the u.s. economy continues to be significantly impacted by the covid-19 pandemic and parts of the economy have started to re-open as vaccinations become more prevalent , but remain subject to ongoing surges and local shutdowns , creating a very fluid economic environment . current governmental statistics have indicated an increase in economic activity that had previously been curtailed due to the covid-19 pandemic and efforts to contain it . these statistics provide evidence that various sectors continue to improve , while others have not , which we believe was reflected in our sequential sales increase and improvements in our gross profit margin and operational margin during the third quarter . even so , we expect the pandemic to continue to have a negative impact on our financial condition and operational results , on a comparative basis , until at least the end of this fiscal year based on the information currently available . while the impacts of the pandemic have been significant , our results of operations were within our forecasted parameters for the period ended february 28 , 2021. the following is a summary of our recent and anticipated actions in response to covid-19 and its impact on our business . ➣ cash/liquidity : we believe our strong liquidity position will help us mitigate the ongoing adverse impacts of covid-19 . on february 28 , 2021 we had $ 75.2 million in cash , in addition to $ 99.4 million available under our credit facility , if needed . during the period , our cash position increased by $ 6.9 million and our working capital position increased by $ 1.1 million from february 29 , 2020. in addition , our liquidity and debt ratios have all improved since the start of the pandemic , with our current ratio ( calculated by dividing our current assets by our current liabilities ) increasing from 3.95 to 4.22 , our quick ratio ( calculated by dividing our current assets less inventories by our current liabilities ) increasing from 3.03 to 3.29 , and our net debt to equity ratio ( after application of cash ) decreasing from .01 to -.04 . ➣ receivable and inventory management : we continue to closely monitor and manage our outstanding trade receivables and inventories . during the period , our days ' sales in our receivables increased slightly to 39 days from 36 days ( february 29 , 2020 ) , and our days ' sales of inventory increased slightly to 34 days from february 29 , 2020 ( 29 days ) . the company continues to monitor incoming orders and is adjusting its raw material purchases accordingly . ➣ supply chain : to date , covid-19 has not materially impacted , nor do we currently expect it to materially impact , the supply chain for the products we sell . most of our products are sourced domestically from suppliers deemed “ essential ” by the government , and therefore currently remain in operation , and we have been able to switch from impacted suppliers to non-impacted suppliers in several instances since the outbreak . however , if one or more of our major suppliers are negatively impacted by the covid-19 pandemic , through plant closures , deteriorating financial condition , or otherwise , it could adversely affect our operational results and financial condition . ➣ cost savings : covid-19 has severely impacted global economic activity , including the printing industry in the united states . to date , our traditional tag and folder operations have been impacted more severely than our specialty products operations , including those that service the medical , banking and other related industries . we will continue to monitor incoming order volume so that we can proactively adjust our costs accordingly . while economic activity remains depressed due to the pandemic , we will continue to monitor projected sales and our cost structure . we believe the modifications to our cost structure in response to the sales impact of the covid-19 pandemic will not impact our ability to service increased customer demand when 19 economic conditions improve . during the fourth quarter , our gross profit margin improved to 29.6 % from the prior year 's fourth quarter of 28.1 % and our operating margin improved to 10.6 % from the prior year 's fourth quarter of 10.3 % . ➣ capital expenditures : we continue to make capital expenditures for operational maintenance purposes , as may be required . additionally , we will carefully review and make new capital expenditures for equipment to the extent such expenditures make economic sense by improving our operations and not jeopardizing our strong liquidity position . there continue to be many uncertainties regarding the impact of the covid-19 pandemic , including the scope of scientific and health issues . the recent approval and distribution of three vaccines in the u.s. have improved the likelihood that the pandemic conditions can be improved or resolved in a more timely fashion , but the logistics of immunizing the u.s. population appear to be challenging . it is likely that the anticipated duration of the pandemic may not be as long as previously feared with the arrival of viable vaccines , but that benefit might be delayed due to the extent of local , regional and economic , social , and political disruption . the ultimate impact of covid-19 is difficult to predict , including due to factors discussed under the caption “ risk factors ” in item 1a of this annual report on form 10-k. transformation of our portfolio of products – while traditional business documents are essential in order to conduct business , many are being replaced through the use of cheaper paper grades or imported paper , or devalued with advances in digital technologies , causing steady declines in demand for a portion of our current product line . story_separator_special_tag as such , our reduced production levels adversely impacted our factory utilization and efficiency during the first and second quarters of this fiscal year . our modification to our cost structure in response to the sales impact of the covid-19 pandemic and the integration of our acquisitions last fiscal year resulted in improvements in our margin as a percentage of sales during the fourth quarter . our manufacturing costs increased from $ 277.4 million for fiscal year 2019 to $ 309.5 million for fiscal year 2020 , or 11.6 % . our margin decreased from 30.8 % for fiscal year 2019 to 29.4 % for fiscal year 2020. our margin during the period continued to be impacted for the most part by the dilutive impact of the acquisitions completed in the last year and to a lesser extent to the numerous raw material price increases taken last fiscal year , some of which could not be completely passed through to the customer . during the previous fiscal year , tight supply conditions allowed for multiple price increases on raw materials which could be passed through to the customer due to apportionment of paper , as well as other items in the manufacturing process . historically price increases have been less frequent , which allowed manufacturers the ability to pass the required pricing adjustments through to the marketplace in a timely manner . however , the size and number of increases impacted manufacturers ' abilities to timely pass these price adjustments to the end-users . due to pricing levels and the strengthening u.s. dollar , imports had increased and created an excess supply condition domestically . this historically has led to some normalization/stability in the marketplace which started to be seen as material prices became softer . our acquisitions completed during the previous 24 year had a dilutive impact on our margins as we transitioned them into our enterprise resource planning system . without the impact of the acquisitions completed over the previous 18 months , the margins from our other plants continued to be above 30.8 % during the period , comparable to historical levels . selling , general , and administrative expenses . our selling , general , and administrative ( “ sg & a ” ) expenses decreased approximately 12.7 % , from $ 78.2 million for fiscal year 2020 to $ 68.3 million for fiscal year 2021. as a percentage of sales , sg & a expenses increased from 17.8 % in fiscal year 2020 to 19.1 % for fiscal year 2021. we continue to seek ways to more fully leverage our sg & a expenses , and to reduce sg & a expenses following acquisitions through the implementation of our systems and processes , which allows us to integrate many of our acquired companies ' back-office processes . our sg & a expenses increased approximately 6.4 % , from $ 73.5 million for fiscal year 2019 to $ 78.2 million for fiscal year 2020. as a percentage of sales , sg & a expenses declined from 18.3 % in fiscal year 2019 to 17.8 % for fiscal year 2020. our acquisitions negatively impacted our sg & a expenses by approximately $ 6.6 million during fiscal year 2020 . ( gain ) loss from disposal of assets . the $ 0.4 million gain from disposal of assets for fiscal year 2021 is primarily attributed to the $ .5 million gain on the sale of land and manufacturing facilities offset by approximately a $ 0.1 million loss in the sale of manufacturing equipment . the $ 0.1 million gain from disposal of assets for fiscal year 2020 is primarily attributed to the sale of a manufacturing facility and manufacturing equipment . the $ 0.2 million gain from disposal of assets for fiscal year 2019 is primarily related to the sale of an unused manufacturing facility and manufacturing equipment . income from operations . primarily due to factors described above , our income from continuing operations for fiscal year 2021 was $ 35.9 million , or 10.0 % of net sales , compared to $ 50.8 million , or 11.6 % of net sales , for fiscal year 2020. our acquisitions contributed approximately $ 2.0 million to our operational income during fiscal year 2021. our income from continuing operations for fiscal year 2020 was $ 50.8 million , or 11.6 % of net sales , compared to $ 50.1 million , or 12.5 % of net sales , for fiscal year 2019. our acquisitions contributed approximately $ 6.2 million to our operational income during fiscal year 2020. other income ( expense ) . other expense was $ 2.6 million for fiscal year 2021 compared to income of $ 0.4 million for fiscal year 2020. the increase in expense was primarily the result of an increase in our pension expense of $ 2.7 million , of which $ 1.6 million was a settlement charge as a result of the lump sums paid out from our pension plan in fiscal year 2021 that were greater than the service cost and interest cost for the fiscal year . other income was $ 0.4 million for fiscal year 2020 compared to $ 0.2 million expense for fiscal year 2019. the decrease in expense related primarily to approximately $ 0.5 million less in interest expense due to the payoff of the credit facility at the end of the second quarter of fiscal year 2020. provision for income taxes . our effective tax rates for fiscal years 2021 , 2020 and 2019 were 27.6 % , 25.3 % , and 25.0 % , respectively . the higher effective tax rate for fiscal year 2021 was primarily impacted by permanent nondeductible expenses and settlement of certain state and local tax matters . the slightly higher effective tax rate for fiscal year 2020 was primarily due to the establishment of a reserve against our foreign tax credits . net earnings . our net earnings was significantly impacted

liquidity and capital resources replace_table_token_5_th 25 working capital . our working capital increased by approximately $ 1.1 million , or 1.0 % , from $ 111.9 million at february 29 , 2020 to $ 113.0 million at february 28 , 2021. our current ratio , calculated by dividing our current assets by our current liabilities , increased from 4.0-to-1.0 for fiscal year 2020 to 4.2-to-1.0 for fiscal year 2021. our working capital and current ratio were positively impacted by a $ 6.9 million increase in cash and a $ 3.9 million decrease in accounts payable and employee compensation and benefits . these positive increases were offset by a $ 5.2 million decrease in accounts receivable , a $ 2.2 million decrease in prepaid income taxes and a $ 1.9 million decrease in our inventories . our working capital decreased by approximately $ 22.6 million , or 16.8 % , from $ 134.5 million at february 28 , 2019 to $ 111.9 million at february 29 , 2020. our current ratio , calculated by dividing our current assets by our current liabilities , decreased from 5.3-to-1.0 for fiscal year 2019 to 4.0-to-1.0 for fiscal year 2020. our working capital and current ratio were negatively impacted by the repayment of long-term debt of $ 30.0 million and the adoption of accounting standards update no . 2018-11 , leases ( asc 842 ) : targeted improvements , which increased our current liabilities by $ 5.7 million . our operations continue to be affected by the ongoing covid-19 pandemic . the ultimate disruption that may result from the virus is uncertain , but it may result in a material adverse impact on our financial position , operations and cash flows .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources replace_table_token_5_th 25 working capital . our working capital increased by approximately $ 1.1 million , or 1.0 % , from $ 111.9 million at february 29 , 2020 to $ 113.0 million at february 28 , 2021. our current ratio , calculated by dividing our current assets by our current liabilities , increased from 4.0-to-1.0 for fiscal year 2020 to 4.2-to-1.0 for fiscal year 2021. our working capital and current ratio were positively impacted by a $ 6.9 million increase in cash and a $ 3.9 million decrease in accounts payable and employee compensation and benefits . these positive increases were offset by a $ 5.2 million decrease in accounts receivable , a $ 2.2 million decrease in prepaid income taxes and a $ 1.9 million decrease in our inventories . our working capital decreased by approximately $ 22.6 million , or 16.8 % , from $ 134.5 million at february 28 , 2019 to $ 111.9 million at february 29 , 2020. our current ratio , calculated by dividing our current assets by our current liabilities , decreased from 5.3-to-1.0 for fiscal year 2019 to 4.0-to-1.0 for fiscal year 2020. our working capital and current ratio were negatively impacted by the repayment of long-term debt of $ 30.0 million and the adoption of accounting standards update no . 2018-11 , leases ( asc 842 ) : targeted improvements , which increased our current liabilities by $ 5.7 million . our operations continue to be affected by the ongoing covid-19 pandemic . the ultimate disruption that may result from the virus is uncertain , but it may result in a material adverse impact on our financial position , operations and cash flows .
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 Suspicious Activity Report : the u.s. economy continues to be significantly impacted by the covid-19 pandemic and parts of the economy have started to re-open as vaccinations become more prevalent , but remain subject to ongoing surges and local shutdowns , creating a very fluid economic environment . current governmental statistics have indicated an increase in economic activity that had previously been curtailed due to the covid-19 pandemic and efforts to contain it . these statistics provide evidence that various sectors continue to improve , while others have not , which we believe was reflected in our sequential sales increase and improvements in our gross profit margin and operational margin during the third quarter . even so , we expect the pandemic to continue to have a negative impact on our financial condition and operational results , on a comparative basis , until at least the end of this fiscal year based on the information currently available . while the impacts of the pandemic have been significant , our results of operations were within our forecasted parameters for the period ended february 28 , 2021. the following is a summary of our recent and anticipated actions in response to covid-19 and its impact on our business . ➣ cash/liquidity : we believe our strong liquidity position will help us mitigate the ongoing adverse impacts of covid-19 . on february 28 , 2021 we had $ 75.2 million in cash , in addition to $ 99.4 million available under our credit facility , if needed . during the period , our cash position increased by $ 6.9 million and our working capital position increased by $ 1.1 million from february 29 , 2020. in addition , our liquidity and debt ratios have all improved since the start of the pandemic , with our current ratio ( calculated by dividing our current assets by our current liabilities ) increasing from 3.95 to 4.22 , our quick ratio ( calculated by dividing our current assets less inventories by our current liabilities ) increasing from 3.03 to 3.29 , and our net debt to equity ratio ( after application of cash ) decreasing from .01 to -.04 . ➣ receivable and inventory management : we continue to closely monitor and manage our outstanding trade receivables and inventories . during the period , our days ' sales in our receivables increased slightly to 39 days from 36 days ( february 29 , 2020 ) , and our days ' sales of inventory increased slightly to 34 days from february 29 , 2020 ( 29 days ) . the company continues to monitor incoming orders and is adjusting its raw material purchases accordingly . ➣ supply chain : to date , covid-19 has not materially impacted , nor do we currently expect it to materially impact , the supply chain for the products we sell . most of our products are sourced domestically from suppliers deemed “ essential ” by the government , and therefore currently remain in operation , and we have been able to switch from impacted suppliers to non-impacted suppliers in several instances since the outbreak . however , if one or more of our major suppliers are negatively impacted by the covid-19 pandemic , through plant closures , deteriorating financial condition , or otherwise , it could adversely affect our operational results and financial condition . ➣ cost savings : covid-19 has severely impacted global economic activity , including the printing industry in the united states . to date , our traditional tag and folder operations have been impacted more severely than our specialty products operations , including those that service the medical , banking and other related industries . we will continue to monitor incoming order volume so that we can proactively adjust our costs accordingly . while economic activity remains depressed due to the pandemic , we will continue to monitor projected sales and our cost structure . we believe the modifications to our cost structure in response to the sales impact of the covid-19 pandemic will not impact our ability to service increased customer demand when 19 economic conditions improve . during the fourth quarter , our gross profit margin improved to 29.6 % from the prior year 's fourth quarter of 28.1 % and our operating margin improved to 10.6 % from the prior year 's fourth quarter of 10.3 % . ➣ capital expenditures : we continue to make capital expenditures for operational maintenance purposes , as may be required . additionally , we will carefully review and make new capital expenditures for equipment to the extent such expenditures make economic sense by improving our operations and not jeopardizing our strong liquidity position . there continue to be many uncertainties regarding the impact of the covid-19 pandemic , including the scope of scientific and health issues . the recent approval and distribution of three vaccines in the u.s. have improved the likelihood that the pandemic conditions can be improved or resolved in a more timely fashion , but the logistics of immunizing the u.s. population appear to be challenging . it is likely that the anticipated duration of the pandemic may not be as long as previously feared with the arrival of viable vaccines , but that benefit might be delayed due to the extent of local , regional and economic , social , and political disruption . the ultimate impact of covid-19 is difficult to predict , including due to factors discussed under the caption “ risk factors ” in item 1a of this annual report on form 10-k. transformation of our portfolio of products – while traditional business documents are essential in order to conduct business , many are being replaced through the use of cheaper paper grades or imported paper , or devalued with advances in digital technologies , causing steady declines in demand for a portion of our current product line . story_separator_special_tag as such , our reduced production levels adversely impacted our factory utilization and efficiency during the first and second quarters of this fiscal year . our modification to our cost structure in response to the sales impact of the covid-19 pandemic and the integration of our acquisitions last fiscal year resulted in improvements in our margin as a percentage of sales during the fourth quarter . our manufacturing costs increased from $ 277.4 million for fiscal year 2019 to $ 309.5 million for fiscal year 2020 , or 11.6 % . our margin decreased from 30.8 % for fiscal year 2019 to 29.4 % for fiscal year 2020. our margin during the period continued to be impacted for the most part by the dilutive impact of the acquisitions completed in the last year and to a lesser extent to the numerous raw material price increases taken last fiscal year , some of which could not be completely passed through to the customer . during the previous fiscal year , tight supply conditions allowed for multiple price increases on raw materials which could be passed through to the customer due to apportionment of paper , as well as other items in the manufacturing process . historically price increases have been less frequent , which allowed manufacturers the ability to pass the required pricing adjustments through to the marketplace in a timely manner . however , the size and number of increases impacted manufacturers ' abilities to timely pass these price adjustments to the end-users . due to pricing levels and the strengthening u.s. dollar , imports had increased and created an excess supply condition domestically . this historically has led to some normalization/stability in the marketplace which started to be seen as material prices became softer . our acquisitions completed during the previous 24 year had a dilutive impact on our margins as we transitioned them into our enterprise resource planning system . without the impact of the acquisitions completed over the previous 18 months , the margins from our other plants continued to be above 30.8 % during the period , comparable to historical levels . selling , general , and administrative expenses . our selling , general , and administrative ( “ sg & a ” ) expenses decreased approximately 12.7 % , from $ 78.2 million for fiscal year 2020 to $ 68.3 million for fiscal year 2021. as a percentage of sales , sg & a expenses increased from 17.8 % in fiscal year 2020 to 19.1 % for fiscal year 2021. we continue to seek ways to more fully leverage our sg & a expenses , and to reduce sg & a expenses following acquisitions through the implementation of our systems and processes , which allows us to integrate many of our acquired companies ' back-office processes . our sg & a expenses increased approximately 6.4 % , from $ 73.5 million for fiscal year 2019 to $ 78.2 million for fiscal year 2020. as a percentage of sales , sg & a expenses declined from 18.3 % in fiscal year 2019 to 17.8 % for fiscal year 2020. our acquisitions negatively impacted our sg & a expenses by approximately $ 6.6 million during fiscal year 2020 . ( gain ) loss from disposal of assets . the $ 0.4 million gain from disposal of assets for fiscal year 2021 is primarily attributed to the $ .5 million gain on the sale of land and manufacturing facilities offset by approximately a $ 0.1 million loss in the sale of manufacturing equipment . the $ 0.1 million gain from disposal of assets for fiscal year 2020 is primarily attributed to the sale of a manufacturing facility and manufacturing equipment . the $ 0.2 million gain from disposal of assets for fiscal year 2019 is primarily related to the sale of an unused manufacturing facility and manufacturing equipment . income from operations . primarily due to factors described above , our income from continuing operations for fiscal year 2021 was $ 35.9 million , or 10.0 % of net sales , compared to $ 50.8 million , or 11.6 % of net sales , for fiscal year 2020. our acquisitions contributed approximately $ 2.0 million to our operational income during fiscal year 2021. our income from continuing operations for fiscal year 2020 was $ 50.8 million , or 11.6 % of net sales , compared to $ 50.1 million , or 12.5 % of net sales , for fiscal year 2019. our acquisitions contributed approximately $ 6.2 million to our operational income during fiscal year 2020. other income ( expense ) . other expense was $ 2.6 million for fiscal year 2021 compared to income of $ 0.4 million for fiscal year 2020. the increase in expense was primarily the result of an increase in our pension expense of $ 2.7 million , of which $ 1.6 million was a settlement charge as a result of the lump sums paid out from our pension plan in fiscal year 2021 that were greater than the service cost and interest cost for the fiscal year . other income was $ 0.4 million for fiscal year 2020 compared to $ 0.2 million expense for fiscal year 2019. the decrease in expense related primarily to approximately $ 0.5 million less in interest expense due to the payoff of the credit facility at the end of the second quarter of fiscal year 2020. provision for income taxes . our effective tax rates for fiscal years 2021 , 2020 and 2019 were 27.6 % , 25.3 % , and 25.0 % , respectively . the higher effective tax rate for fiscal year 2021 was primarily impacted by permanent nondeductible expenses and settlement of certain state and local tax matters . the slightly higher effective tax rate for fiscal year 2020 was primarily due to the establishment of a reserve against our foreign tax credits . net earnings . our net earnings was significantly impacted

