Quarterly Consolidated Financial Information (Unaudited)

12 Months Ended

Feb. 28, 2014

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 2014 and 2013 (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 2014:
Net sales	$	138,466	$	135,288	$	136,550	$	132,138
Gross profit margin		35,795		36,659		37,759		33,580
Net earnings (loss)		8,506		9,801		9,349		(14,467	)
Dividends paid		—		4,587		4,588		4,590
Per share of common stock:
Basic net earnings (loss)	$	0.33	$	0.38	$	0.36	$	(0.55	)
Diluted net earnings (loss)	$	0.33	$	0.38	$	0.36	$	(0.55	)
Dividends (1)	$	—	$	0.175	$	0.175	$	0.175
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

Current Quarter Compared to Same Quarter Last Year

For the quarter ended February 28, 2014, a non-cash impairment charge of $24.2 million ($18.6 million to goodwill and $5.6 million to trademarks) related to the apparel segment was recorded. In the last two quarters for fiscal year ended February 28, 2014, the Company’s net sales increased in comparison to the last two quarters of the previous fiscal year. The primary reason for the increase was the Company’s recent Print Segment acquisitions of the Custom Envelope Division and Folder Express. In each of the quarters for fiscal year ended February 28, 2014, the Company’s gross profit margin (“margin”) increased over the comparable quarters for fiscal year ended February 28, 2013. The primary reason for the increase was due to the improved Apparel Segment margins due to lower input costs, cotton in particular.

(1) During the fourth quarter of fiscal year 2013, one additional dividend payment was made rather than in the first quarter of fiscal year 2014, based on the Board’s decision to accelerate the normal first quarter payment for fiscal year 2014 into fiscal year 2013.