Quarterly Consolidated Financial Information (Unaudited)

12 Months Ended

Feb. 29, 2016

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 2016 and 2015 (in thousands, except per share amounts and quarter over quarter comparison):


For the Three Months Ended	May 31		August 31		November 30			February 29
Fiscal year ended 2016:
Net sales	$	150,576	$	150,761	$	139,451		$	128,185
Gross profit margin		37,544		40,630		40,574			33,991
Net earnings		9,171		11,046		10,674			4,845
Dividends paid		4,496		4,516		4,516			4,516
Per share of common stock:
Basic net earnings	$	0.36	$	0.43	$	0.42		$	0.19
Diluted net earnings	$	0.36	$	0.43	$	0.41		$	0.19
Dividends	$	0.175	$	0.175	$	0.175		$	0.175
Fiscal year ended 2015:
Net sales	$	141,186	$	151,841	$	146,971		$	140,242
Gross profit margin		35,388		38,188		36,516			35,384
Net earnings (loss)		8,032		10,016		(71,179	)		8,598
Dividends paid		4,567		4,574		4,548			4,502
Per share of common stock:
Basic net earnings (loss)	$	0.31	$	0.39	$	(2.76	)	$	0.34
Diluted net earnings (loss)	$	0.31	$	0.39	$	(2.76	)	$	0.34
Dividends	$	0.175	$	0.175	$	0.175		$	0.175

Current Quarter Compared to Same Quarter Last Year

For fiscal year ended February 29, 2016, except for the fourth quarter, both gross profit margin and net earnings for each quarter increased in comparison to each of the quarters of the previous fiscal year. For the third quarter of fiscal year 2015 and in the fourth quarter of fiscal year 2016, the Company recorded a non-cash impairment charge of $93.3 million ($55.9 million to goodwill and $37.4 million to trademarks) and $4.1 million (trademarks), respectively, related to the Apparel Segment. The primary reason for the increase in gross profit margin and net earnings in fiscal year 2016 was due to the continued realization of operational synergies with acquired businesses by the elimination of duplicate costs in the Print Segment and improving manufacturing efficiencies, relatively stable selling prices, and lower input costs in the Apparel Segment. The decline in gross profit and operating margins during the fourth quarter of fiscal year 2016, absent the impairment charge, related primarily to a one-time earn-out payment required to be paid in connection with one of the Company’s acquisitions and the extraordinary costs associated with moving one of the Company’s folder operations from Omaha, Nebraska to Columbus, Kansas.