Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Feb. 28, 2015 | Apr. 30, 2015 | Aug. 31, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 28-Feb-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | EBF | ||
Entity Registrant Name | ENNIS, INC. | ||
Entity Central Index Key | 33002 | ||
Current Fiscal Year End Date | -26 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 25,811,026 | ||
Entity Public Float | $364 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Feb. 28, 2015 | Feb. 28, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash | $15,346 | $5,316 |
Accounts receivable, net of allowance for doubtful receivables of $3,559 at February 28, 2015 and $3,672 at February 28, 2014 | 62,865 | 63,695 |
Prepaid expenses | 8,853 | 8,152 |
Prepaid income taxes | 3,198 | 623 |
Inventories | 119,814 | 130,095 |
Deferred income taxes | 6,272 | 6,262 |
Assets held for sale | 194 | |
Total current assets | 216,542 | 214,143 |
Property, plant and equipment, at cost | ||
Plant, machinery and equipment | 166,890 | 160,229 |
Land and buildings | 83,283 | 81,555 |
Other | 23,574 | 23,403 |
Total property, plant and equipment | 273,747 | 265,187 |
Less accumulated depreciation | 180,872 | 173,622 |
Net property, plant and equipment | 92,875 | 91,565 |
Goodwill | 64,489 | 115,207 |
Trademarks and trade names | 28,591 | 62,898 |
Other intangible assets, net | 47,636 | 48,877 |
Deferred finance charges, net | 224 | 373 |
Other assets | 2,905 | 3,284 |
Total assets | 453,262 | 536,347 |
Current liabilities | ||
Accounts payable | 21,275 | 22,062 |
Accrued expenses | ||
Employee compensation and benefits | 15,964 | 16,520 |
Taxes other than income | 656 | 445 |
Income taxes payable | 338 | |
Other | 2,352 | 2,512 |
Total current liabilities | 40,247 | 41,877 |
Long-term debt | 106,500 | 105,500 |
Liability for pension benefits | 9,852 | 1,915 |
Deferred income taxes | 10,248 | 22,904 |
Other liabilities | 1,735 | 1,216 |
Total liabilities | 168,582 | 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 in 2015 and 2014 | 75,134 | 75,134 |
Additional paid-in capital | 121,687 | 122,517 |
Retained earnings | 188,413 | 251,137 |
Accumulated other comprehensive loss: | ||
Foreign currency translation, net of taxes | -4,627 | -915 |
Minimum pension liability, net of taxes | -17,570 | -11,498 |
Total accumulated other comprehensive loss | -22,197 | -12,413 |
Treasury stock | -78,357 | -73,440 |
Total shareholders' equity | 284,680 | 362,935 |
Total liabilities and shareholders' equity | $453,262 | $536,347 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Feb. 28, 2015 | Feb. 28, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful receivables | $3,559 | $3,672 |
Preferred stock, par value | $10 | $10 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
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_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 |
Income Statement [Abstract] | |||
Net sales | $580,240 | $542,442 | $533,506 |
Cost of goods sold | 434,764 | 398,649 | 409,354 |
Gross profit margin | 145,476 | 143,793 | 124,152 |
Selling, general and administrative | 89,926 | 86,677 | 83,757 |
Impairment of goodwill and trademarks | 93,324 | 24,226 | |
(Gain) loss from disposal of assets | -58 | -274 | 2 |
Income (loss) from operations | -37,716 | 33,164 | 40,393 |
Other income (expense) | |||
Interest expense | -2,025 | -1,268 | -1,528 |
Other, net | 608 | -104 | -247 |
Total other expense | -1,417 | -1,372 | -1,775 |
Earnings (loss) before income taxes | -39,133 | 31,792 | 38,618 |
Provision for income taxes | 5,400 | 18,603 | 13,903 |
Net earnings (loss) | ($44,533) | $13,189 | $24,715 |
Weighted average common shares outstanding | |||
Basic | 25,864,352 | 26,125,348 | 26,035,571 |
Diluted | 25,864,352 | 26,146,325 | 26,053,452 |
Per share amounts | |||
Net earnings (loss) - basic | ($1.72) | $0.50 | $0.95 |
Net earnings (loss) - diluted | ($1.72) | $0.50 | $0.95 |
Cash dividends per share | $0.70 | $0.53 | $0.88 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 |
Statement of Comprehensive Income [Abstract] | |||
Net earnings (loss) | ($44,533) | $13,189 | $24,715 |
Foreign currency translation adjustment, net of deferred taxes | -3,712 | -1,486 | -451 |
Adjustment to pension, net of deferred taxes | -6,072 | 3,976 | -1,667 |
Comprehensive income (loss) | ($54,317) | $15,679 | $22,597 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
In Thousands, except Share data | ||||||
Beginning balance at Feb. 29, 2012 | $359,875 | $75,134 | $121,390 | $249,862 | ($12,785) | ($73,726) |
Beginning balance, treasury stock, shares at Feb. 29, 2012 | -4,129,668 | |||||
Beginning balance common stock, shares at Feb. 29, 2012 | 30,053,443 | |||||
Net earnings | 24,715 | 24,715 | ||||
Foreign currency translation, net of deferred tax of $279, $910 and $2,273 respectively | -451 | -451 | ||||
Adjustment to pension, net of deferred tax of $1,031, $2,435 and $3,718 respectively | -1,667 | -1,667 | ||||
Dividends declared ($.88, $.525 and $.70 per share respectively) | -22,864 | -22,864 | ||||
Excess tax benefit of stock option exercises and restricted stock grants | 66 | 66 | ||||
Stock based compensation | 1,459 | 1,459 | ||||
Exercise of stock options and restricted stock grants | 85 | -729 | 814 | |||
Exercise of stock options and restricted stock grants, shares | 45,078 | |||||
Stock repurchases | -2 | -2 | ||||
Stock repurchases, shares | -175 | |||||
Ending balance at Feb. 28, 2013 | 361,216 | 75,134 | 122,186 | 251,713 | -14,903 | -72,914 |
Ending balance treasury stock, shares at Feb. 28, 2013 | -4,084,765 | |||||
Ending balance common stock, shares at Feb. 28, 2013 | 30,053,443 | |||||
Net earnings | 13,189 | 13,189 | ||||
Foreign currency translation, net of deferred tax of $279, $910 and $2,273 respectively | -1,486 | -1,486 | ||||
Adjustment to pension, net of deferred tax of $1,031, $2,435 and $3,718 respectively | 3,976 | 3,976 | ||||
Dividends declared ($.88, $.525 and $.70 per share respectively) | -13,765 | -13,765 | ||||
Excess tax benefit of stock option exercises and restricted stock grants | 17 | 17 | ||||
Stock based compensation | 1,532 | 1,532 | ||||
Exercise of stock options and restricted stock grants | 94 | -1,218 | 1,312 | |||
Exercise of stock options and restricted stock grants, shares | 73,503 | |||||
Stock repurchases | -1,838 | -1,838 | ||||
Stock repurchases, shares | -120,014 | |||||
Ending balance at Feb. 28, 2014 | 362,935 | 75,134 | 122,517 | 251,137 | -12,413 | -73,440 |
Ending balance treasury stock, shares at Feb. 28, 2014 | -4,131,276 | |||||
Ending balance common stock, shares at Feb. 28, 2014 | 30,053,443 | 30,053,443 | ||||
Net earnings | -44,533 | -44,533 | ||||
Foreign currency translation, net of deferred tax of $279, $910 and $2,273 respectively | -3,712 | -3,712 | ||||
Adjustment to pension, net of deferred tax of $1,031, $2,435 and $3,718 respectively | -6,072 | -6,072 | ||||
Dividends declared ($.88, $.525 and $.70 per share respectively) | -18,191 | -18,191 | ||||
Excess tax benefit of stock option exercises and restricted stock grants | -106 | -106 | ||||
Stock based compensation | 1,339 | 1,339 | ||||
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 | -7,034 | -7,034 | ||||
Stock repurchases, shares | -502,690 | |||||
Ending balance at Feb. 28, 2015 | $284,680 | $75,134 | $121,687 | $188,413 | ($22,197) | ($78,357) |
Ending balance treasury stock, shares at Feb. 28, 2015 | -4,514,905 | |||||
Ending balance common stock, shares at Feb. 28, 2015 | 30,053,443 | 30,053,443 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 |
Deferred tax adjusted to foreign currency translation | $2,273 | $910 | $279 |
Dividends declared per share | $0.70 | $0.53 | $0.88 |
Retained Earnings [Member] | |||
Dividends declared per share | $0.70 | $0.53 | $0.88 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Deferred tax adjusted to foreign currency translation | 2,273 | 910 | 279 |
Deferred tax adjusted to pension | $3,718 | $2,435 | $1,031 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 |
Cash flows from operating activities: | |||
Net earnings (loss) | ($44,533) | $13,189 | $24,715 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Depreciation | 10,505 | 9,854 | 9,957 |
Amortization of deferred finance charges | 149 | 149 | 149 |
Amortization of trade names, customer lists, and patent | 5,779 | 4,216 | 3,278 |
Impairment of goodwill and trademarks | 93,324 | 24,226 | |
(Gain) loss from disposal of assets | -58 | -274 | 2 |
Bad debt expense | 1,326 | 3,024 | 743 |
Stock based compensation | 1,339 | 1,532 | 1,459 |
Excess tax benefit of stock based compensation | 106 | -17 | -66 |
Deferred income taxes | -11,379 | -1,900 | 1,263 |
Changes in operating assets and liabilities, net of the effects of acquisitions: | |||
Accounts receivable | 3,750 | -1,909 | -1,400 |
Prepaid expenses | -3,435 | 2,953 | 347 |
Inventories | 12,928 | -16,415 | 18,293 |
Other current assets | -10 | -442 | -327 |
Other assets | 304 | 197 | -49 |
Accounts payable and accrued expenses | -3,492 | -4,913 | -7,251 |
Other liabilities | 519 | 204 | -311 |
Liability for pension benefits | -1,853 | -919 | -845 |
Net cash provided by operating activities | 65,269 | 32,755 | 49,957 |
Cash flows from investing activities: | |||
Capital expenditures | -2,479 | -4,646 | -2,560 |
Purchase price of businesses, net of cash acquired | -27,082 | -61,857 | |
Adjustment to purchase price of businesses acquired | 3,737 | ||
Proceeds from disposal of property, plant and equipment | 151 | 992 | 18 |
Net cash provided by (used in) investing activities | -29,410 | -65,511 | 1,195 |
Cash flows from financing activities: | |||
Borrowings on debt | 26,000 | 73,000 | 5,000 |
Repayment of debt | -25,000 | -25,000 | -37,500 |
Dividends | -18,191 | -13,765 | -22,864 |
Purchase of treasury stock | -7,034 | -1,838 | -2 |
Proceeds from exercise of stock options | 54 | 94 | 85 |
Excess tax benefit of stock based compensation | -106 | 17 | 66 |
Net cash provided by (used in) financing activities | -24,277 | 32,508 | -55,215 |
Effect of exchange rate changes on cash | -1,552 | -668 | -115 |
Net change in cash | 10,030 | -916 | -4,178 |
Cash at beginning of period | 5,316 | 6,232 | 10,410 |
Cash at end of period | $15,346 | $5,316 | $6,232 |
Significant_Accounting_Policie
Significant Accounting Policies and General Matters | 12 Months Ended |
Feb. 28, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and General Matters | (1) Significant Accounting Policies and General Matters |
Nature of Operations. Ennis, Inc. and its wholly owned subsidiaries (collectively, the “Company”) are principally engaged in the production of and sale of business forms, other business products and apparel to customers primarily located in the United States. | |
Basis of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The Company’s fiscal years ended on the following days: February 28, 2015, February 28, 2014 and February 28, 2013 (fiscal years ended 2015, 2014, and 2013, respectively). | |
Accounts Receivable. Trade receivables are uncollateralized customer obligations due under normal trade terms requiring payment generally within 30 days from the invoice date. The Company’s allowance for doubtful receivables reserve 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. | |
Inventories. With the exception of approximately 10% of its print segment inventories, which are valued at the lower of last-in, first-out (LIFO) cost or market, the Company values its inventories at the lower of first-in, first-out (FIFO) cost or market. At fiscal years ended 2015 and 2014, approximately 2.0% and 1.9% of inventories, respectively, are valued at LIFO with the remainder of inventories valued at FIFO. 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 Company provides reserves for excess and obsolete inventory when necessary based upon analysis of quantities on hand, recent sales volumes and reference to market prices. Reserves for excess and obsolete inventory at fiscal years ended 2015 and 2014 were $3.1 million and $2.9 million, respectively. | |
Property, Plant and Equipment. Depreciation of property, plant and equipment is calculated using the straight-line method over a period considered adequate to amortize the total cost over the useful lives of the assets, which range from 3 to 11 years for machinery and equipment and 10 to 33 years for buildings and improvements. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the improvements. Repairs and maintenance are expensed as incurred. Renewals and betterments are capitalized and depreciated over the remaining life of the specific property unit. The Company capitalizes all leases that are in substance acquisitions of property. | |
Goodwill and Other Intangible Assets. Goodwill is the excess of the purchase price paid over the value of net assets of businesses acquired and is not amortized. Intangible assets with determinable lives are amortized on a straight-line basis over their estimated useful lives. Intangible assets with indefinite lives are not amortized. Goodwill and indefinite-lived intangible assets 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 related business unit to its carrying value. | |
Long-Lived Assets. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is based upon future discounted net cash flows. | |
Fair Value of Financial Instruments. The carrying amounts of cash, accounts receivables, and accounts payable approximate fair value because of the short maturity and/or variable rates associated with these instruments. Long-term debt as of fiscal years ended 2015 and 2014 approximates its fair value as the interest rate is tied to market rates. | |
Treasury Stock. The Company accounts for repurchases of common stock using the cost method with common stock in treasury classified in the Consolidated Balance Sheets as a reduction of shareholders’ equity. | |
Deferred Finance Charges. Deferred finance charges in connection with the Company’s revolving credit facility are amortized to interest expense over the term of the facility using the straight-line method. If the facility is extinguished before the end of the term, the remaining balance of the deferred finance charges will be amortized fully in such year. | |
Revenue Recognition. Revenue is generally recognized upon shipment of products. Net sales represent gross sales invoiced to customers, less certain related charges, including sales tax, discounts, returns and other allowances. Returns, discounts and other allowances have historically been insignificant. In some cases and upon customer request, the Company prints and stores custom print product for customer specified future delivery, generally within twelve months. In this case, risk of loss passes to the customer, the customer is invoiced under normal credit terms, and revenue is recognized when manufacturing is complete. Approximately $13.7 million, $13.7 million and $12.3 million of revenue was recognized under these arrangements during fiscal years 2015, 2014 and 2013, respectively. | |
Advertising Expenses. The Company expenses advertising costs as incurred. Catalog and brochure preparation and printing costs, which are considered direct response advertising, are amortized to expense over the life of the catalog, which typically ranges from three to twelve months. Advertising expense was approximately $0.8 million, $1.0 million and $1.0 million during the fiscal years ended 2015, 2014 and 2013, respectively, and is included in selling, general and administrative expenses in the Consolidated Statements of Earnings. Included in this advertising expense is amortization related to direct response advertising of approximately $215,000, $464,000, and $392,000 for the fiscal years ended 2015, 2014 and 2013, respectively. Unamortized direct advertising costs included in prepaid expenses at fiscal years ended 2015, 2014 and 2013 were approximately $368,000, $145,000, and $304,000, respectively. | |
Income Taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
Earnings Per Share. Basic earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding, and then adding the number of additional shares that would have been outstanding if potentially dilutive securities had been issued. This is calculated using the treasury stock method. No options were included for fiscal year 2015 due to the operating loss. At year-end 2014 and 2013, there were 172,543 and 297,250 options, respectively, not included in the diluted earnings per share computation because their effect was anti-dilutive. | |
Accumulated Other Comprehensive Income (Loss). Accumulated other comprehensive income (loss) is defined as the change in equity resulting from transactions from non-owner sources. Other comprehensive income (loss) consisted of the following: adjustments resulting from the foreign currency translation of the Company’s Mexican and Canadian operations, changes in the fair value of derivative instruments and changes in the funded status of the Company’s pension plan. | |
Derivative Instruments and Hedging Activities. The Company uses derivative financial instruments to manage its exposures to interest rate fluctuations on its floating rate debt agreements when the Company deems it prudent to do so. The Company recognizes all derivatives as either assets or liabilities in the balance sheet, measures those instruments at fair value and recognizes changes in the fair value of derivatives in earnings in the period of change, unless the derivative qualifies as an effective hedge that offsets certain exposures. No derivatives were used by the Company in any of the periods presented. | |
Foreign Currency Translation. The functional currency for the Company’s foreign subsidiaries is the applicable local currency. Assets and liabilities of the foreign subsidiaries are translated to U.S. dollars at year-end exchange rates. Income and expense items are translated at the rates of exchange prevailing during the year. The adjustments resulting from translating the financial statements of the foreign subsidiary are reflected in shareholders’ equity as accumulated other comprehensive income or loss. | |
Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations in other expense, net as incurred. Transaction (gains) and losses totaled approximately ($667,000), $35,000, and $189,000 for fiscal years ended 2015, 2014 and 2013, respectively. | |
Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. | |
Shipping and Handling Costs. The Company records amounts billed to customers for shipping and handling costs in net sales and related costs are included in cost of goods sold. | |
Stock Based Compensation. The Company recognizes stock-based compensation expense net of estimated forfeitures (estimated at 1%) over the requisite service period of the individual grants, which generally equals the vesting period. The fair value of all share based awards is estimated on the date of grant. |
Accounts_Receivable_and_Allowa
Accounts Receivable and Allowance for Doubtful Receivables | 12 Months Ended | ||||||||||||
Feb. 28, 2015 | |||||||||||||
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 represents the activity in the Company’s allowance for doubtful receivables for the fiscal years ended (in thousands): | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Balance at beginning of period | $ | 3,672 | $ | 3,952 | $ | 4,403 | |||||||
Bad debt expense | 1,326 | 3,024 | 743 | ||||||||||
Recoveries | 60 | 42 | 45 | ||||||||||
Accounts written off | (1,499 | ) | (3,346 | ) | (1,239 | ) | |||||||
Balance at end of period | $ | 3,559 | $ | 3,672 | $ | 3,952 | |||||||
Inventories
Inventories | 12 Months Ended | ||||||||
Feb. 28, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | (3) Inventories | ||||||||
The following table summarizes the components of inventories at the different stages of production as of February 28, 2015 and 2014 (in thousands): | |||||||||
2015 | 2014 | ||||||||
Raw material | $ | 18,153 | $ | 16,400 | |||||
Work-in-process | 7,195 | 14,386 | |||||||
Finished goods | 94,466 | 99,309 | |||||||
$ | 119,814 | $ | 130,095 | ||||||
The excess of current costs at FIFO over LIFO stated values was approximately $5.0 million as of fiscal years ended 2015 and 2014. During both fiscal year 2015 and 2014, as inventory quantities were reduced, this resulted in a liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years as compared with the cost of fiscal year 2014 and 2013. The effect decreased cost of sales by approximately $87,000 and $25,000 and increased net earnings by approximately $55,000 and $16,000 for fiscal years 2015 and 2014, respectively. Cost includes materials, labor and overhead related to the purchase and production of inventories. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Feb. 28, 2015 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisitions | (4) Acquisitions | ||||||||
On December 31, 2014, the Company completed the acquisition of Kay Toledo Tag and Special Service Partners and their related entities (collectively “Kay Toledo”) for $16.2 million, in a stock purchase transaction. An additional $1.0 million is available to be paid to the sellers over the next 3 years under an earn-out provision if certain financial metrics are achieved. The goodwill recognized as a part of this acquisition is not deductible for tax purposes. Kay Toledo has locations in Toledo, Ohio and Neenah, Wisconsin through Special Service Partners. Experts in digital printing and customer short-run printing, Kay Toledo Tag produces tags, labels, tickets and commercial printing. Kay Toledo, which generated approximately $25.0 million in unaudited sales during calendar year 2014, will continue to operate under its respective brand names. For the fiscal year ended February 28, 2015, the businesses added $3.9 million in sales and $0.4 million in earnings (pre-tax). The acquisition expands and strengthens the Tag and Label operations of the Company. | |||||||||
The following is a summary of the purchase price allocations for Kay Toledo Tag (in thousands): | |||||||||
Accounts receivable | $ | 1,872 | |||||||
Inventories | 2,168 | ||||||||
Property, plant & equipment | 9,218 | ||||||||
Customer lists | 2,813 | ||||||||
Trade names | 1,690 | ||||||||
Goodwill | 4,249 | ||||||||
Accounts payable and accrued liabilities | (1,120 | ) | |||||||
Deferred taxes | (4,652 | ) | |||||||
$ | 16,238 | ||||||||
On October 3, 2014, the Company acquired the assets of Hoosier Data Forms for $0.2 million in cash plus the assumption of certain trade payables. Management considers this acquisition immaterial and has therefore omitted further discussion. | |||||||||
On June 16, 2014, the Company acquired the 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. (collectively “Sovereign”) for $10.6 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 be paid to the sellers over the next 4 years under an earn-out provision. The goodwill generated in this acquisition is deductible for tax purposes. The cash portion of the purchase price was funded by borrowing under the Company’s line of credit facility. Sovereign, which generated approximately $27.1 million in unaudited sales during the 2013 calendar year, will continue to operate under its respective brand names. For the fiscal year ended February 28, 2015, Sovereign added $19.8 million in sales and $2.9 million in earnings (pre-tax). The acquisition expanded the geographic locations of producing business forms for the Company. | |||||||||
The following is a summary of the purchase price allocations for Sovereign (in thousands): | |||||||||
Accounts receivable | $ | 2,477 | |||||||
Inventories | 1,305 | ||||||||
Other assets | 653 | ||||||||
Property, plant & equipment | 3,300 | ||||||||
Customer lists | 1,550 | ||||||||
Trade names | 1,403 | ||||||||
Goodwill | 945 | ||||||||
Accounts payable | (1,000 | ) | |||||||
$ | 10,633 | ||||||||
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 goodwill generated in this acquisition is deductible for tax purposes. 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 unaudited sales in excess of $40 million for the twelve month period ended December 31, 2012. For the fiscal year ended February 28, 2015, the businesses added $40.0 million in sales and $6.5 million in earnings (pre-tax). The acquisition expanded and strengthened the envelope product line for the Company. | |||||||||
The following is a summary of the 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 goodwill generated in this acquisition is deductible for tax purposes. The businesses produce folders and specialty folders for music stores and public schools. The businesses had combined unaudited 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. For the fiscal year ended February 28, 2015, the businesses added $16.5 million in sales and $1.4 million in earnings (pre-tax). The acquisition expands the Company’s geographic presence in folder products. | |||||||||
The following is a summary of the purchase price allocation 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, Folder Express, Sovereign Business Forms, Hoosier Data Forms and Kay Toledo 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, 2013, 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): | |||||||||
Unaudited | |||||||||
2015 | 2014 | ||||||||
Pro forma net sales | $ | 608,195 | $ | 630,692 | |||||
Pro forma net earnings | (43,791 | ) | 18,403 | ||||||
Pro forma earnings per share - diluted | (1.69 | ) | 0.7 | ||||||
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 | 12 Months Ended | ||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||
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 as of November 30 of each year, 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. Goodwill and other intangible assets are tested for impairment at a reporting unit level, which the Company has determined is at the Print Segment and Apparel Segment level. The impairment test for goodwill uses a two-step approach. Step one compares the fair value of the reporting unit to which goodwill is assigned to its carrying amount. If the carrying amount exceeds its estimated value, a potential impairment is indicated and step two is performed. Step two compares the carrying amount of the reporting unit’s goodwill to its implied fair value. In calculating the implied fair value of reporting unit goodwill, the fair value of the reporting unit is allocated to all of the assets and liabilities, including unrecognized intangible assets of that reporting unit based on their fair values, similar to the allocation that occurs in a business combination. The excess of the fair value of a reporting unit over the amount assigned to its assets and liabilities is the implied fair value of goodwill. If the carrying value of goodwill exceeds its implied fair value, an impairment charge is recognized in an amount equal to that excess. If the implied fair value of goodwill exceeds the carrying amount, goodwill is not impaired. During the initial preparation of the annual first step impairment analysis, there were indicators that an impairment may exist with respect to the Company’s Apparel Segment. Therefore, the execution of the formal impairment analysis with respect to the Company’s Apparel Segment was accelerated. During the preparation of the impairment analysis on the Apparel Segment it was determined that an estimated impairment charge of $93.3 million ($55.9 million goodwill and $37.4 million trademarks) was required to the Apparel Segment’s recorded goodwill and trademarks, or approximately 88% of their carrying value prior to such impairment charge, to reduce the carrying values of those assets to their estimated fair values. Upon completion of the impairment analysis during the fourth quarter it was determined that it was not necessary to record any further impairment expense to the initial estimate. During the fourth quarter of fiscal year 2014, we recorded an impairment charge of $24.2 million ($18.6 million to goodwill and $5.6 million to trademarks). The impairment charges were primarily driven by the depressed market environment and the resulting impact on the Apparel Segment’s expected future cash flows. The Company also determined there was no impairment in the Print Segment. 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 additional impairment charges relating to 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): | |||||||||||||||||
As of February 28, 2015 | Weighted | Gross | Accumulated | Net | |||||||||||||
Average | Carrying | Amortization | |||||||||||||||
Remaining | Amount | ||||||||||||||||
Life | |||||||||||||||||
(in years) | |||||||||||||||||
Amortized intangible assets | |||||||||||||||||
Trade names | — | $ | 1,234 | $ | 1,234 | $ | — | ||||||||||
Customer lists | 9.6 | 74,670 | 27,486 | 47,184 | |||||||||||||
Noncompete | 2.8 | 75 | 4 | 71 | |||||||||||||
Patent | 3 | 773 | 392 | 381 | |||||||||||||
Total | 9.5 | $ | 76,752 | $ | 29,116 | $ | 47,636 | ||||||||||
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 | ||||||||||
Fiscal years ended | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Non-amortizing intangible assets | |||||||||||||||||
Trademarks and trade names | $ | 28,591 | $ | 62,898 | |||||||||||||
Aggregate amortization expense for each of the fiscal years 2015, 2014 and 2013 was approximately $5.8 million, $4.2 million and $3.3 million, respectively. | |||||||||||||||||
The Company’s estimated amortization expense for the next five fiscal years is as follows (in thousands): | |||||||||||||||||
2016 | 5,965 | ||||||||||||||||
2017 | 5,965 | ||||||||||||||||
2018 | 5,752 | ||||||||||||||||
2019 | 5,268 | ||||||||||||||||
2020 | 4,852 | ||||||||||||||||
Changes in the net carrying amount of goodwill for fiscal years 2014 and 2015 are as follows (in thousands): | |||||||||||||||||
Apparel | Total | ||||||||||||||||
Segment | Segment | ||||||||||||||||
Balance as of March 1, 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 | 5,205 | — | 5,205 | ||||||||||||||
Goodwill impairment | — | (55,923 | ) | (55,923 | ) | ||||||||||||
Balance as of February 28, 2015 | $ | 64,489 | $ | — | $ | 64,489 | |||||||||||
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. The adjustment of ($18.6) million reflects an impairment charge related to goodwill recorded in the Apparel segment. During the fiscal year ended February 28, 2015, $12,000 was added to goodwill related to the adjustment of the fair values of certain Wisco assets, $945,000 was added to goodwill related to the acquisition of Sovereign, $4.2 million was added to goodwill related to the acquisition of Kay Toledo, and an adjustment of ($55.9) million reflects an impairment charge related to goodwill recorded in the Apparel segment. |
Other_Accrued_Expenses
Other Accrued Expenses | 12 Months Ended | ||||||||
Feb. 28, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Other Accrued Expenses | (6) Other Accrued Expenses | ||||||||
The following table summarizes the components of other accrued expenses for the fiscal years ended (in thousands): | |||||||||
February 28, 2015 | February 28, 2014 | ||||||||
Accrued taxes | $ | 380 | $ | 362 | |||||
Accrued legal and professional fees | 558 | 964 | |||||||
Accrued interest | 425 | 193 | |||||||
Accrued utilities | 131 | 130 | |||||||
Accrued acquisition related obligations | 127 | 146 | |||||||
Accrued credit card fees | 277 | 248 | |||||||
Other accrued expenses | 454 | 469 | |||||||
$ | 2,352 | $ | 2,512 | ||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Feb. 28, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | (7) Long-Term Debt | ||||||||
Long-term debt consisted of the following at fiscal years ended (in thousands): | |||||||||
February 28, 2015 | February 28, 2014 | ||||||||
Revolving credit facility | $ | 106,500 | $ | 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 1.75% at February 28, 2015 and 1.7% at February 28, 2014), 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 February 28, 2015, the Company had $106.5 million of borrowings under the revolving credit line and $2.8 million outstanding under standby letters of credit arrangements, leaving the Company availability of approximately $40.7 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 February 28, 2015. 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 | 12 Months Ended |
Feb. 28, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | (8) Shareholders’ Equity |
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 at that time to approximately $9.0 million as of that date. On December 19, 2014, the Board increased the authorized amount available to repurchase the Company’s shares by an additional $10.0 million, bringing the total available to repurchase the Company’s common stock at that time to approximately $10.6 million. During fiscal year 2015 the Company repurchased 502,609 shares of common stock at an average price of $13.99 per share. There have been a total of 718,511 common shares repurchased under the program since its inception at an average price of $13.74 per share. Unrelated to the stock repurchase program, the Company purchased 81, 112 and 175 shares of common stock during the fiscal years ended February 28, 2015, February 28, 2014 and February 28, 2013, respectively. | |
The Company’s revolving credit facility maintains certain restrictions on the amount of treasury shares that may be purchased and distributions to its shareholders. |
Stock_Option_Plan_and_Stock_Ba
Stock Option Plan and Stock Based Compensation | 12 Months Ended | ||||||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based 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 fiscal year ended 2015, the Company has 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. 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 years ended 2015, 2014 and 2013, the Company included in selling, general and administrative expenses, compensation expense related to share based compensation of $1.3 million ($0.8 million net of tax), $1.5 million ($1.0 million net of tax) and $1.5 million ($0.9 million net of tax), respectively. | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
The Company had the following stock option activity for the three years ended February 28, 2015: | |||||||||||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||||||||||
of | Average | Average | Intrinsic | ||||||||||||||||||
Shares | Exercise | Remaining | Value(a) | ||||||||||||||||||
(exact quantity) | Price | Contractual | (in thousands) | ||||||||||||||||||
Life | |||||||||||||||||||||
(in years) | |||||||||||||||||||||
Outstanding at March 1, 2012 | 310,193 | $ | 15.6 | 6.6 | $ | 626 | |||||||||||||||
Granted | 72,707 | 15.48 | |||||||||||||||||||
Terminated | (11,400 | ) | 13.57 | ||||||||||||||||||
Exercised | (8,500 | ) | 8.94 | ||||||||||||||||||
Outstanding at February 28, 2013 | 363,000 | $ | 15.79 | 6.4 | $ | 421 | |||||||||||||||
Granted | 36,155 | 14.05 | |||||||||||||||||||
Terminated | (7,750 | ) | 13.3 | ||||||||||||||||||
Exercised | (22,000 | ) | 12.59 | ||||||||||||||||||
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 February 28, 2015 | 374,823 | $ | 15.95 | 5.7 | $ | 210 | |||||||||||||||
Exercisable at February 28, 2015 | 295,063 | $ | 16.16 | 5 | $ | 210 | |||||||||||||||
(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 fiscal years ended 2015, 2014 and 2013: | |||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
Expected volatility | 29.25 | % | 30.41 | % | 37.02 | % | |||||||||||||||
Expected term (years) | 3 | 3 | 3 | ||||||||||||||||||
Risk free interest rate | 0.91 | % | 0.35 | % | 0.43 | % | |||||||||||||||
Dividend yield | 4.11 | % | 4.63 | % | 4.42 | % | |||||||||||||||
Weighted average grant-date fair value | $ | 2.7 | $ | 1.96 | $ | 2.83 | |||||||||||||||
A summary of the stock options exercised and tax benefits realized from stock based compensation is presented below for the three fiscal years ended (in thousands): | |||||||||||||||||||||
Fiscal years ended | |||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
Total cash received | $ | 54 | $ | 94 | $ | 85 | |||||||||||||||
Income tax (expense) benefit | (106 | ) | 17 | 66 | |||||||||||||||||
Total grant-date fair value | 9 | 50 | 13 | ||||||||||||||||||
Intrinsic value | 36 | 117 | 54 | ||||||||||||||||||
A summary of the status of the Company’s unvested stock options at February 28, 2015, and changes during the fiscal year ended February 28, 2015 is presented below: | |||||||||||||||||||||
Number | Weighted | ||||||||||||||||||||
of Options | Average | ||||||||||||||||||||
Grant Date | |||||||||||||||||||||
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 February 28, 2015 | 79,760 | $ | 2.51 | ||||||||||||||||||
As of February 28, 2015, there was $96,000 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 1.2 years. The total fair value of shares underlying the options vested during the fiscal year ended February 28, 2015 was $0.9 million. | |||||||||||||||||||||
The following table summarizes information about stock options outstanding at the end of fiscal year 2015: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Exercise Prices | Number | Weighted Average | Weighted | Number | Weighted | ||||||||||||||||
Outstanding | Remaining Contractual | Average | Exercisable | Average | |||||||||||||||||
Life (in Years) | Exercise Price | Exercise Price | |||||||||||||||||||
$8.94 to $8.94 | 42,000 | 4.2 | $ | 8.94 | 42,000 | $ | 8.94 | ||||||||||||||
14.05 to 16.42 | 160,280 | 6.9 | 15.33 | 80,520 | 15.5 | ||||||||||||||||
17.57 to 19.69 | 172,543 | 5 | 18.23 | 172,543 | 18.23 | ||||||||||||||||
374,823 | 5.7 | 15.95 | 295,063 | 16.16 | |||||||||||||||||
Restricted Stock | |||||||||||||||||||||
The Company had the following restricted stock grants activity for each of the three fiscal years ended February 28, 2015: | |||||||||||||||||||||
Number of | Weighted | ||||||||||||||||||||
Shares | Average | ||||||||||||||||||||
Grant Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Outstanding at March 1, 2012 | 131,333 | $ | 17.09 | ||||||||||||||||||
Granted | 92,293 | 15.46 | |||||||||||||||||||
Terminated | — | — | |||||||||||||||||||
Vested | (36,578 | ) | 16.05 | ||||||||||||||||||
Outstanding at February 28, 2013 | 187,048 | $ | 16.49 | ||||||||||||||||||
Granted | 55,607 | 14.05 | |||||||||||||||||||
Terminated | — | — | |||||||||||||||||||
Vested | (61,753 | ) | 16.4 | ||||||||||||||||||
Outstanding at February 28, 2014 | 180,902 | $ | 15.77 | ||||||||||||||||||
Granted | 85,807 | 15.78 | |||||||||||||||||||
Terminated | — | — | |||||||||||||||||||
Vested | (113,061 | ) | 16.42 | ||||||||||||||||||
Outstanding at February 28, 2015 | 153,648 | $ | 15.3 | ||||||||||||||||||
As of February 28, 2015, the total remaining unrecognized compensation cost related to unvested restricted stock was approximately $1.3 million. The weighted average remaining requisite service period of the unvested restricted stock awards was 1.5 years. As of February 28, 2015, the Company’s outstanding restricted stock had an underlying fair value of $2.4 million at date of grant. |
Pension_Plan
Pension Plan | 12 Months Ended | ||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||
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”). | |||||||||||||||||
The Company’s pension plan asset allocation, by asset category, is as follows for the fiscal years ended: | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Equity securities | 55 | % | 56 | % | |||||||||||||
Debt securities | 37 | % | 37 | % | |||||||||||||
Cash and cash equivalents | 8 | % | 7 | % | |||||||||||||
Total | 100 | % | 100 | % | |||||||||||||
The current asset allocation is being managed to meet the Company’s stated objective of asset growth and capital preservation. The factor is based upon the combined judgments of the Company’s Administrative Committee and its investment advisors to meet the Company’s investment needs, objectives, and risk tolerance. The Company’s target asset allocation percentage, by asset class, for the year ended February 28, 2015 is as follows: | |||||||||||||||||
Asset Class | Target | ||||||||||||||||
Allocation | |||||||||||||||||
Percentage | |||||||||||||||||
Cash | 1 - 5% | ||||||||||||||||
Fixed Income | 35 - 55% | ||||||||||||||||
Equity | 45 - 60% | ||||||||||||||||
The Company estimates the long-term rate of return on plan assets will be 8.0% based upon target asset allocation. Expected returns are developed based upon the information obtained from the Company’s investment advisors. The advisors provide ten-year historical and five-year expected returns on the fund in the target asset allocation. The return information is weighted based upon the asset allocation at the end of the fiscal year. The expected rate of return at the beginning of the fiscal year ended 2015 was 8.0%, the rate used in the calculation of the current year pension expense. | |||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The hierarchy below lists three levels of fair value based on the extent to which inputs used in measuring fair value are observable in the market. The Company categorizes each of its fair value measurements in one of these three levels based on the lowest level input that is significant to the fair value measurement in its entirety. These levels are: | |||||||||||||||||
Level 1 - | Inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. | ||||||||||||||||
Level 2 - | Inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. | ||||||||||||||||
Level 3 - | Inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. | ||||||||||||||||
The following tables present the Plan’s fair value hierarchy for those assets measured at fair value as of February 28, 2015 and 2014 (in thousands): | |||||||||||||||||
Description | Assets | Fair Value Measurements | |||||||||||||||
Measured at | |||||||||||||||||
Fair Value | |||||||||||||||||
at 2/28/15 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Cash and cash equivalents | $ | 4,262 | $ | 4,262 | $ | — | $ | — | |||||||||
Government bonds | 10,642 | — | 10,642 | — | |||||||||||||
Corporate bonds | 8,154 | — | 8,154 | — | |||||||||||||
Domestic equities | 21,974 | 21,974 | — | — | |||||||||||||
Foreign equities | 5,961 | 5,961 | — | — | |||||||||||||
$ | 50,993 | $ | 32,197 | $ | 18,796 | $ | — | ||||||||||
Description | Assets | Fair Value Measurements | |||||||||||||||
Measured at | |||||||||||||||||
Fair Value | |||||||||||||||||
at 2/28/14 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Cash and cash equivalents | $ | 3,247 | $ | 3,247 | $ | — | $ | — | |||||||||
Government bonds | 10,713 | — | 10,713 | — | |||||||||||||
Corporate bonds | 7,695 | — | 7,695 | — | |||||||||||||
Domestic equities | 21,928 | 21,928 | — | — | |||||||||||||
Foreign equities | 5,841 | 5,841 | — | — | |||||||||||||
$ | 49,424 | $ | 31,016 | $ | 18,408 | $ | — | ||||||||||
Fair value estimates are made at a specific point in time, based on available market information and judgments about the financial asset, including estimates of timing, amount of expected future cash flows, and the credit standing of the issuer. In some cases, the fair value estimates cannot be substantiated by comparison to independent markets. The disclosed fair value may not be realized in the immediate settlement of the financial asset. In addition, the disclosed fair values do not reflect any premium or discount that could result from offering for sale at one time an entire holding of a particular financial asset. Potential taxes and other expenses that would be incurred in an actual sale or settlement are not reflected in amounts disclosed. | |||||||||||||||||
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 for fiscal years ended (in thousands): | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||
Service cost | $ | 1,122 | $ | 1,262 | $ | 1,283 | |||||||||||
Interest cost | 2,447 | 2,402 | 2,402 | ||||||||||||||
Expected return on plan assets | (3,856 | ) | (3,490 | ) | (3,208 | ) | |||||||||||
Amortization of: | |||||||||||||||||
Prior service cost | (145 | ) | (145 | ) | (145 | ) | |||||||||||
Unrecognized net loss | 1,524 | 2,052 | 1,823 | ||||||||||||||
Net periodic benefit cost | 1,092 | 2,081 | 2,155 | ||||||||||||||
Other changes in Plan Assets and Projected Benefit Obligation | |||||||||||||||||
Recognized in Other comprehensive Income | |||||||||||||||||
Net actuarial loss (gain) | 11,224 | (4,600 | ) | 4,370 | |||||||||||||
Amortization of net actuarial loss | (1,524 | ) | (2,052 | ) | (1,823 | ) | |||||||||||
Amortization of prior service credit | 145 | 145 | 145 | ||||||||||||||
9,845 | (6,507 | ) | 2,692 | ||||||||||||||
Total recognized in net periodic pension cost and other comprehensive income | $ | 10,937 | ($ | 4,426 | ) | $ | 4,847 | ||||||||||
The following table represents the assumptions used to determine benefit obligations and net periodic pension cost for fiscal years ended: | |||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Weighted average discount rate (net periodic pension cost) | 4.9 | % | 4.6 | % | 5.05 | % | |||||||||||
Earnings progression (net periodic pension cost) | 3 | % | 3 | % | 3 | % | |||||||||||
Expected long-term rate of return on plan assets | 8 | % | 8 | % | 8 | % | |||||||||||
Weighted average discount rate (benefit obligations) | 4 | % | 4.9 | % | 4.6 | % | |||||||||||
Earnings progression (benefit obligations) | 3 | % | 3 | % | 3 | % | |||||||||||
During the current fiscal year, the Company adopted the new 2014 actuarial mortality tables to determine their benefit obligations under the plan. The accumulated benefit obligation (“ABO”), change in projected benefit obligation (“PBO”), change in plan assets, funded status, and reconciliation to amounts recognized in the consolidated balance sheets are as follows (in thousands): | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Change in benefit obligation | |||||||||||||||||
Projected benefit obligation at beginning of year | $ | 51,339 | $ | 54,315 | |||||||||||||
Service cost | 1,122 | 1,262 | |||||||||||||||
Interest cost | 2,447 | 2,402 | |||||||||||||||
Actuarial (gain)/loss | 6,637 | (3,095 | ) | ||||||||||||||
Other assumption change | 3,695 | — | |||||||||||||||
Benefits paid | (4,395 | ) | (3,545 | ) | |||||||||||||
Projected benefit obligation at end of year | $ | 60,845 | $ | 51,339 | |||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 49,423 | $ | 44,974 | |||||||||||||
Company contributions | 3,000 | 3,000 | |||||||||||||||
Gains on plan assets | 2,965 | 4,995 | |||||||||||||||
Benefits paid | (4,395 | ) | (3,545 | ) | |||||||||||||
Fair value of plan assets at end of year | $ | 50,993 | $ | 49,424 | |||||||||||||
Funded status (benefit obligation less plan assets) | ($ | 9,852 | ) | ($ | 1,915 | ) | |||||||||||
Accumulated benefit obligation at end of year | $ | 56,170 | $ | 46,815 | |||||||||||||
The measurement dates used to determine pension and other postretirement benefits is the Company’s fiscal year end. The Company expects to contribute between $2.0 million and $3.0 million during fiscal year 2016. | |||||||||||||||||
Estimated future benefit payments which reflect expected future service, as appropriate, are expected to be paid in the fiscal years ended (in thousands): | |||||||||||||||||
Year | Projected | ||||||||||||||||
Payments | |||||||||||||||||
2016 | $ | 3,500 | |||||||||||||||
2017 | 3,600 | ||||||||||||||||
2018 | 3,700 | ||||||||||||||||
2019 | 3,800 | ||||||||||||||||
2020 | 4,000 | ||||||||||||||||
2021 - 2025 | 16,300 | ||||||||||||||||
Effective February 1, 1994, the Company adopted a Defined Contribution 401(k) Plan (the “401(k) Plan”) for its United States employees. The 401(k) Plan covers substantially all full-time employees who have completed sixty days of service and attained the age of eighteen. United States employees can contribute up to 100 percent of their annual compensation, but are limited to the maximum annual dollar amount allowable under the Internal Revenue Code. The 401(k) Plan provides for employer matching contributions or discretionary employer contributions for certain employees not enrolled in the Pension Plan for employees of the Company. Eligibility for employer contributions, matching percentage, and limitations depends on the participant’s employment location and whether the employees are covered by the Company’s pension plan, etc. The Company’s matching contributions are immediately vested. The Company made matching 401(k) contributions in the amount of $1.2 million, $0.9 million and $0.8 million in fiscal years ended 2015, 2014 and 2013, respectively. | |||||||||||||||||
In addition, the Northstar Computer Forms, Inc. 401(k) Profit Sharing Plan was merged into the 401(k) Plan on February 1, 2001. The Company declared profit sharing contributions on behalf of the former employees of Northstar Computer Forms, Inc. in accordance with its original plan in the amounts of $227,000, $254,000, and $258,000, in fiscal years ended 2015, 2014 and 2013, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Feb. 28, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | (11) Income Taxes | ||||||||||||
The following table represents components of the provision for income taxes for fiscal years ended (in thousands): | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current: | |||||||||||||
Federal | $ | 14,006 | $ | 17,755 | $ | 10,316 | |||||||
State and local | 2,451 | 2,946 | 2,205 | ||||||||||
Foreign | 322 | 183 | 168 | ||||||||||
Total current | 16,779 | 20,884 | 12,689 | ||||||||||
Deferred: | |||||||||||||
Federal | (9,920 | ) | (1,550 | ) | 803 | ||||||||
State and local | (1,459 | ) | (731 | ) | 411 | ||||||||
Total deferred | (11,379 | ) | (2,281 | ) | 1,214 | ||||||||
Total provision for income taxes | $ | 5,400 | $ | 18,603 | $ | 13,903 | |||||||
The Company’s effective tax rate on earnings from operations for the year ended February 28, 2015, was (13.8)%, as compared with a 58.5% and 36.0% in 2014 and 2013, respectively. The following summary reconciles the statutory U.S. Federal income tax rate to the Company’s effective tax rate for the fiscal years ended: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Provision for state income taxes, net of Federal income tax benefit | (1.9 | ) | 3.9 | 3.7 | |||||||||
Domestic production activities deduction | 3.5 | (4.8 | ) | (2.9 | ) | ||||||||
Impairment of goodwill | (50.0 | ) | 20.5 | — | |||||||||
Other | (0.4 | ) | 3.9 | 0.2 | |||||||||
(13.8 | )% | 58.5 | % | 36 | % | ||||||||
Included in other assets on the consolidated balance sheets is approximately $2.3 million of refund receivable related to amended Canadian tax returns for fiscal years 2006-2008. | |||||||||||||
Deferred taxes are recorded to give recognition to temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. The tax effects of these temporary differences are recorded as deferred tax assets and deferred tax liabilities. Deferred tax assets generally represent items that can be used as a tax deduction or credit in future years. Deferred tax liabilities generally represent items that have been deducted for tax purposes, but have not yet been recorded in the consolidated statements of earnings. To the extent there are deferred tax assets that are more likely than not to be realized, a valuation allowance would not be recorded. The components of deferred income tax assets and liabilities are summarized as follows (in thousands) for fiscal years ended: | |||||||||||||
2015 | 2014 | ||||||||||||
Current deferred tax assets related to: | |||||||||||||
Allowance for doubtful receivables | $ | 1,356 | $ | 1,395 | |||||||||
Inventories | 2,745 | 2,661 | |||||||||||
Employee compensation and benefits | 2,305 | 2,275 | |||||||||||
Other | (134 | ) | (69 | ) | |||||||||
$ | 6,272 | $ | 6,262 | ||||||||||
Non-current deferred tax (liabilities) assets related to: | |||||||||||||
Property, plant and equipment | $ | (9,087 | ) | $ | (4,682 | ) | |||||||
Goodwill and other intangible assets | (10,556 | ) | (21,913 | ) | |||||||||
Pension and noncurrent employee compensation benefits | 6,064 | 2,384 | |||||||||||
Net operating loss and foreign tax credits | 113 | 381 | |||||||||||
Property tax | (367 | ) | (634 | ) | |||||||||
Currency exchange | 2,842 | 560 | |||||||||||
Stock options exercised | 747 | 1,003 | |||||||||||
Other | (4 | ) | (3 | ) | |||||||||
$ | (10,248 | ) | $ | (22,904 | ) | ||||||||
Included in other non-current deferred tax (liabilities) assets are currency exchange, stock options exercised, and the valuation allowance. As of the fiscal year ended 2015, the Company has federal net operating loss carry forwards of approximately $323,000 expiring in fiscal years 2023 through 2025. Based on historical earnings and expected sufficient future taxable income, management believes it will be able to fully utilize the net operating loss carry forwards. | |||||||||||||
Accounting standards require a two-step approach to determine how to recognize tax benefits in the financial statements where recognition and measurement of a tax benefit must be evaluated separately. A tax benefit will be recognized only if it meets a “more-likely-than-not” recognition threshold. For tax positions that meet this threshold, the tax benefit recognized is based on the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with the taxing authority. | |||||||||||||
At fiscal year-end 2015 and 2014, unrecognized tax benefits related to uncertain tax positions, including accrued interest and penalties of $329,481 and $246,000, respectively, are included in other liabilities on the consolidated balance sheets and would impact the effective rate if recognized. For fiscal year 2015, the unrecognized tax benefit includes an aggregate of $17,000 of interest expense. Approximately $17,000 of unrecognized tax benefits relate to items that are affected by expiring statutes of limitations within the next 12 months. A reconciliation of the change in the unrecognized tax benefits for fiscal years ended 2015 and 2014 is as follows (in thousands): | |||||||||||||
2015 | 2014 | ||||||||||||
Balance at beginning of year | $ | 246 | $ | 96 | |||||||||
Additions (reductions) based on tax positions related to the current year | 166 | 182 | |||||||||||
Reductions due to lapses of statutes of limitations | (82 | ) | (32 | ) | |||||||||
Balance at end of year | $ | 330 | $ | 246 | |||||||||
The Company is subject to U.S. federal income tax as well as income tax of multiple state jurisdictions and foreign tax jurisdictions. The Company has concluded all U.S. Federal income tax matters for years through 2009. All material state and local income tax matters have been concluded for years through 2009 and foreign tax jurisdictions through 2009. | |||||||||||||
The Company recognizes interest expense on underpayments of income taxes and accrued penalties related to unrecognized non-current tax benefits as part of the income tax provision. Other than amounts included in the unrecognized tax benefits, the Company did not recognize any interest or penalties for the fiscal years ended 2015, 2014 and 2013. |
Earnings_loss_per_Share
Earnings (loss) per Share | 12 Months Ended | ||||||||||||
Feb. 28, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings (loss) per Share | (12) Earnings (loss) per Share | ||||||||||||
Basic earnings (loss) per share have been computed by dividing net earnings (loss) by the weighted average number of common shares outstanding during the applicable period. Diluted earnings (loss) 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. The following table sets forth the computation for basic and diluted earnings (loss) per share for the fiscal years ended: | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Basic weighted average common shares outstanding | 25,864,352 | 26,125,348 | 26,035,571 | ||||||||||
Effect of dilutive options | — | 20,977 | 17,881 | ||||||||||
Diluted weighted average common shares outstanding | 25,864,352 | 26,146,325 | 26,053,452 | ||||||||||
Per share amounts: | |||||||||||||
Net earnings (loss) – basic | $ | (1.72 | ) | $ | 0.5 | $ | 0.95 | ||||||
Net earnings (loss) – diluted | $ | (1.72 | ) | $ | 0.5 | $ | 0.95 | ||||||
Cash dividends | $ | 0.7 | $ | 0.53 | $ | 0.88 | |||||||
The Company treats unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings (loss) per share pursuant to the two-class method. The Company’s participating securities are comprised of unvested restricted stock. |
Segment_Information_and_Geogra
Segment Information and Geographic Information | 12 Months Ended | ||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Information and Geographic Information | (13) Segment Information and Geographic Information | ||||||||||||||||
The Company operates in two segments – the Print Segment and the Apparel Segment. | |||||||||||||||||
The Print Segment, which represented 66% of the Company’s consolidated net sales for fiscal year 2015, 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 58 manufacturing plants throughout the United States in 22 strategically located states. Approximately 96% 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®, PrintXcel™, Printegra®, Curtis Business FormsSM, Falcon Business FormsSM, Forms ManufacturersSM, Mutual GraphicsSM and TRI-C Business FormsSM. 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 tags and labels, promotional products and advertising concept products); Atlas Tag & Label®, Kay Toledo TagSM, Special Service PartnersSM (SSP) (which provides 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 2015 primarily as a result of the Company’s acquisition of Sovereign Business Forms and Kay Toledo. | |||||||||||||||||
The Apparel Segment, which accounted for 34% of the Company’s fiscal year 2015 consolidated net sales, 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 fiscal years ended 2015, 2014 and 2013 were as follows (in thousands): | |||||||||||||||||
Apparel | Corporate | Consolidated | |||||||||||||||
Segment | Segment | Totals | |||||||||||||||
Fiscal year ended February 28, 2015: | |||||||||||||||||
Net sales | $ | 380,379 | $ | 199,861 | $ | — | $ | 580,240 | |||||||||
Depreciation | 6,510 | 3,727 | 268 | 10,505 | |||||||||||||
Amortization of identifiable intangibles | 4,312 | 1,467 | — | 5,779 | |||||||||||||
Impairment of goodwill and trademarks | — | 93,324 | — | 93,324 | |||||||||||||
Segment earnings (loss) before income tax | 66,374 | (89,632 | ) | (15,875 | ) | (39,133 | ) | ||||||||||
Segment assets | 248,916 | 183,778 | 20,568 | 453,262 | |||||||||||||
Capital expenditures | 1,977 | 460 | 42 | 2,479 | |||||||||||||
Fiscal year ended February 28, 2014: | |||||||||||||||||
Net sales | $ | 339,947 | $ | 202,495 | $ | — | $ | 542,442 | |||||||||
Depreciation | 5,804 | 3,845 | 205 | 9,854 | |||||||||||||
Amortization of identifiable intangibles | 2,749 | 1,467 | — | 4,216 | |||||||||||||
Impairment of goodwill and trademarks | — | 24,226 | — | 24,226 | |||||||||||||
Segment earnings (loss) before income tax | 57,390 | (9,467 | ) | (16,131 | ) | 31,792 | |||||||||||
Segment assets | 221,937 | 302,020 | 12,390 | 536,347 | |||||||||||||
Capital expenditures | 2,746 | 1,228 | 672 | 4,646 | |||||||||||||
Fiscal year ended February 28, 2013: | |||||||||||||||||
Net sales | $ | 334,701 | $ | 198,805 | $ | — | $ | 533,506 | |||||||||
Depreciation | 5,895 | 3,815 | 247 | 9,957 | |||||||||||||
Amortization of identifiable intangibles | 1,811 | 1,467 | — | 3,278 | |||||||||||||
Segment earnings (loss) before income tax | 54,224 | 247 | (15,853 | ) | 38,618 | ||||||||||||
Segment assets | 167,329 | 313,790 | 14,173 | 495,292 | |||||||||||||
Capital expenditures | 2,513 | 12 | 35 | 2,560 | |||||||||||||
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 fiscal years ended is as follows (in thousands): | |||||||||||||||||
United States | Canada | Mexico | Total | ||||||||||||||
2015 | |||||||||||||||||
Net sales to unaffiliated customers | |||||||||||||||||
Print Segment | $ | 380,379 | $ | — | $ | — | $ | 380,379 | |||||||||
Apparel Segment | 180,988 | 17,503 | 1,370 | 199,861 | |||||||||||||
$ | 561,367 | $ | 17,503 | $ | 1,370 | $ | 580,240 | ||||||||||
Identifiable long-lived assets | |||||||||||||||||
Print Segment | $ | 51,625 | $ | — | $ | — | $ | 51,625 | |||||||||
Apparel Segment | 93 | 54 | 37,556 | 37,703 | |||||||||||||
Corporate | 3,547 | — | — | 3,547 | |||||||||||||
$ | 55,265 | $ | 54 | $ | 37,556 | $ | 92,875 | ||||||||||
2014 | |||||||||||||||||
Net sales to unaffiliated customers | |||||||||||||||||
Print Segment | $ | 339,947 | $ | — | $ | — | $ | 339,947 | |||||||||
Apparel Segment | 183,335 | 18,694 | 466 | 202,495 | |||||||||||||
$ | 523,282 | $ | 18,694 | $ | 466 | $ | 542,442 | ||||||||||
Identifiable long-lived assets | |||||||||||||||||
Print Segment | $ | 43,849 | $ | — | $ | — | $ | 43,849 | |||||||||
Apparel Segment | 147 | 40 | 43,757 | 43,944 | |||||||||||||
Corporate | 3,772 | — | — | 3,772 | |||||||||||||
$ | 47,768 | $ | 40 | $ | 43,757 | $ | 91,565 | ||||||||||
2013 | |||||||||||||||||
Net sales to unaffiliated customers | |||||||||||||||||
Print Segment | $ | 334,701 | $ | — | $ | — | $ | 334,701 | |||||||||
Apparel Segment | 180,215 | 17,806 | 784 | 198,805 | |||||||||||||
$ | 514,916 | $ | 17,806 | $ | 784 | $ | 533,506 | ||||||||||
Identifiable long-lived assets | |||||||||||||||||
Print Segment | $ | 41,106 | $ | — | $ | — | $ | 41,106 | |||||||||
Apparel Segment | 240 | 26 | 47,237 | 47,503 | |||||||||||||
Corporate | 3,304 | — | — | 3,304 | |||||||||||||
$ | 44,650 | $ | 26 | $ | 47,237 | $ | 91,913 | ||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Feb. 28, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | (14) Commitments and Contingencies | ||||
The Company leases certain of its facilities under operating leases that expire on various dates through fiscal year ended 2020. Future minimum lease commitments under non-cancelable operating leases for each of the fiscal years ending are as follows (in thousands): | |||||
Operating | |||||
Lease | |||||
Commitments | |||||
2016 | $ | 5,943 | |||
2017 | 3,623 | ||||
2018 | 1,759 | ||||
2019 | 265 | ||||
2020 | 34 | ||||
Thereafter | — | ||||
$ | 11,624 | ||||
Rent expense attributable to such leases totaled $7.7 million, $7.0 million, and $6.8 million for the fiscal years ended 2015, 2014 and 2013, respectively. | |||||
In the ordinary course of business, the Company also enters into real property leases, which require the Company as lessee to indemnify the lessor from liabilities arising out of the Company’s occupancy of the properties. The Company’s indemnification obligations are generally covered under the Company’s general insurance policies. | |||||
From time to time, the Company is involved in various litigation matters arising in the ordinary course of business. The Company does not believe the disposition of any current matter will have a material adverse effect on its consolidated financial position or results of operations. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Feb. 28, 2015 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Supplemental Cash Flow Information | (15) Supplemental Cash Flow Information | ||||||||||||
Net cash flows from operating activities reflect cash payments for interest and income taxes as follows for the three fiscal years ended (in thousands): | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Interest paid | $ | 1,793 | $ | 1,195 | $ | 1,456 | |||||||
Income taxes paid | $ | 19,523 | $ | 17,799 | $ | 13,694 |
Quarterly_Consolidated_Financi
Quarterly Consolidated Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Consolidated Financial Information (Unaudited) | (16) Quarterly Consolidated Financial Information (Unaudited) | ||||||||||||||||
The following table represents the unaudited quarterly financial data of the Company for fiscal years ended 2015 and 2014 (in thousands, except per share amounts and quarter over quarter comparison): | |||||||||||||||||
For the Three Months Ended | May 31 | August 31 | November 30 | February 28 | |||||||||||||
Fiscal year ended 2015: | |||||||||||||||||
Net sales | $ | 141,186 | $ | 151,841 | $ | 146,971 | $ | 140,242 | |||||||||
Gross profit margin | 35,388 | 38,188 | 36,516 | 35,384 | |||||||||||||
Net earnings (loss) | 8,032 | 10,016 | (71,179 | ) | 8,598 | ||||||||||||
Dividends paid | 4,567 | 4,574 | 4,548 | 4,502 | |||||||||||||
Per share of common stock: | |||||||||||||||||
Basic net earnings (loss) | $ | 0.31 | $ | 0.39 | $ | (2.76 | ) | $ | 0.34 | ||||||||
Diluted net earnings (loss) | $ | 0.31 | $ | 0.39 | $ | (2.76 | ) | $ | 0.34 | ||||||||
Dividends | $ | 0.175 | $ | 0.175 | $ | 0.175 | $ | 0.175 | |||||||||
For the Three Months Ended | May 31 | August 31 | November 30 | February 28 | |||||||||||||
Fiscal year ended 2014: | |||||||||||||||||
Net sales | $ | 138,466 | $ | 135,288 | $ | 136,550 | $ | 132,138 | |||||||||
Gross profit margin | 35,795 | 36,659 | 37,759 | 33,580 | |||||||||||||
Net earnings (loss) | 8,506 | 9,801 | 9,349 | (14,467 | ) | ||||||||||||
Dividends paid | — | 4,587 | 4,588 | 4,590 | |||||||||||||
Per share of common stock: | |||||||||||||||||
Basic net earnings (loss) | $ | 0.33 | $ | 0.38 | $ | 0.36 | $ | (0.55 | ) | ||||||||
Diluted net earnings (loss) | $ | 0.33 | $ | 0.38 | $ | 0.36 | $ | (0.55 | ) | ||||||||
Dividends | $ | — | $ | 0.175 | $ | 0.175 | $ | 0.175 | |||||||||
Current Quarter Compared to Same Quarter Last Year | |||||||||||||||||
For the third quarter ended November 30, 2014, a non-cash impairment charge of $93.3 million ($55.9 million to goodwill and $37.4 million to trademarks) related to the apparel segment was recorded. In each quarter for fiscal year ended February 28, 2015, the Company’s net sales increased in comparison to each of the quarters of the previous fiscal year. The primary reason for the increase was the Company’s Print Segment acquisitions of the Custom Envelope Division, Folder Express, Sovereign and Kay Toledo. | |||||||||||||||||
-1 | During the first quarter of fiscal year 2014, no dividend payment was made because of the Board’s decision to accelerate the normal first quarter payment for fiscal year 2014 into fiscal year 2013. |
Concentrations_of_Risk
Concentrations of Risk | 12 Months Ended |
Feb. 28, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risk | (17) 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 February 28, 2015, cash balances included $12.3 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 February 28, 2015, the Company had $0.8 million in Canadian and $1.1 million in Mexican bank accounts. |
Significant_Accounting_Policie1
Significant Accounting Policies and General Matters (Policies) | 12 Months Ended |
Feb. 28, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations. Ennis, Inc. and its wholly owned subsidiaries (collectively, the “Company”) are principally engaged in the production of and sale of business forms, other business products and apparel to customers primarily located in the United States. |
Basis of Consolidation | Basis of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The Company’s fiscal years ended on the following days: February 28, 2015, February 28, 2014 and February 28, 2013 (fiscal years ended 2015, 2014, and 2013, respectively). |
Accounts Receivable | Accounts Receivable. Trade receivables are uncollateralized customer obligations due under normal trade terms requiring payment generally within 30 days from the invoice date. The Company’s allowance for doubtful receivables reserve 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. |
Inventories | Inventories. With the exception of approximately 10% of its print segment inventories, which are valued at the lower of last-in, first-out (LIFO) cost or market, the Company values its inventories at the lower of first-in, first-out (FIFO) cost or market. At fiscal years ended 2015 and 2014, approximately 2.0% and 1.9% of inventories, respectively, are valued at LIFO with the remainder of inventories valued at FIFO. 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 Company provides reserves for excess and obsolete inventory when necessary based upon analysis of quantities on hand, recent sales volumes and reference to market prices. Reserves for excess and obsolete inventory at fiscal years ended 2015 and 2014 were $3.1 million and $2.9 million, respectively. |
Property, Plant and Equipment | Property, Plant and Equipment. Depreciation of property, plant and equipment is calculated using the straight-line method over a period considered adequate to amortize the total cost over the useful lives of the assets, which range from 3 to 11 years for machinery and equipment and 10 to 33 years for buildings and improvements. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the improvements. Repairs and maintenance are expensed as incurred. Renewals and betterments are capitalized and depreciated over the remaining life of the specific property unit. The Company capitalizes all leases that are in substance acquisitions of property. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets. Goodwill is the excess of the purchase price paid over the value of net assets of businesses acquired and is not amortized. Intangible assets with determinable lives are amortized on a straight-line basis over their estimated useful lives. Intangible assets with indefinite lives are not amortized. Goodwill and indefinite-lived intangible assets 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 related business unit to its carrying value. |
Long-Lived Assets | Long-Lived Assets. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is based upon future discounted net cash flows. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. The carrying amounts of cash, accounts receivables, and accounts payable approximate fair value because of the short maturity and/or variable rates associated with these instruments. Long-term debt as of fiscal years ended 2015 and 2014 approximates its fair value as the interest rate is tied to market rates. |
Treasury Stock | Treasury Stock. The Company accounts for repurchases of common stock using the cost method with common stock in treasury classified in the Consolidated Balance Sheets as a reduction of shareholders’ equity. |
Deferred Finance Charges | Deferred Finance Charges. Deferred finance charges in connection with the Company’s revolving credit facility are amortized to interest expense over the term of the facility using the straight-line method. If the facility is extinguished before the end of the term, the remaining balance of the deferred finance charges will be amortized fully in such year. |
Revenue Recognition | Revenue Recognition. Revenue is generally recognized upon shipment of products. Net sales represent gross sales invoiced to customers, less certain related charges, including sales tax, discounts, returns and other allowances. Returns, discounts and other allowances have historically been insignificant. In some cases and upon customer request, the Company prints and stores custom print product for customer specified future delivery, generally within twelve months. In this case, risk of loss passes to the customer, the customer is invoiced under normal credit terms, and revenue is recognized when manufacturing is complete. Approximately $13.7 million, $13.7 million and $12.3 million of revenue was recognized under these arrangements during fiscal years 2015, 2014 and 2013, respectively. |
Advertising Expenses | Advertising Expenses. The Company expenses advertising costs as incurred. Catalog and brochure preparation and printing costs, which are considered direct response advertising, are amortized to expense over the life of the catalog, which typically ranges from three to twelve months. Advertising expense was approximately $0.8 million, $1.0 million and $1.0 million during the fiscal years ended 2015, 2014 and 2013, respectively, and is included in selling, general and administrative expenses in the Consolidated Statements of Earnings. Included in this advertising expense is amortization related to direct response advertising of approximately $215,000, $464,000, and $392,000 for the fiscal years ended 2015, 2014 and 2013, respectively. Unamortized direct advertising costs included in prepaid expenses at fiscal years ended 2015, 2014 and 2013 were approximately $368,000, $145,000, and $304,000, respectively. |
Income Taxes | Income Taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
Earnings Per Share | Earnings Per Share. Basic earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding, and then adding the number of additional shares that would have been outstanding if potentially dilutive securities had been issued. This is calculated using the treasury stock method. No options were included for fiscal year 2015 due to the operating loss. At year-end 2014 and 2013, there were 172,543 and 297,250 options, respectively, not included in the diluted earnings per share computation because their effect was anti-dilutive. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss). Accumulated other comprehensive income (loss) is defined as the change in equity resulting from transactions from non-owner sources. Other comprehensive income (loss) consisted of the following: adjustments resulting from the foreign currency translation of the Company’s Mexican and Canadian operations, changes in the fair value of derivative instruments and changes in the funded status of the Company’s pension plan. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities. The Company uses derivative financial instruments to manage its exposures to interest rate fluctuations on its floating rate debt agreements when the Company deems it prudent to do so. The Company recognizes all derivatives as either assets or liabilities in the balance sheet, measures those instruments at fair value and recognizes changes in the fair value of derivatives in earnings in the period of change, unless the derivative qualifies as an effective hedge that offsets certain exposures. No derivatives were used by the Company in any of the periods presented. |
Foreign Currency Translation | Foreign Currency Translation. The functional currency for the Company’s foreign subsidiaries is the applicable local currency. Assets and liabilities of the foreign subsidiaries are translated to U.S. dollars at year-end exchange rates. Income and expense items are translated at the rates of exchange prevailing during the year. The adjustments resulting from translating the financial statements of the foreign subsidiary are reflected in shareholders’ equity as accumulated other comprehensive income or loss. |
Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations in other expense, net as incurred. Transaction (gains) and losses totaled approximately ($667,000), $35,000, and $189,000 for fiscal years ended 2015, 2014 and 2013, respectively. | |
Estimates | Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. |
Shipping and Handling Costs | Shipping and Handling Costs. The Company records amounts billed to customers for shipping and handling costs in net sales and related costs are included in cost of goods sold. |
Stock Based Compensation | Stock Based Compensation. The Company recognizes stock-based compensation expense net of estimated forfeitures (estimated at 1%) over the requisite service period of the individual grants, which generally equals the vesting period. The fair value of all share based awards is estimated on the date of grant. |
Accounts_Receivable_and_Allowa1
Accounts Receivable and Allowance for Doubtful Receivables (Tables) | 12 Months Ended | ||||||||||||
Feb. 28, 2015 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Allowance for Doubtful Receivables | The following table represents the activity in the Company’s allowance for doubtful receivables for the fiscal years ended (in thousands): | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Balance at beginning of period | $ | 3,672 | $ | 3,952 | $ | 4,403 | |||||||
Bad debt expense | 1,326 | 3,024 | 743 | ||||||||||
Recoveries | 60 | 42 | 45 | ||||||||||
Accounts written off | (1,499 | ) | (3,346 | ) | (1,239 | ) | |||||||
Balance at end of period | $ | 3,559 | $ | 3,672 | $ | 3,952 | |||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Feb. 28, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Components of Inventories | The following table summarizes the components of inventories at the different stages of production as of February 28, 2015 and 2014 (in thousands): | ||||||||
2015 | 2014 | ||||||||
Raw material | $ | 18,153 | $ | 16,400 | |||||
Work-in-process | 7,195 | 14,386 | |||||||
Finished goods | 94,466 | 99,309 | |||||||
$ | 119,814 | $ | 130,095 | ||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Feb. 28, 2015 | |||||||||
Business Combinations [Abstract] | |||||||||
Summary of Preliminary Purchase Price Allocations | The following is a summary of the purchase price allocations for Kay Toledo Tag (in thousands): | ||||||||
Accounts receivable | $ | 1,872 | |||||||
Inventories | 2,168 | ||||||||
Property, plant & equipment | 9,218 | ||||||||
Customer lists | 2,813 | ||||||||
Trade names | 1,690 | ||||||||
Goodwill | 4,249 | ||||||||
Accounts payable and accrued liabilities | (1,120 | ) | |||||||
Deferred taxes | (4,652 | ) | |||||||
$ | 16,238 | ||||||||
The following is a summary of the purchase price allocations for Sovereign (in thousands): | |||||||||
Accounts receivable | $ | 2,477 | |||||||
Inventories | 1,305 | ||||||||
Other assets | 653 | ||||||||
Property, plant & equipment | 3,300 | ||||||||
Customer lists | 1,550 | ||||||||
Trade names | 1,403 | ||||||||
Goodwill | 945 | ||||||||
Accounts payable | (1,000 | ) | |||||||
$ | 10,633 | ||||||||
The following is a summary of the 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 purchase price allocation 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, 2013, 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): | ||||||||
Unaudited | |||||||||
2015 | 2014 | ||||||||
Pro forma net sales | $ | 608,195 | $ | 630,692 | |||||
Pro forma net earnings | (43,791 | ) | 18,403 | ||||||
Pro forma earnings per share - diluted | (1.69 | ) | 0.7 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||
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): | ||||||||||||||||
As of February 28, 2015 | Weighted | Gross | Accumulated | Net | |||||||||||||
Average | Carrying | Amortization | |||||||||||||||
Remaining | Amount | ||||||||||||||||
Life | |||||||||||||||||
(in years) | |||||||||||||||||
Amortized intangible assets | |||||||||||||||||
Trade names | — | $ | 1,234 | $ | 1,234 | $ | — | ||||||||||
Customer lists | 9.6 | 74,670 | 27,486 | 47,184 | |||||||||||||
Noncompete | 2.8 | 75 | 4 | 71 | |||||||||||||
Patent | 3 | 773 | 392 | 381 | |||||||||||||
Total | 9.5 | $ | 76,752 | $ | 29,116 | $ | 47,636 | ||||||||||
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 | |||||||||||||||||
Fiscal years ended | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Non-amortizing intangible assets | |||||||||||||||||
Trademarks and trade names | $ | 28,591 | $ | 62,898 | |||||||||||||
Estimated Amortization Expense | The Company’s estimated amortization expense for the next five fiscal years is as follows (in thousands): | ||||||||||||||||
2016 | 5,965 | ||||||||||||||||
2017 | 5,965 | ||||||||||||||||
2018 | 5,752 | ||||||||||||||||
2019 | 5,268 | ||||||||||||||||
2020 | 4,852 | ||||||||||||||||
Changes in Net Carrying Amount of Goodwill | Changes in the net carrying amount of goodwill for fiscal years 2014 and 2015 are as follows (in thousands): | ||||||||||||||||
Apparel | Total | ||||||||||||||||
Segment | Segment | ||||||||||||||||
Balance as of March 1, 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 | 5,205 | — | 5,205 | ||||||||||||||
Goodwill impairment | — | (55,923 | ) | (55,923 | ) | ||||||||||||
Balance as of February 28, 2015 | $ | 64,489 | $ | — | $ | 64,489 | |||||||||||
Other_Accrued_Expenses_Tables
Other Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Feb. 28, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Components of Other Accrued Expenses | The following table summarizes the components of other accrued expenses for the fiscal years ended (in thousands): | ||||||||
February 28, 2015 | February 28, 2014 | ||||||||
Accrued taxes | $ | 380 | $ | 362 | |||||
Accrued legal and professional fees | 558 | 964 | |||||||
Accrued interest | 425 | 193 | |||||||
Accrued utilities | 131 | 130 | |||||||
Accrued acquisition related obligations | 127 | 146 | |||||||
Accrued credit card fees | 277 | 248 | |||||||
Other accrued expenses | 454 | 469 | |||||||
$ | 2,352 | $ | 2,512 | ||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Feb. 28, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of Long-Term Debt | Long-term debt consisted of the following at fiscal years ended (in thousands): | ||||||||
February 28, 2015 | February 28, 2014 | ||||||||
Revolving credit facility | $ | 106,500 | $ | 105,500 |
Stock_Option_Plan_and_Stock_Ba1
Stock Option Plan and Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Stock Option Activity | The Company had the following stock option activity for the three years ended February 28, 2015: | ||||||||||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||||||||||
of | Average | Average | Intrinsic | ||||||||||||||||||
Shares | Exercise | Remaining | Value(a) | ||||||||||||||||||
(exact quantity) | Price | Contractual | (in thousands) | ||||||||||||||||||
Life | |||||||||||||||||||||
(in years) | |||||||||||||||||||||
Outstanding at March 1, 2012 | 310,193 | $ | 15.6 | 6.6 | $ | 626 | |||||||||||||||
Granted | 72,707 | 15.48 | |||||||||||||||||||
Terminated | (11,400 | ) | 13.57 | ||||||||||||||||||
Exercised | (8,500 | ) | 8.94 | ||||||||||||||||||
Outstanding at February 28, 2013 | 363,000 | $ | 15.79 | 6.4 | $ | 421 | |||||||||||||||
Granted | 36,155 | 14.05 | |||||||||||||||||||
Terminated | (7,750 | ) | 13.3 | ||||||||||||||||||
Exercised | (22,000 | ) | 12.59 | ||||||||||||||||||
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 February 28, 2015 | 374,823 | $ | 15.95 | 5.7 | $ | 210 | |||||||||||||||
Exercisable at February 28, 2015 | 295,063 | $ | 16.16 | 5 | $ | 210 | |||||||||||||||
(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 fiscal years ended 2015, 2014 and 2013: | ||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
Expected volatility | 29.25 | % | 30.41 | % | 37.02 | % | |||||||||||||||
Expected term (years) | 3 | 3 | 3 | ||||||||||||||||||
Risk free interest rate | 0.91 | % | 0.35 | % | 0.43 | % | |||||||||||||||
Dividend yield | 4.11 | % | 4.63 | % | 4.42 | % | |||||||||||||||
Weighted average grant-date fair value | $ | 2.7 | $ | 1.96 | $ | 2.83 | |||||||||||||||
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 for the three fiscal years ended (in thousands): | ||||||||||||||||||||
Fiscal years ended | |||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
Total cash received | $ | 54 | $ | 94 | $ | 85 | |||||||||||||||
Income tax (expense) benefit | (106 | ) | 17 | 66 | |||||||||||||||||
Total grant-date fair value | 9 | 50 | 13 | ||||||||||||||||||
Intrinsic value | 36 | 117 | 54 | ||||||||||||||||||
Summary of Unvested Stock Options | A summary of the status of the Company’s unvested stock options at February 28, 2015, and changes during the fiscal year ended February 28, 2015 is presented below: | ||||||||||||||||||||
Number | Weighted | ||||||||||||||||||||
of Options | Average | ||||||||||||||||||||
Grant Date | |||||||||||||||||||||
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 February 28, 2015 | 79,760 | $ | 2.51 | ||||||||||||||||||
Summary of Stock Options Outstanding | The following table summarizes information about stock options outstanding at the end of fiscal year 2015: | ||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Exercise Prices | Number | Weighted Average | Weighted | Number | Weighted | ||||||||||||||||
Outstanding | Remaining Contractual | Average | Exercisable | Average | |||||||||||||||||
Life (in Years) | Exercise Price | Exercise Price | |||||||||||||||||||
$8.94 to $8.94 | 42,000 | 4.2 | $ | 8.94 | 42,000 | $ | 8.94 | ||||||||||||||
14.05 to 16.42 | 160,280 | 6.9 | 15.33 | 80,520 | 15.5 | ||||||||||||||||
17.57 to 19.69 | 172,543 | 5 | 18.23 | 172,543 | 18.23 | ||||||||||||||||
374,823 | 5.7 | 15.95 | 295,063 | 16.16 | |||||||||||||||||
Restricted Stock Grants Activity | The Company had the following restricted stock grants activity for each of the three fiscal years ended February 28, 2015: | ||||||||||||||||||||
Number of | Weighted | ||||||||||||||||||||
Shares | Average | ||||||||||||||||||||
Grant Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Outstanding at March 1, 2012 | 131,333 | $ | 17.09 | ||||||||||||||||||
Granted | 92,293 | 15.46 | |||||||||||||||||||
Terminated | — | — | |||||||||||||||||||
Vested | (36,578 | ) | 16.05 | ||||||||||||||||||
Outstanding at February 28, 2013 | 187,048 | $ | 16.49 | ||||||||||||||||||
Granted | 55,607 | 14.05 | |||||||||||||||||||
Terminated | — | — | |||||||||||||||||||
Vested | (61,753 | ) | 16.4 | ||||||||||||||||||
Outstanding at February 28, 2014 | 180,902 | $ | 15.77 | ||||||||||||||||||
Granted | 85,807 | 15.78 | |||||||||||||||||||
Terminated | — | — | |||||||||||||||||||
Vested | (113,061 | ) | 16.42 | ||||||||||||||||||
Outstanding at February 28, 2015 | 153,648 | $ | 15.3 | ||||||||||||||||||
Pension_Plan_Tables
Pension Plan (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Company's Pension Plan Asset Allocation, by Asset Category | The Company’s pension plan asset allocation, by asset category, is as follows for the fiscal years ended: | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Equity securities | 55 | % | 56 | % | |||||||||||||
Debt securities | 37 | % | 37 | % | |||||||||||||
Cash and cash equivalents | 8 | % | 7 | % | |||||||||||||
Total | 100 | % | 100 | % | |||||||||||||
Company's Target Asset Allocation Percentage, by Asset Class | The Company’s target asset allocation percentage, by asset class, for the year ended February 28, 2015 is as follows: | ||||||||||||||||
Asset Class | Target Allocation | ||||||||||||||||
Percentage | |||||||||||||||||
Cash | 1 -5% | ||||||||||||||||
Fixed Income | 35 -55% | ||||||||||||||||
Equity | 45 -60% | ||||||||||||||||
Plan's Fair Value Hierarchy for Assets Measured at Fair Value | The following tables present the Plan’s fair value hierarchy for those assets measured at fair value as of February 28, 2015 and 2014 (in thousands): | ||||||||||||||||
Assets | Fair Value Measurements | ||||||||||||||||
Measured at | |||||||||||||||||
Fair Value | |||||||||||||||||
Description | at 2/28/15 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash and cash equivalents | $ | 4,262 | $ | 4,262 | $ | — | $ | — | |||||||||
Government bonds | 10,642 | — | 10,642 | — | |||||||||||||
Corporate bonds | 8,154 | — | 8,154 | — | |||||||||||||
Domestic equities | 21,974 | 21,974 | — | — | |||||||||||||
Foreign equities | 5,961 | 5,961 | — | — | |||||||||||||
$ | 50,993 | $ | 32,197 | $ | 18,796 | $ | — | ||||||||||
Assets | Fair Value Measurements | ||||||||||||||||
Measured at | |||||||||||||||||
Fair Value | |||||||||||||||||
Description | at 2/28/14 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash and cash equivalents | $ | 3,247 | $ | 3,247 | $ | — | $ | — | |||||||||
Government bonds | 10,713 | — | 10,713 | — | |||||||||||||
Corporate bonds | 7,695 | — | 7,695 | — | |||||||||||||
Domestic equities | 21,928 | 21,928 | — | — | |||||||||||||
Foreign equities | 5,841 | 5,841 | — | — | |||||||||||||
$ | 49,424 | $ | 31,016 | $ | 18,408 | $ | — | ||||||||||
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 for fiscal years ended (in thousands): | ||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||
Service cost | $ | 1,122 | $ | 1,262 | $ | 1,283 | |||||||||||
Interest cost | 2,447 | 2,402 | 2,402 | ||||||||||||||
Expected return on plan assets | (3,856 | ) | (3,490 | ) | (3,208 | ) | |||||||||||
Amortization of: | |||||||||||||||||
Prior service cost | (145 | ) | (145 | ) | (145 | ) | |||||||||||
Unrecognized net loss | 1,524 | 2,052 | 1,823 | ||||||||||||||
Net periodic benefit cost | 1,092 | 2,081 | 2,155 | ||||||||||||||
Other changes in Plan Assets and Projected Benefit Obligation | |||||||||||||||||
Recognized in Other comprehensive Income | |||||||||||||||||
Net actuarial loss (gain) | 11,224 | (4,600 | ) | 4,370 | |||||||||||||
Amortization of net actuarial loss | (1,524 | ) | (2,052 | ) | (1,823 | ) | |||||||||||
Amortization of prior service credit | 145 | 145 | 145 | ||||||||||||||
9,845 | (6,507 | ) | 2,692 | ||||||||||||||
Total recognized in net periodic pension cost and other comprehensive income | $ | 10,937 | ($ | 4,426 | ) | $ | 4,847 | ||||||||||
Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Pension Cost | The following table represents the assumptions used to determine benefit obligations and net periodic pension cost for fiscal years ended: | ||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||
Weighted average discount rate (net periodic pension cost) | 4.9 | % | 4.6 | % | 5.05 | % | |||||||||||
Earnings progression (net periodic pension cost) | 3 | % | 3 | % | 3 | % | |||||||||||
Expected long-term rate of return on plan assets | 8 | % | 8 | % | 8 | % | |||||||||||
Weighted average discount rate (benefit obligations) | 4 | % | 4.9 | % | 4.6 | % | |||||||||||
Earnings progression (benefit obligations) | 3 | % | 3 | % | 3 | % | |||||||||||
Schedule of Accumulated Benefit Obligation, Change in Projected Benefit Obligation, Change in Plan Assets, Funded Status, and Reconciliation to Amounts Recognized in Consolidated Balance Sheets | The accumulated benefit obligation (“ABO”), change in projected benefit obligation (“PBO”), change in plan assets, funded status, and reconciliation to amounts recognized in the consolidated balance sheets are as follows (in thousands): | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
Change in benefit obligation | |||||||||||||||||
Projected benefit obligation at beginning of year | $ | 51,339 | $ | 54,315 | |||||||||||||
Service cost | 1,122 | 1,262 | |||||||||||||||
Interest cost | 2,447 | 2,402 | |||||||||||||||
Actuarial (gain)/loss | 6,637 | (3,095 | ) | ||||||||||||||
Other assumption change | 3,695 | — | |||||||||||||||
Benefits paid | (4,395 | ) | (3,545 | ) | |||||||||||||
Projected benefit obligation at end of year | $ | 60,845 | $ | 51,339 | |||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 49,423 | $ | 44,974 | |||||||||||||
Company contributions | 3,000 | 3,000 | |||||||||||||||
Gains on plan assets | 2,965 | 4,995 | |||||||||||||||
Benefits paid | (4,395 | ) | (3,545 | ) | |||||||||||||
Fair value of plan assets at end of year | $ | 50,993 | $ | 49,424 | |||||||||||||
Funded status (benefit obligation less plan assets) | ($ | 9,852 | ) | ($ | 1,915 | ) | |||||||||||
Accumulated benefit obligation at end of year | $ | 56,170 | $ | 46,815 | |||||||||||||
Schedule of Estimated Future Benefit Payments which Reflect Expected Future Service | Estimated future benefit payments which reflect expected future service, as appropriate, are expected to be paid in the fiscal years ended (in thousands): | ||||||||||||||||
Year | Projected | ||||||||||||||||
Payments | |||||||||||||||||
2016 | $ | 3,500 | |||||||||||||||
2017 | 3,600 | ||||||||||||||||
2018 | 3,700 | ||||||||||||||||
2019 | 3,800 | ||||||||||||||||
2020 | 4,000 | ||||||||||||||||
2021 - 2025 | 16,300 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Feb. 28, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of Provision for Income Taxes | The following table represents components of the provision for income taxes for fiscal years ended (in thousands): | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Current: | |||||||||||||
Federal | $ | 14,006 | $ | 17,755 | $ | 10,316 | |||||||
State and local | 2,451 | 2,946 | 2,205 | ||||||||||
Foreign | 322 | 183 | 168 | ||||||||||
Total current | 16,779 | 20,884 | 12,689 | ||||||||||
Deferred: | |||||||||||||
Federal | (9,920 | ) | (1,550 | ) | 803 | ||||||||
State and local | (1,459 | ) | (731 | ) | 411 | ||||||||
Total deferred | (11,379 | ) | (2,281 | ) | 1,214 | ||||||||
Total provision for income taxes | $ | 5,400 | $ | 18,603 | $ | 13,903 | |||||||
Statutory U.S. Federal Income Tax Rate to Company's Effective Tax Rate | The following summary reconciles the statutory U.S. Federal income tax rate to the Company’s effective tax rate for the fiscal years ended: | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Provision for state income taxes, net of Federal income tax benefit | (1.9 | ) | 3.9 | 3.7 | |||||||||
Domestic production activities deduction | 3.5 | (4.8 | ) | (2.9 | ) | ||||||||
Impairment of goodwill | (50.0 | ) | 20.5 | — | |||||||||
Other | (0.4 | ) | 3.9 | 0.2 | |||||||||
(13.8 | )% | 58.5 | % | 36 | % | ||||||||
Components of Deferred Income Tax Assets and Liabilities | The components of deferred income tax assets and liabilities are summarized as follows (in thousands) for fiscal years ended: | ||||||||||||
2015 | 2014 | ||||||||||||
Current deferred tax assets related to: | |||||||||||||
Allowance for doubtful receivables | $ | 1,356 | $ | 1,395 | |||||||||
Inventories | 2,745 | 2,661 | |||||||||||
Employee compensation and benefits | 2,305 | 2,275 | |||||||||||
Other | (134 | ) | (69 | ) | |||||||||
$ | 6,272 | $ | 6,262 | ||||||||||
Non-current deferred tax (liabilities) assets related to: | |||||||||||||
Property, plant and equipment | $ | (9,087 | ) | $ | (4,682 | ) | |||||||
Goodwill and other intangible assets | (10,556 | ) | (21,913 | ) | |||||||||
Pension and noncurrent employee compensation benefits | 6,064 | 2,384 | |||||||||||
Net operating loss and foreign tax credits | 113 | 381 | |||||||||||
Property tax | (367 | ) | (634 | ) | |||||||||
Currency exchange | 2,842 | 560 | |||||||||||
Stock options exercised | 747 | 1,003 | |||||||||||
Other | (4 | ) | (3 | ) | |||||||||
$ | (10,248 | ) | $ | (22,904 | ) | ||||||||
Reconciliation of Change in Unrecognized Tax Benefits | A reconciliation of the change in the unrecognized tax benefits for fiscal years ended 2015 and 2014 is as follows (in thousands): | ||||||||||||
2015 | 2014 | ||||||||||||
Balance at beginning of year | $ | 246 | $ | 96 | |||||||||
Additions (reductions) based on tax positions related to the current year | 166 | 182 | |||||||||||
Reductions due to lapses of statutes of limitations | (82 | ) | (32 | ) | |||||||||
Balance at end of year | $ | 330 | $ | 246 | |||||||||
Earnings_loss_per_Share_Tables
Earnings (loss) per Share (Tables) | 12 Months Ended | ||||||||||||
Feb. 28, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Computation for Basic and Diluted Earnings (Loss) Per Share | The following table sets forth the computation for basic and diluted earnings (loss) per share for the fiscal years ended: | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Basic weighted average common shares outstanding | 25,864,352 | 26,125,348 | 26,035,571 | ||||||||||
Effect of dilutive options | — | 20,977 | 17,881 | ||||||||||
Diluted weighted average common shares outstanding | 25,864,352 | 26,146,325 | 26,053,452 | ||||||||||
Per share amounts: | |||||||||||||
Net earnings (loss) – basic | $ | (1.72 | ) | $ | 0.5 | $ | 0.95 | ||||||
Net earnings (loss) – diluted | $ | (1.72 | ) | $ | 0.5 | $ | 0.95 | ||||||
Cash dividends | $ | 0.7 | $ | 0.53 | $ | 0.88 | |||||||
Segment_Information_and_Geogra1
Segment Information and Geographic Information (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Data | Segment data for the fiscal years ended 2015, 2014 and 2013 were as follows (in thousands): | ||||||||||||||||
Apparel | Corporate | Consolidated | |||||||||||||||
Segment | Segment | Totals | |||||||||||||||
Fiscal year ended February 28, 2015: | |||||||||||||||||
Net sales | $ | 380,379 | $ | 199,861 | $ | — | $ | 580,240 | |||||||||
Depreciation | 6,510 | 3,727 | 268 | 10,505 | |||||||||||||
Amortization of identifiable intangibles | 4,312 | 1,467 | — | 5,779 | |||||||||||||
Impairment of goodwill and trademarks | — | 93,324 | — | 93,324 | |||||||||||||
Segment earnings (loss) before income tax | 66,374 | (89,632 | ) | (15,875 | ) | (39,133 | ) | ||||||||||
Segment assets | 248,916 | 183,778 | 20,568 | 453,262 | |||||||||||||
Capital expenditures | 1,977 | 460 | 42 | 2,479 | |||||||||||||
Fiscal year ended February 28, 2014: | |||||||||||||||||
Net sales | $ | 339,947 | $ | 202,495 | $ | — | $ | 542,442 | |||||||||
Depreciation | 5,804 | 3,845 | 205 | 9,854 | |||||||||||||
Amortization of identifiable intangibles | 2,749 | 1,467 | — | 4,216 | |||||||||||||
Impairment of goodwill and trademarks | — | 24,226 | — | 24,226 | |||||||||||||
Segment earnings (loss) before income tax | 57,390 | (9,467 | ) | (16,131 | ) | 31,792 | |||||||||||
Segment assets | 221,937 | 302,020 | 12,390 | 536,347 | |||||||||||||
Capital expenditures | 2,746 | 1,228 | 672 | 4,646 | |||||||||||||
Fiscal year ended February 28, 2013: | |||||||||||||||||
Net sales | $ | 334,701 | $ | 198,805 | $ | — | $ | 533,506 | |||||||||
Depreciation | 5,895 | 3,815 | 247 | 9,957 | |||||||||||||
Amortization of identifiable intangibles | 1,811 | 1,467 | — | 3,278 | |||||||||||||
Segment earnings (loss) before income tax | 54,224 | 247 | (15,853 | ) | 38,618 | ||||||||||||
Segment assets | 167,329 | 313,790 | 14,173 | 495,292 | |||||||||||||
Capital expenditures | 2,513 | 12 | 35 | 2,560 | |||||||||||||
Summary of Company's Operations in Different Geographic Areas | Information about the Company’s operations in different geographic areas as of and for the fiscal years ended is as follows (in thousands): | ||||||||||||||||
United States | Canada | Mexico | Total | ||||||||||||||
2015 | |||||||||||||||||
Net sales to unaffiliated customers | |||||||||||||||||
Print Segment | $ | 380,379 | $ | — | $ | — | $ | 380,379 | |||||||||
Apparel Segment | 180,988 | 17,503 | 1,370 | 199,861 | |||||||||||||
$ | 561,367 | $ | 17,503 | $ | 1,370 | $ | 580,240 | ||||||||||
Identifiable long-lived assets | |||||||||||||||||
Print Segment | $ | 51,625 | $ | — | $ | — | $ | 51,625 | |||||||||
Apparel Segment | 93 | 54 | 37,556 | 37,703 | |||||||||||||
Corporate | 3,547 | — | — | 3,547 | |||||||||||||
$ | 55,265 | $ | 54 | $ | 37,556 | $ | 92,875 | ||||||||||
2014 | |||||||||||||||||
Net sales to unaffiliated customers | |||||||||||||||||
Print Segment | $ | 339,947 | $ | — | $ | — | $ | 339,947 | |||||||||
Apparel Segment | 183,335 | 18,694 | 466 | 202,495 | |||||||||||||
$ | 523,282 | $ | 18,694 | $ | 466 | $ | 542,442 | ||||||||||
Identifiable long-lived assets | |||||||||||||||||
Print Segment | $ | 43,849 | $ | — | $ | — | $ | 43,849 | |||||||||
Apparel Segment | 147 | 40 | 43,757 | 43,944 | |||||||||||||
Corporate | 3,772 | — | — | 3,772 | |||||||||||||
$ | 47,768 | $ | 40 | $ | 43,757 | $ | 91,565 | ||||||||||
2013 | |||||||||||||||||
Net sales to unaffiliated customers | |||||||||||||||||
Print Segment | $ | 334,701 | $ | — | $ | — | $ | 334,701 | |||||||||
Apparel Segment | 180,215 | 17,806 | 784 | 198,805 | |||||||||||||
$ | 514,916 | $ | 17,806 | $ | 784 | $ | 533,506 | ||||||||||
Identifiable long-lived assets | |||||||||||||||||
Print Segment | $ | 41,106 | $ | — | $ | — | $ | 41,106 | |||||||||
Apparel Segment | 240 | 26 | 47,237 | 47,503 | |||||||||||||
Corporate | 3,304 | — | — | 3,304 | |||||||||||||
$ | 44,650 | $ | 26 | $ | 47,237 | $ | 91,913 | ||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Feb. 28, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Lease Commitments Under Non-cancelable Operating Leases | Future minimum lease commitments under non-cancelable operating leases for each of the fiscal years ending are as follows (in thousands): | ||||
Operating | |||||
Lease | |||||
Commitments | |||||
2016 | $ | 5,943 | |||
2017 | 3,623 | ||||
2018 | 1,759 | ||||
2019 | 265 | ||||
2020 | 34 | ||||
Thereafter | — | ||||
$ | 11,624 | ||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Feb. 28, 2015 | |||||||||||||
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 for the three fiscal years ended (in thousands): | ||||||||||||
2015 | 2014 | 2013 | |||||||||||
Interest paid | $ | 1,793 | $ | 1,195 | $ | 1,456 | |||||||
Income taxes paid | $ | 19,523 | $ | 17,799 | $ | 13,694 |
Quarterly_Consolidated_Financi1
Quarterly Consolidated Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Feb. 28, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Unaudited Quarterly Financial Data of Company | The following table represents the unaudited quarterly financial data of the Company for fiscal years ended 2015 and 2014 (in thousands, except per share amounts and quarter over quarter comparison): | ||||||||||||||||
For the Three Months Ended | May 31 | August 31 | November 30 | February 28 | |||||||||||||
Fiscal year ended 2015: | |||||||||||||||||
Net sales | $ | 141,186 | $ | 151,841 | $ | 146,971 | $ | 140,242 | |||||||||
Gross profit margin | 35,388 | 38,188 | 36,516 | 35,384 | |||||||||||||
Net earnings (loss) | 8,032 | 10,016 | (71,179 | ) | 8,598 | ||||||||||||
Dividends paid | 4,567 | 4,574 | 4,548 | 4,502 | |||||||||||||
Per share of common stock: | |||||||||||||||||
Basic net earnings (loss) | $ | 0.31 | $ | 0.39 | $ | (2.76 | ) | $ | 0.34 | ||||||||
Diluted net earnings (loss) | $ | 0.31 | $ | 0.39 | $ | (2.76 | ) | $ | 0.34 | ||||||||
Dividends | $ | 0.175 | $ | 0.175 | $ | 0.175 | $ | 0.175 | |||||||||
For the Three Months Ended | May 31 | August 31 | November 30 | February 28 | |||||||||||||
Fiscal year ended 2014: | |||||||||||||||||
Net sales | $ | 138,466 | $ | 135,288 | $ | 136,550 | $ | 132,138 | |||||||||
Gross profit margin | 35,795 | 36,659 | 37,759 | 33,580 | |||||||||||||
Net earnings (loss) | 8,506 | 9,801 | 9,349 | (14,467 | ) | ||||||||||||
Dividends paid | — | 4,587 | 4,588 | 4,590 | |||||||||||||
Per share of common stock: | |||||||||||||||||
Basic net earnings (loss) | $ | 0.33 | $ | 0.38 | $ | 0.36 | $ | (0.55 | ) | ||||||||
Diluted net earnings (loss) | $ | 0.33 | $ | 0.38 | $ | 0.36 | $ | (0.55 | ) | ||||||||
Dividends | $ | — | $ | 0.175 | $ | 0.175 | $ | 0.175 | |||||||||
-1 | During the first quarter of fiscal year 2014, no dividend payment was made because of the Board’s decision to accelerate the normal first quarter payment for fiscal year 2014 into fiscal year 2013. |
Significant_Accounting_Policie2
Significant Accounting Policies and General Matters - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | |
DerivativeInstruments | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Trade receivable maturity period | 30 days | ||
Percentage of inventories exempted valued at lower of LIFO | 10.00% | ||
Percentage of Inventories valued at LIFO | 2.00% | 1.90% | |
Reserves for excess and obsolete inventory | $3,100,000 | $2,900,000 | |
Period within which company prints and stores custom print product for customer specified future delivery | 12 months | ||
Revenue recognized | 13,700,000 | 13,700,000 | 12,300,000 |
Advertising expense | 800,000 | 1,000,000 | 1,000,000 |
Amortization of advertising expense | 215,000 | 464,000 | 392,000 |
Unamortized direct advertising costs included in prepaid expenses | 368,000 | 145,000 | 304,000 |
Stock options not included in the diluted earnings per share computation | 0 | 172,543 | 297,250 |
Number of derivative instruments | 0 | ||
Transaction (gains) and losses | ($667,000) | $35,000 | $189,000 |
Employee Stock Option [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Stock-based compensation expense, estimated forfeiture rate | 1.00% | ||
Minimum [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Amortization period for advertising expense | 3 Months | ||
Minimum [Member] | Buildings and Improvements [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Amortization period for advertising expense | 12 Months | ||
Maximum [Member] | Buildings and Improvements [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 33 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 11 years |
Accounts_Receivable_and_Allowa2
Accounts Receivable and Allowance for Doubtful Receivables - Allowance for Doubtful Receivables (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 |
Receivables [Abstract] | |||
Balance at beginning of period | $3,672 | $3,952 | $4,403 |
Bad debt expense | 1,326 | 3,024 | 743 |
Recoveries | 60 | 42 | 45 |
Accounts written off | -1,499 | -3,346 | -1,239 |
Balance at end of period | $3,559 | $3,672 | $3,952 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Feb. 28, 2015 | Feb. 28, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw material | $18,153 | $16,400 |
Work-in-process | 7,195 | 14,386 |
Finished goods | 94,466 | 99,309 |
Inventories | $119,814 | $130,095 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | 12 Months Ended | |
Feb. 28, 2015 | Feb. 28, 2014 | |
Inventory Disclosure [Abstract] | ||
Excess of current costs at FIFO over LIFO stated values | $5,000,000 | $5,000,000 |
Decrease in cost of sales | 87,000 | 25,000 |
Net earnings | $55,000 | $16,000 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||
Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Jun. 16, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 27, 2013 | Sep. 30, 2013 | Oct. 03, 2014 | |
Business Acquisition [Line Items] | |||||||||||||||||||
Net sales | $140,242,000 | $146,971,000 | $151,841,000 | $141,186,000 | $132,138,000 | $136,550,000 | $135,288,000 | $138,466,000 | $580,240,000 | $542,442,000 | $533,506,000 | ||||||||
Earnings before income taxes | -39,133,000 | 31,792,000 | 38,618,000 | ||||||||||||||||
Kay Toledo [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Total purchase consideration | 16,238,000 | 16,238,000 | |||||||||||||||||
Net sales | 3,900,000 | 25,000,000 | |||||||||||||||||
Earn out provision period | 3 years | ||||||||||||||||||
Additional earnings | 1,000,000 | ||||||||||||||||||
Earnings before income taxes | 400,000 | ||||||||||||||||||
Sovereign [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Total purchase consideration | 10,633,000 | ||||||||||||||||||
Net sales | 19,800,000 | 27,100,000 | |||||||||||||||||
Earn out provision period | 4 years | ||||||||||||||||||
Additional earnings | 1,000,000 | ||||||||||||||||||
Earnings before income taxes | 2,900,000 | ||||||||||||||||||
Wisco and NIC [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Total purchase consideration | 47,250,000 | ||||||||||||||||||
Net sales | 40,000,000 | ||||||||||||||||||
Earnings before income taxes | 6,500,000 | ||||||||||||||||||
Wisco and NIC [Member] | Minimum [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Net sales | 40,000,000 | ||||||||||||||||||
Folder Express [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Total purchase consideration | 14,607,000 | ||||||||||||||||||
Net sales | 16,500,000 | 20,000,000 | |||||||||||||||||
Earnings before income taxes | 1,400,000 | ||||||||||||||||||
Hoosier Data Forms [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Total purchase consideration | $200,000 |
Acquisitions_Summary_of_Prelim
Acquisitions - Summary of Preliminary Purchase Price Allocations (Detail) (USD $) | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | Dec. 31, 2014 | Jun. 16, 2014 | Sep. 27, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $64,489 | $115,207 | $121,809 | ||||
Kay Toledo [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 4,249 | ||||||
Accounts payable and accrued liabilities | -1,120 | ||||||
Deferred taxes | -4,652 | ||||||
Total purchase consideration | 16,238 | ||||||
Accounts receivable | 1,872 | ||||||
Inventories | 2,168 | ||||||
Property, plant & equipment | 9,218 | ||||||
Kay Toledo [Member] | Trade Names [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Customer lists and Trade names | 1,690 | ||||||
Kay Toledo [Member] | Customer Lists [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Customer lists and Trade names | 2,813 | ||||||
Sovereign [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 945 | ||||||
Accounts payable and accrued liabilities | -1,000 | ||||||
Total purchase consideration | 10,633 | ||||||
Accounts receivable | 2,477 | ||||||
Inventories | 1,305 | ||||||
Other assets | 653 | ||||||
Property, plant & equipment | 3,300 | ||||||
Sovereign [Member] | Trade Names [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Customer lists and Trade names | 1,403 | ||||||
Sovereign [Member] | Customer Lists [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Customer lists and Trade names | 1,550 | ||||||
Wisco and NIC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 9,462 | ||||||
Accounts payable and accrued liabilities | -3,404 | ||||||
Total purchase consideration | 47,250 | ||||||
Accounts receivable | 3,331 | ||||||
Inventories | 2,391 | ||||||
Other assets | 581 | ||||||
Property, plant & equipment | 4,889 | ||||||
Wisco and NIC [Member] | Trade Names [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Customer lists and Trade names | 3,600 | ||||||
Wisco and NIC [Member] | Customer Lists [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Customer lists and Trade names | 26,400 | ||||||
Folder Express [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | 2,574 | ||||||
Accounts payable and accrued liabilities | -493 | ||||||
Total purchase consideration | 14,607 | ||||||
Accounts receivable | 1,171 | ||||||
Inventories | 2,102 | ||||||
Other assets | 196 | ||||||
Property, plant & equipment | 1,617 | ||||||
Folder Express [Member] | Trade Names [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Customer lists and Trade names | 1,520 | ||||||
Folder Express [Member] | Customer Lists [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Customer lists and Trade names | $5,920 |
Acquisitions_Summary_of_Operat
Acquisitions - Summary of Operating Information on Pro Forma Basis (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 |
Business Combinations [Abstract] | ||
Pro forma net sales | $608,195 | $630,692 |
Pro forma net earnings | ($43,791) | $18,403 |
Pro forma earnings per share - diluted | ($1.69) | $0.70 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
Nov. 30, 2014 | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Non-cash impairment charge of goodwill and trademarks, Total | $93,324,000 | $93,324,000 | $24,226,000 | ||
Goodwill impairment | 55,923,000 | 55,923,000 | 18,626,000 | ||
Trademarks impairment charges | 37,400,000 | ||||
Estimated useful life of asset | 9 years 6 months | 7 years 1 month 6 days | |||
Amortization of trade names, customer lists, and patent | 5,779,000 | 4,216,000 | 3,278,000 | ||
Goodwill acquired | 5,205,000 | 12,024,000 | |||
Wisco and NIC [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill acquired | 12,000 | 12,000,000 | |||
Sovereign [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill acquired | 945,000 | ||||
Kay Toledo [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill acquired | 4,200,000 | ||||
Apparel Segment [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Non-cash impairment charge of goodwill and trademarks, Total | 93,324,000 | 24,226,000 | |||
Goodwill impairment | 55,923,000 | 18,626,000 | 18,626,000 | ||
Percentage of carrying value of goodwill and impairment | 88.00% | ||||
Apparel Segment [Member] | Trademarks [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Trademarks impairment charges | 37,400,000 | 5,600,000 | |||
Print Segment [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill impairment | 0 | ||||
Goodwill acquired | $5,205,000 | $12,024,000 | |||
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 $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life (in years) | 9 years 6 months | 7 years 1 month 6 days |
Gross Carrying Amount | $76,752 | $72,214 |
Accumulated Amortization | 29,116 | 23,337 |
Amortized intangible assets, Net | 47,636 | 48,877 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life (in years) | 0 years | |
Gross Carrying Amount | 1,234 | 1,234 |
Accumulated Amortization | 1,234 | 1,234 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life (in years) | 9 years 7 months 6 days | 7 years 1 month 6 days |
Gross Carrying Amount | 74,670 | 70,207 |
Accumulated Amortization | 27,486 | 21,840 |
Amortized intangible assets, Net | 47,184 | 48,367 |
Noncompete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life (in years) | 2 years 9 months 18 days | |
Gross Carrying Amount | 75 | |
Accumulated Amortization | 4 | |
Amortized intangible assets, Net | 71 | |
Patent [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life (in years) | 3 years | 4 years |
Gross Carrying Amount | 773 | 773 |
Accumulated Amortization | 392 | 263 |
Amortized intangible assets, Net | $381 | $510 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Non-amortizing Intangible Assets (Detail) (USD $) | Feb. 28, 2015 | Feb. 28, 2014 |
In Thousands, unless otherwise specified | ||
Non-amortizing intangible assets | ||
Non-amortizing intangible assets, Trademarks and trade names | $28,591 | $62,898 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Estimated Amortization Expense (Detail) (USD $) | Feb. 28, 2015 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2016 | $5,965 |
2017 | 5,965 |
2018 | 5,752 |
2019 | 5,268 |
2020 | $4,852 |
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 | 3 Months Ended | |
Nov. 30, 2014 | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill, Beginning balance | $115,207,000 | $121,809,000 | ||
Goodwill acquired | 5,205,000 | 12,024,000 | ||
Goodwill impairment | -55,923,000 | -55,923,000 | -18,626,000 | |
Goodwill, Ending balance | 64,489,000 | 115,207,000 | 115,207,000 | |
Print Segment [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill, Beginning balance | 59,284,000 | 47,260,000 | ||
Goodwill acquired | 5,205,000 | 12,024,000 | ||
Goodwill impairment | 0 | |||
Goodwill, Ending balance | 64,489,000 | 59,284,000 | 59,284,000 | |
Apparel Segment [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill, Beginning balance | 55,923,000 | 74,549,000 | ||
Goodwill impairment | -55,923,000 | -18,626,000 | -18,626,000 | |
Goodwill, Ending balance | $55,923,000 | $55,923,000 |
Other_Accrued_Expenses_Compone
Other Accrued Expenses - Components of Other Accrued Expenses (Detail) (USD $) | Feb. 28, 2015 | Feb. 28, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Accrued taxes | $380 | $362 |
Accrued legal and professional fees | 558 | 964 |
Accrued interest | 425 | 193 |
Accrued utilities | 131 | 130 |
Accrued acquisition related obligations | 127 | 146 |
Accrued credit card fees | 277 | 248 |
Other accrued expenses | 454 | 469 |
Other accrued expenses, Total | $2,352 | $2,512 |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Detail) (USD $) | Feb. 28, 2015 | Feb. 28, 2014 |
In Thousands, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facility | $106,500 | $105,500 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facility | $106,500 | $105,500 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Feb. 28, 2015 | Feb. 28, 2014 | Sep. 19, 2013 | |
Line of Credit Facility [Line Items] | |||
Revolving credit facility, outstanding borrowings | 106,500,000 | $105,500,000 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, outstanding borrowings | 106,500,000 | 105,500,000 | |
Revolving credit facility, percentage of capital securities of direct foreign subsidiary | 65.00% | ||
Standby letters of credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, outstanding borrowings | 2,800,000 | ||
Revolving credit facility, remaining borrowing capacity | 40,700,000 | ||
Third Amendment [Member] | Revolving Credit Facility [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% | ||
Second Amendment [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
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, interest rate variable basis spread, option one | 1.50% | 1.70% | |
Revolving credit facility, interest rate variable basis spread, option two | 1.75% | ||
Second Amendment [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, variable basis spread | 1.00% | ||
Second Amendment [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, variable basis spread | 2.25% |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Dec. 19, 2014 | Apr. 20, 2012 | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | Oct. 20, 2008 | |
Shareholders Equity [Line Items] | ||||||
Repurchase of common stock through a stock repurchase program | $5,000,000 | |||||
Share purchased under the repurchase program | 502,609 | |||||
Average price from inception of program | $13.99 | |||||
Common stock shares repurchased | 718,511 | |||||
Common stock average price, repurchased | $13.74 | |||||
Additional authorized amount available to repurchase shares | 10,000,000 | 5,000,000 | ||||
Total amount available to repurchase of shares | $10,600,000 | $9,000,000 | ||||
Non Officer Employees [Member] | ||||||
Shareholders Equity [Line Items] | ||||||
Shares purchased unrelated to stock repurchase program | 81 | 112 | 175 |
Stock_Option_Plan_and_Stock_Ba2
Stock Option Plan and Stock Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | |
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 | $96,000 | ||
Fair value of shares underlying the options vested | 900,000 | ||
Remaining unrecognized compensation cost related to unvested restricted stock | 1,300,000 | ||
Weighted average remaining requisite service period of the unvested restricted stock awards | 1 year 6 months | ||
Outstanding restricted stock underlying fair value at grant date | 2,400,000 | ||
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 | 1 year 2 months 12 days | ||
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 | 1,300,000 | 1,500,000 | 1,500,000 |
Compensation expense related share based compensation net of tax | $800,000 | $1,000,000 | $900,000 |
Stock_Option_Plan_and_Stock_Ba3
Stock Option Plan and Stock Based Compensation - Stock Option Activity (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Number of Shares, Options Outstanding, Beginning Balance | 369,405 | 363,000 | 310,193 | |
Number of Shares, Granted | 31,418 | 36,155 | 72,707 | |
Number of Shares, Terminated | -20,000 | -7,750 | -11,400 | |
Number of Shares, Exercised | -6,000 | -22,000 | -8,500 | |
Number of Shares, Options Outstanding, Ending Balance | 374,823 | 369,405 | 363,000 | 310,193 |
Weighted Average Exercise Price, Beginning Balance | $15.86 | $15.79 | $15.60 | |
Weighted Average Exercise Price, Granted | $15.78 | $14.05 | $15.48 | |
Weighted Average Exercise Price, Terminated | $16.21 | $13.30 | $13.57 | |
Weighted Average Exercise Price, Exercised | $8.94 | $12.59 | $8.94 | |
Weighted Average Exercise Price, Ending Balance | $15.95 | $15.86 | $15.79 | $15.60 |
Aggregate Intrinsic Value, Beginning Balance | $416 | $421 | $626 | |
Weighted Average Remaining Contractual Life, Ending Balance | 5 years 8 months 12 days | 6 years | 6 years 4 months 24 days | 6 years 7 months 6 days |
Aggregate Intrinsic Value, Ending Balance | 210 | 416 | 421 | 626 |
Number of Shares, Exercisable | 295,063 | |||
Weighted Average Exercise Price, Exercisable | $16.16 | |||
Weighted Average Remaining Contractual Life, Exercisable | 5 years | |||
Aggregate Intrinsic Value, Exercisable | $210 |
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 $) | 12 Months Ended | ||
Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expected volatility | 29.25% | 30.41% | 37.02% |
Expected term (years) | 3 years | 3 years | 3 years |
Risk free interest rate | 0.91% | 0.35% | 0.43% |
Dividend yield | 4.11% | 4.63% | 4.42% |
Weighted average grant-date fair value | $2.70 | $1.96 | $2.83 |
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 $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Total cash received | $54 | $94 | $85 |
Income tax (expense) benefit | -106 | 17 | 66 |
Total grant-date fair value | 9 | 50 | 13 |
Intrinsic value | $36 | $117 | $54 |
Stock_Option_Plan_and_Stock_Ba6
Stock Option Plan and Stock Based Compensation - Summary of Unvested Stock Options (Detail) (USD $) | 12 Months Ended | ||
Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Unvested Beginning Balance, Number of Options | 112,211 | ||
New grants, Number of Options | 31,418 | 36,155 | 72,707 |
Vested, Number of Options | -63,869 | ||
Forfeited, Number of Options | 0 | ||
Unvested Ending Balance, Number of Options | 79,760 | 112,211 | |
Unvested Beginning Balance, Weighted Average Grant Date Fair Value | $2.89 | ||
New grants, Weighted Average Grant Date Fair Value | $2.70 | $1.96 | $2.83 |
Vested, Weighted Average Grant Date Fair Value | $3.27 | ||
Forfeited, Weighted Average Grant Date Fair Value | $0 | ||
Unvested Ending Balance, Weighted Average Grant Date Fair Value | $2.51 | $2.89 |
Stock_Option_Plan_and_Stock_Ba7
Stock Option Plan and Stock Based Compensation - Summary of Stock Options Outstanding (Detail) (USD $) | 12 Months Ended |
Feb. 28, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding, Options Outstanding | 374,823 |
Weighted Average Remaining Contractual Life (in Years), Options Outstanding | 5 years 8 months 12 days |
Weight Average Exercise Price, Options Outstanding | $15.95 |
Number Exercisable, Options Exercisable | 295,063 |
Weight Average Exercise Price, Options Exercisable | $16.16 |
Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Prices, Lower range | $8.94 |
Exercise Prices, Upper range | $8.94 |
Number Outstanding, Options Outstanding | 42,000 |
Weighted Average Remaining Contractual Life (in Years), Options Outstanding | 4 years 2 months 12 days |
Weight Average Exercise Price, Options Outstanding | $8.94 |
Number Exercisable, Options Exercisable | 42,000 |
Weight Average Exercise Price, Options Exercisable | $8.94 |
Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Prices, Lower range | $14.05 |
Exercise Prices, Upper range | $16.42 |
Number Outstanding, Options Outstanding | 160,280 |
Weighted Average Remaining Contractual Life (in Years), Options Outstanding | 6 years 10 months 24 days |
Weight Average Exercise Price, Options Outstanding | $15.33 |
Number Exercisable, Options Exercisable | 80,520 |
Weight Average Exercise Price, Options Exercisable | $15.50 |
Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Prices, Lower range | $17.57 |
Exercise Prices, Upper range | $19.69 |
Number Outstanding, Options Outstanding | 172,543 |
Weighted Average Remaining Contractual Life (in Years), Options Outstanding | 5 years |
Weight Average Exercise Price, Options Outstanding | $18.23 |
Number Exercisable, Options Exercisable | 172,543 |
Weight Average Exercise Price, Options Exercisable | $18.23 |
Stock_Option_Plan_and_Stock_Ba8
Stock Option Plan and Stock Based Compensation - Restricted Stock Grants Activity (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | |
Restricted Stock [Member] | |||
Restricted stock grant activity | |||
Outstanding at Beginning, Number of Shares | 180,902 | 187,048 | 131,333 |
Number of Shares, Granted | 85,807 | 55,607 | 92,293 |
Number of shares, Terminated | 0 | 0 | 0 |
Number of Shares, Vested | -113,061 | -61,753 | -36,578 |
Outstanding at Ending, Number of Shares | 153,648 | 180,902 | 187,048 |
Outstanding at Beginning, Weighted Average Grant Date Fair value | $15.77 | $16.49 | $17.09 |
Weighted Average Grant Date Fair Value, Granted | $15.78 | $14.05 | $15.46 |
Weighted Average Grant Date Fair Value, Terminated | $0 | $0 | $0 |
Weighted Average Grant Date Fair Value, Vested | $16.42 | $16.40 | $16.05 |
Outstanding at Ending, Weighted Average Grant Date Fair value | $15.30 | $15.77 | $16.49 |
Pension_Plan_Additional_Inform
Pension Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employees covered under noncontributory Pension Plan | 8.00% | ||
Compensation period preceding retirement and termination | 5 years | ||
Company estimates the long-term rate of return on plan assets | 8.00% | ||
Target asset allocation, historical period | 10 years | ||
Target asset allocation, expected returns | 5 years | ||
Expected rate of return | 8.00% | 8.00% | 8.00% |
Expected Contribution | $3,000,000 | $3,000,000 | |
Matching contributions | 1,200,000 | 900,000 | 800,000 |
United States employees contribution | 100.00% | ||
Profit sharing contributions | 227,000 | 254,000 | 258,000 |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected Contribution | 2,000,000 | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected Contribution | $3,000,000 |
Pension_Plan_Companys_Pension_
Pension Plan - Company's Pension Plan Asset Allocation, by Asset Category (Detail) | Feb. 28, 2015 | Feb. 28, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan asset allocation by asset category | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan asset allocation by asset category | 55.00% | 56.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan asset allocation by asset category | 37.00% | 37.00% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan asset allocation by asset category | 8.00% | 7.00% |
Pension_Plan_Companys_Target_A
Pension Plan - Company's Target Asset Allocation Percentage, by Asset Class (Detail) | 12 Months Ended |
Feb. 28, 2015 | |
Minimum [Member] | Cash [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Percentage | 1.00% |
Minimum [Member] | Fixed Income [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Percentage | 35.00% |
Minimum [Member] | Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Percentage | 45.00% |
Maximum [Member] | Cash [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Percentage | 5.00% |
Maximum [Member] | Fixed Income [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Percentage | 55.00% |
Maximum [Member] | Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Percentage | 60.00% |
Pension_Plan_Plans_Fair_Value_
Pension Plan - Plan's Fair Value Hierarchy for Assets Measured at Fair Value (Detail) (USD $) | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | $50,993 | $49,424 | $44,974 |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 4,262 | 3,247 | |
Government Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 10,642 | 10,713 | |
Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 8,154 | 7,695 | |
Domestic Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 21,974 | 21,928 | |
Foreign Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 5,961 | 5,841 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 32,197 | 31,016 | |
Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 4,262 | 3,247 | |
Level 1 [Member] | Domestic Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 21,974 | 21,928 | |
Level 1 [Member] | Foreign Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 5,961 | 5,841 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 18,796 | 18,408 | |
Level 2 [Member] | Government Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 10,642 | 10,713 | |
Level 2 [Member] | Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | $8,154 | $7,695 |
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 $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 |
Components of net periodic benefit cost | |||
Service cost | $1,122 | $1,262 | $1,283 |
Interest cost | 2,447 | 2,402 | 2,402 |
Expected return on plan assets | -3,856 | -3,490 | -3,208 |
Amortization of: | |||
Prior service cost | -145 | -145 | -145 |
Unrecognized net loss | 1,524 | 2,052 | 1,823 |
Net periodic benefit cost | 1,092 | 2,081 | 2,155 |
Recognized in Other comprehensive Income | |||
Net actuarial loss (gain) | 11,224 | -4,600 | 4,370 |
Amortization of net actuarial loss | -1,524 | -2,052 | -1,823 |
Amortization of prior service credit | 145 | 145 | 145 |
Net of recognized in Other comprehensive Income | -6,072 | 3,976 | -1,667 |
Total recognized in net periodic pension cost and other comprehensive income | $10,937 | ($4,426) | $4,847 |
Pension_Plan_Schedule_of_Assum
Pension Plan - Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Pension Cost (Detail) | 12 Months Ended | ||
Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Weighted average discount rate (net periodic pension cost) | 4.90% | 4.60% | 5.05% |
Earnings progression (net periodic pension cost) | 3.00% | 3.00% | 3.00% |
Expected long-term rate of return on plan assets | 8.00% | 8.00% | 8.00% |
Weighted average discount rate (benefit obligations) | 4.00% | 4.90% | 4.60% |
Earnings progression (benefit obligations) | 3.00% | 3.00% | 3.00% |
Pension_Plan_Schedule_of_Accum
Pension Plan - Schedule of Accumulated Benefit Obligation, Change in Projected Benefit Obligation, Change in Plan Assets, Funded Status, and Reconciliation to Amounts Recognized in Consolidated Balance Sheets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 |
Change in benefit obligation | |||
Projected benefit obligation at beginning of year | $51,339 | $54,315 | |
Service cost | 1,122 | 1,262 | 1,283 |
Interest cost | 2,447 | 2,402 | 2,402 |
Actuarial (gain)/loss | 6,637 | -3,095 | |
Other assumption change | 3,695 | ||
Benefits paid | -4,395 | -3,545 | |
Projected benefit obligation at end of year | 60,845 | 51,339 | 54,315 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 49,424 | 44,974 | |
Company contributions | 3,000 | 3,000 | |
Gains on plan assets | 2,965 | 4,995 | |
Benefits paid | -4,395 | -3,545 | |
Fair value of plan assets at end of year | 50,993 | 49,424 | 44,974 |
Funded status (benefit obligation less plan assets) | -9,852 | -1,915 | |
Accumulated benefit obligation at end of year | $56,170 | $46,815 |
Pension_Plan_Schedule_of_Estim
Pension Plan - Schedule of Estimated Future Benefit Payments which Reflect Expected Future Service (Detail) (USD $) | Feb. 28, 2015 |
In Thousands, unless otherwise specified | |
Schedule Of Sale Of Subsidiary [Abstract] | |
2016 | $3,500 |
2017 | 3,600 |
2018 | 3,700 |
2019 | 3,800 |
2020 | 4,000 |
2021 - 2025 | $16,300 |
Income_Taxes_Components_of_Pro
Income Taxes - Components of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 |
Current: | |||
Federal | $14,006 | $17,755 | $10,316 |
State and local | 2,451 | 2,946 | 2,205 |
Foreign | 322 | 183 | 168 |
Total current | 16,779 | 20,884 | 12,689 |
Deferred: | |||
Federal | -9,920 | -1,550 | 803 |
State and local | -1,459 | -731 | 411 |
Total deferred | -11,379 | -2,281 | 1,214 |
Total provision for income taxes | $5,400 | $18,603 | $13,903 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | |
Income Tax [Line Items] | |||
Effective tax rate on earnings from operations | -13.80% | 58.50% | 36.00% |
Refund receivable related to amended Canadian tax returns | $2,300,000 | ||
Tax benefit recognized | 50.00% | ||
Unrecognized tax benefits, including accrued interest and penalties | 329,481 | 246,000 | |
Unrecognized tax benefit includes an aggregate of interest expense | 17,000 | ||
Reductions due to lapses of statutes of limitations | 82,000 | 32,000 | |
Unrecognized tax benefits expiring | 12 months | ||
Unrecognized interest or penalties other than tax benefits | 0 | 0 | 0 |
Internal Revenue Service (IRS) [Member] | |||
Income Tax [Line Items] | |||
Operating Loss Carryforwards | $323,000 | ||
Internal Revenue Service (IRS) [Member] | Minimum [Member] | |||
Income Tax [Line Items] | |||
Net operating loss carry forwards expiring | 2023 | ||
Internal Revenue Service (IRS) [Member] | Maximum [Member] | |||
Income Tax [Line Items] | |||
Net operating loss carry forwards expiring | 2025 |
Income_Taxes_Statutory_US_Fede
Income Taxes - Statutory U.S. Federal Income Tax Rate to Company's Effective Tax Rate (Detail) | 12 Months Ended | ||
Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate | 35.00% | 35.00% | 35.00% |
Provision for state income taxes, net of Federal income tax benefit | -1.90% | 3.90% | 3.70% |
Domestic production activities deduction | 3.50% | -4.80% | -2.90% |
Impairment of goodwill | -50.00% | 20.50% | |
Other | -0.40% | 3.90% | 0.20% |
Total | -13.80% | 58.50% | 36.00% |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) (USD $) | Feb. 28, 2015 | Feb. 28, 2014 |
In Thousands, unless otherwise specified | ||
Current deferred tax assets related to: | ||
Allowance for doubtful receivables | $1,356 | $1,395 |
Inventories | 2,745 | 2,661 |
Employee compensation and benefits | 2,305 | 2,275 |
Other | -134 | -69 |
Total | 6,272 | 6,262 |
Non-current deferred tax (liabilities) assets related to: | ||
Property, plant and equipment | -9,087 | -4,682 |
Goodwill and other intangible assets | -10,556 | -21,913 |
Pension and noncurrent employee compensation benefits | 6,064 | 2,384 |
Net operating loss and foreign tax credits | 113 | 381 |
Property tax | -367 | -634 |
Currency exchange | 2,842 | 560 |
Stock options exercised | 747 | 1,003 |
Other | -4 | -3 |
Total | ($10,248) | ($22,904) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Change in Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of year | $246 | $96 |
Additions (reductions) based on tax positions related to the current year | 166 | 182 |
Reductions due to lapses of statutes of limitations | -82 | -32 |
Balance at end of year | $330 | $246 |
Earnings_Loss_Per_Share_Comput
Earnings (Loss) Per Share - Computation for Basic and Diluted Earnings (Loss) Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Basic weighted average common shares outstanding | 25,864,352 | 26,125,348 | 26,035,571 | ||||||||
Effect of dilutive options | 20,977 | 17,881 | |||||||||
Diluted weighted average common shares outstanding | 25,864,352 | 26,146,325 | 26,053,452 | ||||||||
Per share amounts: | |||||||||||
Net earnings (loss) - basic | $0.34 | ($2.76) | $0.39 | $0.31 | ($0.55) | $0.36 | $0.38 | $0.33 | ($1.72) | $0.50 | $0.95 |
Net earnings (loss) - diluted | $0.34 | ($2.76) | $0.39 | $0.31 | ($0.55) | $0.36 | $0.38 | $0.33 | ($1.72) | $0.50 | $0.95 |
Cash dividends | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.70 | $0.53 | $0.88 |
Segment_Information_and_Geogra2
Segment Information and Geographic Information - Additional Information (Detail) | 12 Months Ended |
Feb. 28, 2015 | |
Bank | |
Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 2 |
Number of banks that are customer of segment | 25 |
Print Segment [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of reportable segment net sales portion in net sales | 66.00% |
Number of manufacturing units throughout United States | 58 |
Number of manufacturing units operated in strategically located domestic state | 22 |
Percentage of reportable segment portion of business product considered as custom and semi-custom | 96.00% |
Apparel Segment [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of reportable segment net sales portion in net sales | 34.00% |
Segment_Information_and_Geogra3
Segment Information and Geographic Information - Schedule of Segment Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $140,242,000 | $146,971,000 | $151,841,000 | $141,186,000 | $132,138,000 | $136,550,000 | $135,288,000 | $138,466,000 | $580,240,000 | $542,442,000 | $533,506,000 |
Depreciation | 10,505,000 | 9,854,000 | 9,957,000 | ||||||||
Amortization of identifiable intangibles | 5,779,000 | 4,216,000 | 3,278,000 | ||||||||
Impairment of goodwill and trademarks | 93,324,000 | 93,324,000 | 24,226,000 | ||||||||
Segment earnings (loss) before income tax | -39,133,000 | 31,792,000 | 38,618,000 | ||||||||
Segment assets | 453,262,000 | 536,347,000 | 453,262,000 | 536,347,000 | 495,292,000 | ||||||
Capital expenditures | 2,479,000 | 4,646,000 | 2,560,000 | ||||||||
Apparel Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Impairment of goodwill and trademarks | 24,226,000 | 93,324,000 | |||||||||
Operating Segments [Member] | Print Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 380,379,000 | 339,947,000 | 334,701,000 | ||||||||
Depreciation | 6,510,000 | 5,804,000 | 5,895,000 | ||||||||
Amortization of identifiable intangibles | 4,312,000 | 2,749,000 | 1,811,000 | ||||||||
Segment earnings (loss) before income tax | 66,374,000 | 57,390,000 | 54,224,000 | ||||||||
Segment assets | 248,916,000 | 221,937,000 | 248,916,000 | 221,937,000 | 167,329,000 | ||||||
Capital expenditures | 1,977,000 | 2,746,000 | 2,513,000 | ||||||||
Operating Segments [Member] | Apparel Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 199,861,000 | 202,495,000 | 198,805,000 | ||||||||
Depreciation | 3,727,000 | 3,845,000 | 3,815,000 | ||||||||
Amortization of identifiable intangibles | 1,467,000 | 1,467,000 | 1,467,000 | ||||||||
Impairment of goodwill and trademarks | 93,324,000 | 24,226,000 | |||||||||
Segment earnings (loss) before income tax | -89,632,000 | -9,467,000 | 247,000 | ||||||||
Segment assets | 183,778,000 | 302,020,000 | 183,778,000 | 302,020,000 | 313,790,000 | ||||||
Capital expenditures | 460,000 | 1,228,000 | 12,000 | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation | 268,000 | 205,000 | 247,000 | ||||||||
Segment earnings (loss) before income tax | -15,875,000 | -16,131,000 | -15,853,000 | ||||||||
Segment assets | 20,568,000 | 12,390,000 | 20,568,000 | 12,390,000 | 14,173,000 | ||||||
Capital expenditures | $42,000 | $672,000 | $35,000 |
Segment_Information_and_Geogra4
Segment Information and Geographic Information - Summary of Company's Operations in Different Geographic Areas (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales to unaffiliated customers | $140,242,000 | $146,971,000 | $151,841,000 | $141,186,000 | $132,138,000 | $136,550,000 | $135,288,000 | $138,466,000 | $580,240,000 | $542,442,000 | $533,506,000 |
Identifiable long-lived assets | 92,875,000 | 91,565,000 | 92,875,000 | 91,565,000 | 91,913,000 | ||||||
Operating Segments [Member] | Print Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to unaffiliated customers | 380,379,000 | 339,947,000 | 334,701,000 | ||||||||
Identifiable long-lived assets | 51,625,000 | 43,849,000 | 51,625,000 | 43,849,000 | 41,106,000 | ||||||
Operating Segments [Member] | Apparel Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to unaffiliated customers | 199,861,000 | 202,495,000 | 198,805,000 | ||||||||
Identifiable long-lived assets | 37,703,000 | 43,944,000 | 37,703,000 | 43,944,000 | 47,503,000 | ||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable long-lived assets | 3,547,000 | 3,772,000 | 3,547,000 | 3,772,000 | 3,304,000 | ||||||
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to unaffiliated customers | 561,367,000 | 523,282,000 | 514,916,000 | ||||||||
Identifiable long-lived assets | 55,265,000 | 47,768,000 | 55,265,000 | 47,768,000 | 44,650,000 | ||||||
United States [Member] | Operating Segments [Member] | Print Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to unaffiliated customers | 380,379,000 | 339,947,000 | 334,701,000 | ||||||||
Identifiable long-lived assets | 51,625,000 | 43,849,000 | 51,625,000 | 43,849,000 | 41,106,000 | ||||||
United States [Member] | Operating Segments [Member] | Apparel Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to unaffiliated customers | 180,988,000 | 183,335,000 | 180,215,000 | ||||||||
Identifiable long-lived assets | 93,000 | 147,000 | 93,000 | 147,000 | 240,000 | ||||||
United States [Member] | Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Identifiable long-lived assets | 3,547,000 | 3,772,000 | 3,547,000 | 3,772,000 | 3,304,000 | ||||||
Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to unaffiliated customers | 17,503,000 | 18,694,000 | 17,806,000 | ||||||||
Identifiable long-lived assets | 54,000 | 40,000 | 54,000 | 40,000 | 26,000 | ||||||
Canada [Member] | Operating Segments [Member] | Apparel Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to unaffiliated customers | 17,503,000 | 18,694,000 | 17,806,000 | ||||||||
Identifiable long-lived assets | 54,000 | 40,000 | 54,000 | 40,000 | 26,000 | ||||||
Mexico [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to unaffiliated customers | 1,370,000 | 466,000 | 784,000 | ||||||||
Identifiable long-lived assets | 37,556,000 | 43,757,000 | 37,556,000 | 43,757,000 | 47,237,000 | ||||||
Mexico [Member] | Operating Segments [Member] | Apparel Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales to unaffiliated customers | 1,370,000 | 466,000 | 784,000 | ||||||||
Identifiable long-lived assets | $37,556,000 | $43,757,000 | $37,556,000 | $43,757,000 | $47,237,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Schedule of Future Minimum Lease Commitments Under Non-cancelable Operating Leases (Detail) (USD $) | Feb. 28, 2015 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2016 | $5,943 |
2017 | 3,623 |
2018 | 1,759 |
2019 | 265 |
2020 | 34 |
Thereafter | 0 |
Total | $11,624 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense attributable to operating leases | $7.70 | $7 | $6.80 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Net Cash Flows from Operating Activities Reflect Cash Payments for Interest and Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 |
Supplemental Cash Flow Elements [Abstract] | |||
Interest paid | $1,793 | $1,195 | $1,456 |
Income taxes paid | $19,523 | $17,799 | $13,694 |
Quarterly_Consolidated_Financi2
Quarterly Consolidated Financial Information (Unaudited) - Schedule of Unaudited Quarterly Financial Data of Company (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $140,242 | $146,971 | $151,841 | $141,186 | $132,138 | $136,550 | $135,288 | $138,466 | $580,240 | $542,442 | $533,506 |
Gross profit margin | 35,384 | 36,516 | 38,188 | 35,388 | 33,580 | 37,759 | 36,659 | 35,795 | 145,476 | 143,793 | 124,152 |
Net earnings (loss) | 8,598 | -71,179 | 10,016 | 8,032 | -14,467 | 9,349 | 9,801 | 8,506 | -44,533 | 13,189 | 24,715 |
Dividends paid | $4,502 | $4,548 | $4,574 | $4,567 | $4,590 | $4,588 | $4,587 | $0 | $18,191 | $13,765 | $22,864 |
Per share of common stock: | |||||||||||
Basic net earnings (loss) | $0.34 | ($2.76) | $0.39 | $0.31 | ($0.55) | $0.36 | $0.38 | $0.33 | ($1.72) | $0.50 | $0.95 |
Diluted net earnings (loss) | $0.34 | ($2.76) | $0.39 | $0.31 | ($0.55) | $0.36 | $0.38 | $0.33 | ($1.72) | $0.50 | $0.95 |
Dividends | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.18 | $0.70 | $0.53 | $0.88 |
Quarterly_Consolidated_Financi3
Quarterly Consolidated Financial Information (Unaudited) - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Nov. 30, 2014 | Feb. 28, 2015 | Feb. 28, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Non-cash impairment charge, Goodwill | $55,923,000 | $55,923,000 | $18,626,000 |
Non-cash impairment charge, Trademarks | 37,400,000 | ||
Non-cash impairment charge of goodwill and trademarks, Total | $93,324,000 | $93,324,000 | $24,226,000 |
Quarterly_Consolidated_Financi4
Quarterly Consolidated Financial Information (Unaudited) - Schedule of Unaudited Quarterly Financial Data of Company (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Feb. 28, 2015 | Nov. 30, 2014 | Aug. 31, 2014 | 31-May-14 | Feb. 28, 2014 | Nov. 30, 2013 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Dividend payment | $4,502 | $4,548 | $4,574 | $4,567 | $4,590 | $4,588 | $4,587 | $0 | $18,191 | $13,765 | $22,864 |
Concentrations_of_Risk_Additio
Concentrations of Risk - Additional Information (Detail) (USD $) | Feb. 28, 2015 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 29, 2012 |
Concentration Risk [Line Items] | ||||
Minimum Insurance available to depositors under the FDIC's general deposit insurance rules | $250,000 | |||
Cash balances not federally insured | 12,300,000 | |||
Cash in bank accounts | 15,346,000 | 5,316,000 | 6,232,000 | 10,410,000 |
Canada [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in bank accounts | 800,000 | |||
Mexico [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in bank accounts | $1,100,000 |