| Feb'20 | Feb'19 | Feb'18 | Feb'17 | Feb'16 | Feb'15 | Feb'14 | Feb'13 | Feb'12 | Feb'11 | Feb'10 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net earnings | ||||||||||
38,292 | 37,437 | 32,905 | 1,780 | 35,736 | -44,533 | 13,189 | 24,715 | 31,358 | 44,631 | 35,206 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||
Depreciation | ||||||||||
10,425 | 9,071 | 8,033 | 7,934 | 7,798 | 6,778 | 9,854 | 9,957 | 9,521 | 8,066 | 8,976 |
Amortization of deferred finance charges | ||||||||||
47 | 114 | 114 | 65 | - | - | 149 | 149 | 432 | 432 | 438 |
Amortization of intangible assets | ||||||||||
7,769 | 7,118 | 6,058 | 4,673 | 4,555 | 4,312 | 4,216 | 3,278 | 2,431 | 2,399 | 2,403 |
Pre-tax loss from discontinued operations | ||||||||||
- | - | -2,000 | -36,775 | - | - | - | - | - | - | - |
Operating cash flows of discontinued operations | ||||||||||
- | - | - | 538 | 38,508 | 111,657 | - | - | - | - | - |
Impairment of goodwill and trademarks | ||||||||||
- | - | - | - | - | - | 24,226 | - | - | - | - |
(Gain) loss from disposal of assets | ||||||||||
87 | 217 | -162 | -278 | 479 | 54 | 274 | -2 | 137 | 1 | 1 |
Bad debt expense, net of recoveries | ||||||||||
-59 | 212 | -265 | 263 | 253 | 799 | 3,024 | 743 | 144 | 1,952 | 2,182 |
Stock based compensation | ||||||||||
1,369 | 1,397 | 1,337 | 1,361 | 1,308 | 1,339 | 1,532 | 1,459 | 1,025 | 982 | 1,079 |
Excess tax benefit of stock based compensation | ||||||||||
- | - | - | 265 | -46 | -106 | 17 | 66 | 63 | -49 | 101 |
Deferred income taxes | ||||||||||
478 | -742 | -1,794 | 4,359 | -5,457 | -11,379 | -1,900 | 1,263 | 781 | 4,365 | 2,705 |
Net pension expense | ||||||||||
-1,819 | -1,683 | -1,400 | -443 | - | - | - | - | - | - | - |
Changes in operating assets and liabilities, net of the effects of acquisitions: | ||||||||||
Accounts receivable | ||||||||||
-1,781 | -1,480 | 21 | -3,315 | -4,166 | -1,116 | 1,909 | 1,400 | -7,951 | 1,643 | 1,614 |
Prepaid expenses and income taxes | ||||||||||
1,538 | -3,408 | 2,699 | -1,134 | -1,887 | 1,971 | - | - | - | - | - |
Prepaid expenses | ||||||||||
- | - | - | - | - | - | -2,953 | -347 | 6,134 | -1,718 | -1,867 |
Inventories | ||||||||||
-3,241 | 3,580 | -1,566 | -1,428 | -318 | 935 | 16,415 | -18,293 | 21,809 | 23,753 | -27,096 |
Other current assets | ||||||||||
- | - | - | - | -228 | - | 442 | 327 | -564 | 717 | -409 |
Other assets | ||||||||||
-43 | -5 | -65 | 589 | - | 9 | -197 | 49 | 68 | -90 | 3,927 |
Accounts payable and accrued expenses | ||||||||||
-2,614 | -2,383 | -847 | -140 | -701 | -1,501 | -4,913 | -7,251 | 135 | -3,945 | 6,177 |
Other liabilities | ||||||||||
-109 | -302 | 76 | -3,579 | -689 | 616 | 204 | -311 | -197 | 652 | -203 |
Liability for pension benefits | ||||||||||
- | - | - | - | 793 | 1,907 | 919 | 845 | 1,361 | 2,511 | 125 |
Net cash provided by operating activities | ||||||||||
57,219 | 51,335 | 45,290 | 58,887 | 86,684 | 64,434 | 32,755 | 49,957 | 24,573 | 32,766 | 82,567 |
Cash flows from investing activities: | ||||||||||
Capital expenditures | ||||||||||
3,394 | 4,824 | 2,667 | 3,065 | 4,227 | 2,019 | 4,646 | 2,560 | 5,087 | 33,753 | 20,280 |
Purchase of businesses, net of cash acquired | ||||||||||
18,733 | 27,389 | 1,350 | 18,584 | 331 | 27,082 | 61,857 | - | 45,956 | 2,237 | - |
Proceeds from sale of discontinued operations | ||||||||||
- | - | - | 107,354 | - | - | - | - | - | - | - |
Investing cash flows of discontinued operations | ||||||||||
- | - | - | -279 | -596 | -452 | - | - | - | - | - |
Adjustment to purchase price of businesses acquired | ||||||||||
- | - | - | - | - | - | - | 3,737 | - | - | - |
Proceeds from disposal of plant and property | ||||||||||
681 | 443 | 64 | 664 | 1,038 | 143 | 992 | 18 | 233 | 5 | 36 |
Net cash used in investing activities | ||||||||||
-21,446 | -31,770 | -3,953 | 86,090 | -4,116 | -29,410 | -65,511 | 1,195 | -50,810 | -35,985 | -20,244 |
Cash flows from financing activities: | ||||||||||
Borrowings on debt | ||||||||||
- | - | - | - | - | 26,000 | 73,000 | 5,000 | 40,000 | 10,000 | - |
Repayment of debt | ||||||||||
30,000 | - | - | 10,000 | 59,010 | 7,495 | 25,000 | 37,500 | - | - | 34,210 |
Deferred financing charges | ||||||||||
- | - | - | - | - | - | - | - | 455 | - | - |
Dividends paid | ||||||||||
23,486 | 22,611 | 22,260 | 57,200 | 18,044 | 18,191 | 13,765 | 22,864 | 16,132 | 16,057 | 16,001 |
Financing cash flows of discontinued operations | ||||||||||
- | - | - | - | -7,490 | -17,505 | - | - | - | - | - |
Common stock repurchases | ||||||||||
2,471 | 4,811 | 3,313 | 8,443 | - | 7,034 | 1,838 | 2 | 2 | 2 | 486 |
Proceeds from exercise of stock options | ||||||||||
- | 69 | - | 2,910 | - | 54 | 94 | 85 | 217 | 103 | 108 |
Excess tax benefit of stock based compensation | ||||||||||
- | - | - | 265 | -46 | -106 | 17 | 66 | 63 | -49 | 101 |
Net cash used in financing activities | ||||||||||
-55,957 | -27,353 | -25,573 | -72,468 | -84,590 | -24,277 | 32,508 | -55,215 | 23,691 | -6,005 | -50,488 |
Net change in cash | ||||||||||
-20,184 | -7,788 | 15,764 | 72,509 | -5,400 | 9,195 | -916 | -4,178 | -1,895 | -8,758 | 11,777 |
Effect of exchange rate changes on cash | ||||||||||
- | - | - | - | -3,378 | -1,552 | -668 | -115 | 651 | 466 | -58 |