 manufacturing plants throughout the United States in 21 strategically located states. Approximately 95% of the business products manufactured by the Print Segment are custom and semi-custom products, constructed in a wide variety of sizes, colors, number of parts and quantities on an individual job basis depending upon the customers’ specifications. | |||||||||||||||||
The products sold include snap sets, continuous forms, laser cut sheets, tags, labels, envelopes, integrated products, jumbo rolls and pressure sensitive products in short, medium and long runs under the following labels: Ennis®, Royal Business Forms®, Block Graphics®, Specialized Printed Forms®, 360º Custom LabelsSM, ColorWorx®, Enfusion®, Uncompromised Check Solutions®, VersaSeal®, Witt Printing®, B&D Litho®, Genforms®, PrintGraphicsSM, Calibrated Forms®, PrintXcelSM, and Printegra®. The Print Segment also sells the Adams-McClure® brand (which provides Point of Purchase advertising for large franchise and fast food chains as well as kitting and fulfillment); the Admore® and Folder Express® brands (which provide presentation folders and document folders); Ennis Tag & LabelSM (which provides custom printer high performance labels and custom and stock tags); Atlas Tag & Label® (which provides custom and stock tags and labels); Trade Envelopes® and Block Graphics®, Wisco® and National Imprint Corporation® (which provide custom and imprinted envelopes) and Northstar® and General Financial Supply® (which provide financial and security documents). | |||||||||||||||||
The Print Segment sells predominantly through private printers and independent distributors. Northstar also sells direct to a small number of customers. Northstar has continued its focus with large banking organizations on a direct basis (where a distributor is not acceptable or available to the end-user) and has acquired several of the top 25 banks in the United States as customers and is actively working on other large banks within the top 25 tier of banks in the United States. Adams-McClure sales are generally provided through advertising agencies. Assets in this segment increased in 2014 primarily as a result of the Company’s acquisition of Wisco, NIC and Folder Express. | |||||||||||||||||
The Apparel Segment, which accounted for 37% of the Company’s consolidated net sales for the three months ended May 31, 2014, consists of Alstyle Apparel. This group is primarily engaged in the production and sale of activewear including t-shirts, fleece goods, and other wearables. Alstyle sales are seasonal, with sales in the first and second quarters generally being the highest. Substantially all of the Apparel Segment sales are to customers in the United States. | |||||||||||||||||
Corporate information is included to reconcile segment data to the consolidated financial statements and includes assets and expenses related to the Company’s corporate headquarters and other administrative costs. | |||||||||||||||||
Segment data for the three months ended May 31, 2014 and May 31, 2013 were as follows (in thousands): | |||||||||||||||||
Apparel | Consolidated | ||||||||||||||||
Segment | Segment | Corporate | Totals | ||||||||||||||
Three months ended May 31, 2014: | |||||||||||||||||
Net sales | $ | 88,384 | $ | 52,802 | $ | — | $ | 141,186 | |||||||||
Depreciation | 1,564 | 951 | 67 | 2,582 | |||||||||||||
Amortization of identifiable intangibles | 1,050 | 367 | — | 1,417 | |||||||||||||
Segment earnings (loss) before income tax | 15,482 | 1,176 | (3,909 | ) | 12,749 | ||||||||||||
Segment assets | 218,534 | 307,296 | 16,061 | 541,891 | |||||||||||||
Capital expenditures | 252 | 47 | 6 | 305 | |||||||||||||
Apparel | Consolidated | ||||||||||||||||
Segment | Segment | Corporate | Totals | ||||||||||||||
Three months ended May 31, 2013: | |||||||||||||||||
Net sales | $ | 81,439 | $ | 57,027 | $ | — | $ | 138,466 | |||||||||
Depreciation | 1,377 | 970 | 40 | 2,387 | |||||||||||||
Amortization of identifiable intangibles | 428 | 367 | — | 795 | |||||||||||||
Segment earnings (loss) before income tax | 13,447 | 4,368 | (4,312 | ) | 13,503 | ||||||||||||
Segment assets | 161,672 | 307,420 | 20,325 | 489,417 | |||||||||||||
Capital expenditures | 479 | 150 | 40 | 669 | |||||||||||||
Identifiable long-lived assets by country include property, plant, and equipment, net of accumulated depreciation. The Company attributes revenues from external customers to individual geographic areas based on the country where the sale originated. Information about the Company’s operations in different geographic areas as of and for the three months ended is as follows (in thousands): | |||||||||||||||||
United States | Canada | Mexico | Total | ||||||||||||||
Three months ended May 31, 2014: | |||||||||||||||||
Net sales to unaffiliated customers | |||||||||||||||||
Print Segment | $ | 88,384 | $ | — | $ | — | $ | 88,384 | |||||||||
Apparel Segment | 48,002 | 4,627 | 173 | 52,802 | |||||||||||||
$ | 136,386 | $ | 4,627 | $ | 173 | $ | 141,186 | ||||||||||
Identifiable long-lived assets | |||||||||||||||||
Print Segment | $ | 42,537 | $ | — | $ | — | $ | 42,537 | |||||||||
Apparel Segment | 128 | 39 | 43,813 | 43,980 | |||||||||||||
Corporate | 3,711 | — | — | 3,711 | |||||||||||||
$ | 46,376 | $ | 39 | $ | 43,813 | $ | 90,228 | ||||||||||
Three months ended May 31, 2013: | |||||||||||||||||
Net sales to unaffiliated customers | |||||||||||||||||
Print Segment | $ | 81,439 | $ | — | $ | — | $ | 81,439 | |||||||||
Apparel Segment | 51,702 | 5,262 | 63 | 57,027 | |||||||||||||
$ | 133,141 | $ | 5,262 | $ | 63 | $ | 138,466 | ||||||||||
Identifiable long-lived assets | |||||||||||||||||
Print Segment | $ | 39,499 | $ | — | $ | — | $ | 39,499 | |||||||||
Apparel Segment | 215 | 48 | 46,978 | 47,241 | |||||||||||||
Corporate | 3,303 | — | — | 3,303 | |||||||||||||
$ | 43,017 | $ | 48 | $ | 46,978 | $ | 90,043 | ||||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 3 Months Ended | ||||||||
31-May-14 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Supplemental Cash Flow Information | ' | ||||||||
13. Supplemental Cash Flow Information | |||||||||
Net cash flows from operating activities reflect cash payments for interest and income taxes as follows (in thousands): | |||||||||
Three months ended | |||||||||
May 31, | |||||||||
2014 | 2013 | ||||||||
Interest paid | $ | 536 | $ | 267 | |||||
Income taxes paid | $ | 567 | $ | 546 |
Concentrations_of_Risk
Concentrations of Risk | 3 Months Ended |
31-May-14 | |
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. The Company believes its credit risk with respect to trade receivables is limited due to industry and geographic diversification. As disclosed on the 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, cotton and yarn products from a limited number of suppliers. To maintain its high standard of color control associated with its apparel products, the Company purchases its dyeing chemicals from limited sources. 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. | |
For the purposes of the Consolidated Statements of Cash Flows, the Company considers cash to include cash on hand and in bank accounts. The Federal Deposit Insurance Corporation (“FDIC”) insures accounts up to $250,000. At May 31, 2014, cash balances included $10.1 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, we cannot be assured that we will not experience losses on our deposits. At May 31, 2014, the Company had $0.6 million in Canadian and $1.2 million in Mexican bank accounts. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
31-May-14 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
15. Subsequent Events | |
On June 16, 2014, the Company acquired certain assets of Sovereign Business Forms, and its related entities, TRI-C Business Forms, Inc., Falcon Business Forms, Inc., Forms Manufacturers, Inc., Mutual Graphics, Inc., and Curtis Business Forms, Inc. (the “businesses”) for $10.5 million in cash plus the assumption of certain trade liabilities. In addition, if certain financial metrics are met, up to an additional $1.0 million is available to earn over the next 4 years under an earn-out provision. The businesses, which generated approximately $27.1 million in sales during the 2013 calendar year, will continue to operate under their respective brand names. Due to the timing of the acquisition, the preliminary purchase price allocation has not been completed. |
Significant_Accounting_Policie1
Significant Accounting Policies and General Matters (Policies) | 3 Months Ended |
31-May-14 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
These unaudited 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 May 31, 2014 have been prepared in accordance with generally accepted accounting principles for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles 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, 2014, from which the accompanying consolidated balance sheet at February 28, 2014 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. In preparing the financial statements, the Company is required to make estimates and assumptions that affect the disclosure and reported amounts of assets and liabilities at the date of the 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 | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-11 “Income Taxes (Topic 40): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”), which requires an unrecognized tax benefit to be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward that the entity intends to use and is available for settlement at the reporting date. ASU 2013-11 is effective for the Company in the first quarter of fiscal year 2015. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. |
Accounts_Receivable_and_Allowa1
Accounts Receivable and Allowance for Doubtful Receivables (Tables) | 3 Months Ended | ||||||||
31-May-14 | |||||||||
Receivables [Abstract] | ' | ||||||||
Allowance for Doubtful Receivables | ' | ||||||||
The following table presents the activity in the Company’s allowance for doubtful receivables for the three months ended May 31, 2014 and May 31, 2013 (in thousands): | |||||||||
Three months ended | |||||||||
May 31, | |||||||||
2014 | 2013 | ||||||||
Balance at beginning of period | $ | 3,672 | $ | 3,952 | |||||
Bad debt expense | 144 | 1,099 | |||||||
Recoveries | 11 | 5 | |||||||
Accounts written off | (109 | ) | (2,349 | ) | |||||
Balance at end of period | $ | 3,718 | $ | 2,707 | |||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
31-May-14 | |||||||||
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): | |||||||||
May 31, | February 28, | ||||||||
2014 | 2014 | ||||||||
Raw material | $ | 17,504 | $ | 16,400 | |||||
Work-in-process | 11,904 | 14,386 | |||||||
Finished goods | 100,190 | 99,309 | |||||||
$ | 129,598 | $ | 130,095 | ||||||
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | ||||
31-May-14 | |||||
Business Combinations [Abstract] | ' | ||||
Summary of Preliminary Purchase Price Allocations | ' | ||||
The following is a summary of the preliminary purchase price allocations for Wisco and NIC (in thousands): | |||||
Accounts receivable | $ | 3,331 | |||
Inventories | 2,391 | ||||
Other assets | 581 | ||||
Property, plant & equipment | 4,889 | ||||
Customer lists | 26,400 | ||||
Trade names | 3,600 | ||||
Goodwill | 9,462 | ||||
Accounts payable and accrued liabilities | (3,404 | ) | |||
$ | 47,250 | ||||
The following is a summary of the preliminary purchase price allocations for Folder Express (in thousands): | |||||
Accounts receivable | $ | 1,171 | |||
Inventories | 2,102 | ||||
Other assets | 196 | ||||
Property, plant & equipment | 1,617 | ||||
Customer lists | 5,920 | ||||
Trade name | 1,520 | ||||
Goodwill | 2,574 | ||||
Accounts payable and accrued liabilities | (493 | ) | |||
$ | 14,607 | ||||
Summary of Operating Information on a Pro Forma Basis | ' | ||||
The following table represents certain operating information on a pro forma basis as though all operations had been acquired as of March 1, 2012, after the estimated impact of adjustments such as amortization of intangible assets, interest expense, interest income, and related tax effects (in thousands, except per share amounts): | |||||
Three months ended | |||||
May 31, | |||||
2013 | |||||
Pro forma net sales | $ | 154,091 | |||
Pro forma net earnings | 9,699 | ||||
Pro forma earnings per share - diluted | 0.37 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
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 | Gross | Accumulated | Net | ||||||||||||||
Average | Carrying | Amortization | |||||||||||||||
Remaining | Amount | ||||||||||||||||
Life | |||||||||||||||||
(in years) | |||||||||||||||||
As of May 31, 2014 | |||||||||||||||||
Amortized intangible assets | |||||||||||||||||
Trade names | — | $ | 1,234 | $ | 1,234 | $ | — | ||||||||||
Customer lists | 6.9 | 70,207 | 23,225 | 46,982 | |||||||||||||
Patent | 3.8 | 773 | 295 | 478 | |||||||||||||
Total | 6.9 | $ | 72,214 | $ | 24,754 | $ | 47,460 | ||||||||||
As of February 28, 2014 | |||||||||||||||||
Amortized intangible assets | |||||||||||||||||
Trade names | — | $ | 1,234 | $ | 1,234 | $ | — | ||||||||||
Customer lists | 7.1 | 70,207 | 21,840 | 48,367 | |||||||||||||
Patent | 4 | 773 | 263 | 510 | |||||||||||||
Total | 7.1 | $ | 72,214 | $ | 23,337 | $ | 48,877 | ||||||||||
Non-amortizing Intangible Assets | ' | ||||||||||||||||
May 31, | February 28, | ||||||||||||||||
2014 | 2014 | ||||||||||||||||
Non-amortizing intangible assets | |||||||||||||||||
Trademarks and trade names | $ | 62,898 | $ | 62,898 | |||||||||||||
Estimated Amortization Expense | ' | ||||||||||||||||
The Company’s estimated amortization expense for the next five fiscal years ending in February of the stated calendar year is as follows (in thousands): | |||||||||||||||||
2016 | 5,491 | ||||||||||||||||
2017 | 5,491 | ||||||||||||||||
2018 | 5,252 | ||||||||||||||||
2019 | 4,789 | ||||||||||||||||
2020 | 4,383 | ||||||||||||||||
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): | |||||||||||||||||
Apparel | |||||||||||||||||
Segment | Segment | ||||||||||||||||
Total | Total | Total | |||||||||||||||
Balance as of February 28, 2013 | $ | 47,260 | $ | 74,549 | $ | 121,809 | |||||||||||
Goodwill acquired | 12,024 | — | 12,024 | ||||||||||||||
Goodwill impairment | — | (18,626 | ) | (18,626 | ) | ||||||||||||
Balance as of February 28, 2014 | 59,284 | 55,923 | 115,207 | ||||||||||||||
Goodwill acquired | 12 | — | 12 | ||||||||||||||
Goodwill impairment | — | — | — | ||||||||||||||
Balance as of May 31, 2014 | $ | 59,296 | $ | 55,923 | $ | 115,219 | |||||||||||
Other_Accrued_Expenses_Tables
Other Accrued Expenses (Tables) | 3 Months Ended | ||||||||
31-May-14 | |||||||||
Text Block [Abstract] | ' | ||||||||
Components of Other Accrued Expenses | ' | ||||||||
The following table summarizes the components of other accrued expenses as of the dates indicated (in thousands): | |||||||||
May 31, 2014 | February 28, 2014 | ||||||||
Accrued taxes | $ | 375 | $ | 362 | |||||
Accrued legal and professional fees | 706 | 964 | |||||||
Accrued interest | 159 | 193 | |||||||
Accrued utilities | 124 | 130 | |||||||
Accrued acquisition related obligations | 139 | 146 | |||||||
Other accrued expenses | 914 | 717 | |||||||
$ | 2,417 | $ | 2,512 | ||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||
31-May-14 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Long-Term Debt | ' | ||||||||
Long-term debt consisted of the following as of the dates indicated (in thousands): | |||||||||
May 31, | February 28, | ||||||||
2014 | 2014 | ||||||||
Revolving credit facility | $ | 105,500 | $ | 105,500 |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
31-May-14 | |||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||||||||||
Changes in Shareholders' Equity | ' | ||||||||||||||||||||||||||||||||
Changes in shareholders’ equity accounts for the three months ended May 31, 2014 are as follows (in thousands, except share amounts): | |||||||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||||||||||
Common Stock | Paid-in | Retained | Comprehensive | Treasury Stock | |||||||||||||||||||||||||||||
Shares | Amount | Capital | Earnings | Income (Loss) | Shares | Amount | Total | ||||||||||||||||||||||||||
Balance February 28, 2014 | 30,053,443 | $ | 75,134 | $ | 122,517 | $ | 251,137 | $ | (12,413 | ) | (4,131,276 | ) | $ | (73,440 | ) | $ | 362,935 | ||||||||||||||||
Net earnings | — | — | — | 8,032 | — | — | — | 8,032 | |||||||||||||||||||||||||
Foreign currency translation, net of deferred tax of $600 | — | — | — | — | 980 | — | — | 980 | |||||||||||||||||||||||||
Dividends declared ($.175 per share) | — | — | — | (4,567 | ) | — | — | — | (4,567 | ) | |||||||||||||||||||||||
Stock based compensation | — | — | 359 | — | — | — | — | 359 | |||||||||||||||||||||||||
Exercise of stock options and restricted stock grants | — | — | (2,063 | ) | — | — | 119,061 | 2,117 | 54 | ||||||||||||||||||||||||
Stock repurchases | — | — | — | — | — | (58,051 | ) | (869 | ) | (869 | ) | ||||||||||||||||||||||
Balance May 31, 2014 | 30,053,443 | $ | 75,134 | $ | 120,813 | $ | 254,602 | $ | (11,433 | ) | (4,070,266 | ) | $ | (72,192 | ) | $ | 366,924 |
Stock_Option_Plan_and_Stock_Ba1
Stock Option Plan and Stock Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock Option Activity | ' | ||||||||||||||||
The Company had the following stock option activity for the three months ended May 31, 2014: | |||||||||||||||||
Weighted | |||||||||||||||||
Number | Weighted | Average | Aggregate | ||||||||||||||
of | Average | Remaining | Intrinsic | ||||||||||||||
Shares | Exercise | Contractual | Value(a) | ||||||||||||||
(exact quantity) | Price | Life (in years) | (in thousands) | ||||||||||||||
Outstanding at February 28, 2014 | 369,405 | $ | 15.86 | 6 | $ | 416 | |||||||||||
Granted | 31,418 | 15.78 | |||||||||||||||
Terminated | (20,000 | ) | 16.21 | ||||||||||||||
Exercised | (6,000 | ) | 8.94 | ||||||||||||||
Outstanding at May 31, 2014 | 374,823 | $ | 15.95 | 6.4 | $ | 301 | |||||||||||
Exercisable at May 31, 2014 | 295,063 | $ | 16.16 | 5.8 | $ | 274 | |||||||||||
(a) | Intrinsic value is measured as the excess fair market value of the Company’s common stock as reported on the New York Stock Exchange over the applicable exercise price. | ||||||||||||||||
Summary of Assumptions Used and Weighted Average Grant-Date Fair Value of Stock Options Granted | ' | ||||||||||||||||
The following is a summary of the assumptions used and the weighted average grant-date fair value of the stock options granted during the three months ended May 31, 2014 and May 31, 2013: | |||||||||||||||||
May 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Expected volatility | 29.25 | % | 30.41 | % | |||||||||||||
Expected term (years) | 3 | 3 | |||||||||||||||
Risk free interest rate | 0.91 | % | 0.35 | % | |||||||||||||
Dividend yield | 4.11 | % | 4.63 | % | |||||||||||||
Weighted average grant-date fair value | $ | 2.7 | $ | 1.96 | |||||||||||||
Summary of Stock Options Exercised and Tax Benefits Realized from Stock Based Compensation | ' | ||||||||||||||||
A summary of the stock options exercised and tax benefits realized from stock based compensation is presented below (in thousands): | |||||||||||||||||
Three months ended | |||||||||||||||||
May 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Total cash received | $ | 54 | $ | — | |||||||||||||
Income tax benefits | — | — | |||||||||||||||
Total grant-date fair value | 9 | — | |||||||||||||||
Intrinsic value | 36 | — | |||||||||||||||
Summary of Unvested Stock Options | ' | ||||||||||||||||
A summary of the status of the Company’s unvested stock options at February 28, 2014, and changes during the three months ended May 31, 2014 is presented below: | |||||||||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Number | Grant Date | ||||||||||||||||
of Options | Fair Value | ||||||||||||||||
Unvested at February 28, 2014 | 112,211 | $ | 2.89 | ||||||||||||||
New grants | 31,418 | 2.7 | |||||||||||||||
Vested | (63,869 | ) | 3.27 | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Unvested at May 31, 2014 | 79,760 | $ | 2.51 | ||||||||||||||
Restricted Stock Grant Activity | ' | ||||||||||||||||
The Company had the following restricted stock grant activity for the three months ended May 31, 2014: | |||||||||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Number of | Grant Date | ||||||||||||||||
Shares | Fair Value | ||||||||||||||||
Outstanding at February 28, 2014 | 180,902 | $ | 15.77 | ||||||||||||||
Granted | 85,807 | 15.78 | |||||||||||||||
Terminated | — | — | |||||||||||||||
Vested | (113,061 | ) | 16.42 | ||||||||||||||
Outstanding at May 31, 2014 | 153,648 | $ | 15.3 | ||||||||||||||
Pension_Plan_Tables
Pension Plan (Tables) | 3 Months Ended | ||||||||
31-May-14 | |||||||||
Compensation And Retirement Disclosure [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 | |||||||||
May 31, | |||||||||
2014 | 2013 | ||||||||
Components of net periodic benefit cost | |||||||||
Service cost | $ | 281 | $ | 315 | |||||
Interest cost | 612 | 601 | |||||||
Expected return on plan assets | (964 | ) | (872 | ) | |||||
Amortization of: | |||||||||
Prior service cost | (36 | ) | (36 | ) | |||||
Unrecognized net loss | 381 | 512 | |||||||
Net periodic benefit cost | $ | 274 | $ | 520 | |||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 3 Months Ended | ||||||||
31-May-14 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Computation for Basic and Diluted Earnings Per Share | ' | ||||||||
The following table sets forth the computation for basic and diluted earnings per share for the periods indicated: | |||||||||
Three months ended | |||||||||
May 31, | |||||||||
2014 | 2013 | ||||||||
Basic weighted average common shares outstanding | 25,973,227 | 26,038,068 | |||||||
Effect of dilutive options | 14,150 | 17,801 | |||||||
Diluted weighted average common shares outstanding | 25,987,377 | 26,055,869 | |||||||
Per share amounts: | |||||||||
Net earnings – basic | $ | 0.31 | $ | 0.33 | |||||
Net earnings – diluted | $ | 0.31 | $ | 0.33 | |||||
Cash dividends | $ | 0.175 | $ | — | |||||
Segment_Information_and_Geogra1
Segment Information and Geographic Information (Tables) | 3 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Data | ' | ||||||||||||||||
Segment data for the three months ended May 31, 2014 and May 31, 2013 were as follows (in thousands): | |||||||||||||||||
Apparel | Consolidated | ||||||||||||||||
Segment | Segment | Corporate | Totals | ||||||||||||||
Three months ended May 31, 2014: | |||||||||||||||||
Net sales | $ | 88,384 | $ | 52,802 | $ | — | $ | 141,186 | |||||||||
Depreciation | 1,564 | 951 | 67 | 2,582 | |||||||||||||
Amortization of identifiable intangibles | 1,050 | 367 | — | 1,417 | |||||||||||||
Segment earnings (loss) before income tax | 15,482 | 1,176 | (3,909 | ) | 12,749 | ||||||||||||
Segment assets | 218,534 | 307,296 | 16,061 | 541,891 | |||||||||||||
Capital expenditures | 252 | 47 | 6 | 305 | |||||||||||||
Apparel | Consolidated | ||||||||||||||||
Segment | Segment | Corporate | Totals | ||||||||||||||
Three months ended May 31, 2013: | |||||||||||||||||
Net sales | $ | 81,439 | $ | 57,027 | $ | — | $ | 138,466 | |||||||||
Depreciation | 1,377 | 970 | 40 | 2,387 | |||||||||||||
Amortization of identifiable intangibles | 428 | 367 | — | 795 | |||||||||||||
Segment earnings (loss) before income tax | 13,447 | 4,368 | (4,312 | ) | 13,503 | ||||||||||||
Segment assets | 161,672 | 307,420 | 20,325 | 489,417 | |||||||||||||
Capital expenditures | 479 | 150 | 40 | 669 | |||||||||||||
Summary of Company's Operations in Different Geographic Areas | ' | ||||||||||||||||
Information about the Company’s operations in different geographic areas as of and for the three months ended is as follows (in thousands): | |||||||||||||||||
United States | Canada | Mexico | Total | ||||||||||||||
Three months ended May 31, 2014: | |||||||||||||||||
Net sales to unaffiliated customers | |||||||||||||||||
Print Segment | $ | 88,384 | $ | — | $ | — | $ | 88,384 | |||||||||
Apparel Segment | 48,002 | 4,627 | 173 | 52,802 | |||||||||||||
$ | 136,386 | $ | 4,627 | $ | 173 | $ | 141,186 | ||||||||||
Identifiable long-lived assets | |||||||||||||||||
Print Segment | $ | 42,537 | $ | — | $ | — | $ | 42,537 | |||||||||
Apparel Segment | 128 | 39 | 43,813 | 43,980 | |||||||||||||
Corporate | 3,711 | — | — | 3,711 | |||||||||||||
$ | 46,376 | $ | 39 | $ | 43,813 | $ | 90,228 | ||||||||||
Three months ended May 31, 2013: | |||||||||||||||||
Net sales to unaffiliated customers | |||||||||||||||||
Print Segment | $ | 81,439 | $ | — | $ | — | $ | 81,439 | |||||||||
Apparel Segment | 51,702 | 5,262 | 63 | 57,027 | |||||||||||||
$ | 133,141 | $ | 5,262 | $ | 63 | $ | 138,466 | ||||||||||
Identifiable long-lived assets | |||||||||||||||||
Print Segment | $ | 39,499 | $ | — | $ | — | $ | 39,499 | |||||||||
Apparel Segment | 215 | 48 | 46,978 | 47,241 | |||||||||||||
Corporate | 3,303 | — | — | 3,303 | |||||||||||||
$ | 43,017 | $ | 48 | $ | 46,978 | $ | 90,043 | ||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | ||||||||
31-May-14 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Net Cash Flows from Operating Activities Reflect Cash Payments for Interest and Income Taxes | ' | ||||||||
Net cash flows from operating activities reflect cash payments for interest and income taxes as follows (in thousands): | |||||||||
Three months ended | |||||||||
May 31, | |||||||||
2014 | 2013 | ||||||||
Interest paid | $ | 536 | $ | 267 | |||||
Income taxes paid | $ | 567 | $ | 546 |
Accounts_Receivable_and_Allowa2
Accounts Receivable and Allowance for Doubtful Receivables - Allowance for Doubtful Receivables (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 |
Receivables [Abstract] | ' | ' |
Balance at beginning of period | $3,672 | $3,952 |
Bad debt expense | 144 | 1,099 |
Recoveries | 11 | 5 |
Accounts written off | -109 | -2,349 |
Balance at end of period | $3,718 | $2,707 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | 31-May-14 | Feb. 28, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw material | $17,504 | $16,400 |
Work-in-process | 11,904 | 14,386 |
Finished goods | 100,190 | 99,309 |
Inventories | $129,598 | $130,095 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 27, 2013 | Dec. 31, 2012 |
Folder Express [Member] | Folder Express [Member] | Wisco and NIC [Member] | Wisco and NIC [Member] | |||
Minimum [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Total purchase consideration | ' | ' | ' | $14,607 | $47,250 | ' |
Net sales | $141,186 | $138,466 | $20,000 | ' | ' | $40,000 |
Acquisitions_Summary_of_Prelim
Acquisitions - Summary of Preliminary Purchase Price Allocations (Detail) (USD $) | 31-May-14 | Feb. 28, 2014 | Feb. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 27, 2013 | Sep. 27, 2013 | Sep. 27, 2013 |
In Thousands, unless otherwise specified | Folder Express [Member] | Folder Express [Member] | Folder Express [Member] | Wisco and NIC [Member] | Wisco and NIC [Member] | Wisco and NIC [Member] | |||
Trade names [Member] | Customer lists [Member] | Trade names [Member] | Customer lists [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | $1,171 | ' | ' | $3,331 | ' | ' |
Inventories | ' | ' | ' | 2,102 | ' | ' | 2,391 | ' | ' |
Other assets | ' | ' | ' | 196 | ' | ' | 581 | ' | ' |
Property, plant & equipment | ' | ' | ' | 1,617 | ' | ' | 4,889 | ' | ' |
Customer lists and Trade names | ' | ' | ' | ' | 1,520 | 5,920 | ' | 3,600 | 26,400 |
Goodwill | 115,219 | 115,207 | 121,809 | 2,574 | ' | ' | 9,462 | ' | ' |
Accounts payable and accrued liabilities | ' | ' | ' | -493 | ' | ' | -3,404 | ' | ' |
Total purchase consideration | ' | ' | ' | $14,607 | ' | ' | $47,250 | ' | ' |
Acquisitions_Summary_of_Operat
Acquisitions - Summary of Operating Information on Pro Forma Basis (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | 31-May-13 |
Business Combinations [Abstract] | ' |
Pro forma net sales | $154,091 |
Pro forma net earnings | $9,699 |
Pro forma earnings per share - diluted | $0.37 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | Feb. 28, 2014 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful life of asset | '6 years 10 months 24 days | ' | '7 years 1 month 6 days |
Amortization of trade names, customer lists, and patent | $1,417 | $795 | ' |
Goodwill acquired | 12 | ' | 12,024 |
Goodwill impairment | ' | ' | -18,626 |
Wisco and NIC [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill acquired | 12 | ' | 12,000 |
Alstyle Apparel [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill impairment | ' | ' | ($18,600) |
Minimum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful life of asset | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Estimated useful life of asset | '15 years | ' | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | 31-May-14 | Feb. 28, 2014 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Remaining Life (in years) | '6 years 10 months 24 days | '7 years 1 month 6 days |
Gross Carrying Amount | $72,214 | $72,214 |
Accumulated Amortization | 24,754 | 23,337 |
Amortized intangible assets, Net | 47,460 | 48,877 |
Trade names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Remaining Life (in years) | ' | ' |
Gross Carrying Amount | 1,234 | 1,234 |
Accumulated Amortization | 1,234 | 1,234 |
Amortized intangible assets, Net | ' | ' |
Customer lists [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Remaining Life (in years) | '6 years 10 months 24 days | '7 years 1 month 6 days |
Gross Carrying Amount | 70,207 | 70,207 |
Accumulated Amortization | 23,225 | 21,840 |
Amortized intangible assets, Net | 46,982 | 48,367 |
Patent [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Remaining Life (in years) | '3 years 9 months 18 days | '4 years |
Gross Carrying Amount | 773 | 773 |
Accumulated Amortization | 295 | 263 |
Amortized intangible assets, Net | $478 | $510 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Non-amortizing Intangible Assets (Detail) (USD $) | 31-May-14 | Feb. 28, 2014 |
In Thousands, unless otherwise specified | ||
Non-amortizing intangible assets | ' | ' |
Non-amortizing intangible assets amount, Trademarks and trade names | $62,898 | $62,898 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Estimated Amortization Expense (Detail) (USD $) | 31-May-14 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
2016 | $5,491 |
2017 | 5,491 |
2018 | 5,252 |
2019 | 4,789 |
2020 | $4,383 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Changes in Net Carrying Amount of Goodwill (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | 31-May-14 | Feb. 28, 2014 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Goodwill, Beginning balance | $115,207 | $121,809 |
Goodwill acquired | 12 | 12,024 |
Goodwill impairment | ' | -18,626 |
Goodwill, Ending balance | 115,219 | 115,207 |
Print Segment [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Goodwill, Beginning balance | 59,284 | 47,260 |
Goodwill acquired | 12 | 12,024 |
Goodwill impairment | ' | ' |
Goodwill, Ending balance | 59,296 | 59,284 |
Apparel Segment [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Goodwill, Beginning balance | 55,923 | 74,549 |
Goodwill acquired | ' | ' |
Goodwill impairment | ' | -18,626 |
Goodwill, Ending balance | $55,923 | $55,923 |
Other_Accrued_Expenses_Compone
Other Accrued Expenses - Components of Other Accrued Expenses (Detail) (USD $) | 31-May-14 | Feb. 28, 2014 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Accrued taxes | $375 | $362 |
Accrued legal and professional fees | 706 | 964 |
Accrued interest | 159 | 193 |
Accrued utilities | 124 | 130 |
Accrued acquisition related obligations | 139 | 146 |
Other accrued expenses | 914 | 717 |
Other accrued expenses, Total | $2,417 | $2,512 |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Detail) (Revolving Credit Facility [Member], USD $) | 31-May-14 | Feb. 28, 2014 |
In Thousands, unless otherwise specified | ||
Revolving Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Revolving credit facility | $105,500 | $105,500 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 31-May-14 | Feb. 28, 2014 | 31-May-14 | 31-May-14 | Sep. 19, 2013 | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-14 |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Standby letters of credit [Member] | Third Amendment [Member] | Third Amendment [Member] | Second Amendment [Member] | Second Amendment [Member] | Second Amendment [Member] | Second Amendment [Member] | |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||
Minimum [Member] | Maximum [Member] | ||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, initiation date | ' | ' | ' | 19-Sep-13 | ' | ' | ' | ' | ' |
Minimum tangible net worth, amount | ' | ' | ' | ' | $100,000,000 | ' | ' | ' | ' |
Minimum tangible net worth percentage | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' |
Revolving credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' |
Revolving credit facility, additional borrowing capacity | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' |
Revolving credit facility, maturity date | ' | ' | ' | ' | ' | 18-Aug-16 | ' | ' | ' |
Revolving credit facility, interest rate description | ' | ' | ' | ' | ' | 'London Interbank Offered Rate ("LIBOR") plus a spread ranging from 1.0% to 2.25% | ' | ' | ' |
Revolving credit facility, variable basis spread | ' | ' | ' | ' | ' | ' | ' | 1.00% | 2.25% |
Revolving credit facility, interest rate variable basis spread, option one | ' | ' | ' | ' | ' | 1.50% | 1.69% | ' | ' |
Revolving credit facility, interest rate variable basis spread, option two | ' | ' | ' | ' | ' | 1.65% | ' | ' | ' |
Revolving credit facility, outstanding borrowings | 105,500,000 | 105,500,000 | 3,300,000 | ' | ' | ' | ' | ' | ' |
Revolving credit facility, remaining borrowing capacity | ' | ' | $41,200,000 | ' | ' | ' | ' | ' | ' |
Revolving credit facility, percentage of capital securities of direct foreign subsidiary | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Changes_in
Shareholders' Equity - Changes in Shareholders' Equity (Detail) (USD $) | 3 Months Ended | 3 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | Feb. 28, 2014 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 |
Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance, Amount | $362,935 | ' | $75,134 | $75,134 | $122,517 | $251,137 | ($12,413) | ($73,440) |
Beginning Balance, Shares | 30,053,443 | ' | 30,053,443 | 30,053,443 | ' | ' | ' | ' |
Beginning Balance, Treasury Stock, Shares | ' | ' | ' | ' | ' | ' | ' | -4,131,276 |
Net earnings | 8,032 | 8,506 | ' | ' | ' | 8,032 | ' | ' |
Foreign currency translation, net of deferred tax of $600 | 980 | 150 | ' | ' | ' | ' | 980 | ' |
Dividends declared ($.175 per share) | -4,567 | ' | ' | ' | ' | -4,567 | ' | ' |
Stock based compensation | 359 | ' | ' | ' | 359 | ' | ' | ' |
Exercise of stock options and restricted stock grants | 54 | ' | ' | ' | -2,063 | ' | ' | 2,117 |
Exercise of stock options and restricted stock grants, shares | ' | ' | ' | ' | ' | ' | ' | 119,061 |
Stock repurchases | -869 | ' | ' | ' | ' | ' | ' | -869 |
Stock repurchases, shares | ' | ' | ' | ' | ' | ' | ' | -58,051 |
Ending Balance, Amount | $366,924 | ' | $75,134 | $75,134 | $120,813 | $254,602 | ($11,433) | ($72,192) |
Ending Balance, Shares | 30,053,443 | ' | 30,053,443 | 30,053,443 | ' | ' | ' | ' |
Ending Balance, Treasury Stock, Shares | ' | ' | ' | ' | ' | ' | ' | -4,070,266 |
Shareholders_Equity_Changes_in1
Shareholders' Equity - Changes in Shareholders' Equity (Parenthetical) (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | 31-May-14 |
Statement Of Stockholders Equity [Abstract] | ' |
Deferred tax on foreign currency translation | $600 |
Dividends declared | $0.18 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | 31-May-14 | Feb. 28, 2013 |
Statement Of Stockholders Equity [Abstract] | ' | ' |
Repurchase of common stock through a stock repurchase program | $5 | ' |
Share purchased under the repurchase program | 58,051 | ' |
Average price from inception of program | $14.96 | ' |
Common stock shares repurchased | 273,953 | ' |
Common stock average price, repurchased | $13.53 | ' |
Additional authorized amount available to repurchase shares | ' | 5 |
Total amount available to repurchase of shares | ' | $9 |
Stock_Option_Plan_and_Stock_Ba2
Stock Option Plan and Stock Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | 31-May-14 | 31-May-13 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unissued common stock reserved | 775,767 | ' |
Stock option award maximum term | '10 years | ' |
Share based compensation arrangements by share based payment award vesting period maximum | '5 years | ' |
Unrecognized compensation cost related to unvested stock options granted | $0.20 | ' |
Fair value of shares underlying the options vested | 1 | ' |
Remaining unrecognized compensation cost related to unvested restricted stock | 2.2 | ' |
Weighted average remaining requisite service period of the unvested restricted stock awards | '2 years 2 months 12 days | ' |
Outstanding restricted stock underlying fair value at grant date | 2.4 | ' |
Unvested Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted average remaining requisite service period of the unvested stock options | '2 years | ' |
Selling, General and Administrative Expenses [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Compensation expense related share based compensation before tax | 0.4 | 0.4 |
Compensation expense related share based compensation net of tax | $0.20 | $0.30 |
Stock_Option_Plan_and_Stock_Ba3
Stock Option Plan and Stock Based Compensation - Stock Option Activity (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | 31-May-14 | Feb. 28, 2014 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Number of Shares, Options Outstanding, Beginning Balance | 369,405 | ' |
Number of Shares, Granted | 31,418 | ' |
Number of Shares, Terminated | -20,000 | ' |
Number of Shares, Exercised | -6,000 | ' |
Number of Shares, Options Outstanding, Ending Balance | 374,823 | 369,405 |
Weighted Average Exercise Price, Beginning Balance | $15.86 | ' |
Weighted Average Exercise Price, Granted | $15.78 | ' |
Weighted Average Exercise Price, Terminated | $16.21 | ' |
Weighted Average Exercise Price, Exercised | $8.94 | ' |
Weighted Average Exercise Price, Ending Balance | $15.95 | $15.86 |
Weighted Average Remaining Contractual Life, Ending Balance | '6 years 4 months 24 days | '6 years |
Aggregate Intrinsic Value, Beginning Balance | $416 | ' |
Aggregate Intrinsic Value, Ending Balance | 301 | 416 |
Number of Shares, Exercisable | 295,063 | ' |
Weighted Average Exercise Price, Exercisable | $16.16 | ' |
Weighted Average Remaining Contractual Life, Exercisable | '5 years 9 months 18 days | ' |
Aggregate Intrinsic Value, Exercisable | $274 | ' |
Stock_Option_Plan_and_Stock_Ba4
Stock Option Plan and Stock Based Compensation - Summary of Assumptions Used and Weighted Average Grant-Date Fair Value of Stock Options Granted (Detail) (USD $) | 3 Months Ended | |
31-May-14 | 31-May-13 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Expected volatility | 29.25% | 30.41% |
Expected term (years) | '3 years | '3 years |
Risk free interest rate | 0.91% | 0.35% |
Dividend yield | 4.11% | 4.63% |
Weighted average grant-date fair value | $2.70 | $1.96 |
Stock_Option_Plan_and_Stock_Ba5
Stock Option Plan and Stock Based Compensation - Summary of Stock Options Exercised and Tax Benefits Realized from Stock Based Compensation (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Total cash received | $54 | ' |
Income tax benefits | ' | ' |
Total grant-date fair value | 9 | ' |
Intrinsic value | $36 | ' |
Stock_Option_Plan_and_Stock_Ba6
Stock Option Plan and Stock Based Compensation - Summary of Unvested Stock Options (Detail) (USD $) | 3 Months Ended |
31-May-14 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Unvested Beginning Balance, Number of Options | 112,211 |
New grants, Number of Options | 31,418 |
Vested, Number of Options | -63,869 |
Forfeited, Number of Options | ' |
Unvested Ending Balance, Number of Options | 79,760 |
Unvested Beginning Balance, Weighted Average Grant Date Fair Value | $2.89 |
New grants, Weighted Average Grant Date Fair Value | $2.70 |
Vested, Weighted Average Grant Date Fair Value | $3.27 |
Forfeited, Weighted Average Grant Date Fair Value | ' |
Unvested Ending Balance, Weighted Average Grant Date Fair Value | $2.51 |
Stock_Option_Plan_and_Stock_Ba7
Stock Option Plan and Stock Based Compensation - Restricted Stock Grant Activity (Detail) (Restricted Stock [Member], USD $) | 3 Months Ended |
31-May-14 | |
Restricted Stock [Member] | ' |
Restricted stock grant activity | ' |
Outstanding at Beginning, Number of Shares | 180,902 |
Number of Shares, Granted | 85,807 |
Number of shares, Terminated | ' |
Number of Shares, Vested | -113,061 |
Outstanding at Ending, Number of Shares | 153,648 |
Outstanding at Beginning, Weighted Average Grant Date Fair value | $15.77 |
Weighted Average Grant Date Fair Value, Granted | $15.78 |
Weighted Average Grant Date Fair Value, Terminated | ' |
Weighted Average Grant Date Fair Value, Vested | $16.42 |
Outstanding at Ending, Weighted Average Grant Date Fair value | $15.30 |
Pension_Plan_Additional_Inform
Pension Plan - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2012 | 31-May-14 | Feb. 28, 2015 | Jul. 31, 2012 | Feb. 28, 2015 | Feb. 28, 2015 | |
Scenario, Forecast [Member] | Predecessor [Member] | Minimum [Member] | Maximum [Member] | |||
Scenario, Forecast [Member] | Scenario, Forecast [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Employees covered under noncontributory Pension Plan | ' | 8.00% | ' | ' | ' | ' |
Compensation period preceding retirement and termination | ' | '5 years | ' | ' | ' | ' |
Minimum required contribution to the plan is approximately | ' | ' | $0 | ' | ' | ' |
Company expect to make cash contribution to the plan | ' | $3,000,000 | ' | ' | $2,000,000 | $3,000,000 |
Number of years used for calculating Pension Plan liability | '25 years | ' | ' | '24 months | ' | ' |
Pension_Plan_Summary_of_Pensio
Pension Plan - Summary of Pension Expense Composed of Components Included in Cost of Goods Sold and Selling, General and Administrative Expenses (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 |
Components of net periodic benefit cost | ' | ' |
Service cost | $281 | $315 |
Interest cost | 612 | 601 |
Expected return on plan assets | -964 | -872 |
Amortization of: | ' | ' |
Prior service cost | -36 | -36 |
Unrecognized net loss | 381 | 512 |
Net periodic benefit cost | $274 | $520 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | |
31-May-14 | 31-May-13 | |
Earnings Per Share [Abstract] | ' | ' |
Stock options not included in the diluted earnings per share computation | 296,668 | 333,405 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation for Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
31-May-14 | 31-May-13 | |
Earnings Per Share [Abstract] | ' | ' |
Basic weighted average common shares outstanding | 25,973,227 | 26,038,068 |
Effect of dilutive options | 14,150 | 17,801 |
Diluted weighted average common shares outstanding | 25,987,377 | 26,055,869 |
Per share amounts: | ' | ' |
Net earnings - basic | $0.31 | $0.33 |
Net earnings - diluted | $0.31 | $0.33 |
Cash dividends | $0.18 | ' |
Segment_Information_and_Geogra2
Segment Information and Geographic Information - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
31-May-14 | Feb. 28, 2014 | 31-May-14 | 31-May-13 | 31-May-14 | |
Segment | Bank | Print Segment [Member] | Print Segment [Member] | Apparel Segment [Member] | |
ManufacturingSites | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Number of reportable segments | 2 | ' | ' | ' | ' |
Percentage of reportable segment net sales portion in net sales | ' | ' | 63.00% | ' | ' |
Number of manufacturing units throughout United States | ' | ' | ' | 50 | ' |
Number of manufacturing units operated in strategically located domestic state | ' | ' | ' | 21 | ' |
Percentage of reportable segment portion of business product considered as custom and semi-custom | ' | ' | ' | 95.00% | ' |
Number of banks that are customer of segment | ' | 25 | ' | ' | ' |
Reportable segment net sales portion in net sales | ' | ' | ' | ' | 37.00% |
Segment_Information_and_Geogra3
Segment Information and Geographic Information - Schedule of Segment Data (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | Feb. 28, 2014 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | $141,186 | $138,466 | ' |
Depreciation | 2,582 | 2,387 | ' |
Amortization of identifiable intangibles | 1,417 | 795 | ' |
Segment earnings (loss) before income tax | 12,749 | 13,503 | ' |
Segment assets | 541,891 | 489,417 | 536,347 |
Capital expenditures | 305 | 669 | ' |
Operating Segments [Member] | Print Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 88,384 | 81,439 | ' |
Depreciation | 1,564 | 1,377 | ' |
Amortization of identifiable intangibles | 1,050 | 428 | ' |
Segment earnings (loss) before income tax | 15,482 | 13,447 | ' |
Segment assets | 218,534 | 161,672 | ' |
Capital expenditures | 252 | 479 | ' |
Operating Segments [Member] | Apparel Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales | 52,802 | 57,027 | ' |
Depreciation | 951 | 970 | ' |
Amortization of identifiable intangibles | 367 | 367 | ' |
Segment earnings (loss) before income tax | 1,176 | 4,368 | ' |
Segment assets | 307,296 | 307,420 | ' |
Capital expenditures | 47 | 150 | ' |
Corporate [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Depreciation | 67 | 40 | ' |
Segment earnings (loss) before income tax | -3,909 | -4,312 | ' |
Segment assets | 16,061 | 20,325 | ' |
Capital expenditures | $6 | $40 | ' |
Segment_Information_and_Geogra4
Segment Information and Geographic Information - Summary of Company's Operations in Different Geographic Areas (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | Feb. 28, 2014 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to unaffiliated customers | $141,186 | $138,466 | ' |
Identifiable long-lived assets | 90,228 | 90,043 | 91,565 |
Operating Segments [Member] | Print Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to unaffiliated customers | 88,384 | 81,439 | ' |
Identifiable long-lived assets | 42,537 | 39,499 | ' |
Operating Segments [Member] | Apparel Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to unaffiliated customers | 52,802 | 57,027 | ' |
Identifiable long-lived assets | 43,980 | 47,241 | ' |
Corporate [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Identifiable long-lived assets | 3,711 | 3,303 | ' |
United States [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to unaffiliated customers | 136,386 | 133,141 | ' |
Identifiable long-lived assets | 46,376 | 43,017 | ' |
United States [Member] | Operating Segments [Member] | Print Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to unaffiliated customers | 88,384 | 81,439 | ' |
Identifiable long-lived assets | 42,537 | 39,499 | ' |
United States [Member] | Operating Segments [Member] | Apparel Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to unaffiliated customers | 48,002 | 51,702 | ' |
Identifiable long-lived assets | 128 | 215 | ' |
United States [Member] | Corporate [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Identifiable long-lived assets | 3,711 | 3,303 | ' |
Canada [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to unaffiliated customers | 4,627 | 5,262 | ' |
Identifiable long-lived assets | 39 | 48 | ' |
Canada [Member] | Operating Segments [Member] | Print Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to unaffiliated customers | ' | ' | ' |
Identifiable long-lived assets | ' | ' | ' |
Canada [Member] | Operating Segments [Member] | Apparel Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to unaffiliated customers | 4,627 | 5,262 | ' |
Identifiable long-lived assets | 39 | 48 | ' |
Canada [Member] | Corporate [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Identifiable long-lived assets | ' | ' | ' |
Mexico [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to unaffiliated customers | 173 | 63 | ' |
Identifiable long-lived assets | 43,813 | 46,978 | ' |
Mexico [Member] | Operating Segments [Member] | Print Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to unaffiliated customers | ' | ' | ' |
Identifiable long-lived assets | ' | ' | ' |
Mexico [Member] | Operating Segments [Member] | Apparel Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales to unaffiliated customers | 173 | 63 | ' |
Identifiable long-lived assets | 43,813 | 46,978 | ' |
Mexico [Member] | Corporate [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Identifiable long-lived assets | ' | ' | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Net Cash Flows from Operating Activities Reflect Cash Payments for Interest and Income Taxes (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Interest paid | $536 | $267 |
Income taxes paid | $567 | $546 |
Concentrations_of_Risk_Additio
Concentrations of Risk - Additional Information (Detail) (USD $) | 31-May-14 | Feb. 28, 2014 | 31-May-13 | Feb. 28, 2013 |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Minimum Insurance available to depositors under the FDIC's general deposit insurance rules | $250,000 | ' | ' | ' |
Cash balances not federally insured | 10,100,000 | ' | ' | ' |
Cash in bank accounts | 13,266,000 | 5,316,000 | 14,396,000 | 6,232,000 |
Canada [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Cash in bank accounts | 600,000 | ' | ' | ' |
Mexico [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Cash in bank accounts | $1,200,000 | ' | ' | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 | Jun. 16, 2014 |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ' | ' |
Assets acquired | ' | $10.50 |
Additional earnings | ' | 1 |
Earn out provision period | ' | '4 years |
Net sales | $27.10 | ' |