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BALANCE SHEETS - USD ($)
Feb. 28, 2023
Feb. 28, 2022
CURRENT ASSETS:    
Cash and cash equivalents $ 689,100 $ 361,200
Accounts receivable, less allowance for doubtful accounts of $211,700 (2023) and $336,700 (2022) 2,906,700 3,638,800
Inventories - net 59,086,500 71,553,600
Prepaid expenses and other assets 869,300 960,500
Total current assets 63,551,600 76,514,100
INVENTORIES - net 4,719,600 2,055,300
PROPERTY, PLANT AND EQUIPMENT - net 29,656,400 30,484,000
DEFERRED INCOME TAX ASSET 796,800 118,700
OTHER ASSETS 1,212,400 761,600
TOTAL ASSETS 99,936,800 109,933,700
CURRENT LIABILITIES:    
Accounts payable 3,863,900 12,411,800
Line of credit 10,634,500 17,723,500
Deferred revenues 602,700 681,600
Current maturities of long-term debt 34,894,900 2,542,200
Accrued salaries and commissions 828,200 1,890,200
Dividends payable 0 870,700
Income taxes payable 0 241,900
Other current liabilities 3,294,000 3,897,900
Total current liabilities 54,118,200 40,259,800
LONG-TERM DEBT - net 0 22,409,500
OTHER LONG-TERM LIABILITIES 586,800 498,900
Total liabilities 54,705,000 63,168,200
COMMITMENTS AND CONTINGENCIES – See Note 10
SHAREHOLDERS' EQUITY:    
Common stock, $0.20 par value; Authorized 16,000,000 shares; Issued 12,702,080 shares; Outstanding 8,713,289 (2023) and 8,707,247 (2022) shares 2,540,400 2,540,400
Capital in excess of par value 13,193,400 12,246,600
Retained earnings 42,020,200 44,525,100
57,754,000 59,312,100
Less treasury stock, at cost (12,522,200) (12,546,600)
Total shareholders' equity 45,231,800 46,765,500
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 99,936,800 $ 109,933,700