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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Feb. 28, 2021
Cash flows from operating activities:      
Net earnings $ 47,300 $ 28,982 $ 24,094
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation 10,180 10,396 9,922
Amortization of intangible assets 7,176 8,381 8,115
Gain from disposal of assets (5,896) (271) (405)
Bad debt expense, net of recoveries 663 429 1,044
Stock based compensation 2,791 2,799 1,243
Deferred income taxes (1,801) 3,162 (2,713)
Net pension expense 894 1,690 3,928
Changes in operating assets and liabilities, net of the effects of acquisitions:      
Accounts receivable, net of non-cash item discussed in Note 15 in 2023 (9,245) (1,036) 6,117
Prepaid expenses and income taxes (370) (257) 2,100
Inventories (7,780) (4,400) 3,187
Other assets (563) (19) (124)
Accounts payable and accrued expenses 3,334 1,533 (3,340)
Other liabilities 93 (711) (351)
Net cash provided by operating activities 46,776 50,678 52,817
Cash flows from investing activities:      
Capital expenditures (4,332) (6,537) (3,679)
Purchase of businesses, net of cash acquired (8,767) (4,340) (19,202)
Proceeds from disposal of plant and property 1,642 825 1,698
Net cash used in investing activities (11,457) (10,052) (21,183)
Cash flows from financing activities:      
Dividends paid (25,839) (25,420) (23,467)
Common stock repurchases (1,118) (4,790) (1,235)
Net cash used in financing activities (26,957) (30,210) (24,702)
Net change in cash 8,362 10,416 6,932
Cash at beginning of period 85,606 75,190 68,258
Cash at end of period $ 93,968 $ 85,606 $ 75,190