Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Aug. 31, 2016 | Sep. 28, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | EBF | |
Entity Registrant Name | ENNIS, INC. | |
Entity Central Index Key | 33,002 | |
Current Fiscal Year End Date | --02-28 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 25,960,267 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 31, 2016 | Feb. 29, 2016 |
Current assets | ||
Cash and cash equivalents | $ 85,225 | $ 7,957 |
Accounts receivable, net of allowance for doubtful receivables of $1,820 at August 31, 2016 and $2,041 at February 29, 2016 | 37,017 | 36,546 |
Prepaid expenses | 749 | 1,443 |
Prepaid income taxes | 6,215 | 1,318 |
Inventories | 28,227 | 27,619 |
Deferred income taxes | 3,134 | 3,134 |
Assets held for sale | 464 | |
Current assets of discontinued operations | 100,494 | |
Total current assets | 160,567 | 178,975 |
Property, plant and equipment, at cost | ||
Plant, machinery and equipment | 131,819 | 131,346 |
Land and buildings | 55,912 | 54,985 |
Other | 22,724 | 22,686 |
Total property, plant and equipment | 210,455 | 209,017 |
Less accumulated depreciation | 162,019 | 158,226 |
Net property, plant and equipment | 48,436 | 50,791 |
Goodwill | 64,537 | 64,537 |
Trademarks and trade names | 15,291 | 15,291 |
Other intangible assets, net | 34,902 | 36,973 |
Deferred finance charges, net | 300 | |
Other assets | 246 | 274 |
Long-term assets of discontinued operations | 46,337 | |
Total assets | 324,279 | 393,178 |
Current liabilities | ||
Accounts payable | 11,362 | 13,738 |
Accrued expenses | ||
Employee compensation and benefits | 11,829 | 11,798 |
Taxes other than income | 1,078 | 172 |
Income taxes payable | 64 | |
Other | 2,371 | 2,133 |
Current liabilities of discontinued operations | 12,495 | |
Total current liabilities | 26,640 | 40,400 |
Long-term debt | 30,000 | 40,000 |
Liability for pension benefits | 9,974 | 8,696 |
Deferred income taxes | 4,670 | 4,670 |
Other liabilities | 875 | 866 |
Total liabilities | 72,159 | 94,632 |
Commitments and contingencies | ||
Shareholders' equity | ||
Preferred stock $10 par value, authorized 1,000,000 shares; none issued | ||
Common stock $2.50 par value, authorized 40,000,000 shares; issued 30,053,443 shares at August 31 and February 29, 2016 | 75,134 | 75,134 |
Additional paid-in capital | 120,578 | 121,597 |
Retained earnings | 147,824 | 206,105 |
Accumulated other comprehensive loss: | ||
Foreign currency translation, net of taxes | (9,940) | |
Minimum pension liability, net of taxes | (17,345) | (17,345) |
Total accumulated other comprehensive loss | (17,345) | (27,285) |
Treasury stock | (74,071) | (77,005) |
Total shareholders' equity | 252,120 | 298,546 |
Total liabilities and shareholders' equity | $ 324,279 | $ 393,178 |
Unaudited Consolidated Balance3
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Aug. 31, 2016 | Feb. 29, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful receivables | $ 1,820 | $ 2,041 |
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 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2016 | Aug. 31, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 91,246 | $ 100,455 | $ 181,656 | $ 197,224 |
Cost of goods sold | 64,208 | 69,092 | 127,924 | 135,897 |
Gross profit margin | 27,038 | 31,363 | 53,732 | 61,327 |
Selling, general and administrative | 16,057 | 16,116 | 32,128 | 32,169 |
(Gain) loss from disposal of assets | (4) | (8) | 2 | (10) |
Income from operations | 10,985 | 15,255 | 21,602 | 29,168 |
Other income (expense) | ||||
Interest expense | (231) | (3) | (233) | (6) |
Other, net | 11 | 3 | 4 | 3 |
Total other expense | (220) | (229) | (3) | |
Earnings from continuing operations before income taxes | 10,765 | 15,255 | 21,373 | 29,165 |
Provision for income taxes | 3,981 | 5,644 | 7,906 | 10,791 |
Earnings from continuing operations | 6,784 | 9,611 | 13,467 | 18,374 |
Income from discontinued operations, net of tax | 1,435 | 2,481 | 1,843 | |
Loss on sale of discontinued operations, net of tax | (26,042) | |||
Earnings (loss) from discontinued operations, net of tax | 1,435 | (23,561) | 1,843 | |
Net earnings (loss) | $ 6,784 | $ 11,046 | $ (10,094) | $ 20,217 |
Weighted average common shares outstanding | ||||
Basic | 25,893,218 | 25,662,828 | 25,847,051 | 25,636,203 |
Diluted | 25,910,375 | 25,693,256 | 25,868,799 | 25,657,519 |
Earnings (loss) per share - basic | ||||
Continuing operations | $ 0.26 | $ 0.37 | $ 0.52 | $ 0.72 |
Discontinued operations | 0.06 | (0.91) | 0.07 | |
Net earnings (loss) | 0.26 | 0.43 | (0.39) | 0.79 |
Earnings (loss) per share - diluted | ||||
Continuing operations | 0.26 | 0.37 | 0.52 | 0.72 |
Discontinued operations | 0.06 | (0.91) | 0.07 | |
Net earnings (loss) | 0.26 | 0.43 | (0.39) | 0.79 |
Cash dividends per share | $ 1.675 | $ 0.175 | $ 1.850 | $ 0.350 |
Unaudited Consolidated Stateme5
Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2016 | Aug. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 6,784 | $ 11,046 | $ (10,094) | $ 20,217 |
Foreign currency translation adjustment, net of deferred taxes | (2,611) | 9,940 | (3,275) | |
Comprehensive income (loss) | $ 6,784 | $ 8,435 | $ (154) | $ 16,942 |
Unaudited Consolidated Stateme6
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ (10,094) | $ 20,217 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||
Depreciation | 4,002 | 3,798 |
Amortization of deferred finance charges | 9 | |
Amortization of customer lists, noncompete, and patent | 2,321 | 2,257 |
Pre-tax loss on sale of discontinued operations | 36,775 | |
Operating cash flows of discontinued operations | 538 | 31,334 |
(Gain) loss from disposal of assets | 2 | (10) |
Bad debt expense, net of recoveries | 103 | (114) |
Stock based compensation | 679 | 657 |
Changes in operating assets and liabilities, net of the effects of acquisitions: | ||
Accounts receivable | (426) | 1,675 |
Prepaid expenses and income taxes | (4,199) | 1,758 |
Inventories | (373) | (1,203) |
Other assets | (281) | 221 |
Accounts payable and accrued expenses | (1,265) | (1,085) |
Other liabilities | 9 | (421) |
Liability for pension benefits | 1,278 | 1,103 |
Net cash provided by operating activities | 29,078 | 60,187 |
Cash flows from investing activities: | ||
Capital expenditures | (927) | (2,358) |
Purchase of businesses, net of cash acquired | (907) | (331) |
Proceeds from sale of discontinued operations | 107,354 | |
Investing cash flows of discontinued operations | (279) | (162) |
Proceeds from disposal of plant and property | 12 | 27 |
Net cash provided by (used in) investing activities | 105,253 | (2,824) |
Cash flows from financing activities: | ||
Repayment of debt | (10,000) | (36,010) |
Dividends | (48,187) | (9,012) |
Financing cash flows of discontinued operations | (7,490) | |
Purchase of treasury stock | (1,786) | |
Proceeds from exercise of stock options | 2,910 | |
Net cash used in financing activities | (57,063) | (52,512) |
Effect of exchange rate changes on cash | (1,834) | |
Net change in cash and cash equivalents | 77,268 | 3,017 |
Cash at beginning of period | 7,957 | 13,357 |
Cash and cash equivalents at end of period | $ 85,225 | $ 16,374 |
Significant Accounting Policies
Significant Accounting Policies and General Matters | 6 Months Ended |
Aug. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and General Matters | 1. Significant Accounting Policies and General Matters Basis of Presentation These unaudited consolidated financial statements of Ennis, Inc. and its subsidiaries (collectively referred to as the “Company,” “Registrant,” “Ennis,” or “we,” “us,” or “our”) for the period ended August 31, 2016 have been prepared in accordance with generally accepted accounting principles for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended February 29, 2016, from which the accompanying consolidated balance sheet at February 29, 2016 was derived. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary for a fair presentation of the interim financial information have been included and are of a normal recurring nature. In preparing the financial statements, the Company is required to make estimates and assumptions that affect the disclosure and reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis, including those related to bad debts, inventory valuations, property, plant and equipment, intangible assets, pension plan, accrued liabilities, and income taxes. The Company bases estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. The results of operations for any interim period are not necessarily indicative of the results of operations for a full year. On May 25, 2016, the Company sold Alstyle Apparel, LLC and its subsidiaries, which constituted the Company’s Apparel Segment, to Gildan Activewear Inc. (“ Gildan Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ASU 2016-02 , In January 2016, the Financial Accounting Standards Board (“ FASB ASU Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ASU 2016-01 In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ASU 2015-17 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ASU 2014-09 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date ASU 2015-14 |
Accounts Receivable and Allowan
Accounts Receivable and Allowance for Doubtful Receivables | 6 Months Ended |
Aug. 31, 2016 | |
Receivables [Abstract] | |
Accounts Receivable and Allowance for Doubtful Receivables | 2. Accounts Receivable and Allowance for Doubtful Receivables Accounts receivable are reduced by an allowance for an estimate of amounts that are uncollectible. Substantially all of the Company’s receivables are due from customers in North America. The Company extends credit to its customers based upon its evaluation of the following factors: (i) the customer’s financial condition, (ii) the amount of credit the customer requests, and (iii) the customer’s actual payment history (which includes disputed invoice resolution). The Company does not typically require its customers to post a deposit or supply collateral. The Company’s allowance for doubtful receivables is based on an analysis that estimates the amount of its total customer receivable balance that is not collectible. This analysis includes assessing a default probability to customers’ receivable balances, which is influenced by several factors including (i) current market conditions, (ii) periodic review of customer credit worthiness, and (iii) review of customer receivable aging and payment trends. The Company writes off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance in the period the payment is received. Credit losses from continuing operations have consistently been within management’s expectations. The following table presents the activity in the Company’s allowance for doubtful receivables (in thousands): Three months ended August 31, Six months ended August 31, 2016 2015 2016 2015 Balance at beginning of period $ 1,787 $ 2,257 $ 2,041 $ 2,158 Bad debt expense, net of recoveries 101 (332 ) 103 (114 ) Accounts written off (68 ) (68 ) (324 ) (187 ) Balance at end of period $ 1,820 $ 1,857 $ 1,820 $ 1,857 |
Inventories
Inventories | 6 Months Ended |
Aug. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories The Company uses the lower of last-in, first-out (“ LIFO FIFO The following table summarizes the components of inventories at the different stages of production as of the dates indicated (in thousands): August 31, 2016 February 29, 2016 Raw material $ 15,852 $ 15,983 Work-in-process 3,657 3,099 Finished goods 8,718 8,537 $ 28,227 $ 27,619 |
Acquisitions
Acquisitions | 6 Months Ended |
Aug. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | 4. Acquisitions On August 12, 2016, the Company acquired the assets of Atlas Tag Company of Canada Inc. (“Atlas”) for $0.3 million in cash. Atlas is located in Ajax, Ontario, Canada. Management considers this acquisition immaterial. On March 19, 2016, the Company acquired the assets of Major Business Systems, Inc. (“ Major On July 31, 2015, the Company acquired the assets of CMC Group, Inc. for $0.3 million in cash plus the assumption of certain accrued liabilities. Management considers this acquisition immaterial. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Aug. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 5. Discontinued Operations On April 1, 2016, the Company entered into a Unit Purchase Agreement (the “ Initial Purchase Agreement Initial Buyer Apparel Segment Under the Initial Purchase Agreement, the Company retained the right to terminate such agreement in the event that the Company received an unsolicited purchase offer for the Apparel Segment that was not matched by the Initial Buyer, which, in the judgment of the Board of Directors of the Company (the “ Board On May 4, 2016, the Company received what the Board determined to be a superior offer from Gildan. In connection therewith, the Company terminated the Initial Purchase Agreement and paid the required $3.0 million termination fee to the Initial Buyer. In connection with the superior offer, the Company and Gildan entered into a Unit Purchase Agreement, dated May 4, 2016 (the “ Gildan Purchase Agreement Balance sheet information for the Apparel Segment presented as discontinued operations is summarized as follows (in thousands): February 29, Current assets: Cash $ 2,468 Accounts receivable, net 18,325 Prepaid expenses and income taxes 3,859 Inventories 72,691 Deferred income taxes 3,151 Total current assets $ 100,494 Long-term assets: Property, plant and equipment, net $ 30,543 Trademarks and trade names 9,170 Customer lists 5,499 Other assets 1,125 Total long-term assets $ 46,337 Current liabilities: Accounts payable $ 8,050 Employee compensation and benefits 4,065 Other current liabilities 380 Total current liabilities $ 12,495 The operating results of these discontinued operations only reflect revenues and expenses that are directly attributable to the Apparel Segment and that will be eliminated from ongoing operations. The key components from discontinued operations related to the Apparel Segment were as follows (in thousands): Sales price $ 110,000 Net book value of assets (130,174 ) Expenses related to sales (1) (4,365 ) Loss on sale before write-off of foreign currency translation adjustment (24,539 ) Write-off of foreign currency translation adjustments recorded in other comprehensive income (16,109 ) Loss on sale of sale of discontinued operations $ (40,648 ) (1) The termination fee, in the amount of $3.0 million, paid as a result of the termination of the Initial Purchase Agreement for the sale of the Apparel Segment is included in this amount. Three months ended Six months ended 2016 2015 2016 2015 Net sales $ — $ 50,306 $ 41,038 $ 104,113 Income from discontinued operations before income taxes — 2,277 3,873 2,925 Loss on sale of discontinued operations before income taxes — — (40,648 ) — Income (loss) on discontinued operations before income taxes — 2,277 (36,775 ) 2,925 Income tax expense (benefit) — 842 (13,214 ) 1,082 Net earnings (loss) from discontinued operations $ — $ 1,435 $ (23,561 ) $ 1,843 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Aug. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 6. 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. 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 fair 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 other 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. 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 August 31, 2016 Weighted (in years) Gross Accumulated Net Amortized intangible assets Trade names — $ 1,234 $ 1,234 $ — Customer lists 9.0 53,669 19,079 34,590 Noncompete 1.3 175 57 118 Patent 1.5 783 589 194 Total 9.0 $ 55,861 $ 20,959 $ 34,902 As of February 29, 2016 Weighted (in years) Gross Accumulated Net Amortized intangible assets Trade names — $ 1,234 $ 1,234 $ — Customer lists 8.7 53,519 16,852 36,667 Noncompete 1.8 75 29 46 Patent 2.0 783 523 260 Total 8.7 $ 55,611 $ 18,638 $ 36,973 August 31, February 29, Non-amortizing intangible assets Trademarks and trade names $ 15,291 $ 15,291 Aggregate amortization expense for the six months ended August 31, 2016 and August 31, 2015 was $2.3 million and $2.3 million, respectively. The Company’s estimated amortization expense for the next five fiscal years ending in February of the stated fiscal year is as follows (in thousands): 2017 $ 4,716 2018 4,504 2019 3,987 2020 3,867 2021 3,797 Changes in the net carrying amount of goodwill as of the dates indicated are as follows (in thousands): Balance as of March 1, 2015 $ 64,489 Goodwill acquired 48 Goodwill impairment — Balance as of February 29, 2016 64,537 Goodwill acquired — Goodwill impairment — Balance as of August 31, 2016 $ 64,537 During the six months ended August 31, 2015, a $48,000 purchase price allocation adjustment was added to goodwill related to the acquisition of Sovereign Business Forms. |
Other Accrued Expenses
Other Accrued Expenses | 6 Months Ended |
Aug. 31, 2016 | |
Text Block [Abstract] | |
Other Accrued Expenses | 7. Other Accrued Expenses The following table summarizes the components of other accrued expenses as of the dates indicated (in thousands): August 31, February 29, Accrued taxes $ 228 $ 156 Accrued legal and professional fees 340 409 Accrued interest 156 147 Accrued utilities 90 90 Accrued acquisition related obligations 652 666 Accrued credit card fees 123 246 Other accrued expenses 782 419 $ 2,371 $ 2,133 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Aug. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 8. Long-Term Debt Long-term debt consisted of the following as of the dates indicated (in thousands): August 31, February 29, Revolving credit facility $ 30,000 $ 40,000 On August 11, 2016, the Company entered into the Sixth Amendment to its Second Amended and Restated Credit Agreement (as amended, the “ Credit Facility The Credit Facility bears interest at the London Interbank Offered Rate (“ LIBOR EBITDA |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Aug. 31, 2016 | |
Equity [Abstract] | |
Shareholders' Equity | 9. Shareholders’ Equity Changes in shareholders’ equity accounts for the six months ended August 31, 2016 are as follows (in thousands, except share amounts): Common Stock Additional Paid-in Retained Accumulated Other Comprehensive Treasury Stock Shares Amount Capital Earnings Income (Loss) Shares Amount Total Balance March 1, 2016 30,053,443 $ 75,134 $ 121,597 $ 206,105 $ (27,285 ) (4,437,005 ) $ (77,005 ) $ 298,546 Net loss — — — (10,094 ) — — — (10,094 ) Foreign currency translation, net of deferred tax of $6,087 — — — — 9,940 — — 9,940 Dividends paid ($1.85 per share) — — — (48,187 ) — — — (48,187 ) Stock based compensation — — 679 — — — — 679 Stock based compensation allocated to loss on sale of discontinued operations — — 112 — — — — 112 Exercise of stock options and restricted stock — — (1,810 ) — — 282,988 4,720 2,910 Stock repurchases — — — — — (103,705 ) (1,786 ) (1,786 ) Balance August 31, 2016 30,053,443 $ 75,134 $ 120,578 $ 147,824 $ (17,345 ) (4,257,722 ) $ (74,071 ) $ 252,120 The Board has authorized the repurchase of up to an aggregate of $20.0 million of the Company’s outstanding common stock through a stock repurchase program. Under the 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. Such purchases, if any, will be made in accordance with applicable insider trading and other securities laws and regulations. These repurchases may be commenced or suspended at any time or from time to time without prior notice. During the six months ended August 31, 2016, the Company repurchased 103,705 shares of common stock at an average price of $17.22 per share. Since the program’s inception in October 2008, there has been 822,216 common shares repurchased at an average price of $14.18 per share. As of August 31, 2016 there was $8.3 million available to repurchase shares of the Company’s common stock under the program. |
Stock Option Plan and Stock Bas
Stock Option Plan and Stock Based Compensation | 6 Months Ended |
Aug. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Plan and Stock Based Compensation | 10. 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 August 31, 2016, the Company had one stock option plan, the 2004 Long-Term Incentive Plan of Ennis, Inc., as amended and restated as of June 30, 2011, formerly the 1998 Option and Restricted Stock Plan amended and restated as of May 14, 2008 (the “ Plan The Company recognizes compensation expense for stock options and restricted stock grants on a straight-line basis over the requisite service period. For the three months ended August 31, 2016 and August 31, 2015, the Company included compensation expense related to share-based compensation of $0.4 million ($0.2 million net of tax), and $0.4 million ($0.2 million net of tax), respectively, in selling, general, and administrative expenses. For the six months ended August 31, 2016 and August 31, 2015, the Company included compensation expense related to share-based compensation of $0.7 million ($0.4 million net of tax), and $0.7 million ($0.4 million net of tax), respectively, in selling, general, and administrative expenses. Stock Options The Company had the following stock option activity for the six months ended August 31, 2016: Number of Shares (exact quantity) Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value(a) (in thousands) Outstanding at March 1, 2016 370,949 $ 15.38 5.9 $ 1,616 Granted — — Terminated — — Exercised (193,453 ) 15.04 Outstanding at August 31, 2016 177,496 $ 15.76 4.7 $ 279 Exercisable at August 31, 2016 172,423 $ 15.79 4.6 $ 268 (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. No stock options were granted during the six months ended August 31, 2016. The following is a summary of the assumptions used and the weighted average grant-date fair value of the stock options granted during the six months ended August 31, 2015: August 31, 2015 Expected volatility 24.06 % Expected term (years) 3 Risk free interest rate 0.89 % Dividend yield 4.92 % Weighted average grant-date fair value $ 2.24 A summary of the stock options exercised and tax benefits realized from stock based compensation is presented below (in thousands): Three months ended August 31, Six months ended August 31, 2016 2015 2016 2015 Total cash received $ — $ — $ 2,910 $ — Income tax benefits — — — — Total grant-date fair value — — 532 — Intrinsic value — — 969 — A summary of the Company’s unvested stock options at August 31, 2016 and the changes during the six months ended August 31, 2016 are presented below: Number of Options Weighted Average Grant Date Fair Value Unvested at March 1, 2016 76,425 $ 2.32 New grants — — Vested (71,352 ) 2.32 Forfeited — — Unvested at August 31, 2016 5,073 $ 2.41 As of August 31, 2016, there was $7,000 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 1.3 years. Restricted Stock The Company had the following restricted stock grant activity for the six months ended August 31, 2016: Number of Shares Weighted Average Grant Date Fair Value Outstanding at March 1, 2016 189,396 $ 14.36 Granted 64,685 19.63 Terminated — — Vested (89,535 ) 14.46 Outstanding at August 31, 2016 164,546 $ 16.37 As of August 31, 2016, the total remaining unrecognized compensation cost related to unvested restricted stock granted under the Plan was approximately $2.2 million. The weighted average remaining requisite service period of the unvested restricted stock awards was 1.9 years. |
Pension Plan
Pension Plan | 6 Months Ended |
Aug. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plan | 11. Pension Plan The Company and certain subsidiaries have a noncontributory defined benefit retirement plan (the “ Pension Plan Pension expense is composed of the following components included in cost of goods sold and selling, general, and administrative expenses in the Company’s consolidated statements of earnings (in thousands): Three months ended Six months ended 2016 2015 2016 2015 Components of net periodic benefit cost Service cost $ 292 $ 326 $ 583 $ 651 Interest cost 593 592 1,186 1,184 Expected return on plan assets (916 ) (982 ) (1,832 ) (1,964 ) Amortization of: Prior service cost — (22 ) — (43 ) Unrecognized net loss 670 637 1,341 1,275 Net periodic benefit cost $ 639 $ 551 $ 1,278 $ 1,103 The Company is required to make contributions to the Pension Plan. These contributions are required under the minimum funding requirements of ERISA. Due to the enactment of the Highway and Transportation Funding Act (HATFA) in August 2014, plan sponsors can calculate the discount rate used to measure the Pension Plan liability using a 25-year average of interest rates plus or minus a corridor. The Company’s minimum required contribution to the Pension Plan is zero for the Pension Plan year ending February 28, 2017. However, the Company expects to make a cash contribution to the Pension Plan of between $2.0 million and $3.0 million during fiscal year 2017. The Company contributed $3.0 million to the Pension Plan during fiscal year 2016. |
Earnings (loss) per Share
Earnings (loss) per Share | 6 Months Ended |
Aug. 31, 2016 | |
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 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. For the three months ended August 31, 2016, 42,500 shares related to stock options were not included in the diluted earnings per share computation because the exercise price of such shares exceeded the average fair market value of the Company’s stock. For the six months ended August 31, 2016, all shares related to stock options were included in the diluted loss per share computation because the average fair market value of such shares exceeded the exercise price of the Company’s stock. For the three and six months ended August 31, 2015, 172,543 and 203,961 shares, respectively, related to stock options were not included in the diluted earnings per share computation because their exercise price exceeded the average fair market value of the Company’s stock. The following table sets forth the computation for basic and diluted earnings (loss) per share for the periods indicated: Three months ended August 31, Six months ended August 31, 2016 2015 2016 2015 Basic weighted average common shares outstanding 25,893,218 25,662,828 25,847,051 25,636,203 Effect of dilutive options 17,157 30,428 21,748 21,316 Diluted weighted average common shares outstanding 25,910,375 25,693,256 25,868,799 25,657,519 Earnings (loss) per share - basic and diluted Earnings per share on continuing operations $ 0.26 $ 0.37 $ 0.52 $ 0.72 Earnings per share on discontinued operations — 0.06 0.10 0.07 Loss per share on sale of discontinued operations — — (1.01 ) — Earnings (loss) on discontinued operations — 0.06 (0.91 ) 0.07 Net earnings (loss) $ 0.26 $ 0.43 $ (0.39 ) $ 0.79 Cash dividends $ 1.675 $ 0.175 $ 1.85 $ 0.35 |
Concentrations of Risk
Concentrations of Risk | 6 Months Ended |
Aug. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risk | 13. 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 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Aug. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events On September 23, 2016, the Board declared a quarterly cash dividend of 17 1 2 |
Significant Accounting Polici21
Significant Accounting Policies and General Matters (Policies) | 6 Months Ended |
Aug. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These unaudited consolidated financial statements of Ennis, Inc. and its subsidiaries (collectively referred to as the “Company,” “Registrant,” “Ennis,” or “we,” “us,” or “our”) for the period ended August 31, 2016 have been prepared in accordance with generally accepted accounting principles for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended February 29, 2016, from which the accompanying consolidated balance sheet at February 29, 2016 was derived. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary for a fair presentation of the interim financial information have been included and are of a normal recurring nature. In preparing the financial statements, the Company is required to make estimates and assumptions that affect the disclosure and reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis, including those related to bad debts, inventory valuations, property, plant and equipment, intangible assets, pension plan, accrued liabilities, and income taxes. The Company bases estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. The results of operations for any interim period are not necessarily indicative of the results of operations for a full year. On May 25, 2016, the Company sold Alstyle Apparel, LLC and its subsidiaries, which constituted the Company’s Apparel Segment, to Gildan Activewear Inc. (“ Gildan |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ASU 2016-02 , In January 2016, the Financial Accounting Standards Board (“ FASB ASU Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ASU 2016-01 In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes ASU 2015-17 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ASU 2014-09 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date ASU 2015-14 |
Accounts Receivable and Allow22
Accounts Receivable and Allowance for Doubtful Receivables (Tables) | 6 Months Ended |
Aug. 31, 2016 | |
Receivables [Abstract] | |
Allowance for Doubtful Receivables | The following table presents the activity in the Company’s allowance for doubtful receivables (in thousands): Three months ended August 31, Six months ended August 31, 2016 2015 2016 2015 Balance at beginning of period $ 1,787 $ 2,257 $ 2,041 $ 2,158 Bad debt expense, net of recoveries 101 (332 ) 103 (114 ) Accounts written off (68 ) (68 ) (324 ) (187 ) Balance at end of period $ 1,820 $ 1,857 $ 1,820 $ 1,857 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Aug. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The following table summarizes the components of inventories at the different stages of production as of the dates indicated (in thousands): August 31, 2016 February 29, 2016 Raw material $ 15,852 $ 15,983 Work-in-process 3,657 3,099 Finished goods 8,718 8,537 $ 28,227 $ 27,619 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Aug. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations Related to Apparel Segment | Balance sheet information for the Apparel Segment presented as discontinued operations is summarized as follows (in thousands): February 29, Current assets: Cash $ 2,468 Accounts receivable, net 18,325 Prepaid expenses and income taxes 3,859 Inventories 72,691 Deferred income taxes 3,151 Total current assets $ 100,494 Long-term assets: Property, plant and equipment, net $ 30,543 Trademarks and trade names 9,170 Customer lists 5,499 Other assets 1,125 Total long-term assets $ 46,337 Current liabilities: Accounts payable $ 8,050 Employee compensation and benefits 4,065 Other current liabilities 380 Total current liabilities $ 12,495 The operating results of these discontinued operations only reflect revenues and expenses that are directly attributable to the Apparel Segment and that will be eliminated from ongoing operations. The key components from discontinued operations related to the Apparel Segment were as follows (in thousands): Sales price $ 110,000 Net book value of assets (130,174 ) Expenses related to sales (1) (4,365 ) Loss on sale before write-off of foreign currency translation adjustment (24,539 ) Write-off of foreign currency translation adjustments recorded in other comprehensive income (16,109 ) Loss on sale of sale of discontinued operations $ (40,648 ) (1) The termination fee, in the amount of $3.0 million, paid as a result of the termination of the Initial Purchase Agreement for the sale of the Apparel Segment is included in this amount. Three months ended Six months ended 2016 2015 2016 2015 Net sales $ — $ 50,306 $ 41,038 $ 104,113 Income from discontinued operations before income taxes — 2,277 3,873 2,925 Loss on sale of discontinued operations before income taxes — — (40,648 ) — Income (loss) on discontinued operations before income taxes — 2,277 (36,775 ) 2,925 Income tax expense (benefit) — 842 (13,214 ) 1,082 Net earnings (loss) from discontinued operations $ — $ 1,435 $ (23,561 ) $ 1,843 |
Goodwill and Other Intangible25
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Aug. 31, 2016 | |
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 August 31, 2016 Weighted (in years) Gross Accumulated Net Amortized intangible assets Trade names — $ 1,234 $ 1,234 $ — Customer lists 9.0 53,669 19,079 34,590 Noncompete 1.3 175 57 118 Patent 1.5 783 589 194 Total 9.0 $ 55,861 $ 20,959 $ 34,902 As of February 29, 2016 Weighted (in years) Gross Accumulated Net Amortized intangible assets Trade names — $ 1,234 $ 1,234 $ — Customer lists 8.7 53,519 16,852 36,667 Noncompete 1.8 75 29 46 Patent 2.0 783 523 260 Total 8.7 $ 55,611 $ 18,638 $ 36,973 |
Non-amortizing Intangible Assets | August 31, February 29, Non-amortizing intangible assets Trademarks and trade names $ 15,291 $ 15,291 |
Estimated Amortization Expense | The Company’s estimated amortization expense for the next five fiscal years ending in February of the stated fiscal year is as follows (in thousands): 2017 $ 4,716 2018 4,504 2019 3,987 2020 3,867 2021 3,797 |
Changes in Net Carrying Amount of Goodwill | Changes in the net carrying amount of goodwill as of the dates indicated are as follows (in thousands): Balance as of March 1, 2015 $ 64,489 Goodwill acquired 48 Goodwill impairment — Balance as of February 29, 2016 64,537 Goodwill acquired — Goodwill impairment — Balance as of August 31, 2016 $ 64,537 |
Other Accrued Expenses (Tables)
Other Accrued Expenses (Tables) | 6 Months Ended |
Aug. 31, 2016 | |
Text Block [Abstract] | |
Components of Other Accrued Expenses | The following table summarizes the components of other accrued expenses as of the dates indicated (in thousands): August 31, February 29, Accrued taxes $ 228 $ 156 Accrued legal and professional fees 340 409 Accrued interest 156 147 Accrued utilities 90 90 Accrued acquisition related obligations 652 666 Accrued credit card fees 123 246 Other accrued expenses 782 419 $ 2,371 $ 2,133 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Aug. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt consisted of the following as of the dates indicated (in thousands): August 31, February 29, Revolving credit facility $ 30,000 $ 40,000 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Aug. 31, 2016 | |
Equity [Abstract] | |
Changes in Shareholders' Equity | Changes in shareholders’ equity accounts for the six months ended August 31, 2016 are as follows (in thousands, except share amounts): Accumulated Additional Other Common Stock Paid-in Retained Comprehensive Treasury Stock Shares Amount Capital Earnings Income (Loss) Shares Amount Total Balance March 1, 2016 30,053,443 $ 75,134 $ 121,597 $ 206,105 $ (27,285 ) (4,437,005 ) $ (77,005 ) $ 298,546 Net loss — — — (10,094 ) — — — (10,094 ) Foreign currency translation, net of deferred tax of $6,087 — — — — 9,940 — — 9,940 Dividends paid ($1.85 per share) — — — (48,187 ) — — — (48,187 ) Stock based compensation — — 679 — — — — 679 Stock based compensation allocated to loss on sale of discontinued operations — — 112 — — — — 112 Exercise of stock options and restricted stock — — (1,810 ) — — 282,988 4,720 2,910 Stock repurchases — — — — — (103,705 ) (1,786 ) (1,786 ) Balance August 31, 2016 30,053,443 $ 75,134 $ 120,578 $ 147,824 $ (17,345 ) (4,257,722 ) $ (74,071 ) $ 252,120 |
Stock Option Plan and Stock B29
Stock Option Plan and Stock Based Compensation (Tables) | 6 Months Ended |
Aug. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Activity | The Company had the following stock option activity for the six months ended August 31, 2016: Number of Shares (exact quantity) Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value(a) (in thousands) Outstanding at March 1, 2016 370,949 $ 15.38 5.9 $ 1,616 Granted — — Terminated — — Exercised (193,453 ) 15.04 Outstanding at August 31, 2016 177,496 $ 15.76 4.7 $ 279 Exercisable at August 31, 2016 172,423 $ 15.79 4.6 $ 268 (a) Intrinsic value is measured as the excess fair market value of the Company’s common stock as reported on the New York Stock Exchange over the applicable exercise price. |
Summary of Assumptions Used and Weighted Average Grant-Date Fair Value of Stock Options Granted | The following is a summary of the assumptions used and the weighted average grant-date fair value of the stock options granted during the six months ended August 31, 2015: August 31, 2015 Expected volatility 24.06 % Expected term (years) 3 Risk free interest rate 0.89 % Dividend yield 4.92 % Weighted average grant-date fair value $ 2.24 |
Summary of Stock Options Exercised and Tax Benefits Realized from Stock Based Compensation | A summary of the stock options exercised and tax benefits realized from stock based compensation is presented below (in thousands): Three months ended August 31, Six months ended August 31, 2016 2015 2016 2015 Total cash received $ — $ — $ 2,910 $ — Income tax benefits — — — — Total grant-date fair value — — 532 — Intrinsic value — — 969 — |
Summary of Unvested Stock Options | A summary of the Company’s unvested stock options at August 31, 2016 and the changes during the six months ended August 31, 2016 are presented below: Number of Options Weighted Average Grant Date Fair Value Unvested at March 1, 2016 76,425 $ 2.32 New grants — — Vested (71,352 ) 2.32 Forfeited — — Unvested at August 31, 2016 5,073 $ 2.41 |
Restricted Stock Grant Activity | The Company had the following restricted stock grant activity for the six months ended August 31, 2016: Number of Shares Weighted Average Grant Date Fair Value Outstanding at March 1, 2016 189,396 $ 14.36 Granted 64,685 19.63 Terminated — — Vested (89,535 ) 14.46 Outstanding at August 31, 2016 164,546 $ 16.37 |
Pension Plan (Tables)
Pension Plan (Tables) | 6 Months Ended |
Aug. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Summary of Pension Expense Composed of Components Included in Cost of Goods Sold and Selling, General and Administrative Expenses | Pension expense is composed of the following components included in cost of goods sold and selling, general, and administrative expenses in the Company’s consolidated statements of earnings (in thousands): Three months ended Six months ended 2016 2015 2016 2015 Components of net periodic benefit cost Service cost $ 292 $ 326 $ 583 $ 651 Interest cost 593 592 1,186 1,184 Expected return on plan assets (916 ) (982 ) (1,832 ) (1,964 ) Amortization of: Prior service cost — (22 ) — (43 ) Unrecognized net loss 670 637 1,341 1,275 Net periodic benefit cost $ 639 $ 551 $ 1,278 $ 1,103 |
Earnings (loss) per Share (Tabl
Earnings (loss) per Share (Tables) | 6 Months Ended |
Aug. 31, 2016 | |
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 periods indicated: Three months ended August 31, Six months ended August 31, 2016 2015 2016 2015 Basic weighted average common shares outstanding 25,893,218 25,662,828 25,847,051 25,636,203 Effect of dilutive options 17,157 30,428 21,748 21,316 Diluted weighted average common shares outstanding 25,910,375 25,693,256 25,868,799 25,657,519 Earnings (loss) per share - basic and diluted Earnings per share on continuing operations $ 0.26 $ 0.37 $ 0.52 $ 0.72 Earnings per share on discontinued operations — 0.06 0.10 0.07 Loss per share on sale of discontinued operations — — (1.01 ) — Earnings (loss) on discontinued operations — 0.06 (0.91 ) 0.07 Net earnings (loss) $ 0.26 $ 0.43 $ (0.39 ) $ 0.79 Cash dividends $ 1.675 $ 0.175 $ 1.85 $ 0.35 |
Accounts Receivable and Allow32
Accounts Receivable and Allowance for Doubtful Receivables - Allowance for Doubtful Receivables (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2016 | Aug. 31, 2015 | |
Receivables [Abstract] | ||||
Balance at beginning of period | $ 1,787 | $ 2,257 | $ 2,041 | $ 2,158 |
Bad debt expense, net of recoveries | 101 | (332) | 103 | (114) |
Accounts written off | (68) | (68) | (324) | (187) |
Balance at end of period | $ 1,820 | $ 1,857 | $ 1,820 | $ 1,857 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Aug. 31, 2016 | Feb. 29, 2016 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 15,852 | $ 15,983 |
Work-in-process | 3,657 | 3,099 |
Finished goods | 8,718 | 8,537 |
Inventories | $ 28,227 | $ 27,619 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Millions | Aug. 12, 2016 | Mar. 19, 2016 | Jul. 31, 2015 |
CMC Group, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Total purchase consideration | $ 0.3 | ||
Major Business Systems, Inc [Member] | |||
Business Acquisition [Line Items] | |||
Total cash purchase consideration for assets acquired | $ 0.6 | ||
Atlas [Member] | |||
Business Acquisition [Line Items] | |||
Total cash purchase consideration for assets acquired | $ 0.3 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - Alstyle Apparel, LLC [Member] - USD ($) $ in Millions | May 04, 2016 | Apr. 01, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Initial purchase agreement, aggregate purchase price | $ 88 | |
Purchase price, cash to be received | 76 | |
Initial purchase agreement, purchase price to be received pursuant to a capital lease | $ 12 | |
Period to provide transition services to the Initial Buyer | 18 months | |
Gildan Activewear Inc. [Member] | Gildan Purchase Agreement [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Purchase price, cash to be received | $ 110 | |
Purchase agreement, termination fee | $ 3 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Discontinued Operation of Balance Sheet Information for Apparel Segment (Detail) $ in Thousands | Feb. 29, 2016USD ($) |
Current assets: | |
Total current assets | $ 100,494 |
Long-term assets: | |
Total long-term assets | 46,337 |
Current liabilities: | |
Total current liabilities | 12,495 |
Apparel Segment [Member] | |
Current assets: | |
Cash | 2,468 |
Accounts receivable, net | 18,325 |
Prepaid expenses and income taxes | 3,859 |
Inventories | 72,691 |
Deferred income taxes | 3,151 |
Total current assets | 100,494 |
Long-term assets: | |
Property, plant and equipment, net | 30,543 |
Other assets | 1,125 |
Total long-term assets | 46,337 |
Current liabilities: | |
Accounts payable | 8,050 |
Employee compensation and benefits | 4,065 |
Other current liabilities | 380 |
Total current liabilities | 12,495 |
Apparel Segment [Member] | Customer Lists [Member] | |
Long-term assets: | |
Intangible assets | 5,499 |
Apparel Segment [Member] | Trademarks and Trade Names [Member] | |
Long-term assets: | |
Intangible assets | $ 9,170 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Discontinued Operations Related to the Apparel Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2016 | Aug. 31, 2015 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) on discontinued operations before income taxes | $ (36,775) | |||
Earnings (loss) from discontinued operations, net of tax | $ 1,435 | (23,561) | $ 1,843 | |
Apparel Segment [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sales price | 110,000 | |||
Net book value of assets | (130,174) | |||
Expenses related to sales | [1] | (4,365) | ||
Loss on sale before write-off of foreign currency translation adjustment | (24,539) | |||
Write-off of foreign currency translation adjustments recorded in other comprehensive income | (16,109) | |||
Loss on sale of sale of discontinued operations | (40,648) | |||
Net sales | 50,306 | 41,038 | 104,113 | |
Income from discontinued operations before income taxes | 2,277 | 3,873 | 2,925 | |
Income (loss) on discontinued operations before income taxes | 2,277 | (36,775) | 2,925 | |
Income tax expense (benefit) | 842 | (13,214) | 1,082 | |
Earnings (loss) from discontinued operations, net of tax | $ 1,435 | $ (23,561) | $ 1,843 | |
[1] | Included in this amount is the $3.0 million termination fee paid as a result of the termination of the Initial Purchase Agreement for the sale of the Apparel Segment. |
Discontinued Operations - Sch38
Discontinued Operations - Schedule of Discontinued Operations Related to the Apparel Segment (Parenthetical) (Detail) $ in Millions | Aug. 31, 2016USD ($) |
Apparel Segment [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Termination fee paid | $ 3 |
Goodwill and Other Intangible39
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | Feb. 29, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life of asset | 9 years | 8 years 8 months 12 days | |
Amortization of trade names, customer lists, and patent | $ 2,321,000 | $ 2,257,000 | |
Purchase price allocation adjustment added to goodwill | $ 48,000 | ||
Sovereign [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Purchase price allocation adjustment added to goodwill | $ 48,000 | ||
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 Intangible40
Goodwill and Other Intangible Assets - Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Aug. 31, 2016 | Feb. 29, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life (in years) | 9 years | 8 years 8 months 12 days |
Gross Carrying Amount | $ 55,861 | $ 55,611 |
Accumulated Amortization | 20,959 | 18,638 |
Amortized intangible assets, Net | $ 34,902 | $ 36,973 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life (in years) | 0 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 | 8 years 8 months 12 days |
Gross Carrying Amount | $ 53,669 | $ 53,519 |
Accumulated Amortization | 19,079 | 16,852 |
Amortized intangible assets, Net | $ 34,590 | $ 36,667 |
Noncompete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life (in years) | 1 year 3 months 18 days | 1 year 9 months 18 days |
Gross Carrying Amount | $ 175 | $ 75 |
Accumulated Amortization | 57 | 29 |
Amortized intangible assets, Net | $ 118 | $ 46 |
Patent [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life (in years) | 1 year 6 months | 2 years |
Gross Carrying Amount | $ 783 | $ 783 |
Accumulated Amortization | 589 | 523 |
Amortized intangible assets, Net | $ 194 | $ 260 |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets - Non-amortizing Intangible Assets (Detail) - USD ($) $ in Thousands | Aug. 31, 2016 | Feb. 29, 2016 |
Non-amortizing intangible assets | ||
Non-amortizing intangible assets, Trademarks and trade names | $ 15,291 | $ 15,291 |
Goodwill and Other Intangible42
Goodwill and Other Intangible Assets - Estimated Amortization Expense (Detail) $ in Thousands | Aug. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,017 | $ 4,716 |
2,018 | 4,504 |
2,019 | 3,987 |
2,020 | 3,867 |
2,021 | $ 3,797 |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets - Changes in Net Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Aug. 31, 2016 | Feb. 29, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill, Beginning balance | $ 64,537 | $ 64,489 |
Goodwill acquired | 48 | |
Goodwill impairment | 0 | 0 |
Goodwill, Ending balance | $ 64,537 | $ 64,537 |
Other Accrued Expenses - Compon
Other Accrued Expenses - Components of Other Accrued Expenses (Detail) - USD ($) $ in Thousands | Aug. 31, 2016 | Feb. 29, 2016 |
Payables and Accruals [Abstract] | ||
Accrued taxes | $ 228 | $ 156 |
Accrued legal and professional fees | 340 | 409 |
Accrued interest | 156 | 147 |
Accrued utilities | 90 | 90 |
Accrued acquisition related obligations | 652 | 666 |
Accrued credit card fees | 123 | 246 |
Other accrued expenses | 782 | 419 |
Other accrued expenses, Total | $ 2,371 | $ 2,133 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Aug. 31, 2016 | Feb. 29, 2016 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facility | $ 30,000 | $ 40,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | Aug. 11, 2016USD ($) | Aug. 31, 2016USD ($) | Feb. 29, 2016USD ($) |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, outstanding borrowings | $ 30,000,000 | $ 40,000,000 | |
Sixth Amendment [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit facility maturity date | Aug. 11, 2020 | ||
Revolving credit facility, maximum borrowing capacity | $ 100,000,000 | ||
Revolving credit facility, additional borrowing capacity | $ 50,000,000 | ||
Fixed charge coverage ratio, minimum | 1.25 | ||
Line of credit facility, borrowing capacity description | (i) the Company’s net leverage ratio may not exceed 3.00:1.00, (ii) the Company’s fixed charge coverage ratio may not be less than 1.25:1.00, and (iii) the Company may make dividends or distributions to shareholders so long as (x) no event of default has occurred and is continuing and (y) the Company’s net leverage ratio both before and after giving effect to any such dividend or distribution is equal to or less than 2.50:1.00. | ||
Sixth Amendment [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Net leverage ratio | 3 | ||
Sixth Amendment [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Dividends or Distributions Effect [Member] | |||
Line of Credit Facility [Line Items] | |||
Net leverage ratio | 2.50 | ||
Sixth Amendment [Member] | Letter of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, outstanding borrowings | $ 20,000,000 | ||
Sixth Amendment [Member] | Swing-line Loans [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, outstanding borrowings | $ 15,000,000 | ||
Second Amendment [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, interest rate description | London Interbank Offered Rate (“LIBOR”) plus a spread ranging from 1.0% to 2.0%, or 1.80% (3 month LIBOR + 1.0%) at August 31, 2016 and 1.76% (30 day LIBOR + 1.25%) at February 29, 2016 | ||
Revolving credit facility, interest rate variable basis spread, option one | 1.80% | 1.76% | |
Revolving credit facility, interest rate variable basis spread, option two | 1.00% | 1.25% | |
Second Amendment [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, variable basis spread | 2.00% | ||
Second Amendment [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, variable basis spread | 1.00% | ||
Third Amendment [Member] | Standby Letters of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, outstanding borrowings | $ 2,100,000 | ||
Revolving credit facility, remaining borrowing capacity | $ 67,900,000 |
Shareholders' Equity - Changes
Shareholders' Equity - Changes in Shareholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 94 Months Ended | ||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Beginning Balance, Amount | $ 298,546 | ||||
Beginning Balance, Shares | 30,053,443 | ||||
Net loss | $ 6,784 | $ 11,046 | $ (10,094) | $ 20,217 | |
Foreign currency translation, net of deferred tax of $6,087 | $ (2,611) | 9,940 | $ (3,275) | ||
Dividends paid ($1.85 per share) | (48,187) | ||||
Stock based compensation | 679 | ||||
Stock based compensation allocated to loss on sale of discontinued operations | 112 | ||||
Exercise of stock options and restricted stock | 2,910 | ||||
Stock repurchases | $ (1,786) | ||||
Stock repurchases, shares | (103,705) | (822,216) | |||
Ending Balance, Amount | $ 252,120 | $ 252,120 | $ 252,120 | ||
Ending Balance, Shares | 30,053,443 | 30,053,443 | 30,053,443 | ||
Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Beginning Balance, Amount | $ 75,134 | ||||
Beginning Balance, Shares | 30,053,443 | ||||
Ending Balance, Amount | $ 75,134 | $ 75,134 | $ 75,134 | ||
Ending Balance, Shares | 30,053,443 | 30,053,443 | 30,053,443 | ||
Additional Paid-in Capital [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Beginning Balance, Amount | $ 121,597 | ||||
Stock based compensation | 679 | ||||
Stock based compensation allocated to loss on sale of discontinued operations | 112 | ||||
Exercise of stock options and restricted stock | (1,810) | ||||
Ending Balance, Amount | $ 120,578 | 120,578 | $ 120,578 | ||
Retained Earnings [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Beginning Balance, Amount | 206,105 | ||||
Net loss | (10,094) | ||||
Dividends paid ($1.85 per share) | (48,187) | ||||
Ending Balance, Amount | 147,824 | 147,824 | 147,824 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Beginning Balance, Amount | (27,285) | ||||
Foreign currency translation, net of deferred tax of $6,087 | 9,940 | ||||
Ending Balance, Amount | (17,345) | (17,345) | (17,345) | ||
Treasury Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Beginning Balance, Amount | $ (77,005) | ||||
Beginning Balance, Treasury Stock, Shares | (4,437,005) | ||||
Exercise of stock options and restricted stock | $ 4,720 | ||||
Exercise of stock options and restricted stock, shares | 282,988 | ||||
Stock repurchases | $ (1,786) | ||||
Stock repurchases, shares | (103,705) | ||||
Ending Balance, Amount | $ (74,071) | $ (74,071) | $ (74,071) | ||
Ending Balance, Treasury Stock, Shares | (4,257,722) | (4,257,722) | (4,257,722) |
Shareholders' Equity - Change48
Shareholders' Equity - Changes in Shareholders' Equity (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2016 | Aug. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||||
Deferred Tax on foreign currency Translation | $ 6,087 | |||
Dividends paid, per share amount | $ 1.675 | $ 0.175 | $ 1.850 | $ 0.350 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) | Aug. 31, 2016USD ($) | Aug. 31, 2016USD ($)$ / sharesshares | Aug. 31, 2016USD ($)$ / sharesshares |
Statement of Stockholders' Equity [Abstract] | |||
Repurchase of common stock through a stock repurchase program | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 |
Repurchase of common stock | shares | 103,705 | 822,216 | |
Repurchase of common stock, average cost per share | $ / shares | $ 17.22 | $ 14.18 | |
Total amount available to repurchase of shares | $ 8,300,000 |
Stock Option Plan and Stock B50
Stock Option Plan and Stock Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2016 | Aug. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unissued common stock reserved | 601,308 | 601,308 | ||
Stock option award maximum term | 10 years | |||
Share based compensation arrangements by share based payment award vesting period maximum | 5 years | |||
Number of stock options granted | 0 | |||
Unrecognized compensation cost related to unvested stock options granted | $ 7,000 | $ 7,000 | ||
Remaining unrecognized compensation cost related to unvested restricted stock | 2,200,000 | $ 2,200,000 | ||
Weighted average remaining requisite service period of the unvested restricted stock awards | 1 year 10 months 24 days | |||
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 3 months 18 days | |||
Selling, General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense related share based compensation before tax | 400,000 | $ 400,000 | $ 700,000 | $ 700,000 |
Compensation expense related share based compensation net of tax | $ 200,000 | $ 200,000 | $ 400,000 | $ 400,000 |
Stock Option Plan and Stock B51
Stock Option Plan and Stock Based Compensation - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Aug. 31, 2016 | Mar. 01, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of Shares, Options Outstanding, Beginning Balance | 370,949 | |
Number of Shares, Granted | 0 | |
Number of Shares, Terminated | 0 | |
Number of Shares, Exercised | (193,453) | |
Number of Shares, Options Outstanding, Ending Balance | 177,496 | |
Weighted Average Exercise Price, Beginning Balance | $ 15.38 | |
Weighted Average Exercise Price, Granted | 0 | |
Weighted Average Exercise Price, Terminated | 0 | |
Weighted Average Exercise Price, Exercised | 15.04 | |
Weighted Average Exercise Price, Ending Balance | $ 15.76 | |
Weighted Average Remaining Contractual Life, Ending Balance | 4 years 8 months 12 days | |
Aggregate Intrinsic Value | $ 279 | $ 1,616 |
Number of Shares, Exercisable | 172,423 | |
Weighted Average Exercise Price, Exercisable | $ 15.79 | |
Weighted Average Remaining Contractual Life, Exercisable | 4 years 7 months 6 days | |
Aggregate Intrinsic Value, Exercisable | $ 268 |
Stock Option Plan and Stock B52
Stock Option Plan and Stock Based Compensation - Summary of Assumptions Used and Weighted Average Grant-Date Fair Value of Stock Options Granted (Detail) - $ / shares | 6 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected volatility | 24.06% | |
Expected term (years) | 3 years | |
Risk free interest rate | 0.89% | |
Dividend yield | 4.92% | |
Weighted average grant-date fair value | $ 0 | $ 2.24 |
Stock Option Plan and Stock B53
Stock Option Plan and Stock Based Compensation - Summary of Stock Options Exercised and Tax Benefits Realized from Stock Based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2016 | Aug. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Total cash received | $ 2,910 | |||
Income tax benefits | $ 0 | $ 0 | 0 | $ 0 |
Total grant-date fair value | 532 | |||
Intrinsic value | $ 969 |
Stock Option Plan and Stock B54
Stock Option Plan and Stock Based Compensation - Summary of Unvested Stock Options (Detail) - $ / shares | 6 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Unvested Beginning Balance, Number of Options | 76,425 | |
New grants, Number of Options | 0 | |
Vested, Number of Options | (71,352) | |
Forfeited, Number of Options | 0 | |
Unvested Ending Balance, Number of Options | 5,073 | |
Unvested Beginning Balance, Weighted Average Grant Date Fair Value | $ 2.32 | |
New grants, Weighted Average Grant Date Fair Value | 0 | $ 2.24 |
Vested, Weighted Average Grant Date Fair Value | 2.32 | |
Forfeited, Weighted Average Grant Date Fair Value | 0 | |
Unvested Ending Balance, Weighted Average Grant Date Fair Value | $ 2.41 |
Stock Option Plan and Stock B55
Stock Option Plan and Stock Based Compensation - Restricted Stock Grant Activity (Detail) - Restricted Stock [Member] | 6 Months Ended |
Aug. 31, 2016$ / sharesshares | |
Restricted stock grant activity | |
Outstanding at Beginning, Number of Shares | shares | 189,396 |
Number of Shares, Granted | shares | 64,685 |
Number of Shares, Terminated | shares | 0 |
Number of Shares, Vested | shares | (89,535) |
Outstanding at Ending, Number of Shares | shares | 164,546 |
Outstanding at Beginning, Weighted Average Grant Date Fair value | $ / shares | $ 14.36 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 19.63 |
Weighted Average Grant Date Fair Value, Terminated | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 14.46 |
Outstanding at Ending, Weighted Average Grant Date Fair value | $ / shares | $ 16.37 |
Pension Plan - Additional Infor
Pension Plan - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Aug. 31, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employees covered under noncontributory Pension Plan | 21.00% | ||
Compensation period preceding retirement and termination | 5 years | ||
Contributions | $ 3,000,000 | ||
Period used for calculating Pension Plan liability | 25 years | ||
Scenario Forecast [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum required contribution to the plan is approximately | $ 0 | ||
Minimum [Member] | Scenario Forecast [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions | 2,000,000 | ||
Maximum [Member] | Scenario Forecast [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions | $ 3,000,000 |
Pension Plan - Summary of Pensi
Pension Plan - Summary of Pension Expense Composed of Components Included in Cost of Goods Sold and Selling, General and Administrative Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2016 | Aug. 31, 2015 | |
Components of net periodic benefit cost | ||||
Service cost | $ 292 | $ 326 | $ 583 | $ 651 |
Interest cost | 593 | 592 | 1,186 | 1,184 |
Expected return on plan assets | (916) | (982) | (1,832) | (1,964) |
Amortization of: | ||||
Prior service cost | (22) | (43) | ||
Unrecognized net loss | 670 | 637 | 1,341 | 1,275 |
Net periodic benefit cost | $ 639 | $ 551 | $ 1,278 | $ 1,103 |
Earnings (loss) per Share - Add
Earnings (loss) per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Stock options not included in the diluted earnings per share computation | 42,500 | 172,543 | 203,961 |
Earnings (loss) per Share - Com
Earnings (loss) per Share - Computation for Basic and Diluted Earnings per Share (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2016 | Aug. 31, 2015 | |
Earnings Per Share [Abstract] | ||||
Basic weighted average common shares outstanding | 25,893,218 | 25,662,828 | 25,847,051 | 25,636,203 |
Effect of dilutive options | 17,157 | 30,428 | 21,748 | 21,316 |
Diluted weighted average common shares outstanding | 25,910,375 | 25,693,256 | 25,868,799 | 25,657,519 |
Earnings (loss) per share - basic and diluted | ||||
Earnings per share on continuing operations | $ 0.26 | $ 0.37 | $ 0.52 | $ 0.72 |
Earnings per share on discontinued operations | 0.06 | 0.10 | 0.07 | |
Loss per share on sale of discontinued operations | (1.01) | |||
Earnings (loss) on discontinued operations | 0.06 | (0.91) | 0.07 | |
Net earnings (loss) | 0.26 | 0.43 | (0.39) | 0.79 |
Cash dividends | $ 1.675 | $ 0.175 | $ 1.850 | $ 0.350 |
Concentrations of Risk - Additi
Concentrations of Risk - Additional Information (Detail) | Aug. 31, 2016USD ($) |
Risks and Uncertainties [Abstract] | |
Maximum insurance available to depositors under the FDIC's general deposit insurance rules | $ 250,000 |
Cash balances not federally insured | $ 84,600,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | 6 Months Ended | |
Aug. 31, 2016 | Sep. 23, 2016 | |
Subsequent Event [Line Items] | ||
Dividend payable date | Nov. 7, 2016 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Dividend payable per share | $ 0.175 |