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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
May 31, 2023
May 31, 2022
Cash flows from operating activities:    
Net earnings $ 11,635 $ 11,627
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation 2,450 2,621
Amortization of intangible assets 1,894 1,757
Bad debt expense, net of recoveries 135 180
Stock based compensation 686 467
Net pension expense 462 405
Changes in operating assets and liabilities:    
Accounts receivable 7,299 (2,035)
Prepaid expenses and income taxes 384 145
Inventories (365) (5,362)
Other assets 71 0
Accounts payable and accrued expenses (2,698) 4,435
Other liabilities (227) (3)
Net cash provided by operating activities 21,726 14,237
Cash flows from investing activities:    
Capital expenditures (2,101) (1,036)
Purchase of businesses, net of cash acquired (5,028) 0
Net cash used in investing activities (7,129) (1,036)
Cash flows from financing activities:    
Dividends paid (6,459) (6,467)
Common stock repurchases 0 (1,119)
Net cash used in financing activities (6,459) (7,586)
Net change in cash 8,138 5,615
Cash at beginning of period 93,968 85,606
Cash at end of period $ 102,106 $ 91,221