Acquisitions and Disposal

12 Months Ended

Feb. 29, 2012

Acquisitions and Disposal [Abstract]

Acquisitions and Disposal

(4) Acquisitions and Disposal

On February 10, 2012, the Company acquired certain assets of PrintXcel and Printegra Corporation (“Printegra”) for $40.0 million plus assumed trade liabilities. The acquisition was funded by a draw down on the Company’s line of credit facility. The combined sales of the purchased operations were $74.4 million during the most recent twelve month period. The acquisition will continue its operations under their respective trade names of PrintXcel and Printegra.

The following is a summary of the preliminary purchase price allocations for PrintXcel and Printegra (in thousands):

Accounts receivable	$	6,696
Inventories		9,190
Other assets		631
Property, plant & equipment		8,470
Customer lists		7,930
Trademarks		4,840
Patent		773
Goodwill		4,293
Other long-term assets		71
Accounts payable and accrued liabilities		(2,924	)
	$	39,970

On September 30, 2011, the Company purchased all of the outstanding stock of PrintGraphics, LLC (“PrintGraphics”), a privately held company, as well as the associated land and buildings for $6.0 million in cash. PrintGraphics has locations in Vandalia, Ohio and Nevada, Iowa, The sales of the purchased operations were $15.1 million during the twelve month period ended December 31, 2010.

The following is a summary of the purchase price allocation for PrintGraphics (in thousands):

Accounts receivable	$	1,867
Inventories		1,356
Other assets		94
Property, plant & equipment		3,572
Accounts payable and accrued liabilities		(903	)
	$	5,986

The results of operations for PrintXcel, Printegra, and PrintGraphics are included in the Company’s consolidated financial statements from the dates of acquisition. The following table represents certain operating information on a pro forma basis as though all companies had been acquired as of March 1, 2010, after the estimated impact of adjustments such as amortization of intangible assets, interest expense, interest income and related tax effects (in thousand except per share amounts):

	Unaudited
	2012		2011
Pro forma net sales	$	587,316	$	649,814
Pro forma net earnings		33,933		49,055
Pro forma earnings per share - diluted		1.31		1.89

The pro forma results are not necessarily indicative of what would have occurred if the acquisitions had been in effect for the periods presented.