Quarterly Consolidated Financial Information (Unaudited)

12 Months Ended

Feb. 28, 2017

Quarterly Financial Information Disclosure [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 2017 and 2016 (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 2017:
Net sales	$	90,410	$	91,246	$	88,660	$	86,572
Gross profit margin		26,694		27,038		25,292		24,926
Net earnings		6,683		6,784		5,740		7,210
Dividends paid		4,530		43,657		4,537		4,476
Per share of common stock:
Basic net earnings	$	0.26	$	0.26	$	0.22	$	0.28
Diluted net earnings	$	0.26	$	0.26	$	0.22	$	0.28
Dividends	$	0.175	$	1.675	$	0.175	$	0.175
Fiscal year ended 2016:
Net sales	$	96,769	$	100,455	$	97,516	$	91,206
Gross profit margin		29,964		31,363		29,719		25,264
Net earnings		8,763		9,611		8,595		5,289
Dividends paid		4,496		4,516		4,516		4,516
Per share of common stock:
Basic net earnings	$	0.34	$	0.37	$	0.34	$	0.21
Diluted net earnings	$	0.34	$	0.37	$	0.33	$	0.21
Dividends	$	0.175	$	0.175	$	0.175	$	0.175

Current Quarter Compared to Same Quarter Last Year

During the fourth quarter of the previous fiscal year, the Company moved its folder operations from Omaha, Nebraska to Columbus, Kansas, due to the landlord’s desire to sell the facility. The move and inefficiencies associated with starting-up and training new employees had a negative impact on revenues and operational margins over the past several quarters, but the Company has seen a turnaround and the operation was marginally profitable in the third and fourth quarters of this fiscal year. In addition, the Company’s medical claims have exceeded historical levels during the fiscal year. This resulted in an additional $2.0 million in increased medical expenses, which negatively impacted the Company’s operating profit margin during the quarter ended November 30, 2016. This expense was in addition to the $2.3 million in medical expenses during the quarter ended August 31, 2016. The decline in gross profit and operating margins during the fourth quarter of fiscal year 2016, related primarily to a one-time earn-out payment required to be paid in connection with one of the Company’s acquisitions and the extraordinary costs associated with the move of the folder operations from Omaha, Nebraska to Columbus, Kansas.