Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 28, 2018 | Apr. 30, 2018 | Aug. 31, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Feb. 28, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | EBF | ||
Entity Registrant Name | ENNIS, INC. | ||
Entity Central Index Key | 33,002 | ||
Current Fiscal Year End Date | --02-28 | ||
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 | 25,489,502 | ||
Entity Public Float | $ 467 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 28, 2018 | Feb. 28, 2017 |
Current assets | ||
Cash | $ 96,230 | $ 80,466 |
Accounts receivable, net of allowance for doubtful receivables of $1,194 at February 28, 2018 and $1,674 at February 28, 2017 | 35,654 | 37,368 |
Prepaid expenses | 1,305 | 1,351 |
Prepaid income taxes | 3,600 | 855 |
Inventories | 26,480 | 27,965 |
Assets held for sale | 75 | 1,245 |
Total current assets | 163,344 | 149,250 |
Property, plant and equipment | ||
Plant, machinery and equipment | 133,222 | 136,584 |
Land and buildings | 54,318 | 53,821 |
Other | 23,208 | 23,644 |
Total property, plant and equipment | 210,748 | 214,049 |
Less accumulated depreciation | 164,840 | 164,054 |
Net property, plant and equipment | 45,908 | 49,995 |
Goodwill | 70,603 | 70,603 |
Intangible assets, net | 49,254 | 53,927 |
Other assets | 330 | 510 |
Total assets | 329,439 | 324,285 |
Current liabilities | ||
Accounts payable | 12,168 | 14,202 |
Accrued expenses | ||
Employee compensation and benefits | 15,597 | 13,515 |
Taxes other than income | 135 | 225 |
Other | 1,671 | 2,026 |
Total current liabilities | 29,571 | 29,968 |
Long-term debt | 30,000 | 30,000 |
Liability for pension benefits | 735 | 4,846 |
Deferred income taxes | 6,189 | 6,953 |
Other liabilities | 1,240 | 1,163 |
Total liabilities | 67,735 | 72,930 |
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 February 28, 2018 and 2017 | 75,134 | 75,134 |
Additional paid-in capital | 121,333 | 121,525 |
Retained earnings | 164,177 | 150,685 |
Accumulated other comprehensive income (loss): | ||
Minimum pension liability, net of taxes | (16,428) | (15,261) |
Total accumulated other comprehensive income (loss) | (16,428) | (15,261) |
Treasury stock | (82,512) | (80,728) |
Total shareholders’ equity | 261,704 | 251,355 |
Total liabilities and shareholders' equity | $ 329,439 | $ 324,285 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Feb. 28, 2018 | Feb. 28, 2017 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful receivables | $ 1,194 | $ 1,674 |
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 Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Income Statement [Abstract] | |||
Net sales | $ 370,171 | $ 356,888 | $ 385,946 |
Cost of goods sold | 253,257 | 252,938 | 269,636 |
Gross profit margin | 116,914 | 103,950 | 116,310 |
Selling, general and administrative | 69,451 | 63,147 | 65,743 |
(Gain) loss from disposal of assets | 162 | 278 | (479) |
Income from operations | 47,301 | 40,525 | 51,046 |
Other income (expense) | |||
Interest expense | (777) | (613) | |
Other, net | 385 | 121 | (5) |
Total other income (expense) | (392) | (492) | (5) |
Earnings from continuing operations before income taxes | 46,909 | 40,033 | 51,041 |
Income tax expense | 14,151 | 13,616 | 18,783 |
Earnings from continuing operations | 32,758 | 26,417 | 32,258 |
Earnings (loss) from discontinued operations, net of tax | 147 | (24,637) | 3,478 |
Net earnings | $ 32,905 | $ 1,780 | $ 35,736 |
Weighted average common shares outstanding | |||
Basic | 25,391,998 | 25,734,667 | 25,688,273 |
Diluted | 25,417,244 | 25,749,185 | 25,722,367 |
Earnings (loss) per share - basic and diluted | |||
Continuing operations | $ 1.29 | $ 1.03 | $ 1.25 |
Discontinued operations | 0.01 | (0.96) | 0.14 |
Net earnings | 1.30 | 0.07 | 1.39 |
Cash dividends per share | $ 0.875 | $ 2.20 | $ 0.70 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net earnings | $ 32,905 | $ 1,780 | $ 35,736 |
Foreign currency translation adjustment, net of deferred taxes | 9,940 | (5,313) | |
Adjustment to pension, net of deferred taxes | 1,680 | 2,084 | 225 |
Comprehensive income | $ 34,585 | $ 13,804 | $ 30,648 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Beginning balance at Feb. 28, 2015 | $ 284,680 | $ 75,134 | $ 121,687 | $ 188,413 | $ (22,197) | $ (78,357) |
Beginning balance common stock, shares at Feb. 28, 2015 | 30,053,443 | |||||
Beginning balance, treasury stock, shares at Feb. 28, 2015 | (4,514,905) | |||||
Net earnings | 35,736 | 35,736 | ||||
Foreign currency translation, net of deferred tax of $3,254 and $6,087 respectively | (5,313) | (5,313) | ||||
Adjustment to pension, net of deferred tax of $138 and $1,276 respectively | 225 | 225 | ||||
Dividends paid ($0.70, $2.20 and $0.875 per share respectively) | (18,044) | (18,044) | ||||
Excess tax benefit of stock option exercises and restricted stock grants | (46) | (46) | ||||
Stock based compensation | 1,308 | 1,308 | ||||
Exercise of stock options and restricted stock | (1,352) | $ 1,352 | ||||
Exercise of stock options and restricted stock, shares | 77,900 | |||||
Ending balance at Feb. 29, 2016 | 298,546 | $ 75,134 | 121,597 | 206,105 | (27,285) | $ (77,005) |
Ending balance common stock, shares at Feb. 29, 2016 | 30,053,443 | |||||
Ending balance treasury stock, shares at Feb. 29, 2016 | (4,437,005) | |||||
Net earnings | 1,780 | 1,780 | ||||
Foreign currency translation, net of deferred tax of $3,254 and $6,087 respectively | 9,940 | 9,940 | ||||
Adjustment to pension, net of deferred tax of $138 and $1,276 respectively | 2,084 | 2,084 | ||||
Dividends paid ($0.70, $2.20 and $0.875 per share respectively) | (57,200) | (57,200) | ||||
Excess tax benefit of stock option exercises and restricted stock grants | 265 | 265 | ||||
Stock based compensation | 1,361 | 1,361 | ||||
Stock based compensation allocated to loss on sale of discontinued operations | 112 | 112 | ||||
Exercise of stock options and restricted stock | 2,910 | (1,810) | $ 4,720 | |||
Exercise of stock options and restricted stock, shares | 282,988 | |||||
Common stock repurchases | (8,443) | $ (8,443) | ||||
Common stock repurchases, shares | (532,804) | |||||
Ending balance at Feb. 28, 2017 | $ 251,355 | $ 75,134 | 121,525 | 150,685 | (15,261) | $ (80,728) |
Ending balance common stock, shares at Feb. 28, 2017 | 30,053,443 | 30,053,443 | ||||
Ending balance treasury stock, shares at Feb. 28, 2017 | (4,686,821) | |||||
Net earnings | $ 32,905 | 32,905 | ||||
Adjustment to pension, net of deferred tax of $138 and $1,276 respectively | 1,680 | |||||
Adjustment to pension (net of deferred tax of $715) and reclassification of the income tax effects of the US Tax Cuts and Jobs Act | 1,680 | 2,847 | (1,167) | |||
Dividends paid ($0.70, $2.20 and $0.875 per share respectively) | (22,260) | (22,260) | ||||
Stock based compensation | 1,337 | 1,337 | ||||
Exercise of stock options and restricted stock | (1,529) | $ 1,529 | ||||
Exercise of stock options and restricted stock, shares | 88,771 | |||||
Common stock repurchases | $ (3,313) | $ (3,313) | ||||
Common stock repurchases, shares | (191,033) | (191,178) | ||||
Ending balance at Feb. 28, 2018 | $ 261,704 | $ 75,134 | $ 121,333 | $ 164,177 | $ (16,428) | $ (82,512) |
Ending balance common stock, shares at Feb. 28, 2018 | 30,053,443 | 30,053,443 | ||||
Ending balance treasury stock, shares at Feb. 28, 2018 | (4,789,228) |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Statement Of Stockholders Equity [Abstract] | |||
Deferred tax adjusted to foreign currency translation | $ 6,087 | $ 3,254 | |
Deferred tax adjusted to pension | $ 1,030 | $ 1,276 | $ 138 |
Dividends paid per share | $ 0.875 | $ 2.20 | $ 0.70 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Cash flows from operating activities: | |||
Net earnings | $ 32,905 | $ 1,780 | $ 35,736 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation | 8,033 | 7,934 | 7,798 |
Amortization of deferred finance charges | 114 | 65 | |
Amortization of intangible assets | 6,058 | 4,673 | 4,555 |
Pre-tax loss from discontinued operations | 2,000 | 36,775 | |
Operating cash flows of discontinued operations | 538 | 38,508 | |
(Gain) loss from disposal of assets | 162 | 278 | (479) |
Bad debt expense, net of recoveries | (265) | 263 | 253 |
Stock based compensation | 1,337 | 1,361 | 1,308 |
Excess tax benefit of stock based compensation | (265) | 46 | |
Deferred income taxes | (1,794) | 4,359 | (5,457) |
Changes in operating assets and liabilities, net of the effects of acquisitions: | |||
Accounts receivable | (21) | 3,315 | 4,166 |
Prepaid expenses and income taxes | (2,699) | 1,134 | 1,887 |
Inventories | 1,566 | 1,428 | 318 |
Other current assets | 228 | ||
Other assets | 65 | (589) | |
Accounts payable and accrued expenses | (847) | (140) | (701) |
Other liabilities | 76 | (3,579) | (689) |
Liability for pension benefits | (1,400) | (443) | (793) |
Net cash provided by operating activities | 45,290 | 58,887 | 86,684 |
Cash flows from investing activities: | |||
Capital expenditures | (2,667) | (3,065) | (4,227) |
Purchase of businesses, net of cash acquired | (1,350) | (18,584) | (331) |
Proceeds from sale of discontinued operations | 107,354 | ||
Investing cash flows of discontinued operations | (279) | (596) | |
Proceeds from disposal of plant and property | 64 | 664 | 1,038 |
Net cash provided by (used in) investing activities | (3,953) | 86,090 | (4,116) |
Cash flows from financing activities: | |||
Repayment of debt | (10,000) | (59,010) | |
Dividends paid | (22,260) | (57,200) | (18,044) |
Financing cash flows of discontinued operations | (7,490) | ||
Common stock repurchases | (3,313) | (8,443) | |
Proceeds from exercise of stock options | 2,910 | ||
Excess tax benefit of stock based compensation | 265 | (46) | |
Net cash used in financing activities | (25,573) | (72,468) | (84,590) |
Effect of exchange rate changes on cash | (3,378) | ||
Net change in cash | 15,764 | 72,509 | (5,400) |
Cash at beginning of period | 80,466 | 7,957 | 13,357 |
Cash at end of period | $ 96,230 | $ 80,466 | $ 7,957 |
Significant Accounting Policies
Significant Accounting Policies and General Matters | 12 Months Ended |
Feb. 28, 2018 | |
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 and other business products 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 last three fiscal years ended on the following days: February 28, 2018, February 28, 2017 and February 29, 2016 (fiscal years ended 2018, 2017 and 2016, 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 12.9% and 12.8% of its inventories valued at the lower of last-in, first-out (LIFO) for fiscal years 2018 and 2017, respectively, the Company values its inventories at the lower of first-in, first-out (FIFO) cost or net realizable value. The Company regularly reviews inventories on hand, using specific aging categories, and writes down the carrying value of its inventories for excess and potentially obsolete inventories based on historical usage and estimated future usage. In assessing the ultimate realization of its inventories, the Company is required to make judgments as to future demand requirements. As actual future demand or market conditions may vary from those projected by the Company, adjustments to inventories may be required. 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 2018 and 2017 were $0.8 million and $0.8 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. As of February 28, 2018, the Company had building and improvements of approximately $0.1 million classified as assets held for sale on the consolidated balance sheet. 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 are amortized on a straight-line basis over their estimated useful lives. Goodwill is 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 the fair value of assets. 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 2018 and 2017 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 . We recognize revenues from product sales upon shipment to the customer if the terms of the sale are freight on board (“ FOB ”) shipping point (and therefore title and all risks of ownership, including risk of loss, passes to the customer upon shipping) or, to a lesser extent, upon delivery to the customer if the terms of the sale are FOB destination (and therefore title and all risks of ownership, including risk of loss, passes to the customer upon delivery). 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 $9.7 million, $10.7 million and $12.9 million of revenue was recognized under these arrangements during fiscal years 2018, 2017 and 2016, 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 $0.9 million, $0.6 million and $0.6 million during the fiscal years ended 2018, 2017 and 2016, respectively, and is included in selling, general and administrative expenses in the Consolidated Statements of Operations. Included in this advertising expense is amortization related to direct response advertising of approximately $0.2 million, $0.1 million, and $0.2 million for the fiscal years ended 2018, 2017 and 2016, respectively. Unamortized direct advertising costs included in prepaid expenses at fiscal years ended 2018, 2017 and 2016 were approximately $0.1 million, $0.2 million, and $0.3 million, 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. At year-end 2017 and 2016, there were 42,500 and 145,243 options, respectively, not included in the diluted earnings per share computation because their effect was anti-dilutive. For fiscal year 2018, all options were included in the diluted earnings per share computation because the average fair market value of the Company’s stock exceeded the exercise price of the options. Accumulated Other Comprehensive Loss . Accumulated other comprehensive loss is defined as the change in equity resulting from transactions from non-owner sources. Other comprehensive income consisted of changes in the following: changes in the funded status of the Company’s pension plan and the election to reclassify the stranded income tax effects of the Tax Cuts and Jobs Act of 2017 (the “ Tax Act ”). Foreign Currency Translation. 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 losses totaled approximately $7,000, $22,000, and $7,000 for fiscal years ended 2018, 2017 and 2016, 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 over the requisite service period of the individual grants, which generally equals the vesting period. Estimated forfeiture rates are derived from our historical forfeitures of similar awards. The fair value of all share based awards is estimated on the date of grant. Recent Accounting Pronouncements In February 2018, the Financial Accounting Standards Board (“ FASB ASU Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ASU 2018-02 Tax Act In March 2017, the FASB issued ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ASU 2017-07 In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ASU 2017-04 , In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718) ASU 2016-09 , In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ASU 2016-02 , In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ASU 2016-01 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ASU 2014-09 |
Accounts Receivable and Allowan
Accounts Receivable and Allowance for Doubtful Receivables | 12 Months Ended |
Feb. 28, 2018 | |
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): 2018 2017 2016 Balance at beginning of period $ 1,674 $ 2,041 $ 2,158 Bad debt expense, net of recoveries (265 ) 263 253 Accounts written off (215 ) (630 ) (370 ) Balance at end of period $ 1,194 $ 1,674 $ 2,041 |
Inventories
Inventories | 12 Months Ended |
Feb. 28, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | (3) Inventories The following table summarizes the components of inventories at the different stages of production as of February 28, 2018 and February 28, 2017 (in thousands): 2018 2017 Raw material $ 15,854 $ 16,130 Work-in-process 3,114 3,199 Finished goods 7,512 8,636 $ 26,480 $ 27,965 The excess of current costs at FIFO over LIFO stated values was approximately $4.9 million and $4.7 million as of fiscal years ended 2018 and 2017, respectively. During both fiscal year 2018 and 2017, 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 2017 and 2016. The effect decreased cost of sales by approximately $0.3 million, $0.2 million and $0.0 million for fiscal years 2018, 2017 and 2016, respectively. Cost includes materials, labor and overhead related to the purchase and production of inventories. |
Acquisitions
Acquisitions | 12 Months Ended |
Feb. 28, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | (4) Acquisitions On July 7, 2017, the Company acquired the assets of a tag operation located in Ohio, for $1.4 million in cash plus the assumption of certain accrued liabilities. Management considers this acquisition immaterial. On January 27, 2017, the Company completed the acquisition of Independent Printing Company, Inc. and its related entities (collectively “ Independent The following is a summary of the final purchase price allocation for Independent (in thousands): Accounts receivable $ 4,252 Inventories 1,539 Other assets 575 Property, plant & equipment 5,526 Customer lists 3,390 Trademarks 2,408 Goodwill 6,066 Accounts payable and accrued liabilities (6,079 ) $ 17,677 The results of operations for Independent are included in the Company’s consolidated financial statements from the date of acquisition. The following table represents certain operating information on a pro forma basis as though all Independent operations had been acquired as of March 1, 2016, 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 amount): Unaudited 2017 Pro forma net sales $ 390,169 Pro forma net earnings 27,249 Pro forma earnings per share from continuing operations - diluted 1.06 The pro forma results are not necessarily indicative of what would have occurred if the acquisition had been in effect for the period presented. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Feb. 28, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | (5) Discontinued Operations On May 25, 2016 the Company sold its Apparel Segment to Gildan Activewear Inc. for an all-cash purchase price of $110.0 million, subject to a working capital adjustment, customary indemnification arrangements, and the other terms of the Unit Purchase Agreement dated May 4, 2016. At the time of the sale of the Company’s former apparel operations, $2.0 million of the purchase price was placed in escrow as a source of funds to pay any liabilities that arose post-closing from an employment contract with a former officer of the Company. The Company believed in good faith, based on consultation with its advisors, that no liability existed with respect to the employment contract, and as such, recorded a receivable for the full amount of the funds held in escrow. In January 2017, the purchaser, without notice to the Company, voluntarily paid $2.0 million to the former officer of the Company and requested that all of the escrowed funds be released to it as reimbursement. The Company denied the request, due in part because of the purchaser’s failure to provide the Company prior notice and a right to defend as the Company believes was contractually required. In February 2018 an arbitrator ruled that the escrow funds be released to the purchaser. Although the Company has filed a complaint to vacate the arbitrator’s opinion, in the fourth quarter of fiscal year 2018 the Company wrote off the full amount of the receivable. The Company recognized a tax benefit in the amount of $2.1 million related to discontinued operations during fiscal year 2018. This includes a $0.5 million tax benefit from the write-off of the $2.0 million receivable described in the previous paragraph as well as a $1.6 million tax benefit related to the determination of the final tax basis on assets sold in the sale of the Apparel Segment in fiscal year 2017. The operating results of these discontinued operations only reflect revenues and expenses that are directly attributable to the Apparel Segment and that have been eliminated from ongoing operations. The following tables show the key components of the sale and discontinued operations related to the Apparel Segment that was completed on May 25, 2016 (in thousands): Sales price $ 110,000 Carrying value of disposed (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) Includes the termination fee, in the amount of $3.0 million, paid as a result of the termination of a prior purchase agreement for the sale of the Apparel Segment to Alstyle Operations, LLC. 2018 2017 2016 Net sales $ — $ 41,038 $ 183,027 Income from discontinued operations before income taxes — 3,873 5,531 Loss on sale of discontinued operations before income taxes (2,000 ) (40,648 ) — Income (loss) on discontinued operations before income taxes (2,000 ) (36,775 ) 5,531 Income tax (benefit) expense (2,147 ) (12,138 ) 2,053 Net income (loss) from discontinued operations $ 147 $ (24,637 ) $ 3,478 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Feb. 28, 2018 | |
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 other intangible assets are tested for impairment at a reporting unit level. The annual impairment test of goodwill and intangible assets is performed as of November 30 of each fiscal year. The Company uses qualitative factors to determine whether it is more likely than not (likelihood of more than 50%) that the fair value of a reporting unit exceeds its carrying amount, including goodwill. Some of the qualitative factors considered in applying this test include consideration of macroeconomic conditions, industry and market conditions, cost factors affecting the business, overall financial performance of the business, and performance of the share price of the Company. If qualitative factors are not deemed sufficient to conclude that the fair value of the reporting unit more likely than not exceeds its carrying value, then a one-step approach is applied in making an evaluation. The evaluation utilizes multiple valuation methodologies, including a market approach (market price multiples of comparable companies) and an income approach (discounted cash flow analysis). The computations require management to make significant estimates and assumptions, including, among other things, selection of comparable publicly traded companies, the discount rate applied to future earnings reflecting a weighted average cost of capital, and earnings growth assumptions. A discounted cash flow analysis requires management to make various assumptions about future sales, operating margins, capital expenditures, working capital, and growth rates. If the evaluation results in the fair value of the goodwill for the reporting unit being lower than the carrying value, an impairment charge is recorded. A goodwill impairment charge was not required for the fiscal years ended February 28, 2018 and 2017. Beginning March 1, 2017, given the general declining trend line of print sales, and its expected continuance into the foreseeable future, the Company elected to treat the recorded value of trademarks/trade names as no longer being an indefinite-lived asset. As such, as of March 1, 2017, the Company began amortizing the carrying value of these assets over their estimated remaining useful life, approximately 17 - 19 years. The amortization expense associated with this election increased the Company’s selling, general and administrative expense line by approximately $830,000 during fiscal year 2018. The carrying amount and accumulated amortization of the Company’s intangible assets at each balance sheet date are as follows (in thousands): Weighted Average Remaining Gross Life Carrying Accumulated As of February 28, 2018 (in years) Amount Amortization Net Amortized intangible assets Trademarks and trade names 16.0 $ 19,625 $ 2,408 $ 17,217 Customer lists 8.1 58,040 26,039 32,001 Noncompete 1.1 175 140 35 Patent 0.4 783 782 1 Total 10.8 $ 78,623 $ 29,369 $ 49,254 As of February 28, 2017 Amortized intangible assets Trademarks and trade names 8.0 $ 3,642 $ 1,234 $ 2,408 Customer lists 8.9 57,347 21,336 36,011 Noncompete 0.8 175 86 89 Patent 1.0 783 655 128 Total 8.8 $ 61,947 $ 23,311 $ 38,636 February 28, February 28, 2018 2017 Non-amortizing intangible assets Trademarks and trade names $ — $ 15,291 Aggregate amortization expense for each of the fiscal years 2018, 2017 and 2016 was approximately $6.1 million, $4.7 million and $4.6 million, respectively. The Company’s estimated amortization expense for the next five fiscal years is as follows (in thousands): 2019 $ 5,557 2020 5,475 2021 5,406 2022 5,362 2023 4,574 Changes in the net carrying amount of goodwill for fiscal years 2017 and 2018 are as follows (in thousands): Balance as of March 1, 2016 $ 64,537 Goodwill acquired 6,066 Goodwill impairment — Balance as of February 28, 2017 70,603 Goodwill acquired — Goodwill impairment — Balance as of February 28, 2018 $ 70,603 During the fiscal year ended February 28, 2017, $6.1 million was added to goodwill related to the acquisition of Independent. |
Other Accrued Expenses
Other Accrued Expenses | 12 Months Ended |
Feb. 28, 2018 | |
Payables And Accruals [Abstract] | |
Other Accrued Expenses | (7) Other Accrued Expenses The following table summarizes the components of other accrued expenses for the fiscal years ended (in thousands): February 28, February 28, 2018 2017 Accrued taxes $ 161 $ 329 Accrued legal and professional fees 282 414 Accrued interest 143 98 Accrued utilities 148 90 Accrued acquisition related obligations 654 789 Accrued credit card fees 115 119 Other accrued expenses 168 187 $ 1,671 $ 2,026 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Feb. 28, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (8) Long-Term Debt Long-term debt consisted of the following at fiscal years ended (in thousands): February 28, 2018 February 28, 2017 Revolving credit facility $ 30,000 $ 30,000 The Company has entered into a Second Amended and Restated Credit Agreement, which has been amended from time to time, pursuant to which a credit facility has been extended to the Company ( the “ Credit Facility The Credit Facility bears interest at the LIBOR rate plus a spread ranging from 1.0% to 2.0%, which rate was 3.0% (3 month LIBOR + 1.0%) at February 28, 2018 and 1.86% (2 month LIBOR + 1.0%) at February 28, 2017. The rate is determined by our fixed charge coverage ratio of total funded debt to earnings before interest, taxes, depreciation and amortization (“ EBITDA |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Feb. 28, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | (9) Shareholders’ Equity The Board has authorized the repurchase of up to an aggregate of $40.0 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 fiscal year ended February 28, 2018 the Company, under the program, repurchased 191,033 shares of common stock at an average price of $17.33 per share. Since the program’s inception in October 2008, there have been 1,442,236 common shares repurchased at an average price of $14.99 per share. As of February 28, 2018 there was $18.4 million available to repurchase shares of the Company’s common stock under the program. Unrelated to the stock repurchase program, the Company purchased 145 shares of its common stock during the fiscal year ended February 28, 2018. 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 Bas
Stock Option Plan and Stock Based Compensation | 12 Months Ended |
Feb. 28, 2018 | |
Disclosure Of Compensation Related Costs Sharebased 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 fiscal year ended 2018, 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 recognizes compensation expense for stock options and restricted stock grants on a straight-line basis over the requisite service period. For the years ended 2018, 2017 and 2016, the Company included in selling, general and administrative expenses, compensation expense related to share based compensation of $1.3 million, $1.4 million and $1.3 million, respectively . Stock Options The Company had the following stock option activity for the three years ended February 28, 2018: Weighted Weighted Average Aggregate Number Average Remaining Intrinsic of Shares Exercise Contractual Value(a) (exact quantity) Price Life (in years) (in Outstanding at March 1, 2015 374,823 $ 15.95 5.7 $ 210 Granted 43,426 13.69 Terminated (47,300 ) 18.31 Exercised — — Outstanding at February 29, 2016 370,949 $ 15.38 5.9 $ 1,616 Granted — — Terminated (5,000 ) 8.94 Exercised (193,453 ) 15.04 Outstanding at February 28, 2017 172,496 $ 15.95 4.2 $ 223 Granted — — Terminated — — Exercised — — Outstanding at February 28, 2018 172,496 $ 15.95 3.2 $ 612 Exercisable at February 28, 2018 170,880 $ 15.97 3.2 $ 602 (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 fiscal years 2018 and 2017. The following is a summary of the assumptions used and the weighted average grant-date fair value of the stock options granted during fiscal year 2016: 2016 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 for the three fiscal years ended (in thousands): Fiscal years ended 2018 2017 2016 Total cash received $ — $ 2,910 $ — Income tax benefits — 265 (46 ) Total grant-date fair value — 532 — Intrinsic value — 969 — A summary of the status of the Company’s unvested stock options at February 28, 2017, and changes during the fiscal year ended February 28, 2018 is presented below: Weighted Average Number Grant Date of Options Fair Value Unvested at March 1, 2017 5,073 $ 2.41 New grants — — Vested (3,457 ) 2.48 Forfeited — — Unvested at February 28, 2018 1,616 $ 2.24 As of February 28, 2018, there was $287 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 0.1 years. The total fair value of shares underlying the options vested during the fiscal year ended February 28, 2018 was $0.1 million. The following table summarizes information about stock options outstanding at the end of fiscal year 2018: Options Outstanding Options Exercisable Weighted Average Weighted Weighted Number Remaining Contractual Average Number Average Exercise Prices Outstanding Life (in Years) Exercise Price Exercisable Exercise Price $8.94 to $13.69 24,848 2.3 $ 9.87 23,232 $ 9.60 $14.05 to $15.78 51,956 4.6 15.16 51,956 15.16 $17.57 to $18.46 95,692 2.7 17.97 95,692 17.97 172,496 3.2 15.95 170,880 15.97 Restricted Stock The Company had the following restricted stock grants activity for each of the three fiscal years ended February 28, 2018: Weighted Average Number of Grant Date Shares Fair Value Outstanding at March 1, 2015 153,648 $ 15.30 Granted 113,648 13.69 Terminated — — Vested (77,900 ) 15.24 Outstanding at February 29, 2016 189,396 $ 14.36 Granted 66,685 19.49 Terminated — — Vested (89,535 ) 14.46 Outstanding at February 28, 2017 166,546 $ 16.35 Granted 74,900 16.30 Terminated — — Vested (88,771 ) 15.90 Outstanding at February 28, 2018 152,675 $ 16.59 As of February 28, 2018, the total remaining unrecognized compensation cost related to unvested restricted stock was approximately $1.4 million. The weighted average remaining requisite service period of the unvested restricted stock awards was 1.4 years. As of February 28, 2018, the Company’s outstanding restricted stock had an underlying fair value of $2.5 million at date of grant. |
Pension Plan and Other Employee
Pension Plan and Other Employee Benefits | 12 Months Ended |
Feb. 28, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension Plan and Other Employee Benefits | (11) Pension Plan and Other Employee Benefits The Company and certain subsidiaries have a noncontributory defined benefit retirement plan (the “ Pension Plan ERISA The Company’s pension plan asset allocation, by asset category, is as follows for the fiscal years ended: 2018 2017 Equity securities 57 % 56 % Debt securities 42 % 38 % Cash and cash equivalents 1 % 6 % 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, 2018 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 7.5% 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 2018 was 7.5%, the rate used in the calculation of the fiscal year 2018 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, 2018 and February 28, 2017 (in thousands): Assets Measured at Fair Value Fair Value Measurements Description at 2/28/18 (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 893 $ 893 $ — $ — Government bonds 14,005 — 14,005 — Corporate bonds 9,609 — 9,609 — Domestic equities 25,558 25,558 — — Foreign equities 6,819 6,819 — — $ 56,884 $ 33,270 $ 23,614 $ — Assets Measured at Fair Value Fair Value Measurements Description at 2/28/17 (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 3,105 $ 3,105 $ — $ — Government bonds 11,861 — 11,861 — Corporate bonds 8,037 — 8,037 — Domestic equities 24,777 24,777 — — Foreign equities 5,032 5,032 — — $ 52,812 $ 32,914 $ 19,898 $ — 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 operations for fiscal years ended (in thousands): 2018 2017 2016 Components of net periodic benefit cost Service cost $ 1,083 $ 1,166 $ 1,301 Interest cost 2,270 2,372 2,369 Expected return on plan assets (3,794 ) (3,665 ) (3,928 ) Amortization of: Prior service cost — — (86 ) Unrecognized net loss 2,041 2,683 2,551 Net periodic benefit cost 1,600 2,556 2,207 Other changes in Plan Assets and Projected Benefit Obligation Recognized in Other comprehensive Income Net actuarial loss (gain) (669 ) (723 ) 2,102 Amortization of net actuarial loss (2,041 ) (2,683 ) (2,551 ) Amortization of prior service credit — — 86 (2,710 ) (3,406 ) (363 ) Total recognized in net periodic pension cost and other comprehensive income $ (1,110 ) $ (850 ) $ 1,844 The following table represents the assumptions used to determine benefit obligations and net periodic pension cost for fiscal years ended: 2018 2017 2016 Weighted average discount rate (net periodic pension cost) 4.10 % 4.30 % 4.00 % Earnings progression (net periodic pension cost) 3.00 % 3.00 % 3.00 % Expected long-term rate of return on plan assets (net periodic pension cost) 7.50 % 7.50 % 8.00 % Weighted average discount rate (benefit obligations) 4.05 % 4.10 % 4.30 % Earnings progression (benefit obligations) 3.00 % 3.00 % 3.00 % During the current fiscal year, the Company adopted the new MP-2017 improvement scale to determine their benefit obligations under the plan. The accumulated benefit obligation (“ ABO PBO 2018 2017 Change in benefit obligation Projected benefit obligation at beginning of year $ 57,658 $ 56,243 Service cost 1,083 1,166 Interest cost 2,270 2,372 Actuarial loss 978 2,479 Other assumption change (423 ) (730 ) Benefits paid (3,947 ) (3,872 ) Projected benefit obligation at end of year $ 57,619 $ 57,658 Change in plan assets: Fair value of plan assets at beginning of year $ 52,812 $ 47,547 Company contributions 3,000 3,000 Gain on plan assets 5,019 6,137 Benefits paid (3,947 ) (3,872 ) Fair value of plan assets at end of year $ 56,884 $ 52,812 Unfunded status $ (735 ) $ (4,846 ) Accumulated benefit obligation at end of year $ 53,244 $ 53,590 The measurement dates used to determine pension and other postretirement benefits is the Company’s fiscal year end. The Company contributed $3.0 million during fiscal year 2018 and would expect to contribute a similar amount during fiscal year 2019. 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 2019 $ 4,200 2020 4,200 2021 4,300 2022 4,200 2023 4,100 2024 - 2028 19,000 Effective February 1, 1994, the Company adopted a Defined Contribution 401(k) Plan (the “ 401(k) Plan 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 $203,000, $228,000, and $229,000, in fiscal years ended 2018, 2017 and 2016, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 28, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (12) Income Taxes The following table represents components of the provision for income taxes for fiscal years ended (in thousands): 2018 2017 2016 Current: Federal $ 14,001 $ 10,543 $ 16,086 State and local 1,944 2,254 2,502 Total current 15,945 12,797 18,588 Deferred: Federal (1,811 ) 932 342 State and local 17 (113 ) (147 ) Total deferred (1,794 ) 819 195 Total provision for income taxes $ 14,151 $ 13,616 $ 18,783 The Company’s effective tax rate on earnings from operations for the year ended February 28, 2018, was 30.2%, as compared to 34.0% and 36.8% in 2017 and 2016, 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: 2018 2017 2016 Statutory rate 32.7 % 35.0 % 35.0 % Provision for state income taxes, net of federal income tax benefit 2.8 3.5 3.1 Domestic production activities deduction (2.8 ) (2.5 ) (2.5 ) Valuation allowance — (3.4 ) 0.7 Federal true-up 4.1 0.6 — Tax Cuts and Jobs Act (7.6 ) - — Other 1.0 0.8 0.5 30.2 % 34.0 % 36.8 % On December 22, 2017, H.R. 1, known as the Tax Cuts and Jobs Act (the “ Tax Act 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 operations. 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: Deferred tax assets 2018 2017 Allowance for doubtful receivables $ 255 $ 512 Inventories 738 1,124 Employee compensation and benefits 703 1,448 Pension and noncurrent employee compensation benefits 2,888 5,786 Net operating loss and foreign tax credits 429 438 Stock options 285 552 Total deferred tax assets $ 5,298 $ 9,860 Deferred tax liabilities Property, plant and equipment $ 4,140 $ 6,979 Goodwill and other intangible assets 7,158 9,371 Property tax 158 440 Other 31 23 Total deferred tax liabilities $ 11,487 $ 16,813 Net deferred income tax liabilities $ 6,189 $ 6,953 As of the fiscal year ended 2018, the Company has federal net operating loss carry forwards of approximately $84,000 expiring in fiscal years 2024 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 2018 and 2017, unrecognized tax benefits related to uncertain tax positions, including accrued interest and penalties of $141,000 and $249,000, respectively, are included in other liabilities on the consolidated balance sheets and would impact the effective rate if recognized. For fiscal year 2018, the unrecognized tax benefit includes an aggregate of $2,000 of interest expense. Approximately $2,000 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 2018 and 2017 is as follows (in thousands): 2018 2017 Balance at March 1, 2017 $ 249 $ 225 Additions based on tax positions (25 ) 99 Reductions due to lapses of statues of limitations (83 ) (75 ) Balance at February 28, 2018 $ 141 $ 249 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 2013. 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 2018, 2017 and 2016. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Feb. 28, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share | (13) Earnings 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: 2018 2017 2016 Basic weighted average common shares outstanding 25,391,998 25,734,667 25,688,273 Effect of dilutive options 25,246 14,518 34,094 Diluted weighted average common shares outstanding 25,417,244 25,749,185 25,722,367 Earnings (loss) per share - basic and diluted Earnings per share on continuing operations $ 1.29 $ 1.03 $ 1.25 Earnings (loss) per share on discontinued operations 0.01 (0.96 ) 0.14 Net earnings $ 1.30 $ 0.07 $ 1.39 Cash dividends $ 0.875 $ 2.20 $ 0.70 The Company treats unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share. Our unvested restricted shares participate on an equal basis with common shares; therefore, there is no difference in undistributed earnings allocated to each participating security. Accordingly, the presentation above is prepared on a combined basis. At fiscal year-end 2017 and 2016, 42,500 and 145,243 stock options, respectively, were excluded from the calculation above, as their effect would be anti-dilutive. For fiscal year 2018, all options were included in the diluted earnings per share computation because the average fair market value of the Company’s stock exceeded the exercise price of the options. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 28, 2018 | |
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 2023. Future minimum lease commitments under non-cancelable operating leases for each of the fiscal years ending are as follows (in thousands): Operating Lease Commitments 2019 $ 4,277 2020 3,459 2021 1,979 2022 1,116 2023 857 Thereafter 1,250 $ 12,938 Rent expense attributable to such leases totaled $5.3 million, $4.3 million, and $4.8 million for the fiscal years ended 2018, 2017 and 2016, 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 Informat
Supplemental Cash Flow Information | 12 Months Ended |
Feb. 28, 2018 | |
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): 2018 2017 2016 Interest paid $ 731 $ 853 $ 1,623 Income taxes paid $ 15,468 $ 975 $ 18,980 Reclassification of the income tax effects of the Tax Act for the pension plan $ 2,847 $ — $ — |
Quarterly Consolidated Financia
Quarterly Consolidated Financial Information (Unaudited) | 12 Months Ended |
Feb. 28, 2018 | |
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 2018 and 2017 (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 2018: Net sales $ 94,590 $ 94,887 $ 93,606 $ 87,088 Gross profit margin 29,919 30,787 29,884 26,324 Net earnings 7,784 8,540 8,274 8,160 Dividends paid 4,468 5,084 5,083 7,625 Per share of common stock: Basic net earnings $ 0.31 $ 0.34 $ 0.33 $ 0.32 Diluted net earnings $ 0.31 $ 0.34 $ 0.33 $ 0.32 Dividends $ 0.175 $ 0.200 $ 0.200 $ 0.300 Fiscal year ended 2017: Net sales $ 90,410 $ 91,246 $ 88,660 $ 86,572 Gross profit margin 26,694 27,038 25,292 24,926 Net earnings 6,683 6,784 5,740 7,210 Dividends paid 4,530 43,657 4,537 4,476 Per share of common stock: Basic net earnings $ 0.26 $ 0.26 $ 0.22 $ 0.28 Diluted net earnings $ 0.26 $ 0.26 $ 0.22 $ 0.28 Dividends $ 0.175 $ 1.675 $ 0.175 $ 0.175 |
Concentrations of Risk
Concentrations of Risk | 12 Months Ended |
Feb. 28, 2018 | |
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. No single customer accounts for as much as five percent of the Company’s consolidated net sales or accounts receivable. The Company, for quality and pricing reasons, purchases its paper products from a limited number of suppliers. While other sources may be available to the Company to purchase these products, they may not be available at the cost or at the quality the Company has come to expect. 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 | 12 Months Ended |
Feb. 28, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | (18) Subsequent Events On April 30, 2018, the Company, through one of its subsidiaries, acquired the assets of Allen-Bailey Tag and Label of Caledonia, New York, for $4.75 million in cash plus the assumption of trade payables. Allen-Bailey produces tags and labels for the fire safety and agriculture industries. This will enable the Company to expand its geographic presence of tags and labels into the eastern seaboard of the United States. |
Significant Accounting Polici27
Significant Accounting Policies and General Matters (Policies) | 12 Months Ended |
Feb. 28, 2018 | |
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 and other business products 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 last three fiscal years ended on the following days: February 28, 2018, February 28, 2017 and February 29, 2016 (fiscal years ended 2018, 2017 and 2016, 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 12.9% and 12.8% of its inventories valued at the lower of last-in, first-out (LIFO) for fiscal years 2018 and 2017, respectively, the Company values its inventories at the lower of first-in, first-out (FIFO) cost or net realizable value. The Company regularly reviews inventories on hand, using specific aging categories, and writes down the carrying value of its inventories for excess and potentially obsolete inventories based on historical usage and estimated future usage. In assessing the ultimate realization of its inventories, the Company is required to make judgments as to future demand requirements. As actual future demand or market conditions may vary from those projected by the Company, adjustments to inventories may be required. 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 2018 and 2017 were $0.8 million and $0.8 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. As of February 28, 2018, the Company had building and improvements of approximately $0.1 million classified as assets held for sale on the consolidated balance sheet. |
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 are amortized on a straight-line basis over their estimated useful lives. Goodwill is 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 the fair value of assets. |
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 2018 and 2017 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 . We recognize revenues from product sales upon shipment to the customer if the terms of the sale are freight on board (“ FOB ”) shipping point (and therefore title and all risks of ownership, including risk of loss, passes to the customer upon shipping) or, to a lesser extent, upon delivery to the customer if the terms of the sale are FOB destination (and therefore title and all risks of ownership, including risk of loss, passes to the customer upon delivery). 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 $9.7 million, $10.7 million and $12.9 million of revenue was recognized under these arrangements during fiscal years 2018, 2017 and 2016, 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 $0.9 million, $0.6 million and $0.6 million during the fiscal years ended 2018, 2017 and 2016, respectively, and is included in selling, general and administrative expenses in the Consolidated Statements of Operations. Included in this advertising expense is amortization related to direct response advertising of approximately $0.2 million, $0.1 million, and $0.2 million for the fiscal years ended 2018, 2017 and 2016, respectively. Unamortized direct advertising costs included in prepaid expenses at fiscal years ended 2018, 2017 and 2016 were approximately $0.1 million, $0.2 million, and $0.3 million, 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. At year-end 2017 and 2016, there were 42,500 and 145,243 options, respectively, not included in the diluted earnings per share computation because their effect was anti-dilutive. For fiscal year 2018, all options were included in the diluted earnings per share computation because the average fair market value of the Company’s stock exceeded the exercise price of the options. |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss . Accumulated other comprehensive loss is defined as the change in equity resulting from transactions from non-owner sources. Other comprehensive income consisted of changes in the following: changes in the funded status of the Company’s pension plan and the election to reclassify the stranded income tax effects of the Tax Cuts and Jobs Act of 2017 (the “ Tax Act ”). |
Foreign Currency Translation | Foreign Currency Translation. 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 losses totaled approximately $7,000, $22,000, and $7,000 for fiscal years ended 2018, 2017 and 2016, 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 over the requisite service period of the individual grants, which generally equals the vesting period. Estimated forfeiture rates are derived from our historical forfeitures of similar awards. The fair value of all share based awards is estimated on the date of grant. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2018, the Financial Accounting Standards Board (“ FASB ASU Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ASU 2018-02 Tax Act In March 2017, the FASB issued ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ASU 2017-07 In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ASU 2017-04 , In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718) ASU 2016-09 , In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ASU 2016-02 , In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ASU 2016-01 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ASU 2014-09 |
Accounts Receivable and Allow28
Accounts Receivable and Allowance for Doubtful Receivables (Tables) | 12 Months Ended |
Feb. 28, 2018 | |
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): 2018 2017 2016 Balance at beginning of period $ 1,674 $ 2,041 $ 2,158 Bad debt expense, net of recoveries (265 ) 263 253 Accounts written off (215 ) (630 ) (370 ) Balance at end of period $ 1,194 $ 1,674 $ 2,041 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Feb. 28, 2018 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The following table summarizes the components of inventories at the different stages of production as of February 28, 2018 and February 28, 2017 (in thousands): 2018 2017 Raw material $ 15,854 $ 16,130 Work-in-process 3,114 3,199 Finished goods 7,512 8,636 $ 26,480 $ 27,965 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Feb. 28, 2018 | |
Business Combinations [Abstract] | |
Purchase Price Allocation Of Business Combination | The following is a summary of the final purchase price allocation for Independent (in thousands): Accounts receivable $ 4,252 Inventories 1,539 Other assets 575 Property, plant & equipment 5,526 Customer lists 3,390 Trademarks 2,408 Goodwill 6,066 Accounts payable and accrued liabilities (6,079 ) $ 17,677 |
Summary of Operating Information on a Pro Forma Basis | The following table represents certain operating information on a pro forma basis as though all Independent operations had been acquired as of March 1, 2016, 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 amount): Unaudited 2017 Pro forma net sales $ 390,169 Pro forma net earnings 27,249 Pro forma earnings per share from continuing operations - diluted 1.06 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Feb. 28, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Discontinued Operations Related to Apparel Segment | The operating results of these discontinued operations only reflect revenues and expenses that are directly attributable to the Apparel Segment and that have been eliminated from ongoing operations. The following tables show the key components of the sale and discontinued operations related to the Apparel Segment that was completed on May 25, 2016 (in thousands): Sales price $ 110,000 Carrying value of disposed (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) Includes the termination fee, in the amount of $3.0 million, paid as a result of the termination of a prior purchase agreement for the sale of the Apparel Segment to Alstyle Operations, LLC. 2018 2017 2016 Net sales $ — $ 41,038 $ 183,027 Income from discontinued operations before income taxes — 3,873 5,531 Loss on sale of discontinued operations before income taxes (2,000 ) (40,648 ) — Income (loss) on discontinued operations before income taxes (2,000 ) (36,775 ) 5,531 Income tax (benefit) expense (2,147 ) (12,138 ) 2,053 Net income (loss) from discontinued operations $ 147 $ (24,637 ) $ 3,478 |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Feb. 28, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Carrying Amount and Accumulated Amortization of Intangible Assets | The carrying amount and accumulated amortization of the Company’s intangible assets at each balance sheet date are as follows (in thousands): Weighted Average Remaining Gross Life Carrying Accumulated As of February 28, 2018 (in years) Amount Amortization Net Amortized intangible assets Trademarks and trade names 16.0 $ 19,625 $ 2,408 $ 17,217 Customer lists 8.1 58,040 26,039 32,001 Noncompete 1.1 175 140 35 Patent 0.4 783 782 1 Total 10.8 $ 78,623 $ 29,369 $ 49,254 As of February 28, 2017 Amortized intangible assets Trademarks and trade names 8.0 $ 3,642 $ 1,234 $ 2,408 Customer lists 8.9 57,347 21,336 36,011 Noncompete 0.8 175 86 89 Patent 1.0 783 655 128 Total 8.8 $ 61,947 $ 23,311 $ 38,636 |
Non-amortizing Intangible Assets | February 28, February 28, 2018 2017 Non-amortizing intangible assets Trademarks and trade names $ — $ 15,291 |
Estimated Amortization Expense | The Company’s estimated amortization expense for the next five fiscal years is as follows (in thousands): 2019 $ 5,557 2020 5,475 2021 5,406 2022 5,362 2023 4,574 |
Changes in Net Carrying Amount of Goodwill | Changes in the net carrying amount of goodwill for fiscal years 2017 and 2018 are as follows (in thousands): Balance as of March 1, 2016 $ 64,537 Goodwill acquired 6,066 Goodwill impairment — Balance as of February 28, 2017 70,603 Goodwill acquired — Goodwill impairment — Balance as of February 28, 2018 $ 70,603 |
Other Accrued Expenses (Tables)
Other Accrued Expenses (Tables) | 12 Months Ended |
Feb. 28, 2018 | |
Payables And Accruals [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, February 28, 2018 2017 Accrued taxes $ 161 $ 329 Accrued legal and professional fees 282 414 Accrued interest 143 98 Accrued utilities 148 90 Accrued acquisition related obligations 654 789 Accrued credit card fees 115 119 Other accrued expenses 168 187 $ 1,671 $ 2,026 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Feb. 28, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt consisted of the following at fiscal years ended (in thousands): February 28, 2018 February 28, 2017 Revolving credit facility $ 30,000 $ 30,000 |
Stock Option Plan and Stock B35
Stock Option Plan and Stock Based Compensation (Tables) | 12 Months Ended |
Feb. 28, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Option Activity | The Company had the following stock option activity for the three years ended February 28, 2018: Weighted Weighted Average Aggregate Number Average Remaining Intrinsic of Shares Exercise Contractual Value(a) (exact quantity) Price Life (in years) (in Outstanding at March 1, 2015 374,823 $ 15.95 5.7 $ 210 Granted 43,426 13.69 Terminated (47,300 ) 18.31 Exercised — — Outstanding at February 29, 2016 370,949 $ 15.38 5.9 $ 1,616 Granted — — Terminated (5,000 ) 8.94 Exercised (193,453 ) 15.04 Outstanding at February 28, 2017 172,496 $ 15.95 4.2 $ 223 Granted — — Terminated — — Exercised — — Outstanding at February 28, 2018 172,496 $ 15.95 3.2 $ 612 Exercisable at February 28, 2018 170,880 $ 15.97 3.2 $ 602 (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 year 2016: 2016 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 for the three fiscal years ended (in thousands): Fiscal years ended 2018 2017 2016 Total cash received $ — $ 2,910 $ — Income tax benefits — 265 (46 ) Total grant-date fair value — 532 — Intrinsic value — 969 — |
Summary of Unvested Stock Options | A summary of the status of the Company’s unvested stock options at February 28, 2017, and changes during the fiscal year ended February 28, 2018 is presented below: Weighted Average Number Grant Date of Options Fair Value Unvested at March 1, 2017 5,073 $ 2.41 New grants — — Vested (3,457 ) 2.48 Forfeited — — Unvested at February 28, 2018 1,616 $ 2.24 |
Summary of Stock Options Outstanding | The following table summarizes information about stock options outstanding at the end of fiscal year 2018: Options Outstanding Options Exercisable Weighted Average Weighted Weighted Number Remaining Contractual Average Number Average Exercise Prices Outstanding Life (in Years) Exercise Price Exercisable Exercise Price $8.94 to $13.69 24,848 2.3 $ 9.87 23,232 $ 9.60 $14.05 to $15.78 51,956 4.6 15.16 51,956 15.16 $17.57 to $18.46 95,692 2.7 17.97 95,692 17.97 172,496 3.2 15.95 170,880 15.97 |
Restricted Stock Grants Activity | The Company had the following restricted stock grants activity for each of the three fiscal years ended February 28, 2018: Weighted Average Number of Grant Date Shares Fair Value Outstanding at March 1, 2015 153,648 $ 15.30 Granted 113,648 13.69 Terminated — — Vested (77,900 ) 15.24 Outstanding at February 29, 2016 189,396 $ 14.36 Granted 66,685 19.49 Terminated — — Vested (89,535 ) 14.46 Outstanding at February 28, 2017 166,546 $ 16.35 Granted 74,900 16.30 Terminated — — Vested (88,771 ) 15.90 Outstanding at February 28, 2018 152,675 $ 16.59 |
Pension Plan and Other Employ36
Pension Plan and Other Employee Benefits (Tables) | 12 Months Ended |
Feb. 28, 2018 | |
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: 2018 2017 Equity securities 57 % 56 % Debt securities 42 % 38 % Cash and cash equivalents 1 % 6 % 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, 2018 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, 2018 and February 28, 2017 (in thousands): Assets Measured at Fair Value Fair Value Measurements Description at 2/28/18 (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 893 $ 893 $ — $ — Government bonds 14,005 — 14,005 — Corporate bonds 9,609 — 9,609 — Domestic equities 25,558 25,558 — — Foreign equities 6,819 6,819 — — $ 56,884 $ 33,270 $ 23,614 $ — Assets Measured at Fair Value Fair Value Measurements Description at 2/28/17 (Level 1) (Level 2) (Level 3) Cash and cash equivalents $ 3,105 $ 3,105 $ — $ — Government bonds 11,861 — 11,861 — Corporate bonds 8,037 — 8,037 — Domestic equities 24,777 24,777 — — Foreign equities 5,032 5,032 — — $ 52,812 $ 32,914 $ 19,898 $ — |
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 operations for fiscal years ended (in thousands): 2018 2017 2016 Components of net periodic benefit cost Service cost $ 1,083 $ 1,166 $ 1,301 Interest cost 2,270 2,372 2,369 Expected return on plan assets (3,794 ) (3,665 ) (3,928 ) Amortization of: Prior service cost — — (86 ) Unrecognized net loss 2,041 2,683 2,551 Net periodic benefit cost 1,600 2,556 2,207 Other changes in Plan Assets and Projected Benefit Obligation Recognized in Other comprehensive Income Net actuarial loss (gain) (669 ) (723 ) 2,102 Amortization of net actuarial loss (2,041 ) (2,683 ) (2,551 ) Amortization of prior service credit — — 86 (2,710 ) (3,406 ) (363 ) Total recognized in net periodic pension cost and other comprehensive income $ (1,110 ) $ (850 ) $ 1,844 |
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: 2018 2017 2016 Weighted average discount rate (net periodic pension cost) 4.10 % 4.30 % 4.00 % Earnings progression (net periodic pension cost) 3.00 % 3.00 % 3.00 % Expected long-term rate of return on plan assets (net periodic pension cost) 7.50 % 7.50 % 8.00 % Weighted average discount rate (benefit obligations) 4.05 % 4.10 % 4.30 % Earnings progression (benefit obligations) 3.00 % 3.00 % 3.00 % |
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 PBO 2018 2017 Change in benefit obligation Projected benefit obligation at beginning of year $ 57,658 $ 56,243 Service cost 1,083 1,166 Interest cost 2,270 2,372 Actuarial loss 978 2,479 Other assumption change (423 ) (730 ) Benefits paid (3,947 ) (3,872 ) Projected benefit obligation at end of year $ 57,619 $ 57,658 Change in plan assets: Fair value of plan assets at beginning of year $ 52,812 $ 47,547 Company contributions 3,000 3,000 Gain on plan assets 5,019 6,137 Benefits paid (3,947 ) (3,872 ) Fair value of plan assets at end of year $ 56,884 $ 52,812 Unfunded status $ (735 ) $ (4,846 ) Accumulated benefit obligation at end of year $ 53,244 $ 53,590 |
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 2019 $ 4,200 2020 4,200 2021 4,300 2022 4,200 2023 4,100 2024 - 2028 19,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 28, 2018 | |
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): 2018 2017 2016 Current: Federal $ 14,001 $ 10,543 $ 16,086 State and local 1,944 2,254 2,502 Total current 15,945 12,797 18,588 Deferred: Federal (1,811 ) 932 342 State and local 17 (113 ) (147 ) Total deferred (1,794 ) 819 195 Total provision for income taxes $ 14,151 $ 13,616 $ 18,783 |
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: 2018 2017 2016 Statutory rate 32.7 % 35.0 % 35.0 % Provision for state income taxes, net of federal income tax benefit 2.8 3.5 3.1 Domestic production activities deduction (2.8 ) (2.5 ) (2.5 ) Valuation allowance — (3.4 ) 0.7 Federal true-up 4.1 0.6 — Tax Cuts and Jobs Act (7.6 ) - — Other 1.0 0.8 0.5 30.2 % 34.0 % 36.8 % On December 22, 2017, H.R. 1, known as the Tax Cuts and Jobs Act (the “ Tax Act |
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: Deferred tax assets 2018 2017 Allowance for doubtful receivables $ 255 $ 512 Inventories 738 1,124 Employee compensation and benefits 703 1,448 Pension and noncurrent employee compensation benefits 2,888 5,786 Net operating loss and foreign tax credits 429 438 Stock options 285 552 Total deferred tax assets $ 5,298 $ 9,860 Deferred tax liabilities Property, plant and equipment $ 4,140 $ 6,979 Goodwill and other intangible assets 7,158 9,371 Property tax 158 440 Other 31 23 Total deferred tax liabilities $ 11,487 $ 16,813 Net deferred income tax liabilities $ 6,189 $ 6,953 |
Reconciliation of Change in Unrecognized Tax Benefits | A reconciliation of the change in the unrecognized tax benefits for fiscal years ended 2018 and 2017 is as follows (in thousands): 2018 2017 Balance at March 1, 2017 $ 249 $ 225 Additions based on tax positions (25 ) 99 Reductions due to lapses of statues of limitations (83 ) (75 ) Balance at February 28, 2018 $ 141 $ 249 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Feb. 28, 2018 | |
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: 2018 2017 2016 Basic weighted average common shares outstanding 25,391,998 25,734,667 25,688,273 Effect of dilutive options 25,246 14,518 34,094 Diluted weighted average common shares outstanding 25,417,244 25,749,185 25,722,367 Earnings (loss) per share - basic and diluted Earnings per share on continuing operations $ 1.29 $ 1.03 $ 1.25 Earnings (loss) per share on discontinued operations 0.01 (0.96 ) 0.14 Net earnings $ 1.30 $ 0.07 $ 1.39 Cash dividends $ 0.875 $ 2.20 $ 0.70 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Feb. 28, 2018 | |
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 2019 $ 4,277 2020 3,459 2021 1,979 2022 1,116 2023 857 Thereafter 1,250 $ 12,938 |
Supplemental Cash Flow Inform40
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Feb. 28, 2018 | |
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): 2018 2017 2016 Interest paid $ 731 $ 853 $ 1,623 Income taxes paid $ 15,468 $ 975 $ 18,980 Reclassification of the income tax effects of the Tax Act for the pension plan $ 2,847 $ — $ — |
Quarterly Consolidated Financ41
Quarterly Consolidated Financial Information (Unaudited) (Tables) | 12 Months Ended |
Feb. 28, 2018 | |
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 2018 and 2017 (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 2018: Net sales $ 94,590 $ 94,887 $ 93,606 $ 87,088 Gross profit margin 29,919 30,787 29,884 26,324 Net earnings 7,784 8,540 8,274 8,160 Dividends paid 4,468 5,084 5,083 7,625 Per share of common stock: Basic net earnings $ 0.31 $ 0.34 $ 0.33 $ 0.32 Diluted net earnings $ 0.31 $ 0.34 $ 0.33 $ 0.32 Dividends $ 0.175 $ 0.200 $ 0.200 $ 0.300 Fiscal year ended 2017: Net sales $ 90,410 $ 91,246 $ 88,660 $ 86,572 Gross profit margin 26,694 27,038 25,292 24,926 Net earnings 6,683 6,784 5,740 7,210 Dividends paid 4,530 43,657 4,537 4,476 Per share of common stock: Basic net earnings $ 0.26 $ 0.26 $ 0.22 $ 0.28 Diluted net earnings $ 0.26 $ 0.26 $ 0.22 $ 0.28 Dividends $ 0.175 $ 1.675 $ 0.175 $ 0.175 |
Significant Accounting Polici42
Significant Accounting Policies and General Matters - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Trade receivable maturity period | 30 days | ||
Percentage of Inventories valued at LIFO | 12.90% | 12.80% | |
Reserves for excess and obsolete inventory | $ 800,000 | $ 800,000 | |
Assets held for sale | $ 75,000 | 1,245,000 | |
Period within which company prints and stores custom print product for customer specified future delivery | 12 months | ||
Revenue recognized | $ 9,700,000 | 10,700,000 | $ 12,900,000 |
Advertising expense | 900,000 | 600,000 | 600,000 |
Amortization of advertising expense | 200,000 | 100,000 | 200,000 |
Unamortized direct advertising costs included in prepaid expenses | 100,000 | $ 200,000 | $ 300,000 |
Stock options not included in the diluted earnings per share computation | 42,500 | 145,243 | |
Transaction losses | 7,000 | $ 22,000 | $ 7,000 |
Accounting Standards Update 2018-02 [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Tax cuts and jobs act of 2017 reclassification from Aoci to retained earnings tax effect | $ 2,800,000 | ||
Minimum [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Amortization period for advertising expense | 3 months | ||
Maximum [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Amortization period for advertising expense | 12 months | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 11 years | ||
Buildings and Improvements [Member] | Minimum [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Buildings and Improvements [Member] | Maximum [Member] | |||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 33 years |
Accounts Receivable and Allow43
Accounts Receivable and Allowance for Doubtful Receivables - Allowance for Doubtful Receivables (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Receivables [Abstract] | |||
Balance at beginning of period | $ 1,674 | $ 2,041 | $ 2,158 |
Bad debt expense, net of recoveries | (265) | 263 | 253 |
Accounts written off | (215) | (630) | (370) |
Balance at end of period | $ 1,194 | $ 1,674 | $ 2,041 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Feb. 28, 2018 | Feb. 28, 2017 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 15,854 | $ 16,130 |
Work-in-process | 3,114 | 3,199 |
Finished goods | 7,512 | 8,636 |
Inventories | $ 26,480 | $ 27,965 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Inventory Disclosure [Abstract] | |||
Excess of current costs at FIFO over LIFO stated values | $ 4.9 | $ 4.7 | |
Decrease in cost of sales | $ 0.3 | $ 0.2 | $ 0 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Feb. 28, 2018USD ($) | Nov. 30, 2017USD ($) | Aug. 31, 2017USD ($) | May 31, 2017USD ($) | Feb. 28, 2017USD ($) | Nov. 30, 2016USD ($) | Aug. 31, 2016USD ($) | May 31, 2016USD ($) | Feb. 28, 2018USD ($) | Feb. 28, 2017USD ($) | Dec. 31, 2016USD ($) | Feb. 29, 2016USD ($) | Jul. 07, 2017USD ($) | Jan. 27, 2017USD ($)LocationFacility | |
Business Acquisition [Line Items] | ||||||||||||||
Net sales | $ 87,088 | $ 93,606 | $ 94,887 | $ 94,590 | $ 86,572 | $ 88,660 | $ 91,246 | $ 90,410 | $ 370,171 | $ 356,888 | $ 385,946 | |||
Tag Company [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Total purchase consideration | $ 1,400 | |||||||||||||
Independent Printing Company, Inc. [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Total purchase consideration | $ 17,677 | |||||||||||||
Number of location | Location | 4 | |||||||||||||
Number of folder facilities | Facility | 4 | |||||||||||||
Net sales | $ 37,000 |
Acquisitions - Summary of Final
Acquisitions - Summary of Final Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Feb. 28, 2018 | Feb. 28, 2017 | Jan. 27, 2017 | Feb. 29, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 70,603 | $ 70,603 | $ 64,537 | |
Independent Printing Company, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | $ 4,252 | |||
Inventories | 1,539 | |||
Other assets | 575 | |||
Property, plant & equipment | 5,526 | |||
Goodwill | 6,066 | |||
Accounts payable and accrued liabilities | (6,079) | |||
Total purchase consideration | 17,677 | |||
Independent Printing Company, Inc. [Member] | Customer Lists [Member] | ||||
Business Acquisition [Line Items] | ||||
Customer lists and Trademarks | 3,390 | |||
Independent Printing Company, Inc. [Member] | Trademarks [Member] | ||||
Business Acquisition [Line Items] | ||||
Customer lists and Trademarks | $ 2,408 |
Acquisitions - Summary of Opera
Acquisitions - Summary of Operating Information on Pro Forma Basis (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Feb. 28, 2017USD ($)$ / shares | |
Business Combinations [Abstract] | |
Pro forma net sales | $ 390,169 |
Pro forma net earnings | $ 27,249 |
Pro forma earnings per share from continuing operations - diluted | $ / shares | $ 1.06 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands | May 25, 2016 | Jan. 31, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 |
Apparel Segment [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Purchase price, cash to be received | $ 110,000 | ||||
Tax benefit related to discontinued operation | $ (2,147) | $ (12,138) | $ 2,053 | ||
Gildan Activewear Inc. [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Tax benefit related to discontinued operation | $ 2,100 | ||||
Tax benefit related to discontinued operation including receivables | 500 | ||||
Receivable discontinued operation | 2,000 | ||||
Gildan Activewear Inc. [Member] | Apparel Segment [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Purchase price, escrow funds to any liabilities | 2,000 | ||||
Purchase price, voluntarily payable funds | $ 2,000 | ||||
Tax benefit related to discontinued operation | $ 1,600 | ||||
Gildan Activewear Inc. [Member] | Unit Purchase Agreement [Member] | Apparel Segment [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Purchase price, cash to be received | $ 110,000 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Discontinued Operations Related to the Apparel Segment (Detail) - USD ($) $ in Thousands | May 25, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income (loss) on discontinued operations before income taxes | $ (2,000) | $ (36,775) | |||
Net income (loss) from discontinued operations | 147 | (24,637) | $ 3,478 | ||
Apparel Segment [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sales price | $ 110,000 | ||||
Carrying value of disposed | (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) | (2,000) | (40,648) | ||
Net sales | 41,038 | 183,027 | |||
Income from discontinued operations before income taxes | 3,873 | 5,531 | |||
Loss on sale of discontinued operations before income taxes | $ (40,648) | (2,000) | (40,648) | ||
Income (loss) on discontinued operations before income taxes | (2,000) | (36,775) | 5,531 | ||
Income tax (benefit) expense | (2,147) | (12,138) | 2,053 | ||
Net income (loss) from discontinued operations | $ 147 | $ (24,637) | $ 3,478 | ||
[1] | Includes the termination fee, in the amount of $3.0 million, paid as a result of the termination of a prior purchase agreement for the sale of the Apparel Segment to Alstyle Operations, LLC. |
Discontinued Operations - Sch51
Discontinued Operations - Schedule of Discontinued Operations Related to the Apparel Segment (Parenthetical) (Detail) $ in Millions | May 25, 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 Intangible52
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | Mar. 01, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill Impairment charge | $ 0 | $ 0 | ||
Remaining estimated useful life | 10 years 9 months 18 days | 8 years 9 months 18 days | ||
Amortization of trade names, customer lists, and patent | $ 6,058,000 | $ 4,673,000 | $ 4,555,000 | |
Goodwill acquired | 6,066,000 | |||
Independent Printing Company, Inc. [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill acquired | $ 6,100,000 | |||
Trademarks and Trade Names [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Remaining estimated useful life | 16 years | 8 years | ||
Selling, General and Administrative [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of trade names, customer lists, and patent | $ 830,000 | |||
Minimum [Member] | Trademarks and Trade Names [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Remaining estimated useful life | 17 years | |||
Maximum [Member] | Trademarks and Trade Names [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Remaining estimated useful life | 19 years |
Goodwill and Other Intangible53
Goodwill and Other Intangible Assets - Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 28, 2018 | Feb. 28, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life (in years) | 10 years 9 months 18 days | 8 years 9 months 18 days |
Gross Carrying Amount | $ 78,623 | $ 61,947 |
Accumulated Amortization | 29,369 | 23,311 |
Amortized intangible assets, Net | $ 49,254 | $ 38,636 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life (in years) | 16 years | 8 years |
Gross Carrying Amount | $ 19,625 | $ 3,642 |
Accumulated Amortization | 2,408 | 1,234 |
Amortized intangible assets, Net | $ 17,217 | $ 2,408 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life (in years) | 8 years 1 month 6 days | 8 years 10 months 24 days |
Gross Carrying Amount | $ 58,040 | $ 57,347 |
Accumulated Amortization | 26,039 | 21,336 |
Amortized intangible assets, Net | $ 32,001 | $ 36,011 |
Noncompete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life (in years) | 1 year 1 month 6 days | 9 months 18 days |
Gross Carrying Amount | $ 175 | $ 175 |
Accumulated Amortization | 140 | 86 |
Amortized intangible assets, Net | $ 35 | $ 89 |
Patent [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life (in years) | 4 months 24 days | 1 year |
Gross Carrying Amount | $ 783 | $ 783 |
Accumulated Amortization | 782 | 655 |
Amortized intangible assets, Net | $ 1 | $ 128 |
Goodwill and Other Intangible54
Goodwill and Other Intangible Assets - Non-amortizing Intangible Assets (Detail) $ in Thousands | Feb. 28, 2017USD ($) |
Non-amortizing intangible assets | |
Non-amortizing intangible assets, Trademarks and trade names | $ 15,291 |
Goodwill and Other Intangible55
Goodwill and Other Intangible Assets - Estimated Amortization Expense (Detail) $ in Thousands | Feb. 28, 2018USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,019 | $ 5,557 |
2,020 | 5,475 |
2,021 | 5,406 |
2,022 | 5,362 |
2,023 | $ 4,574 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets - Changes in Net Carrying Amount of Goodwill (Detail) - USD ($) | 12 Months Ended | |
Feb. 28, 2018 | Feb. 28, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Goodwill, Beginning balance | $ 70,603,000 | $ 64,537,000 |
Goodwill acquired | 6,066,000 | |
Goodwill impairment | 0 | 0 |
Goodwill, Ending balance | $ 70,603,000 | $ 70,603,000 |
Other Accrued Expenses - Compon
Other Accrued Expenses - Components of Other Accrued Expenses (Detail) - USD ($) $ in Thousands | Feb. 28, 2018 | Feb. 28, 2017 |
Payables And Accruals [Abstract] | ||
Accrued taxes | $ 161 | $ 329 |
Accrued legal and professional fees | 282 | 414 |
Accrued interest | 143 | 98 |
Accrued utilities | 148 | 90 |
Accrued acquisition related obligations | 654 | 789 |
Accrued credit card fees | 115 | 119 |
Other accrued expenses | 168 | 187 |
Other accrued expenses, Total | $ 1,671 | $ 2,026 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Feb. 28, 2018 | Feb. 28, 2017 |
Line of Credit Facility [Line Items] | ||
Revolving credit facility | $ 30,000 | $ 30,000 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facility | $ 30,000 | $ 30,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | 12 Months Ended | |
Feb. 28, 2018USD ($) | Feb. 28, 2017 | |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term debt | $ 30,000,000 | |
Second 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 (a) no event of default has occurred and is continuing and (b) 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. | |
Revolving credit facility, interest rate description | LIBOR rate plus a spread ranging from 1.0% to 2.0%, which rate was 3.0% (3 month LIBOR + 1.0%) at February 28, 2018 and 1.86% (2 month LIBOR + 1.0%) at February 28, 2017. | |
Revolving credit facility, variable basis spread | 1.00% | 1.00% |
Revolving credit facility, interest rate | 3.00% | 1.86% |
Second Amendment [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Net leverage ratio | 3 | |
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% | |
Second Amendment [Member] | Revolving Credit Facility [Member] | Dividends or Distributions Effect [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Net leverage ratio | 2.50 | |
Second Amendment [Member] | Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term debt | $ 20,000,000 | |
Second Amendment [Member] | Swing-line Loans [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term debt | 15,000,000 | |
Third Amendment [Member] | Standby Letters of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term debt | 1,200,000 | |
Revolving credit facility, remaining borrowing capacity | $ 68,800,000 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) | Feb. 28, 2018USD ($) | Feb. 28, 2018USD ($)$ / sharesshares | Feb. 28, 2018USD ($)$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Repurchase of common stock through a stock repurchase program | $ | $ 40,000,000 | $ 40,000,000 | $ 40,000,000 |
Repurchase of common stock | shares | 191,033 | 1,442,236 | |
Repurchase of common stock, average cost per share | $ / shares | $ 17.33 | $ 14.99 | |
Total amount available to repurchase of shares | $ | $ 18,400,000 | ||
Unrelated to Stock Repurchase Program [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Repurchase of common stock | shares | 145 |
Stock Option Plan and Stock B61
Stock Option Plan and Stock Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unissued common stock reserved | 529,408 | ||
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 | 0 | 43,426 |
Unrecognized compensation cost related to unvested stock options granted | $ 287 | ||
Fair value of shares underlying the options vested | 100,000 | ||
Remaining unrecognized compensation cost related to unvested restricted stock | $ 1,400,000 | ||
Weighted average remaining requisite service period of the unvested restricted stock awards | 1 year 4 months 24 days | ||
Outstanding restricted stock underlying fair value at grant date | $ 2,500,000 | ||
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 month 6 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 | $ 1,300,000 | $ 1,400,000 | $ 1,300,000 |
Stock Option Plan and Stock B62
Stock Option Plan and Stock Based Compensation - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Number of Shares, Options Outstanding, Beginning Balance | 172,496 | 370,949 | 374,823 | |
Number of Shares, Granted | 0 | 0 | 43,426 | |
Number of Shares, Terminated | (5,000) | (47,300) | ||
Number of Shares, Exercised | (193,453) | |||
Number of Shares, Options Outstanding, Ending Balance | 172,496 | 172,496 | 370,949 | 374,823 |
Number of Shares, Exercisable | 170,880 | |||
Weighted Average Exercise Price, Beginning Balance | $ 15.95 | $ 15.38 | $ 15.95 | |
Weighted Average Exercise Price, Granted | 13.69 | |||
Weighted Average Exercise Price, Terminated | 8.94 | 18.31 | ||
Weighted Average Exercise Price, Exercised | 15.04 | |||
Weighted Average Exercise Price, Ending Balance | 15.95 | $ 15.95 | $ 15.38 | $ 15.95 |
Weighted Average Exercise Price, Exercisable | $ 15.97 | |||
Weighted Average Remaining Contractual Life (in years) | 3 years 2 months 12 days | 4 years 2 months 12 days | 5 years 10 months 24 days | 5 years 8 months 12 days |
Weighted Average Remaining Contractual Life, Exercisable | 3 years 2 months 12 days | |||
Aggregate Intrinsic Value | $ 612 | $ 223 | $ 1,616 | $ 210 |
Aggregate Intrinsic Value, Exercisable | $ 602 |
Stock Option Plan and Stock B63
Stock Option Plan and Stock Based Compensation - Summary of Assumptions Used and Weighted Average Grant-Date Fair Value of Stock Options Granted (Detail) - $ / shares | 12 Months Ended | |
Feb. 28, 2018 | Feb. 29, 2016 | |
Disclosure Of Compensation Related Costs Sharebased 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 B64
Stock Option Plan and Stock Based Compensation - Summary of Stock Options Exercised and Tax Benefits Realized from Stock Based Compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 28, 2017 | Feb. 29, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Total cash received | $ 2,910 | |
Income tax benefits | 265 | $ (46) |
Total grant-date fair value | 532 | |
Intrinsic value | $ 969 |
Stock Option Plan and Stock B65
Stock Option Plan and Stock Based Compensation - Summary of Unvested Stock Options (Detail) - $ / shares | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Unvested Beginning Balance, Number of Options | 5,073 | ||
New grants, Number of Options | 0 | 0 | 43,426 |
Vested, Number of Options | (3,457) | ||
Forfeited, Number of Options | 0 | ||
Unvested Ending Balance, Number of Options | 1,616 | 5,073 | |
Unvested Beginning Balance, Weighted Average Grant Date Fair Value | $ 2.41 | ||
New grants, Weighted Average Grant Date Fair Value | 0 | $ 2.24 | |
Vested, Weighted Average Grant Date Fair Value | 2.48 | ||
Forfeited, Weighted Average Grant Date Fair Value | 0 | ||
Unvested Ending Balance, Weighted Average Grant Date Fair Value | $ 2.24 | $ 2.41 |
Stock Option Plan and Stock B66
Stock Option Plan and Stock Based Compensation - Summary of Stock Options Outstanding (Detail) | 12 Months Ended |
Feb. 28, 2018$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding, Options Outstanding | shares | 172,496 |
Weighted Average Remaining Contractual Life (in Years), Options Outstanding | 3 years 2 months 12 days |
Weight Average Exercise Price, Options Outstanding | $ 15.95 |
Number Exercisable, Options Exercisable | shares | 170,880 |
Weight Average Exercise Price, Options Exercisable | $ 15.97 |
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 | $ 13.69 |
Number Outstanding, Options Outstanding | shares | 24,848 |
Weighted Average Remaining Contractual Life (in Years), Options Outstanding | 2 years 3 months 18 days |
Weight Average Exercise Price, Options Outstanding | $ 9.87 |
Number Exercisable, Options Exercisable | shares | 23,232 |
Weight Average Exercise Price, Options Exercisable | $ 9.60 |
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 | $ 15.78 |
Number Outstanding, Options Outstanding | shares | 51,956 |
Weighted Average Remaining Contractual Life (in Years), Options Outstanding | 4 years 7 months 6 days |
Weight Average Exercise Price, Options Outstanding | $ 15.16 |
Number Exercisable, Options Exercisable | shares | 51,956 |
Weight Average Exercise Price, Options Exercisable | $ 15.16 |
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 | $ 18.46 |
Number Outstanding, Options Outstanding | shares | 95,692 |
Weighted Average Remaining Contractual Life (in Years), Options Outstanding | 2 years 8 months 12 days |
Weight Average Exercise Price, Options Outstanding | $ 17.97 |
Number Exercisable, Options Exercisable | shares | 95,692 |
Weight Average Exercise Price, Options Exercisable | $ 17.97 |
Stock Option Plan and Stock B67
Stock Option Plan and Stock Based Compensation - Restricted Stock Grants Activity (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Restricted stock grant activity | |||
Outstanding at Beginning, Number of Shares | 166,546 | 189,396 | 153,648 |
Number of Shares, Granted | 74,900 | 66,685 | 113,648 |
Number of Shares, Terminated | 0 | 0 | 0 |
Number of Shares, Vested | (88,771) | (89,535) | (77,900) |
Outstanding at Ending, Number of Shares | 152,675 | 166,546 | 189,396 |
Outstanding at Beginning, Weighted Average Grant Date Fair value | $ 16.35 | $ 14.36 | $ 15.30 |
Weighted Average Grant Date Fair Value, Granted | 16.30 | 19.49 | 13.69 |
Weighted Average Grant Date Fair Value, Terminated | 0 | 0 | 0 |
Weighted Average Grant Date Fair Value, Vested | 15.90 | 14.46 | 15.24 |
Outstanding at Ending, Weighted Average Grant Date Fair value | $ 16.59 | $ 16.35 | $ 14.36 |
Pension Plan and Other Employ68
Pension Plan and Other Employee Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employees covered under noncontributory Pension Plan | 20.00% | |||
Compensation period preceding retirement and termination | 5 years | |||
Expected rate of return | 7.50% | 7.50% | 8.00% | |
Target asset allocation, historical period | 10 years | |||
Target asset allocation, expected returns | 5 years | |||
Expected contributions | $ 3,000,000 | $ 3,000,000 | ||
Matching contributions | $ 1,200,000 | 1,200,000 | $ 1,200,000 | |
United States employees contribution | 100.00% | |||
Profit sharing contributions | $ 203,000 | $ 228,000 | $ 229,000 | |
Scenario Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected contributions | $ 3,000,000 |
Pension Plan and Other Employ69
Pension Plan and Other Employee Benefits - Company's Pension Plan Asset Allocation, by Asset Category (Detail) | Feb. 28, 2018 | Feb. 28, 2017 |
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 | 57.00% | 56.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan asset allocation by asset category | 42.00% | 38.00% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan asset allocation by asset category | 1.00% | 6.00% |
Pension Plan and Other Employ70
Pension Plan and Other Employee Benefits - Company's Target Asset Allocation Percentage, by Asset Class (Detail) | Feb. 28, 2018 |
Cash [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Percentage | 1.00% |
Cash [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Percentage | 5.00% |
Fixed Income [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Percentage | 35.00% |
Fixed Income [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Percentage | 55.00% |
Equity Securities [Member] | Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Percentage | 45.00% |
Equity Securities [Member] | Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Allocation Percentage | 60.00% |
Pension Plan and Other Employ71
Pension Plan and Other Employee Benefits - Plan's Fair Value Hierarchy for Assets Measured at Fair Value (Detail) - USD ($) $ in Thousands | Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | $ 56,884 | $ 52,812 | $ 47,547 |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 893 | 3,105 | |
Government Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 14,005 | 11,861 | |
Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 9,609 | 8,037 | |
Domestic Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 25,558 | 24,777 | |
Foreign Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 6,819 | 5,032 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 33,270 | 32,914 | |
Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 893 | 3,105 | |
Level 1 [Member] | Domestic Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 25,558 | 24,777 | |
Level 1 [Member] | Foreign Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 6,819 | 5,032 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 23,614 | 19,898 | |
Level 2 [Member] | Government Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | 14,005 | 11,861 | |
Level 2 [Member] | Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Measurements | $ 9,609 | $ 8,037 |
Pension Plan and Other Employ72
Pension Plan and Other Employee Benefits - Summary of Pension Expense Composed of Components Included in Cost of Goods Sold and Selling, General and Administrative Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Components of net periodic benefit cost | |||
Service cost | $ 1,083 | $ 1,166 | $ 1,301 |
Interest cost | 2,270 | 2,372 | 2,369 |
Expected return on plan assets | (3,794) | (3,665) | (3,928) |
Amortization of: | |||
Prior service cost | (86) | ||
Unrecognized net loss | 2,041 | 2,683 | 2,551 |
Net periodic benefit cost | 1,600 | 2,556 | 2,207 |
Other changes in Plan Assets and Projected Benefit Obligation Recognized in Other comprehensive Income | |||
Net actuarial loss (gain) | (669) | (723) | 2,102 |
Amortization of net actuarial loss | (2,041) | (2,683) | (2,551) |
Amortization of prior service credit | 86 | ||
Net of recognized in Other comprehensive Income | (2,710) | (3,406) | (363) |
Total recognized in net periodic pension cost and other comprehensive income | $ (1,110) | $ (850) | $ 1,844 |
Pension Plan and Other Employ73
Pension Plan and Other Employee Benefits - Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Pension Cost (Detail) | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |||
Weighted average discount rate (net periodic pension cost) | 4.10% | 4.30% | 4.00% |
Earnings progression (net periodic pension cost) | 3.00% | 3.00% | 3.00% |
Expected long-term rate of return on plan assets (net periodic pension cost) | 7.50% | 7.50% | 8.00% |
Weighted average discount rate (benefit obligations) | 4.05% | 4.10% | 4.30% |
Earnings progression (benefit obligations) | 3.00% | 3.00% | 3.00% |
Pension Plan and Other Employ74
Pension Plan and Other Employee Benefits - Schedule of Accumulated Benefit Obligation, Change in PBO, Change in Plan Assets, Funded Status, and Reconciliation to Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Change in benefit obligation | |||
Projected benefit obligation at beginning of year | $ 57,658 | $ 56,243 | |
Service cost | 1,083 | 1,166 | $ 1,301 |
Interest cost | 2,270 | 2,372 | 2,369 |
Actuarial loss | 978 | 2,479 | |
Other assumption change | (423) | (730) | |
Benefits paid | (3,947) | (3,872) | |
Projected benefit obligation at end of year | 57,619 | 57,658 | 56,243 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 52,812 | 47,547 | |
Company contributions | 3,000 | 3,000 | |
Gain on plan assets | 5,019 | 6,137 | |
Benefits paid | (3,947) | (3,872) | |
Fair value of plan assets at end of year | 56,884 | 52,812 | $ 47,547 |
Unfunded status | (735) | (4,846) | |
Accumulated benefit obligation at end of year | $ 53,244 | $ 53,590 |
Pension Plan and Other Employ75
Pension Plan and Other Employee Benefits - Schedule of Estimated Future Benefit Payments which Reflect Expected Future Service (Detail) $ in Thousands | Feb. 28, 2018USD ($) |
Schedule Of Sale Of Subsidiary [Abstract] | |
2,019 | $ 4,200 |
2,020 | 4,200 |
2,021 | 4,300 |
2,022 | 4,200 |
2,023 | 4,100 |
2024 - 2028 | $ 19,000 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Current: | |||
Federal | $ 14,001 | $ 10,543 | $ 16,086 |
State and local | 1,944 | 2,254 | 2,502 |
Total current | 15,945 | 12,797 | 18,588 |
Deferred: | |||
Federal | (1,811) | 932 | 342 |
State and local | 17 | (113) | (147) |
Total deferred | (1,794) | 819 | 195 |
Total provision for income taxes | $ 14,151 | $ 13,616 | $ 18,783 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||
Feb. 28, 2018 | Dec. 31, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Income Tax [Line Items] | |||||
Effective tax rate on earnings from operations | 30.20% | 34.00% | 36.80% | ||
Corporate tax rate | 21.00% | 35.00% | 32.70% | 35.00% | 35.00% |
Reduction in income tax expense recognized to adjustment of deferred tax liabilities | $ 3,600,000 | ||||
Tax benefit recognized | 50.00% | ||||
Unrecognized tax benefits, including accrued interest and penalties | $ 141,000 | $ 141,000 | $ 249,000 | ||
Unrecognized tax benefit includes an aggregate of interest expense | $ 2,000 | ||||
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 | $ 84,000 | $ 84,000 | |||
Internal Revenue Service (IRS) [Member] | Minimum [Member] | |||||
Income Tax [Line Items] | |||||
Net operating loss carry forwards expiring | 2,024 | ||||
Internal Revenue Service (IRS) [Member] | Maximum [Member] | |||||
Income Tax [Line Items] | |||||
Net operating loss carry forwards expiring | 2,025 |
Income Taxes - Statutory U.S. F
Income Taxes - Statutory U.S. Federal Income Tax Rate to Company's Effective Tax Rate (Detail) | 2 Months Ended | 10 Months Ended | 12 Months Ended | ||
Feb. 28, 2018 | Dec. 31, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Statutory rate | 21.00% | 35.00% | 32.70% | 35.00% | 35.00% |
Provision for state income taxes, net of federal income tax benefit | 2.80% | 3.50% | 3.10% | ||
Domestic production activities deduction | (2.80%) | (2.50%) | (2.50%) | ||
Valuation allowance | (3.40%) | 0.70% | |||
Federal true-up | 4.10% | 0.60% | |||
Tax Cuts and Jobs Act | (7.60%) | ||||
Other | 1.00% | 0.80% | 0.50% | ||
Total | 30.20% | 34.00% | 36.80% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Feb. 28, 2018 | Feb. 28, 2017 |
Deferred tax assets | ||
Allowance for doubtful receivables | $ 255 | $ 512 |
Inventories | 738 | 1,124 |
Employee compensation and benefits | 703 | 1,448 |
Pension and noncurrent employee compensation benefits | 2,888 | 5,786 |
Net operating loss and foreign tax credits | 429 | 438 |
Stock options | 285 | 552 |
Total deferred tax assets | 5,298 | 9,860 |
Deferred tax liabilities | ||
Property, plant and equipment | 4,140 | 6,979 |
Goodwill and other intangible assets | 7,158 | 9,371 |
Property tax | 158 | 440 |
Other | 31 | 23 |
Total deferred tax liabilities | 11,487 | 16,813 |
Net deferred income tax liabilities | $ 6,189 | $ 6,953 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Change in Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 28, 2018 | Feb. 28, 2017 | |
Income Tax Disclosure [Abstract] | ||
Beginning Balance | $ 249 | $ 225 |
Additions based on tax positions | (25) | 99 |
Reductions due to lapses of statues of limitations | (83) | (75) |
Ending Balance | $ 141 | $ 249 |
Earnings per Share - Computatio
Earnings per Share - Computation for Basic and Diluted Earnings (loss) per Share (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2016 | May 31, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Basic weighted average common shares outstanding | 25,391,998 | 25,734,667 | 25,688,273 | ||||||||
Effect of dilutive options | 25,246 | 14,518 | 34,094 | ||||||||
Diluted weighted average common shares outstanding | 25,417,244 | 25,749,185 | 25,722,367 | ||||||||
Earnings (loss) per share - basic and diluted | |||||||||||
Earnings per share on continuing operations | $ 1.29 | $ 1.03 | $ 1.25 | ||||||||
Earnings (loss) per share on discontinued operations | 0.01 | (0.96) | 0.14 | ||||||||
Net earnings | 1.30 | 0.07 | 1.39 | ||||||||
Cash dividends | $ 0.300 | $ 0.200 | $ 0.200 | $ 0.175 | $ 0.175 | $ 0.175 | $ 1.675 | $ 0.175 | $ 0.875 | $ 2.20 | $ 0.70 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Earnings Per Share [Abstract] | |||
Undistributed earnings | $ 0 | ||
Stock options not included in the diluted earnings per share computation | 42,500 | 145,243 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Lease Commitments Under Non-cancelable Operating Leases (Detail) $ in Thousands | Feb. 28, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,019 | $ 4,277 |
2,020 | 3,459 |
2,021 | 1,979 |
2,022 | 1,116 |
2,023 | 857 |
Thereafter | 1,250 |
Total | $ 12,938 |
Commitments and Contingencies84
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Rent expense attributable to operating leases | $ 5.3 | $ 4.3 | $ 4.8 |
Supplemental Cash Flow Inform85
Supplemental Cash Flow Information - Net Cash Flows from Operating Activities Reflect Cash Payments for Interest and Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest paid | $ 731 | $ 853 | $ 1,623 |
Income taxes paid | 15,468 | $ 975 | $ 18,980 |
Reclassification of the income tax effects of the Tax Act for the pension plan | $ 2,847 |
Quarterly Consolidated Financ86
Quarterly Consolidated Financial Information (Unaudited) - Schedule of Unaudited Quarterly Financial Data of Company (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2018 | Nov. 30, 2017 | Aug. 31, 2017 | May 31, 2017 | Feb. 28, 2017 | Nov. 30, 2016 | Aug. 31, 2016 | May 31, 2016 | Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 87,088 | $ 93,606 | $ 94,887 | $ 94,590 | $ 86,572 | $ 88,660 | $ 91,246 | $ 90,410 | $ 370,171 | $ 356,888 | $ 385,946 |
Gross profit margin | 26,324 | 29,884 | 30,787 | 29,919 | 24,926 | 25,292 | 27,038 | 26,694 | 116,914 | 103,950 | 116,310 |
Net earnings | 8,160 | 8,274 | 8,540 | 7,784 | 7,210 | 5,740 | 6,784 | 6,683 | 32,905 | 1,780 | 35,736 |
Dividends paid | $ 7,625 | $ 5,083 | $ 5,084 | $ 4,468 | $ 4,476 | $ 4,537 | $ 43,657 | $ 4,530 | $ 22,260 | $ 57,200 | $ 18,044 |
Per share of common stock: | |||||||||||
Basic net earnings | $ 0.32 | $ 0.33 | $ 0.34 | $ 0.31 | $ 0.28 | $ 0.22 | $ 0.26 | $ 0.26 | |||
Diluted net earnings | 0.32 | 0.33 | 0.34 | 0.31 | 0.28 | 0.22 | 0.26 | 0.26 | |||
Dividends | $ 0.300 | $ 0.200 | $ 0.200 | $ 0.175 | $ 0.175 | $ 0.175 | $ 1.675 | $ 0.175 | $ 0.875 | $ 2.20 | $ 0.70 |
Concentrations of Risk - Additi
Concentrations of Risk - Additional Information (Detail) | 12 Months Ended |
Feb. 28, 2018USD ($) | |
Concentration Risk [Line Items] | |
Maximum insurance available to depositors under the FDIC's general deposit insurance rules | $ 250,000 |
Cash balances not federally insured | $ 95,300,000 |
Customer Concentration Risk [Member] | Net Sales [Member] | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 5.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 5.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Thousands | Apr. 30, 2018USD ($) |
Allen-Bailey Tag and Label [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Total purchase consideration | $ 4,750 |