Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Nov. 30, 2020 | Dec. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Nov. 30, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | EBF | |
Entity Registrant Name | ENNIS, INC. | |
Entity Central Index Key | 0000033002 | |
Current Fiscal Year End Date | --02-28 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 26,069,543 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 1-5807 | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 75-0256410 | |
Entity Address, Address Line One | 2441 Presidential Pkwy | |
Entity Address, City or Town | Midlothian | |
Entity Address, State or Province | TX | |
Entity Address, Country | US | |
Entity Address, Postal Zip Code | 76065 | |
City Area Code | 972 | |
Local Phone Number | 775-9801 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, par value $2.50 per share | |
Security Exchange Name | NYSE |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 30, 2020 | Feb. 29, 2020 |
Current assets | ||
Cash | $ 89,358 | $ 68,258 |
Accounts receivable, net of allowance for doubtful receivables of $951 at November 30, 2020 and $715 at February 29, 2020 | 33,799 | 43,086 |
Prepaid expenses | 1,600 | 1,541 |
Prepaid income taxes | 3,076 | 2,164 |
Inventories | 31,999 | 34,835 |
Assets held for sale | 482 | |
Total current assets | 160,314 | 149,884 |
Property, plant and equipment | ||
Plant, machinery and equipment | 150,203 | 155,744 |
Land and buildings | 56,245 | 57,887 |
Computer equipment and software | 19,185 | 19,312 |
Other | 4,808 | 4,873 |
Total property, plant and equipment | 230,441 | 237,816 |
Less accumulated depreciation | 180,396 | 181,414 |
Net property, plant and equipment | 50,045 | 56,402 |
Operating lease right-of-use assets | 16,066 | 20,068 |
Goodwill | 82,527 | 82,527 |
Intangible assets, net | 50,579 | 56,557 |
Other assets | 260 | 261 |
Total assets | 359,791 | 365,699 |
Current liabilities | ||
Accounts payable | 12,293 | 17,235 |
Accrued expenses | 15,450 | 15,069 |
Current portion of operating lease liabilities | 5,057 | 5,665 |
Total current liabilities | 32,800 | 37,969 |
Liability for pension benefits | 8,936 | 8,936 |
Deferred income taxes | 9,182 | 8,749 |
Operating lease liabilities, net of current portion | 10,781 | 14,200 |
Other liabilities | 1,398 | 1,516 |
Total liabilities | 63,097 | 71,370 |
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 November 30, 2020 and February 29, 2020 | 75,134 | 75,134 |
Additional paid-in capital | 122,699 | 123,052 |
Retained earnings | 195,177 | 193,809 |
Minimum pension liability, net of taxes | (23,907) | (25,206) |
Accumulated other comprehensive loss: | ||
Treasury stock | (72,409) | (72,460) |
Total shareholders’ equity | 296,694 | 294,329 |
Total liabilities and shareholders' equity | $ 359,791 | $ 365,699 |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Nov. 30, 2020 | Feb. 29, 2020 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful receivables | $ 951 | $ 715 |
Preferred stock, par value | $ 10 | $ 10 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 2.50 | $ 2.50 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 30,053,443 | 30,053,443 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | |
Income Statement [Abstract] | ||||
Net sales | $ 92,443 | $ 114,860 | $ 268,051 | $ 331,709 |
Type of revenue [extensible list] | ebf:CommercialPrintedProductsMember | ebf:CommercialPrintedProductsMember | ebf:CommercialPrintedProductsMember | ebf:CommercialPrintedProductsMember |
Cost of goods sold | $ 64,355 | $ 81,024 | $ 190,901 | $ 232,719 |
Type of cost, good or service [extensible list] | ebf:CommercialPrintedProductsMember | ebf:CommercialPrintedProductsMember | ebf:CommercialPrintedProductsMember | ebf:CommercialPrintedProductsMember |
Gross profit margin | $ 28,088 | $ 33,836 | $ 77,150 | $ 98,990 |
Selling, general and administrative | 16,690 | 19,751 | 51,348 | 59,098 |
(Gain) loss from disposal of assets | (159) | 4 | (571) | 4 |
Income from operations | 11,557 | 14,081 | 26,373 | 39,888 |
Other income (expense) | ||||
Interest expense | (2) | (5) | (8) | (602) |
Other, net | (253) | 185 | (731) | 873 |
Total other income (expense) | (255) | 180 | (739) | 271 |
Earnings before income taxes | 11,302 | 14,261 | 25,634 | 40,159 |
Income tax expense | 2,939 | 3,708 | 6,665 | 10,441 |
Net earnings | $ 8,363 | $ 10,553 | $ 18,969 | $ 29,718 |
Weighted average common shares outstanding | ||||
Basic | 25,974,006 | 26,010,571 | 25,978,461 | 26,034,617 |
Diluted | 25,974,006 | 26,010,571 | 25,978,461 | 26,034,617 |
Earnings per share | ||||
Basic | $ 0.32 | $ 0.41 | $ 0.73 | $ 1.14 |
Diluted | 0.32 | 0.41 | 0.73 | 1.14 |
Cash dividends per share | $ 0.225 | $ 0.225 | $ 0.675 | $ 0.675 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net earnings | $ 8,363 | $ 10,553 | $ 18,969 | $ 29,718 |
Adjustment to pension, net of taxes | 433 | 221 | 1,299 | 677 |
Comprehensive income | $ 8,796 | $ 10,774 | $ 20,268 | $ 30,395 |
Unaudited Consolidated Statem_3
Unaudited 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, 2019 | $ 289,127 | $ 75,134 | $ 123,065 | $ 179,003 | $ (16,704) | $ (71,371) |
Beginning balance common stock, shares at Feb. 28, 2019 | 30,053,443 | |||||
Beginning balance, treasury stock, shares at Feb. 28, 2019 | (4,097,099) | |||||
Net earnings | 29,718 | 29,718 | ||||
Adjustment to pension, net of deferred tax | 677 | 677 | ||||
Dividends paid | (17,622) | (17,622) | ||||
Stock based compensation | 1,018 | 1,018 | ||||
Exercise of stock options and restricted stock | (1,382) | $ 1,382 | ||||
Exercise of stock options and restricted stock, shares | 87,143 | |||||
Common stock repurchases | (2,471) | $ (2,471) | ||||
Common stock repurchases, shares | (126,330) | |||||
Ending balance at Nov. 30, 2019 | 300,447 | $ 75,134 | 122,701 | 191,099 | (16,027) | $ (72,460) |
Ending balance common stock, shares at Nov. 30, 2019 | 30,053,443 | |||||
Ending balance treasury stock, shares at Nov. 30, 2019 | (4,136,286) | |||||
Beginning balance at Aug. 31, 2019 | 296,017 | $ 75,134 | 122,359 | 186,417 | (16,248) | $ (71,645) |
Beginning balance common stock, shares at Aug. 31, 2019 | 30,053,443 | |||||
Beginning balance, treasury stock, shares at Aug. 31, 2019 | (4,094,674) | |||||
Net earnings | 10,553 | 10,553 | ||||
Adjustment to pension, net of deferred tax | 221 | 221 | ||||
Dividends paid | (5,871) | (5,871) | ||||
Stock based compensation | 353 | 353 | ||||
Exercise of stock options and restricted stock | (11) | $ 11 | ||||
Exercise of stock options and restricted stock, shares | 667 | |||||
Common stock repurchases | (826) | $ (826) | ||||
Common stock repurchases, shares | (42,279) | |||||
Ending balance at Nov. 30, 2019 | 300,447 | $ 75,134 | 122,701 | 191,099 | (16,027) | $ (72,460) |
Ending balance common stock, shares at Nov. 30, 2019 | 30,053,443 | |||||
Ending balance treasury stock, shares at Nov. 30, 2019 | (4,136,286) | |||||
Beginning balance at Feb. 29, 2020 | $ 294,329 | $ 75,134 | 123,052 | 193,809 | (25,206) | $ (72,460) |
Beginning balance common stock, shares at Feb. 29, 2020 | 30,053,443 | 30,053,443 | ||||
Beginning balance, treasury stock, shares at Feb. 29, 2020 | (4,136,286) | |||||
Net earnings | $ 18,969 | 18,969 | ||||
Adjustment to pension, net of deferred tax | 1,299 | 1,299 | ||||
Dividends paid | (17,601) | (17,601) | ||||
Stock based compensation | 933 | 933 | ||||
Exercise of stock options and restricted stock | (1,286) | $ 1,286 | ||||
Exercise of stock options and restricted stock, shares | 73,413 | |||||
Common stock repurchases | $ (1,235) | $ (1,235) | ||||
Common stock repurchases, shares | (77,996) | (77,996) | ||||
Ending balance at Nov. 30, 2020 | $ 296,694 | $ 75,134 | 122,699 | 195,177 | (23,907) | $ (72,409) |
Ending balance common stock, shares at Nov. 30, 2020 | 30,053,443 | 30,053,443 | ||||
Ending balance treasury stock, shares at Nov. 30, 2020 | (4,140,869) | |||||
Beginning balance at Aug. 31, 2020 | $ 294,312 | $ 75,134 | 122,430 | 192,685 | (24,340) | $ (71,597) |
Beginning balance common stock, shares at Aug. 31, 2020 | 30,053,443 | |||||
Beginning balance, treasury stock, shares at Aug. 31, 2020 | (4,089,345) | |||||
Net earnings | 8,363 | 8,363 | ||||
Adjustment to pension, net of deferred tax | 433 | 433 | ||||
Dividends paid | (5,871) | (5,871) | ||||
Stock based compensation | 269 | 269 | ||||
Common stock repurchases | (812) | $ (812) | ||||
Common stock repurchases, shares | (51,524) | |||||
Ending balance at Nov. 30, 2020 | $ 296,694 | $ 75,134 | $ 122,699 | $ 195,177 | $ (23,907) | $ (72,409) |
Ending balance common stock, shares at Nov. 30, 2020 | 30,053,443 | 30,053,443 | ||||
Ending balance treasury stock, shares at Nov. 30, 2020 | (4,140,869) |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||||
Deferred tax adjusted to pension | $ 144 | $ 74 | $ 433 | $ 226 |
Dividends paid per share | $ 0.225 | $ 0.225 | $ 0.675 | $ 0.675 |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Cash flows from operating activities: | ||
Net earnings | $ 18,969 | $ 29,718 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation | 7,289 | 7,834 |
Amortization of deferred finance charges | 47 | |
Amortization of intangible assets | 5,978 | 5,798 |
(Gain) loss from disposal of assets | (571) | 4 |
Bad debt expense, net of recoveries | 933 | (68) |
Stock based compensation | 933 | 1,018 |
Net pension expense | 1,732 | 886 |
Changes in operating assets and liabilities, net of the effects of acquisitions: | ||
Accounts receivable | 8,354 | (151) |
Prepaid expenses and income taxes | (971) | 256 |
Inventories | 2,836 | 1,535 |
Other assets | 1 | 42 |
Accounts payable and accrued expenses | (4,561) | (2,387) |
Other liabilities | (143) | (99) |
Net cash provided by operating activities | 40,779 | 44,433 |
Cash flows from investing activities: | ||
Capital expenditures | (2,541) | (2,738) |
Purchase of businesses, net of cash acquired | (18,733) | |
Proceeds from disposal of plant and property | 1,698 | 2 |
Net cash used in investing activities | (843) | (21,469) |
Cash flows from financing activities: | ||
Repayment of debt | (30,000) | |
Dividends paid | (17,601) | (17,622) |
Common stock repurchases | (1,235) | (2,471) |
Net cash used in financing activities | (18,836) | (50,093) |
Net change in cash | 21,100 | (27,129) |
Cash at beginning of period | 68,258 | 88,442 |
Cash at end of period | $ 89,358 | $ 61,313 |
Significant Accounting Policies
Significant Accounting Policies and General Matters | 9 Months Ended |
Nov. 30, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and General Matters | 1. Significant Accounting Policies and General Matters Basis of Presentation These unaudited consolidated financial statements of Ennis, Inc. and its subsidiaries (collectively referred to as the “Company,” “Registrant,” “Ennis,” or “we,” “us,” or “our”) for the period ended November 30, 2020 have been prepared in accordance with generally accepted accounting principles for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended February 29, 2020, from which the accompanying consolidated balance sheet at February 29, 2020 was derived. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary for a fair presentation of the interim financial information have been included and are of a normal recurring nature. In preparing the financial statements, the Company is required to make estimates and assumptions that affect the disclosure and reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis, including those related to bad debts, inventory valuations, property, plant and equipment, intangible assets, pension plan, accrued liabilities, and income taxes. The Company bases estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. The results of operations for any interim period are not necessarily indicative of the results of operations for a full year, especially in light of the uncertainties surrounding the impact of the novel coronavirus (COVID-19) pandemic. Recent Accounting Pronouncements Recently Adopted Accounting Updates In August 2018, the Financial Accounting Standards Board (“ FASB ASU Fair Value Measurement (Topic 820) ASU 2018-13 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2016-13 Recently Issued Accounting Updates In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting ASU 2020-04 LIBOR In December 2019, the FASB issued Accounting Standards Update ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ASU 2019-12 Income Taxes In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans ASU 2018-14 certain disclosures that are no longer cost beneficial and also includes additional disclosures to improve the overall usefulness of the disclosure requirements to financial statement users. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, and earlier adoption is permitted. The Company is currently evaluating the impact of ASU 2018-14 on the consolidated financial statements. |
Revenue
Revenue | 9 Months Ended |
Nov. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 2. Revenue Nature of Revenues Substantially all of the Company’s revenue from contracts with customers consist of the sale of commercial printing products in the continental United States and is primarily recognized at a point in time in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods. Revenue from the sale of commercial printing products, including shipping and handling fees billed to customers, is recognized upon the transfer of control to the customer, which is generally upon shipment to the customer when the terms of the sale are freight on board (“FOB”) shipping point, or, to a lesser extent, upon delivery to the customer if the terms of the sale are FOB destination. In a small number of cases and upon customer request, the Company prints and stores commercial printing product for customer specified future delivery, generally within the same year as the product is manufactured. In this case, revenue is recognized upon the transfer of control when manufacturing is complete and title and risk of ownership is passed to the customer. Storage revenue for certain customers may be recognized over time rather than at a point in time. As of the date of this report, the amount of storage revenue is immaterial to the Company’s financial statements. The output method for measure of progress is determined to be appropriate, the Company recognizes storage revenue in the amount for which it has the right to invoice for revenue that is recognized over time and for which it demonstrates that the invoiced amount corresponds directly with the value to the customer for the performance completed to date. The Company does not disaggregate revenue and operates in one sales category consisting of commercial printed product revenue, which is reported as net sales on the consolidated statements of operations. The Company does not have material contract assets and contract liabilities as of November 30, 2020. Significant Judgments Generally, the Company’s contracts with customers are comprised of a written quote and customer purchase order or statement of work, and governed by the Company’s trade terms and conditions. In certain instances, it may be further supplemented by separate pricing agreements and customer incentive arrangements, which typically only affect the contract’s transaction price. Contracts do not contain a significant financing component as payment terms on invoiced amounts are typically between 30 to 60 days, based on the Company’s credit assessment of individual customers, as well as industry expectations. Product returns are not significant. From time to time, the Company may offer incentives to its customers considered to be variable consideration including volume-based rebates or early payment discounts. Customer incentives considered to be variable consideration are recorded as a reduction to revenue as part of the transaction price at contract inception when there is a basis to reasonably estimate the amount of the incentive and only to the extent that it is probable that a significant reversal of any incremental revenue will not occur. Customer incentives are allocated entirely to the single performance obligation of transferring printed product to the customer. For customers with terms of FOB shipping point, the Company accounts for shipping and handling activities performed after the control of the printed product has been transferred to the customer as a fulfillment cost. The Company accrues for the costs of shipping and handling activities if revenue is recognized before contractually agreed shipping and handling activities occur. The Company’s contracts with customers are generally short-term in nature. Accordingly, the Company does not disclose the value of unsatisfied performance obligations nor the timing of revenue recognition. |
Accounts Receivable and Allowan
Accounts Receivable and Allowance for Doubtful Receivables | 9 Months Ended |
Nov. 30, 2020 | |
Receivables [Abstract] | |
Accounts Receivable and Allowance for Doubtful Receivables | 3. Accounts Receivable and Allowance for Doubtful Receivables Accounts receivable are reduced by an allowance for an estimate of amounts that are uncollectible. Substantially all of the Company’s receivables are due from customers in the United States. The Company extends credit to its customers based upon its evaluation of the following factors: (i) the customer’s financial condition, (ii) the amount of credit the customer requests, and (iii) the customer’s actual payment history (which includes disputed invoice resolution). The Company does not typically require its customers to post a deposit or supply collateral. The Company’s allowance for doubtful receivables is based on an analysis that estimates the amount of its total customer receivable balance that is not collectible. This analysis includes the pooling of receivables based on risk assessment and then assessing a default probability to these pooled balances, which can be influenced by several factors including (i) current market conditions, (ii) historical experience, (iii) reasonable forecast, and (iv) review of customer receivable aging and payment trends. The Company writes off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance in the period the payment is received. The following table presents the activity in the Company’s allowance for doubtful receivables (in thousands): Three months ended Nine months ended November 30, November 30, 2020 2019 2020 2019 Balance at beginning of period $ 874 $ 937 $ 715 $ 1,020 Bad debt expense, net of recoveries 153 (90 ) 933 (68 ) Accounts written off (76 ) (85 ) (697 ) (190 ) Balance at end of period $ 951 $ 762 $ 951 $ 762 |
Inventories
Inventories | 9 Months Ended |
Nov. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories With the exception of approximately 11.0% and 9.4% of its inventories valued at the lower of last-in, first-out (“ LIFO FIFO The following table summarizes the components of inventories at the different stages of production as of the dates indicated (in thousands): November 30, February 29, 2020 2020 Raw material $ 19,659 $ 20,267 Work-in-process 3,397 4,557 Finished goods 8,943 10,011 $ 31,999 $ 34,835 |
Acquisitions
Acquisitions | 9 Months Ended |
Nov. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | 5. Acquisitions The Company applies the acquisition method of accounting for business combinations. Under the acquisition method, the acquiring entity in a business combination recognizes 100% of the assets acquired and liabilities assumed at their acquisition date fair values. Management utilizes valuation techniques appropriate for the asset or liability being measured in determining these fair values. Any excess of the purchase price over amounts allocated to assets acquired, including identifiable intangible assets and liabilities assumed, is recorded as goodwill. Where amounts allocated to assets acquired and liabilities assumed is greater than the purchase price, a bargain purchase gain is recognized. Acquisition-related costs are expensed as incurred. On July 15, 2019, the Company acquired all the outstanding stock of The Flesh Company (“ Flesh Impressions Direct The following is a summary of the purchase price allocation for Flesh (in thousands): Accounts receivable $ 2,480 Inventories 1,343 Other assets 191 Right-of-use asset 715 Property, plant & equipment 7,065 Customer lists 337 Trademarks 880 Non-compete 20 Accounts payable and accrued liabilities (2,251 ) Operating lease liability (700 ) Deferred income taxes (206 ) $ 9,874 On March 16, 2019, the Company acquired the assets of Integrated Print & Graphics (“ Integrated The following is a summary of the purchase price allocation for Integrated (in thousands): Accounts receivable $ 1,971 Inventories 1,322 Other assets 72 Property, plant & equipment 3,828 Right-of-use asset 2,041 Customer lists 896 Trademarks 896 Non-compete 25 Goodwill 893 Accounts payable and accrued liabilities (1,044 ) Operating lease liability (2,041 ) $ 8,859 The results of operations for Integrated and Flesh are included in the Company’s consolidated financial statements from the respective dates of acquisition. The following table sets forth certain operating information on a pro forma basis as though all Integrated and Flesh operations had been acquired as of March 1, 2019, after the estimated impact of adjustments such as amortization of intangible assets, depreciation expense and interest expense and related tax effects (in thousands, except per share amounts). Three months ended Nine months ended November 30, 2019 November 30, 2019 Pro forma net sales $ 114,860 $ 343,138 Pro forma net earnings 10,553 28,805 Pro forma earnings per share - diluted 0.41 1.11 The pro forma results are not necessarily indicative of what would have occurred if the acquisitions had been in effect for the period presented. |
Leases
Leases | 9 Months Ended |
Nov. 30, 2020 | |
Leases [Abstract] | |
Leases | 6. Leases The Company leases certain of its facilities and equipment under operating leases, which are recorded as right-of-use assets and lease liabilities. The Company’s leases generally have terms of 1 – 5 years, with certain leases including renewal options to extend the leases for additional periods at the Company’s discretion. At lease inception, all renewal options reasonably certain to be exercised are considered when determining the lease term. The Company currently does not have leases that include options to purchase or provisions that would automatically transfer ownership of the leased property to the Company. Operating lease expense is recognized on a straight-line basis over the lease term, and variable lease payments are expensed as incurred. The Company had no variable lease costs for the nine months ended November 30, 2020. The Company determines whether a contract is or contains a lease at the inception of the contract. A contract will be deemed to be or contain a lease if the contract conveys the right to control and direct the use of identified property, plant, or equipment for a period of time in exchange for consideration. The Company generally must also have the right to obtain substantially all of the economic benefits from the use of the property, plant, and equipment. Operating lease assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. To determine the present value of lease payments not yet paid, the Company estimates incremental borrowing rates based on the information available at lease commencement date as rates are not implicitly stated in most leases. Components of lease expense for the three and nine months ended November 30, 2020 and November 30, 2019 were as follows (in thousands): Three months ended Nine months ended November 30, 2020 November 30, 2019 November 30, 2020 November 30, 2019 Operating lease cost $ 1,572 $ 1,675 $ 4,773 $ 4,874 Supplemental cash flow information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,568 $ 1,663 $ 4,743 $ 4,849 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 138 $ 1,494 $ 194 $ 4,359 Weighted Average Remaining Lease Terms Operating leases 4 Years Weighted Average Discount Rate Operating leases 4.32 % Future minimum lease commitments under non-cancelable operating leases for each of the fiscal years ending are as follows (in thousands): Operating Lease Commitments 2021 (remaining 3 months) $ 1,021 2022 5,299 2023 4,251 2024 2,952 2025 2,160 2026 883 Thereafter 660 Total future minimum lease payments $ 17,226 Less imputed interest 1,388 Present value of lease liabilities $ 15,838 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Nov. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 7. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets of acquired businesses and is not amortized. Goodwill and other intangible assets are tested for impairment at a reporting unit level. Historically, the Company has performed its annual impairment test as of November 30, the last day of the third quarter, but beginning in fiscal year 2020, the Company performed its annual impairment test as of December 1, the first day of the fourth quarter. Accordingly, the annual impairment test was performed as of November 30 and updated as of December 1 of fiscal year 2020, in each case with no impact on the financial statements. The change to the Company’s impairment testing date did not accelerate, delay, avoid or cause an impairment charge, nor did the change result in adjustments to the Company’s previously issued financial statements. The Company’s impairment tests indicated significant cushion between its carrying value and fair market value. Subsequent to the December 1, 2019 assessment, the novel coronavirus (COVID-19) pandemic began to cause major economic disruption and significant volatility in the stock market. As a result, the Company updated the assessment performed for fiscal year 2020 through February 29, 2020. No impairment charge to the Company’s recorded goodwill was deemed required as a result of this updated assessment. For the nine months ended November 30, 2020, given the continued economic impact of COVID-19, the Company reviewed the assumptions used in the previous assessment and found them to still be materially accurate. The Company uses qualitative factors to determine whether it is more likely than not (likelihood of more than 50%) that the fair value of a reporting unit exceeds its carrying amount, including goodwill. Some of the qualitative factors used in applying this test include consideration of macroeconomic conditions, industry and market conditions, cost factors affecting the business, overall financial performance of the business, and performance of the share price of the Company. If qualitative factors are not deemed sufficient to conclude that the fair value of the reporting unit more likely than not exceeds its carrying value, then a one-step approach is applied in making an evaluation. The evaluation utilizes multiple valuation methodologies, including a market approach (market price multiples of comparable companies) and an income approach (discounted cash flow analysis). The computations require management to make significant estimates and assumptions, including, among other things, selection of comparable publicly traded companies, the discount rate applied to future earnings reflecting a weighted average cost of capital, and earnings growth assumptions. A discounted cash flow analysis requires management to make various assumptions about future sales, operating margins, capital expenditures, working capital, and growth rates. If the evaluation results in the fair value of the goodwill for the reporting unit being lower than the carrying value, an impairment charge is recorded. The carrying amount and accumulated amortization of the Company’s intangible assets at each balance sheet date are as follows (in thousands): Weighted Average Remaining Gross Life Carrying Accumulated As of November 30, 2020 (in years) Amount Amortization Net Amortized intangible assets Trademarks and trade names 11.9 $ 26,161 $ 7,485 $ 18,676 Customer lists 6.7 73,102 41,334 31,768 Non-compete 1.3 767 632 135 Patent — 783 783 — Total 8.6 $ 100,813 $ 50,234 $ 50,579 As of February 29, 2020 Amortized intangible assets Trademarks and trade names 12.6 $ 26,161 $ 5,811 $ 20,350 Customer lists 7.4 73,102 37,161 35,941 Non-compete 1.8 767 501 266 Patent — 783 783 — Total 9.2 $ 100,813 $ 44,256 $ 56,557 Aggregate amortization expense for the nine months ended November 30, 2020 and November 30, 2019 was $6.0 million and $5.8 million, respectively. The Company’s estimated amortization expense for the current and next four fiscal years is as follows (in thousands): 2021 $ 8,081 2022 7,568 2023 6,541 2024 6,504 2025 6,329 Changes in the net carrying amount of goodwill as of the dates indicated are as follows (in thousands): Balance as of March 1, 2019 $ 81,634 Goodwill acquired 893 Balance as of February 29, 2020 82,527 Balance as of November 30, 2020 $ 82,527 During the nine months ended November 30, 2019, $0.9 million was added to goodwill related to the acquisition of Integrated. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Nov. 30, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 8. Accrued Expenses The following table summarizes the components of accrued expenses as of the dates indicated (in thousands): November 30, February 29, 2020 2020 Employee compensation and benefits $ 13,010 $ 13,171 Taxes other than income 973 464 Accrued legal and professional fees 256 190 Accrued interest 92 78 Accrued utilities 90 90 Accrued acquisition related obligations 179 240 Accrued credit card fees — 195 Income taxes payable — — Other accrued expenses 850 641 $ 15,450 $ 15,069 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Nov. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 9. Long-Term Debt The Company is party to 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 until November 11, 2021 (the “ Credit Facility The Credit Facility bears interest at LIBOR plus a spread ranging from 1.85% to 2.5%. The Company had no outstanding long-term debt under the revolving credit line as of November 30, 2020. The rate is determined by the Company’s fixed charge coverage ratio of total funded debt to earnings before interest, taxes, depreciation and amortization (“ EBITDA |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Nov. 30, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | 10. Shareholders’ Equity The Company’s board of directors (the “ Board During the nine months ended November 30, 2020 the Company repurchased 77,996 shares of common stock under the program at an average price of $15.84 per share. Since the program’s inception in October 2008, there have been 1,894,350 common shares repurchased at an average price of $15.91 per share. As of November 30, 2020, $9.9 million remained available to repurchase shares of the Company’s common stock under the program. |
Stock Option Plan and Stock Bas
Stock Option Plan and Stock Based Compensation | 9 Months Ended |
Nov. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Option Plan and Stock Based Compensation | 11. Stock Option Plan and Stock Based Compensation The Company grants stock options and restricted stock to key executives, managerial employees and non-employee directors. At November 30, 2020, the Company had one stock option plan, the 2004 Long-Term Incentive Plan of Ennis, Inc., as amended and restated as of June 30, 2011 (the “ Plan The Company recognizes compensation expense for stock options and restricted stock grants on a straight-line basis over the requisite service period. For the three months ended November 30, 2020 and November 30, 2019, the Company included in selling, general and administrative expenses, compensation expense related to share-based compensation of $0.2 million and $0.3 million, respectively. For the nine months ended November 30, 2020 and November 30, 2019, the Company included in selling, general and administrative expenses, compensation expense related to share-based compensation of $0.9 million and $1.0 million, respectively. Stock Options As of November 30, 2020, the Company had no outstanding vested or unvested stock options. The Company had no stock option activity for the nine months ended November 30, 2020. No stock options were granted during the nine months ended November 30, 2020 and November 30, 2019. The Company had no unvested stock options outstanding at any time during the nine months ended November 30, 2020. Restricted Stock The following activity occurred with respect to the Company’s restricted stock awards for the nine months ended November 30, 2020: Weighted Average Number of Grant Date Shares Fair Value Outstanding at March 1, 2020 143,926 $ 19.79 Granted 59,315 17.09 Terminated (10,099 ) 19 Vested (73,413 ) 19.16 Outstanding at November 30, 2020 119,729 $ 18.90 As of November 30, 2020, the total remaining unrecognized compensation cost related to unvested restricted stock granted under the Plan was approximately $1.6 million. The weighted average remaining requisite service period of the unvested restricted stock awards was 1.7 years. |
Pension Plan
Pension Plan | 9 Months Ended |
Nov. 30, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension Plan | 12. Pension Plan The Company and certain subsidiaries have a noncontributory defined benefit retirement plan (the “ Pension Plan Pension expense is composed of the following components included in cost of goods sold and selling, general, and administrative expenses in the Company’s consolidated statements of earnings (in thousands): Three months ended Nine months ended November 30, November 30, 2020 2019 2020 2019 Components of net periodic benefit cost Service cost $ 318 $ 272 $ 954 $ 816 Interest cost 438 564 1,315 1,691 Expected return on plan assets (1,019 ) (1,049 ) (3,056 ) (3,148 ) Amortization of: Unrecognized net loss 840 509 2,519 1,527 Net periodic benefit cost $ 577 $ 296 $ 1,732 $ 886 The Company is required to make contributions to the Pension Plan. These contributions are required under the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (“ ERISA |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Nov. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 13. Earnings Per Share Basic earnings per share have been computed by dividing net earnings by the weighted average number of common shares outstanding during the applicable period. Diluted earnings per share reflect the potential dilution that could occur if stock options or other contracts to issue common shares were exercised or converted into common stock. As of November 30, 2020 and November 30, 2019, no options were outstanding. The following table sets forth the computation for basic and diluted earnings per share for the periods indicated: Three months ended Nine months ended November 30, November 30, 2020 2019 2020 2019 Basic weighted average common shares outstanding 25,974,006 26,010,571 25,978,461 26,034,617 Effect of dilutive options — — — — Diluted weighted average common shares outstanding 25,974,006 26,010,571 25,978,461 26,034,617 Earnings (loss) per share Net earnings - basic $ 0.32 $ 0.41 $ 0.73 $ 1.14 Net earnings - diluted $ 0.32 $ 0.41 $ 0.73 $ 1.14 Cash dividends $ 0.225 $ 0.225 $ 0.675 $ 0.675 |
Concentrations of Risk
Concentrations of Risk | 9 Months Ended |
Nov. 30, 2020 | |
Risks And Uncertainties [Abstract] | |
Concentrations of Risk | 14. Concentrations of Risk Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and trade receivables. Cash is placed with high-credit quality financial institutions. Although bad debt expense increased during the quarter due to the economic impact of COVID-19, the Company believes its credit risk with respect to trade receivables is limited due to industry and geographic diversification. As disclosed on the consolidated balance sheets, the Company maintains an allowance for doubtful receivables to cover the Company’s estimate of credit losses associated with accounts receivable. The Company, for quality and pricing reasons, purchases its paper 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 insures accounts up to $250,000. At November 30, 2020, cash balances included $88.2 million that was not federally insured because it represented amounts in individual accounts above the federally insured limit for each such account. This at-risk amount is subject to fluctuation on a daily basis. While management does not believe there is significant risk with respect to such deposits, no assurance can be made that the Company will not experience losses on the Company’s deposits. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Nov. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 15. Related Party Transactions The Company leases a facility and sells product to an entity controlled by a member of the Board who was the former owner of Integrated, a business that the Company acquired. The total right-of-use asset and related lease liability as of November 30, 2020 was $1.5 million and $1.5 million, respectively. During the nine months ended November 30, 2020, total lease payments made to, and sales made to, the related party were approximately $0.3 million and $1.8 million, respectively. |
Covid-19 Pandemic
Covid-19 Pandemic | 9 Months Ended |
Nov. 30, 2020 | |
Extraordinary And Unusual Items [Abstract] | |
Covid-19 Pandemic | 16. COVID-19 Pandemic On March 11, 2020, the World Health Organization declared the ongoing COVID-19 outbreak to be a global pandemic. In response to the rapid spread of COVID-19 within the United States, federal, state and local governments have imposed varying degrees of restrictions on social and commercial activity to promote social distancing in an effort to slow the spread of the illness. Due to the Company’s involvement in healthcare, government, food and beverage and banking, the Company’s plants have been deemed “essential” and, as such, the Company has continued to operate most of its manufacturing facilities, albeit at reduced production levels. Due to reduced demand for our products during the pandemic, particularly in our transactional forms, the Company has furloughed approximately 300 employees, ceased operating in two of its owned under-utilized facilities and exited two facilities with expiring leases. While economic activity remains depressed due to the pandemic, the Company will continue to monitor projected sales and proactively adjust costs as necessary. The Company believes the cost cutting measures it has implemented thus far will not impact its ability to service increased customer demand when economic conditions improve. The U.S. economy continues to be significantly impacted by the COVID-19 pandemic and parts of the economy have started to re-open, but remain subject to ongoing surges and local shutdowns, creating a very fluid economic environment. As a recent indicator, according to the Bureau of Labor Statistics (“BLS”), total nonfarm payroll employment rose by 245,000 in November, reflecting a degree of resumption of economic activity that had previously been curtailed due to the COVID-19 pandemic and efforts to contain it. According to the BLS report, in November notable job gains occurred in transportation and warehousing, professional and business services, and health care, whereas employment levels declined in government and retail trade. These BLS statistics provide evidence that various sectors continue to improve, while others have not, which we believe was reflected in our sequential sales increase. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Nov. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events On December 17, 2020, the Board declared a quarterly dividend on the Company’s common stock of 22.5 cents per share, which will be paid on February 4, 2021 to shareholders of record as of January 7, 2021. The expected payout for this dividend is approximately $5.9 million. On December 29, 2020, the Company issued a press release announcing that one of its wholly - owned subsidiaries entered into a Letter of Intent to acquire the assets of Infoseal LLC in Roanoke, Virginia , with a closing expected effective close of business December 31, 2020 . The contemplated transaction was in fact signed and closed as of December 31, 2020. |
Significant Accounting Polici_2
Significant Accounting Policies and General Matters (Policies) | 9 Months Ended |
Nov. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These unaudited consolidated financial statements of Ennis, Inc. and its subsidiaries (collectively referred to as the “Company,” “Registrant,” “Ennis,” or “we,” “us,” or “our”) for the period ended November 30, 2020 have been prepared in accordance with generally accepted accounting principles for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended February 29, 2020, from which the accompanying consolidated balance sheet at February 29, 2020 was derived. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments considered necessary for a fair presentation of the interim financial information have been included and are of a normal recurring nature. In preparing the financial statements, the Company is required to make estimates and assumptions that affect the disclosure and reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates these estimates and judgments on an ongoing basis, including those related to bad debts, inventory valuations, property, plant and equipment, intangible assets, pension plan, accrued liabilities, and income taxes. The Company bases estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. The results of operations for any interim period are not necessarily indicative of the results of operations for a full year, especially in light of the uncertainties surrounding the impact of the novel coronavirus (COVID-19) pandemic. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Updates In August 2018, the Financial Accounting Standards Board (“ FASB ASU Fair Value Measurement (Topic 820) ASU 2018-13 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2016-13 Recently Issued Accounting Updates In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting ASU 2020-04 LIBOR In December 2019, the FASB issued Accounting Standards Update ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ASU 2019-12 Income Taxes In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Topic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans ASU 2018-14 certain disclosures that are no longer cost beneficial and also includes additional disclosures to improve the overall usefulness of the disclosure requirements to financial statement users. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, and earlier adoption is permitted. The Company is currently evaluating the impact of ASU 2018-14 on the consolidated financial statements. |
Accounts Receivable and Allow_2
Accounts Receivable and Allowance for Doubtful Receivables (Tables) | 9 Months Ended |
Nov. 30, 2020 | |
Receivables [Abstract] | |
Allowance for Doubtful Receivables | The following table presents the activity in the Company’s allowance for doubtful receivables (in thousands): Three months ended Nine months ended November 30, November 30, 2020 2019 2020 2019 Balance at beginning of period $ 874 $ 937 $ 715 $ 1,020 Bad debt expense, net of recoveries 153 (90 ) 933 (68 ) Accounts written off (76 ) (85 ) (697 ) (190 ) Balance at end of period $ 951 $ 762 $ 951 $ 762 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Nov. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The following table summarizes the components of inventories at the different stages of production as of the dates indicated (in thousands): November 30, February 29, 2020 2020 Raw material $ 19,659 $ 20,267 Work-in-process 3,397 4,557 Finished goods 8,943 10,011 $ 31,999 $ 34,835 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Nov. 30, 2020 | |
Business Acquisition [Line Items] | |
Summary of Operating Information on a Pro Forma Basis | The following table sets forth certain operating information on a pro forma basis as though all Integrated and Flesh operations had been acquired as of March 1, 2019, after the estimated impact of adjustments such as amortization of intangible assets, depreciation expense and interest expense and related tax effects (in thousands, except per share amounts). Three months ended Nine months ended November 30, 2019 November 30, 2019 Pro forma net sales $ 114,860 $ 343,138 Pro forma net earnings 10,553 28,805 Pro forma earnings per share - diluted 0.41 1.11 |
The Flesh Company (Flesh) [Member] | |
Business Acquisition [Line Items] | |
Summary of Purchase Price Allocation | The following is a summary of the purchase price allocation for Flesh (in thousands): Accounts receivable $ 2,480 Inventories 1,343 Other assets 191 Right-of-use asset 715 Property, plant & equipment 7,065 Customer lists 337 Trademarks 880 Non-compete 20 Accounts payable and accrued liabilities (2,251 ) Operating lease liability (700 ) Deferred income taxes (206 ) $ 9,874 |
Integrated Print & Graphics (Integrated) [Member] | |
Business Acquisition [Line Items] | |
Summary of Purchase Price Allocation | The following is a summary of the purchase price allocation for Integrated (in thousands): Accounts receivable $ 1,971 Inventories 1,322 Other assets 72 Property, plant & equipment 3,828 Right-of-use asset 2,041 Customer lists 896 Trademarks 896 Non-compete 25 Goodwill 893 Accounts payable and accrued liabilities (1,044 ) Operating lease liability (2,041 ) $ 8,859 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Nov. 30, 2020 | |
Leases [Abstract] | |
Components of Lease Expense | Components of lease expense for the three and nine months ended November 30, 2020 and November 30, 2019 were as follows (in thousands): Three months ended Nine months ended November 30, 2020 November 30, 2019 November 30, 2020 November 30, 2019 Operating lease cost $ 1,572 $ 1,675 $ 4,773 $ 4,874 Supplemental cash flow information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,568 $ 1,663 $ 4,743 $ 4,849 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 138 $ 1,494 $ 194 $ 4,359 Weighted Average Remaining Lease Terms Operating leases 4 Years Weighted Average Discount Rate Operating leases 4.32 % |
Summary of Future Minimum Lease Commitments Under Non-cancelable Operating Leases | Future minimum lease commitments under non-cancelable operating leases for each of the fiscal years ending are as follows (in thousands): Operating Lease Commitments 2021 (remaining 3 months) $ 1,021 2022 5,299 2023 4,251 2024 2,952 2025 2,160 2026 883 Thereafter 660 Total future minimum lease payments $ 17,226 Less imputed interest 1,388 Present value of lease liabilities $ 15,838 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Nov. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Carrying Amount and Accumulated Amortization of Intangible Assets | The carrying amount and accumulated amortization of the Company’s intangible assets at each balance sheet date are as follows (in thousands): Weighted Average Remaining Gross Life Carrying Accumulated As of November 30, 2020 (in years) Amount Amortization Net Amortized intangible assets Trademarks and trade names 11.9 $ 26,161 $ 7,485 $ 18,676 Customer lists 6.7 73,102 41,334 31,768 Non-compete 1.3 767 632 135 Patent — 783 783 — Total 8.6 $ 100,813 $ 50,234 $ 50,579 As of February 29, 2020 Amortized intangible assets Trademarks and trade names 12.6 $ 26,161 $ 5,811 $ 20,350 Customer lists 7.4 73,102 37,161 35,941 Non-compete 1.8 767 501 266 Patent — 783 783 — Total 9.2 $ 100,813 $ 44,256 $ 56,557 |
Estimated Amortization Expense | The Company’s estimated amortization expense for the current and next four fiscal years is as follows (in thousands): 2021 $ 8,081 2022 7,568 2023 6,541 2024 6,504 2025 6,329 |
Changes in Net Carrying Amount of Goodwill | Changes in the net carrying amount of goodwill as of the dates indicated are as follows (in thousands): Balance as of March 1, 2019 $ 81,634 Goodwill acquired 893 Balance as of February 29, 2020 82,527 Balance as of November 30, 2020 $ 82,527 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Nov. 30, 2020 | |
Payables And Accruals [Abstract] | |
Components of Accrued Expenses | The following table summarizes the components of accrued expenses as of the dates indicated (in thousands): November 30, February 29, 2020 2020 Employee compensation and benefits $ 13,010 $ 13,171 Taxes other than income 973 464 Accrued legal and professional fees 256 190 Accrued interest 92 78 Accrued utilities 90 90 Accrued acquisition related obligations 179 240 Accrued credit card fees — 195 Income taxes payable — — Other accrued expenses 850 641 $ 15,450 $ 15,069 |
Stock Option Plan and Stock B_2
Stock Option Plan and Stock Based Compensation (Tables) | 9 Months Ended |
Nov. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Restricted Stock Awards Activity | The following activity occurred with respect to the Company’s restricted stock awards for the nine months ended November 30, 2020: Weighted Average Number of Grant Date Shares Fair Value Outstanding at March 1, 2020 143,926 $ 19.79 Granted 59,315 17.09 Terminated (10,099 ) 19 Vested (73,413 ) 19.16 Outstanding at November 30, 2020 119,729 $ 18.90 |
Pension Plan (Tables)
Pension Plan (Tables) | 9 Months Ended |
Nov. 30, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Pension Expense Composed of Components Included in Cost of Goods Sold and Selling, General and Administrative Expenses | Pension expense is composed of the following components included in cost of goods sold and selling, general, and administrative expenses in the Company’s consolidated statements of earnings (in thousands): Three months ended Nine months ended November 30, November 30, 2020 2019 2020 2019 Components of net periodic benefit cost Service cost $ 318 $ 272 $ 954 $ 816 Interest cost 438 564 1,315 1,691 Expected return on plan assets (1,019 ) (1,049 ) (3,056 ) (3,148 ) Amortization of: Unrecognized net loss 840 509 2,519 1,527 Net periodic benefit cost $ 577 $ 296 $ 1,732 $ 886 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Nov. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computation for Basic and Diluted Earnings Per Share | The following table sets forth the computation for basic and diluted earnings per share for the periods indicated: Three months ended Nine months ended November 30, November 30, 2020 2019 2020 2019 Basic weighted average common shares outstanding 25,974,006 26,010,571 25,978,461 26,034,617 Effect of dilutive options — — — — Diluted weighted average common shares outstanding 25,974,006 26,010,571 25,978,461 26,034,617 Earnings (loss) per share Net earnings - basic $ 0.32 $ 0.41 $ 0.73 $ 1.14 Net earnings - diluted $ 0.32 $ 0.41 $ 0.73 $ 1.14 Cash dividends $ 0.225 $ 0.225 $ 0.675 $ 0.675 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 9 Months Ended |
Nov. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | |
Revenue unsatisfied performance obligation, practical expedient | true |
Minimum [Member] | |
Disaggregation Of Revenue [Line Items] | |
Contract with customer, customer payment terms | 30 days |
Maximum [Member] | |
Disaggregation Of Revenue [Line Items] | |
Contract with customer, customer payment terms | 60 days |
Accounts Receivable and Allow_3
Accounts Receivable and Allowance for Doubtful Receivables - Allowance for Doubtful Receivables (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | |
Receivables [Abstract] | ||||
Balance at beginning of period | $ 874 | $ 937 | $ 715 | $ 1,020 |
Bad debt expense, net of recoveries | 153 | (90) | 933 | (68) |
Accounts written off | (76) | (85) | (697) | (190) |
Balance at end of period | $ 951 | $ 762 | $ 951 | $ 762 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) | Nov. 30, 2020 | Feb. 29, 2020 |
Inventory Disclosure [Abstract] | ||
Percentage of Inventories valued at LIFO | 11.00% | 9.40% |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Nov. 30, 2020 | Feb. 29, 2020 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 19,659 | $ 20,267 |
Work-in-process | 3,397 | 4,557 |
Finished goods | 8,943 | 10,011 |
Inventories | $ 31,999 | $ 34,835 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | Jul. 15, 2019USD ($) | Nov. 30, 2020USD ($)Location | Nov. 30, 2020USD ($) | Nov. 30, 2020USD ($) | Feb. 29, 2020USD ($) | Mar. 16, 2019USD ($) | Feb. 28, 2019USD ($) |
Business Acquisition [Line Items] | |||||||
Percentage of assets acquired and liabilities assumed at their acquisition date fair values | 100.00% | 100.00% | 100.00% | ||||
Goodwill | $ 82,527,000 | $ 82,527,000 | $ 82,527,000 | $ 82,527,000 | $ 81,634,000 | ||
The Flesh Company (Flesh) [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Total purchase consideration | $ 9,874,000 | ||||||
Contingent consideration payable, period | 4 years | ||||||
Number of locations | Location | 2 | ||||||
Acquisition related costs incurred | $ 300,000 | ||||||
Intangible assets | $ 1,200,000 | ||||||
Integrated Print & Graphics (Integrated) [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Total purchase consideration | $ 8,859,000 | ||||||
Acquisition related costs incurred | $ 29,000 | ||||||
Intangible assets | 1,800,000 | ||||||
Goodwill | $ 893,000 | ||||||
Maximum [Member] | The Flesh Company (Flesh) [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Potential earn-out consideration | 500,000 | ||||||
Contingent consideration payable | $ 500,000 |
Acquisitions - Summary of Purch
Acquisitions - Summary of Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Nov. 30, 2020 | Feb. 29, 2020 | Jul. 15, 2019 | Mar. 16, 2019 | Feb. 28, 2019 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 82,527 | $ 82,527 | $ 81,634 | ||
The Flesh Company (Flesh) [Member] | |||||
Business Acquisition [Line Items] | |||||
Accounts receivable | $ 2,480 | ||||
Inventories | 1,343 | ||||
Other assets | 191 | ||||
Right-of-use asset | 715 | ||||
Property, plant & equipment | 7,065 | ||||
Accounts payable and accrued liabilities | (2,251) | ||||
Operating lease liability | (700) | ||||
Deferred income taxes | (206) | ||||
Total purchase consideration | 9,874 | ||||
Integrated Print & Graphics (Integrated) [Member] | |||||
Business Acquisition [Line Items] | |||||
Accounts receivable | $ 1,971 | ||||
Inventories | 1,322 | ||||
Other assets | 72 | ||||
Right-of-use asset | 2,041 | ||||
Property, plant & equipment | 3,828 | ||||
Goodwill | 893 | ||||
Accounts payable and accrued liabilities | (1,044) | ||||
Operating lease liability | (2,041) | ||||
Total purchase consideration | 8,859 | ||||
Customer Lists [Member] | The Flesh Company (Flesh) [Member] | |||||
Business Acquisition [Line Items] | |||||
Non-compete, Customer lists, Trade names and Trademark | 337 | ||||
Customer Lists [Member] | Integrated Print & Graphics (Integrated) [Member] | |||||
Business Acquisition [Line Items] | |||||
Non-compete, Customer lists, Trade names and Trademark | 896 | ||||
Trademarks [Member] | The Flesh Company (Flesh) [Member] | |||||
Business Acquisition [Line Items] | |||||
Non-compete, Customer lists, Trade names and Trademark | 880 | ||||
Trademarks [Member] | Integrated Print & Graphics (Integrated) [Member] | |||||
Business Acquisition [Line Items] | |||||
Non-compete, Customer lists, Trade names and Trademark | 896 | ||||
Non-Compete [Member] | The Flesh Company (Flesh) [Member] | |||||
Business Acquisition [Line Items] | |||||
Non-compete, Customer lists, Trade names and Trademark | $ 20 | ||||
Non-Compete [Member] | Integrated Print & Graphics (Integrated) [Member] | |||||
Business Acquisition [Line Items] | |||||
Non-compete, Customer lists, Trade names and Trademark | $ 25 |
Acquisitions - Summary of Opera
Acquisitions - Summary of Operating Information on Pro Forma Basis (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Nov. 30, 2019 | Nov. 30, 2019 | |
Business Combinations [Abstract] | ||
Pro forma net sales | $ 114,860 | $ 343,138 |
Pro forma net earnings | $ 10,553 | $ 28,805 |
Pro forma earnings per share - diluted | $ 0.41 | $ 1.11 |
Leases - Additional Information
Leases - Additional Information (Detail) | 9 Months Ended |
Nov. 30, 2020USD ($) | |
Lessee Lease Description [Line Items] | |
Leases description | The Company leases certain of its facilities and equipment under operating leases, which are recorded as right-of-use assets and lease liabilities. The Company’s leases generally have terms of 1 – 5 years, with certain leases including renewal options to extend the leases for additional periods at the Company’s discretion. At lease inception, all renewal options reasonably certain to be exercised are considered when determining the lease term. The Company currently does not have leases that include options to purchase or provisions that would automatically transfer ownership of the leased property to the Company. |
Leases, renewal options, description | The Company’s leases generally have terms of 1 – 5 years, with certain leases including renewal options to extend the leases for additional periods at the Company’s discretion. |
Lessee operating lease, existence of option to extend | true |
Variable lease cost | $ 0 |
Minimum [Member] | |
Lessee Lease Description [Line Items] | |
Leases terms | 1 year |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Leases terms | 5 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | |
Lease Cost [Abstract] | ||||
Operating lease cost | $ 1,572 | $ 1,675 | $ 4,773 | $ 4,874 |
Supplemental cash flow information related to leases was as follows: | ||||
Cash paid for amounts included in the measurement of lease liabilities, Operating cash flows from operating leases | 1,568 | 1,663 | 4,743 | 4,849 |
Right-of-use assets obtained in exchange for lease obligations, Operating leases | $ 138 | $ 1,494 | $ 194 | $ 4,359 |
Weighted Average Remaining Lease Terms, Operating leases | 4 years | 4 years | ||
Weighted Average Discount Rate, Operating leases | 4.32% | 4.32% |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Commitments Under Non-cancelable Operating Leases (Detail) $ in Thousands | Nov. 30, 2020USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
2021 (remaining 3 months) | $ 1,021 |
2022 | 5,299 |
2023 | 4,251 |
2024 | 2,952 |
2025 | 2,160 |
2026 | 883 |
Thereafter | 660 |
Total future minimum lease payments | 17,226 |
Less imputed interest | 1,388 |
Present value of lease liabilities | $ 15,838 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | Feb. 29, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill Impairment charge | $ 0 | ||
Amortization of trade names, customer lists, and patent | 5,978,000 | $ 5,798,000 | |
Goodwill acquired | $ 893,000 | ||
Integrated Print & Graphics (Integrated) [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill acquired | $ 900,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Carrying Amount and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Nov. 30, 2020 | Feb. 29, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life (in years) | 8 years 7 months 6 days | 9 years 2 months 12 days |
Gross Carrying Amount | $ 100,813 | $ 100,813 |
Accumulated Amortization | 50,234 | 44,256 |
Amortized intangible assets, Net | $ 50,579 | $ 56,557 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life (in years) | 11 years 10 months 24 days | 12 years 7 months 6 days |
Gross Carrying Amount | $ 26,161 | $ 26,161 |
Accumulated Amortization | 7,485 | 5,811 |
Amortized intangible assets, Net | $ 18,676 | $ 20,350 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life (in years) | 6 years 8 months 12 days | 7 years 4 months 24 days |
Gross Carrying Amount | $ 73,102 | $ 73,102 |
Accumulated Amortization | 41,334 | 37,161 |
Amortized intangible assets, Net | $ 31,768 | $ 35,941 |
Non-Compete [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Remaining Life (in years) | 1 year 3 months 18 days | 1 year 9 months 18 days |
Gross Carrying Amount | $ 767 | $ 767 |
Accumulated Amortization | 632 | 501 |
Amortized intangible assets, Net | 135 | 266 |
Patent [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 783 | 783 |
Accumulated Amortization | $ 783 | $ 783 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Estimated Amortization Expense (Detail) $ in Thousands | Nov. 30, 2020USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2021 | $ 8,081 |
2022 | 7,568 |
2023 | 6,541 |
2024 | 6,504 |
2025 | $ 6,329 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Changes in Net Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Nov. 30, 2020 | Feb. 29, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Goodwill, Beginning balance | $ 82,527 | $ 81,634 |
Goodwill acquired | 893 | |
Goodwill, Ending balance | $ 82,527 | $ 82,527 |
Accrued Expenses - Components o
Accrued Expenses - Components of Accrued Expenses (Detail) - USD ($) $ in Thousands | Nov. 30, 2020 | Feb. 29, 2020 |
Payables And Accruals [Abstract] | ||
Employee compensation and benefits | $ 13,010 | $ 13,171 |
Taxes other than income | 973 | 464 |
Accrued legal and professional fees | 256 | 190 |
Accrued interest | 92 | 78 |
Accrued utilities | 90 | 90 |
Accrued acquisition related obligations | 179 | 240 |
Accrued credit card fees | 195 | |
Other accrued expenses | 850 | 641 |
Accrued expenses, Total | $ 15,450 | $ 15,069 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | 9 Months Ended |
Nov. 30, 2020USD ($) | |
Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Long-term debt | $ 0 |
Second Amendment [Member] | Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Credit facility maturity date | Nov. 11, 2021 |
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 consolidated 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 plus a spread ranging from 1.85% to 2.5% |
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 | 2.50% |
Second Amendment [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Revolving credit facility, variable basis spread | 1.85% |
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 | 600,000 |
Revolving credit facility, remaining borrowing capacity | $ 99,400,000 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) | 9 Months Ended | 145 Months Ended |
Nov. 30, 2020USD ($)$ / sharesshares | Nov. 30, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Repurchase of common stock | shares | 77,996 | 1,894,350 |
Repurchase of common stock, average cost per share | $ / shares | $ 15.84 | $ 15.91 |
Total remaining amount available to repurchase of shares | $ 9,900,000 | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock repurchase program, authorized aggregate amount | $ 40,000,000 | $ 40,000,000 |
Stock Option Plan and Stock B_3
Stock Option Plan and Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unissued common stock reserved | 470,888 | 470,888 | ||
Stock option award maximum term | 10 years | |||
Share based compensation arrangements by share based payment award vesting period maximum | 5 years | |||
Number of outstanding vested and unvested stock options | 0 | 0 | ||
Number of stock options granted | 0 | 0 | ||
Number of unvested stock options outstanding | 0 | 0 | ||
Remaining unrecognized compensation cost related to unvested restricted stock | $ 1.6 | $ 1.6 | ||
Weighted average remaining requisite service period of the unvested restricted stock awards | 1 year 8 months 12 days | |||
Selling, General and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense related share based compensation before tax | $ 0.2 | $ 0.3 | $ 0.9 | $ 1 |
Stock Option Plan and Stock B_4
Stock Option Plan and Stock Based Compensation - Summary of Restricted Stock Awards Activity (Detail) - Restricted Stock [Member] | 9 Months Ended |
Nov. 30, 2020$ / sharesshares | |
Restricted stock grant activity | |
Outstanding at Beginning, Number of Shares | shares | 143,926 |
Number of Shares, Granted | shares | 59,315 |
Number of Shares, Terminated | shares | (10,099) |
Number of Shares, Vested | shares | (73,413) |
Outstanding at Ending, Number of Shares | shares | 119,729 |
Outstanding at Beginning, Weighted Average Grant Date Fair value | $ / shares | $ 19.79 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 17.09 |
Weighted Average Grant Date Fair Value, Terminated | $ / shares | 19 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 19.16 |
Outstanding at Ending, Weighted Average Grant Date Fair value | $ / shares | $ 18.90 |
Pension Plan - Additional Infor
Pension Plan - Additional Information (Detail) - USD ($) | Feb. 28, 2021 | Nov. 30, 2020 | Feb. 29, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Employees covered under noncontributory Pension Plan | 19.00% | ||
Compensation period preceding retirement and termination | 5 years | ||
Period used for calculating Pension Plan liability | 25 years | ||
Unfunded pension liability | $ 8,936,000 | $ 8,936,000 | |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contributions | 1,500,000 | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contributions | $ 3,000,000 | ||
Scenario Forecast [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum required contribution to the plan | $ 0 |
Pension Plan - Summary of Pensi
Pension Plan - Summary of Pension Expense Composed of Components Included in Cost of Goods Sold and Selling, General and Administrative Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | |
Components of net periodic benefit cost | ||||
Service cost | $ 318 | $ 272 | $ 954 | $ 816 |
Interest cost | 438 | 564 | 1,315 | 1,691 |
Expected return on plan assets | (1,019) | (1,049) | (3,056) | (3,148) |
Amortization of: | ||||
Unrecognized net loss | 840 | 509 | 2,519 | 1,527 |
Net periodic benefit cost | $ 577 | $ 296 | $ 1,732 | $ 886 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | Nov. 30, 2020 | Nov. 30, 2019 |
Earnings Per Share [Abstract] | ||
Options outstanding | 0 | 0 |
Earnings Per Share - Computatio
Earnings Per Share - Computation for Basic and Diluted Earnings Per Share (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Basic weighted average common shares outstanding | 25,974,006 | 26,010,571 | 25,978,461 | 26,034,617 |
Diluted weighted average common shares outstanding | 25,974,006 | 26,010,571 | 25,978,461 | 26,034,617 |
Earnings per share | ||||
Net earnings - basic | $ 0.32 | $ 0.41 | $ 0.73 | $ 1.14 |
Net earnings - diluted | 0.32 | 0.41 | 0.73 | 1.14 |
Cash dividends | $ 0.225 | $ 0.225 | $ 0.675 | $ 0.675 |
Concentrations of Risk - Additi
Concentrations of Risk - Additional Information (Detail) | Nov. 30, 2020USD ($) |
Concentration Risk [Line Items] | |
Cash balances not federally insured | $ 88,200,000 |
Maximum [Member] | |
Concentration Risk [Line Items] | |
Maximum insurance available to depositors under the FDIC's general deposit insurance rules | $ 250,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | Feb. 29, 2020 | |
Related Party Transaction [Line Items] | |||||
Operating lease right-of-use assets | $ 16,066 | $ 16,066 | $ 20,068 | ||
Operating lease liability | 15,838 | 15,838 | |||
Operating lease cost | 1,572 | $ 1,675 | 4,773 | $ 4,874 | |
Integrated Print & Graphics (Integrated) [Member] | |||||
Related Party Transaction [Line Items] | |||||
Operating lease right-of-use assets | 1,500 | 1,500 | |||
Operating lease liability | $ 1,500 | 1,500 | |||
Operating lease cost | 300 | ||||
Sales received from lease | $ 1,800 |
Covid-19 Pandemic - Additional
Covid-19 Pandemic - Additional Information (Detail) - COVID-19 [Member] | 9 Months Ended |
Nov. 30, 2020EmployeeFacility | |
Unusual Or Infrequent Item [Line Items] | |
Number of employees furloughed | Employee | 300 |
Number of under-utilized facilities ceased | 2 |
Number of facilities exited with expiring leases | 2 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] $ / shares in Units, $ in Millions | Dec. 17, 2020USD ($)$ / shares |
Subsequent Event [Line Items] | |
Dividends payable, date declared | Dec. 17, 2020 |
Dividend payable date | Feb. 4, 2021 |
Dividend payable, date of record | Jan. 7, 2021 |
Expected payout of dividend | $ | $ 5.9 |
Common Stock [Member] | |
Subsequent Event [Line Items] | |
Dividend payable per share | $ / shares | $ 0.225 |