Quarterly Consolidated Financial Information (Unaudited)

12 Months Ended

Feb. 28, 2013

Quarterly Consolidated Financial Information (Unaudited) [Abstract]

Quarterly Consolidated Financial Information (Unaudited)

(17) Quarterly Consolidated Financial Information (Unaudited)

The following table represents the unaudited quarterly financial data of the Company for fiscal years ended 2013 and 2012 (in thousands, except per share amounts and quarter over quarter comparison):

For the Three Months Ended	May 31		August 31		November 30		February 28
Fiscal year ended 2013:
Net sales	$	142,528	$	138,344	$	128,996	$	123,638
Gross profit margin		28,249		33,949		30,611		31,343
Net earnings		3,879		7,592		6,170		7,074
Dividends paid		4,560		4,575		4,576		9,153
Per share of common stock:
Basic net earnings	$	0.15	$	0.29	$	0.24	$	0.27
Diluted net earnings	$	0.15	$	0.29	$	0.24	$	0.27
Dividends	$	0.175	$	0.175	$	0.175	$	0.35

For the Three Months Ended	May 31		August 31		November 30		February 29
Fiscal year ended 2012:
Net sales	$	143,258	$	130,384	$	121,846	$	121,526
Gross profit margin		39,701		34,094		30,183		26,535
Net earnings		11,424		9,712		6,892		3,330
Dividends paid		4,020		4,038		4,035		4,039
Per share of common stock:
Basic net earnings	$	0.44	$	0.37	$	0.27	$	0.13
Diluted net earnings	$	0.44	$	0.37	$	0.27	$	0.13
Dividends	$	0.155	$	0.155	$	0.155	$	0.155

Current Quarter Compared to Same Quarter Last Year

In each of the last three quarters for fiscal year ended February 28, 2013, the Company’s net sales increased in comparison to the previous quarter, primarily as a result of a full year of sales related to the Company’s print acquisitions offset by a decrease in Apparel sales. The primary reason for the decrease in Apparel sales throughout the period was as a result of softness in the market and continued pricing pressures. The gross profit margin (“margin”) decreased in the first two quarters, but increased in the last two quarters in comparison to the previous quarter, respectively. This was the result of the Apparel segment operations. The primary reason for the decrease in Apparel margins in the first two quarters was due to higher input costs, primarily cotton. Most of this higher cost has now made its way through finished goods inventory and the divergence between the current purchase cost of cotton and the average cost in finished goods inventory has returned to a more normalized spread. As a result, the Company saw an increase in its margin the last two quarters in comparison to the same periods in fiscal year 2012.