Acquisitions

12 Months Ended

Feb. 28, 2015

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

Acquisitions

On November 5, 2013, the Company acquired all of the shares of Alumicor Limited, a privately held business, for $52.9 million, including cash acquired of $1.6 million. Alumicor is a window, storefront, entrance and curtainwall company primarily serving the Canadian commercial construction market. Alumicor's results of operations are included within the Architectural Framing Systems segment.

The assets and liabilities of Alumicor were recorded in the consolidated balance sheet within the Architectural Framing Systems segment as of the acquisition date, at their respective fair values. The purchase price allocation was based on the estimated fair value of assets acquired and liabilities assumed and were allocated as follows:

(In thousands)	November 5, 2013
Current assets	$	17,168
Property, plant and equipment	9,773
Intangible assets	16,611
Goodwill	18,254
Current liabilities	(10,505		)
Net assets acquired	$	51,301

Identifiable intangible assets include customer relationships, which are definite-lived assets, and trademarks, which are indefinite-lived assets. The customer relationships have an amortization period of 19 years, which matches the average useful life of the asset. Goodwill recorded as part of the purchase price allocation is not tax deductible. 

The following unaudited pro forma consolidated condensed financial results of operations for the year ended March 1, 2014 and March 2, 2013 are presented as if the acquisition had been completed at the beginning of fiscal year 2013:

	Pro Forma
(In thousands, except per share data)	2014		2013
Net sales	$	825,596	$	756,497
Net income	30,487		21,064
Earnings per share
Basic	$	1.07	$	0.75
Diluted	1.04		0.74

These unaudited pro forma consolidated condensed financial results have been prepared for comparative purposes only and include certain adjustments, such as elimination of interest expense on pre-acquisition debt of the acquiree. The adjustments do not reflect the effect of synergies and integration costs that would result from integration of this acquisition.