Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Nov. 30, 2021 |
Nov. 30, 2020 |
| Cash flows from operating activities: |
|
|
| Net earnings |
$ 22,327
|
$ 18,969
|
| Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
| Depreciation |
7,752
|
7,289
|
| Amortization of intangible assets |
6,137
|
5,978
|
| Gain from disposal of assets |
(275)
|
(571)
|
| Bad debt expense, net of recoveries |
408
|
933
|
| Stock based compensation |
2,444
|
933
|
| Net pension expense |
945
|
1,732
|
| Changes in operating assets and liabilities, net of the effects of acquisitions: |
|
|
| Accounts receivable |
(569)
|
8,354
|
| Prepaid expenses and income taxes |
(357)
|
(971)
|
| Inventories |
(6,227)
|
2,836
|
| Other assets |
(15)
|
1
|
| Accounts payable and accrued expenses |
2,090
|
(4,561)
|
| Other liabilities |
(365)
|
(143)
|
| Net cash provided by operating activities |
34,295
|
40,779
|
| Cash flows from investing activities: |
|
|
| Capital expenditures |
(4,143)
|
(2,541)
|
| Purchase of businesses, net of cash acquired |
(4,340)
|
0
|
| Proceeds from disposal of plant and property |
825
|
1,698
|
| Net cash used in investing activities |
(7,658)
|
(843)
|
| Cash flows from financing activities: |
|
|
| Dividends paid |
(18,916)
|
(17,601)
|
| Common stock repurchases |
(1,942)
|
(1,235)
|
| Net cash used in financing activities |
(20,858)
|
(18,836)
|
| Net change in cash and cash equivalents |
5,779
|
21,100
|
| Cash and cash equivalents at beginning of period |
75,190
|
68,258
|
| Cash and cash equivalents at end of period |
$ 80,969
|
$ 89,358
|