Change in Accounting Estimate

9 Months Ended

Nov. 30, 2013

Change in Accounting Estimate

Change in Accounting Estimate

Note 2 - Change in Accounting Estimate

In the third quarter of fiscal year 2015, we revised our product liability estimates to reflect more relevant historical claims experience.  The effect of the change in estimate was recorded in selling, general and administrative expense (“SG&A”) and increased operating income and net income by $2.22 million and $1.36 million, respectively, for the fiscal quarter and year-to-date ended November 30, 2014.   The effect of the change in estimate increased diluted earnings per share $0.05 per share for both the third fiscal quarter and fiscal year-to-date ended November 30, 2014.