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Equity Investment
6 Months Ended
Aug. 31, 2019
Equity Method Investment Summarized Financial Information [Abstract]  
Equity Investment

(11)

Equity Investment

As of August 31, 2019 and February 28, 2019, the Company had a 50% non-controlling ownership interest in ASA Electronics, LLC and Subsidiary (“ASA") which acts as a distributor of mobile electronics specifically designed for niche markets within the automotive industry, including RV's; buses; and commercial, heavy duty, agricultural, construction, powersport, and marine vehicles.

The following presents summary financial information for ASA. Such summary financial information has been provided herein based upon the individual significance of ASA to the consolidated financial information of the Company.

 

 

 

August 31, 2019

 

 

February 28, 2019

 

Current assets

 

$

46,707

 

 

$

45,135

 

Non-current assets

 

 

5,817

 

 

 

6,124

 

Liabilities

 

 

9,148

 

 

 

7,489

 

Members' equity

 

 

43,376

 

 

 

43,770

 

 

 

 

Six months ended

August 31,

 

 

 

2019

 

 

2018

 

Net sales

 

$

50,281

 

 

$

50,560

 

Gross profit

 

 

15,542

 

 

 

16,509

 

Operating income

 

 

5,227

 

 

 

6,806

 

Net income

 

 

5,410

 

 

 

6,902

 

 

The Company's share of income from ASA was $1,265 and $2,705 for the three and six months ended August 31, 2019, and $1,637 and $3,451 for the three and six months ended August 31, 2018.