Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Nov. 30, 2013 | Dec. 27, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'APOGEE ENTERPRISES, INC. | ' |
Entity Central Index Key | '0000006845 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Nov-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--03-01 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 28,841,849 |
Consolidated_Balance_Sheets_un
Consolidated Balance Sheets (unaudited) (USD $) | Nov. 30, 2013 | Mar. 02, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $19,853 | $37,767 |
Short-term available for sale securities | 2,689 | 26,007 |
Restricted short-term investments | 0 | 21,804 |
Receivables, net of allowance for doubtful accounts | 144,800 | 121,170 |
Inventories | 46,502 | 36,052 |
Refundable income taxes | 0 | 1,371 |
Deferred tax assets | 540 | 2,218 |
Other current assets | 5,747 | 5,452 |
Total current assets | 220,131 | 251,841 |
Property, plant and equipment, net | 175,831 | 168,948 |
Available-for-sale Securities, Debt Securities, Noncurrent | 11,103 | 12,807 |
Restricted investments | 23,678 | 4,639 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 234 | 0 |
Goodwill | 91,509 | 61,342 |
Intangible assets | 12,510 | 13,675 |
Other assets | 10,417 | 6,889 |
Total assets | 545,413 | 520,141 |
Current liabilities | ' | ' |
Accounts payable | 50,369 | 34,235 |
Accrued payroll and related benefits | 21,240 | 26,732 |
Accrued self-insurance reserves | 5,441 | 6,145 |
Other current liabilities | 27,951 | 23,643 |
Billings in excess of costs and earnings on uncompleted contracts | 15,968 | 21,355 |
Current portion long-term debt | 26 | 10,057 |
Accrued income taxes | 4,540 | 0 |
Total current liabilities | 125,535 | 122,167 |
Long-term debt | 20,689 | 20,756 |
Unrecognized tax benefits | 5,970 | 6,765 |
Long-term self-insurance reserves | 8,828 | 8,030 |
Deferred tax liabilities | 0 | 3,480 |
Other non-current liabilities | 37,208 | 25,625 |
Commitments and contingent liabilities (Note 13) | ' | ' |
Shareholders' equity | ' | ' |
Common stock of $0.33-1/3 par value; authorized 50,000,000 shares; issued and outstanding 28,799,392 and 28,513,536, respectively | 9,600 | 9,505 |
Additional paid-in capital | 126,373 | 119,759 |
Retained earnings | 220,665 | 211,135 |
Common stock held in trust | -783 | -761 |
Deferred compensation obligations | 783 | 761 |
Accumulated other comprehensive loss | -9,455 | -7,081 |
Total shareholders’ equity | 347,183 | 333,318 |
Total liabilities and shareholders' equity | $545,413 | $520,141 |
Consolidated_Balance_Sheets_un1
Consolidated Balance Sheets (unaudited) (Parenthetical) (USD $) | Nov. 30, 2013 | Mar. 02, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.33 | $0.33 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 28,799,392 | 28,513,536 |
Common stock, shares outstanding | 28,799,392 | 28,513,536 |
Consolidated_Results_of_Operat
Consolidated Results of Operations (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 | Nov. 30, 2013 | Dec. 01, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $199,430 | $190,416 | $557,028 | $520,490 |
Cost of sales | 156,042 | 148,176 | 438,719 | 411,038 |
Gross profit | 43,388 | 42,240 | 118,309 | 109,452 |
Selling, general and administrative expenses | 30,681 | 30,829 | 90,129 | 88,170 |
Operating income | 12,707 | 11,411 | 28,180 | 21,282 |
Interest income | 206 | 253 | 593 | 569 |
Interest expense | 228 | 330 | 973 | 945 |
Other income (expense), net | 107 | 198 | 72 | 609 |
Earnings from continuing operations before income taxes | 12,792 | 11,532 | 27,872 | 21,515 |
Income tax expense (benefit) | 3,124 | 3,480 | 7,924 | 6,800 |
Net earnings | $9,668 | $8,052 | $19,948 | $14,715 |
Earnings per share - basic | ' | ' | ' | ' |
Net earnings | $0.34 | $0.29 | $0.70 | $0.53 |
Earnings per share - diluted | ' | ' | ' | ' |
Net earnings | $0.33 | $0.28 | $0.68 | $0.52 |
Weighted average basic shares outstanding | 28,483 | 28,029 | 28,439 | 27,913 |
Weighted average diluted shares outstanding | 29,376 | 28,832 | 29,308 | 28,497 |
Cash dividends declared per common share | $0.09 | $0.09 | $0.27 | $0.27 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Earnings (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 | Nov. 30, 2013 | Dec. 01, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net earnings | $9,668 | $8,052 | $19,948 | $14,715 |
Other comprehensive earnings: | ' | ' | ' | ' |
Unrealized gain (loss) on marketable securities, net of $56, $(-), $(95) and $5 tax expense (benefit), respectively | 105 | -2 | -175 | 9 |
Unrealized gain on foreign currency hedge, net of $184 and $264 tax expense | 322 | 0 | 463 | 0 |
Foreign currency translation adjustments | -1,045 | -116 | -2,662 | -1,644 |
Other comprehensive earnings (loss) | -618 | -118 | -2,374 | -1,635 |
Total comprehensive earnings | $9,050 | $7,934 | $17,574 | $13,080 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Earnings (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 | Nov. 30, 2013 | Dec. 01, 2012 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' | ' |
Tax expense (benefit) on marketable securities | $56 | $0 | ($95) | $5 |
Tax expense (benefit) on foreign currency hedge | $184 | $0 | $264 | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 |
Operating Activities | ' | ' |
Net earnings | $19,948 | $14,715 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 19,576 | 19,817 |
Stock-based compensation | 3,471 | 3,514 |
Deferred income taxes | -2,224 | 697 |
Excess tax benefits from stock-based compensation | -1,780 | -380 |
Gain on disposal of assets | -1,297 | -877 |
Proceeds from new markets tax credit transaction, net of deferred costs | 7,752 | 0 |
Other, net | -214 | 393 |
Changes in operating assets and liabilities: | ' | ' |
Receivables | -8,247 | -19,506 |
Inventories | -4,378 | -8,672 |
Accounts payable and accrued expenses | 10,443 | 12,273 |
Billings in excess of costs and earnings on uncompleted contracts | -5,387 | 3,712 |
Refundable and accrued income taxes | 5,518 | -1,783 |
Other, net | -475 | -982 |
Net cash provided by (used in) operating activities | 42,706 | 22,921 |
Investing Activities | ' | ' |
Capital expenditures | -17,255 | -21,265 |
Proceeds from sales of property, plant and equipment | 733 | 48 |
Payments to Acquire Businesses, Net of Cash Acquired | -52,806 | -15 |
Purchases of restricted investments | -36,200 | -10,000 |
Sales/maturities of restricted investments | 38,968 | 5,248 |
Purchases of marketable securities | -14,300 | -40,837 |
Sales/maturities of marketable securities | 37,917 | 26,922 |
Investments in corporate-owned life insurance policies | 0 | -1,451 |
Net cash provided by (used in) investing activities | -42,943 | -41,350 |
Financing Activities | ' | ' |
Proceeds from issuance of debt | 0 | 10,000 |
Payments on debt | -10,068 | -125 |
Payments on debt issue costs | -117 | -574 |
Shares withheld for taxes, net of stock issued to employees | -961 | -261 |
Excess tax benefits from stock-based compensation | 1,780 | 380 |
Dividends paid | -7,868 | -7,751 |
Net cash provided by (used in) financing activities | -17,234 | 1,669 |
Increase (decrease) in cash and cash equivalents | -17,471 | -16,760 |
Effect of exchange rates on cash | -443 | 151 |
Cash and cash equivalents at beginning of year | 37,767 | 54,027 |
Cash and cash equivalents at end of period | 19,853 | 37,418 |
Noncash Activity | ' | ' |
Capital expenditures in accounts payable | $1,396 | $888 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Nov. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The consolidated financial statements of Apogee Enterprises, Inc. (we, us, our or the Company) included herein have been prepared in accordance with accounting principles generally accepted in the United States. The consolidated financial statements and notes are presented as permitted by the regulations of the Securities and Exchange Commission (Form 10-Q) and do not contain certain information included in the Company’s annual financial statements and notes. The information included in this Form 10-Q should be read in conjunction with the Management’s Discussion and Analysis of Financial Condition and Results of Operations and financial statements and notes thereto included in the Company’s Form 10-K for the year ended March 2, 2013. The results of operations for the nine-month period ended November 30, 2013 are not necessarily indicative of the results to be expected for the full year. | |
In the opinion of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position as of November 30, 2013 and March 2, 2013, and the results of operations and comprehensive earnings for the three and nine-month periods ended November 30, 2013 and December 1, 2012, and cash flows for the nine-month periods ended November 30, 2013 and December 1, 2012. | |
The results of Alumicor Limited (Alumicor), which the Company acquired on November 5, 2013, have been included in the consolidated financial statements since the date of acquisiton. Refer to Note 8 for further information regarding the acquisition of Alumicor and its treatment in the consolidated financial statements. | |
The Company’s fiscal year ends on the Saturday closest to the last day of February. Each interim quarter ends on the Saturday closest to the end of the months of May, August and November. | |
The results of the Company's Brazilian subsidiary within the Architectural Glass segment are reported on a two-month lag. There were no significant intervening events which would have materially affected our consolidated financial statements had they been recorded during the nine months ended November 30, 2013. | |
In connection with preparing the unaudited consolidated financial statements for the nine months ended November 30, 2013, the Company has evaluated subsequent events for potential recognition and disclosure through the date of this filing and determined that there were no subsequent events that required recognition or disclosure in the consolidated financial statements. |
New_Accounting_Standards
New Accounting Standards | 9 Months Ended |
Nov. 30, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Standards | ' |
New Accounting Standards | |
In February 2013, the FASB issued authoritative guidance surrounding the presentation of items reclassified from other comprehensive income to net income. This guidance requires entities to disclose, either in the notes to the consolidated financial statements or parenthetically on the face of the statement that reports comprehensive income, items reclassified out of accumulated other comprehensive income and into net income in their entirety and the effect of the reclassification on each affected net income line item. This guidance is effective for fiscal years and interim periods beginning after December 15, 2012, Apogee's fiscal 2014. The adoption of this new standard in the first quarter of fiscal 2014 did not impact Apogee's consolidated financial condition, results of operations or cash flows. The reclassifications out of accumulated other comprehensive income and into net income were not material for the nine months ended November 30, 2013. | |
No other new accounting pronouncements issued or effective during the first nine months of fiscal 2014 have had or are expected to have a material impact on the consolidated financial statements. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||
Nov. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
Total stock-based compensation expense included in the results of operations was $3.5 million for each of the nine-month periods ended November 30, 2013 and December 1, 2012. | |||||||||||||
Stock Options and SARs | |||||||||||||
There were no options or SARs issued in the first nine months of fiscal 2014 or 2013. The following table summarizes the award transactions for the nine months ended November 30, 2013: | |||||||||||||
Options/SARs Outstanding | |||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Shares | Average | Average | Intrinsic | ||||||||||
Exercise Price | Remaining | Value | |||||||||||
Contractual | |||||||||||||
Life | |||||||||||||
Outstanding at March 2, 2013 | 1,362,373 | $ | 15.89 | ||||||||||
Awards exercised | (302,670 | ) | 20.64 | ||||||||||
Awards canceled | (8,376 | ) | 19.4 | ||||||||||
Outstanding at November 30, 2013 | 1,051,327 | $ | 14.51 | 5.1 Years | $ | 22,406,495 | |||||||
Vested or expected to vest at November 30, 2013 | 1,051,327 | $ | 14.51 | 5.1 Years | $ | 22,406,495 | |||||||
Exercisable at November 30, 2013 | 901,156 | $ | 15.54 | 4.6 Years | $ | 18,279,796 | |||||||
At November 30, 2013, there was $0.3 million of total unrecognized compensation cost related to stock option awards, which is expected to be recognized over a weighted average period of approximately nine months. Cash proceeds from the exercise of stock options were $2.0 million and $1.2 million for the nine months ended November 30, 2013 and December 1, 2012, respectively. The amount by which the stock price on the date of exercise exceeded the stock price of the award on the date of grant for options exercised was $2.4 million during the nine months ended November 30, 2013 and was $1.8 million during the prior-year period. | |||||||||||||
Nonvested Shares and Share Units | |||||||||||||
The following table summarizes the nonvested share award transactions, including nonvested share units, for the nine months ended November 30, 2013: | |||||||||||||
Nonvested Shares and Units | |||||||||||||
Number of | Weighted | ||||||||||||
Shares and | Average | ||||||||||||
Units | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Nonvested at March 2, 2013 | 831,573 | $ | 13.17 | ||||||||||
Granted | 155,471 | 26.36 | |||||||||||
Vested | (336,933 | ) | 13.04 | ||||||||||
Canceled(1) | (78,797 | ) | 13.8 | ||||||||||
Nonvested at November 30, 2013(2) | 571,314 | $ | 16.75 | ||||||||||
-1 | Includes 75,547 of nonvested share units canceled under the fiscal 2011-2013 performance period because Apogee performed below target level for that performance period. Nonvested share units of 174,353 (at target) were previously granted in fiscal 2011 for this performance period. | ||||||||||||
-2 | Includes a total of 117,765 nonvested share units granted and outstanding at target level for the fiscal 2012-2014 performance period. | ||||||||||||
At November 30, 2013, there was $5.9 million of total unrecognized compensation cost related to nonvested share and nonvested share unit awards, which is expected to be recognized over a weighted average period of approximately 23 months. The total fair value of shares vested during the nine-month period of fiscal 2014 was $8.5 million. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||||||||||
Nov. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings per Share | ||||||||||||||||
The following table presents a reconciliation of the denominators used in the computation of basic and diluted earnings per share: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(In thousands, except per share data) | November 30, | December 1, | November 30, | December 1, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Basic earnings per share – weighted common shares outstanding | 28,483 | 28,029 | 28,439 | 27,913 | ||||||||||||
Weighted average effect of nonvested share grants and assumed exercise of stock options | 893 | 803 | 869 | 584 | ||||||||||||
Diluted earnings per share – weighted common shares and potential common shares outstanding | 29,376 | 28,832 | 29,308 | 28,497 | ||||||||||||
Earnings per share – basic | $ | 0.34 | $ | 0.29 | $ | 0.7 | $ | 0.53 | ||||||||
Earnings per share – diluted | 0.33 | 0.28 | 0.68 | 0.52 | ||||||||||||
Stock options excluded from the calculation of earnings per share because the exercise price was greater than the average market price of the common shares | — | 529 | — | 235 | ||||||||||||
Inventories
Inventories | 9 Months Ended | |||||||
Nov. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
(In thousands) | November 30, | March 2, | ||||||
2013 | 2013 | |||||||
Raw materials | $ | 17,770 | $ | 11,834 | ||||
Work-in-process | 11,699 | 7,754 | ||||||
Finished goods | 14,952 | 13,397 | ||||||
Costs and earnings in excess of billings on uncompleted contracts | 2,081 | 3,067 | ||||||
Total inventories | $ | 46,502 | $ | 36,052 | ||||
Marketable_Securities
Marketable Securities | 9 Months Ended | |||||||||||||||||||||||
Nov. 30, 2013 | ||||||||||||||||||||||||
Marketable Securities [Abstract] | ' | |||||||||||||||||||||||
Marketable Securities | ' | |||||||||||||||||||||||
Marketable Securities | ||||||||||||||||||||||||
At November 30, 2013, the Company had investments in municipal bonds of $13.8 million; $2.7 million was current and $11.1 million was non-current. The Company’s wholly owned insurance subsidiary, Prism Assurance, Ltd. (Prism), holds $11.2 million of the municipal bonds. Prism insures a portion of the Company’s workers’ compensation, general liability and automobile liability risks using reinsurance agreements to meet statutory requirements. The reinsurance carrier requires Prism to maintain fixed-maturity investments, which are generally high-quality municipal bonds, for the purpose of providing collateral for Prism’s obligations under the reinsurance agreement. All of the Company’s fixed maturity investments are classified as “available for sale,” are carried at fair value and are reported as short-term available-for-sale securities or available-for-sale securities in the consolidated balance sheet. | ||||||||||||||||||||||||
The amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale at November 30, 2013 and March 2, 2013, were as follows: | ||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated | ||||||||||||||||||||
Fair | ||||||||||||||||||||||||
Value | ||||||||||||||||||||||||
November 30, 2013 | ||||||||||||||||||||||||
Municipal bonds | $ | 14,175 | $ | 48 | $ | (431 | ) | $ | 13,792 | |||||||||||||||
Total investments | $ | 14,175 | $ | 48 | $ | (431 | ) | $ | 13,792 | |||||||||||||||
March 2, 2013 | ||||||||||||||||||||||||
Municipal bonds | $ | 38,927 | $ | 127 | $ | (240 | ) | $ | 38,814 | |||||||||||||||
Total investments | $ | 38,927 | $ | 127 | $ | (240 | ) | $ | 38,814 | |||||||||||||||
The Company tests for other than temporary losses on a quarterly basis and considers the unrealized losses indicated above to be temporary in nature. The Company intends to hold the investments until it can recover the full principal amount, and has the ability to do so based on other sources of liquidity. The Company expects such recoveries to occur prior to the contractual maturities. | ||||||||||||||||||||||||
The following table presents the length of time that available-for-sale securities were in continuous unrealized loss positions, but were not deemed to be other than temporarily impaired, as of November 30, 2013: | ||||||||||||||||||||||||
Less Than 12 Months | Greater Than or Equal to | Total | ||||||||||||||||||||||
12 Months | ||||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Municipal bonds | $ | 6,495 | $ | (202 | ) | $ | 1,021 | $ | (229 | ) | $ | 7,516 | $ | (431 | ) | |||||||||
Total investments | $ | 6,495 | $ | (202 | ) | $ | 1,021 | $ | (229 | ) | $ | 7,516 | $ | (431 | ) | |||||||||
The amortized cost and estimated fair values of investments at November 30, 2013, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
(In thousands) | Amortized Cost | Estimated Market Value | ||||||||||||||||||||||
Due within one year | $ | 2,688 | $ | 2,689 | ||||||||||||||||||||
Due after one year through five years | 2,720 | 2,743 | ||||||||||||||||||||||
Due after five years through 10 years | 7,451 | 7,272 | ||||||||||||||||||||||
Due after 10 years through 15 years | 1,250 | 1,021 | ||||||||||||||||||||||
Due beyond 15 years | 66 | 67 | ||||||||||||||||||||||
Total | $ | 14,175 | $ | 13,792 | ||||||||||||||||||||
Gross realized gains and losses were not material during the either of the nine-month periods of fiscal 2014 or 2013. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Nov. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
The Company accounts for financial assets and liabilities in accordance with accounting standards that define fair value and establish a framework for measuring fair value. The hierarchy prioritizes the inputs into three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. A financial asset’s or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. | ||||||||||||||||
Financial assets and liabilities measured at fair value as of November 30, 2013 and March 2, 2013, are summarized below: | ||||||||||||||||
(In thousands) | Quoted Prices in | Other | Unobservable | Total Fair | ||||||||||||
Active Markets | Observable | Inputs | Value | |||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
November 30, 2013 | ||||||||||||||||
Cash equivalents | ||||||||||||||||
Money market funds | $ | 9,147 | $ | — | $ | — | $ | 9,147 | ||||||||
Total cash equivalents | 9,147 | — | — | 9,147 | ||||||||||||
Available for sale securities | ||||||||||||||||
Municipal bonds | $ | — | $ | 13,792 | $ | — | $ | 13,792 | ||||||||
Total available for sale securities | — | 13,792 | — | 13,792 | ||||||||||||
Restricted investments | ||||||||||||||||
Money market funds | $ | 23,678 | $ | — | $ | — | $ | 23,678 | ||||||||
Total restricted investments | 23,678 | — | — | 23,678 | ||||||||||||
Mutual fund investments | ||||||||||||||||
Mutual funds | $ | 841 | $ | — | $ | — | $ | 841 | ||||||||
Total mutual fund investments | 841 | — | — | 841 | ||||||||||||
Foreign currency instruments | ||||||||||||||||
Foreign currency instruments | $ | — | $ | 205 | $ | — | $ | 205 | ||||||||
Total foreign currency instruments | $ | — | $ | 205 | $ | — | $ | 205 | ||||||||
Total assets at fair value | $ | 33,666 | $ | 13,997 | $ | — | $ | 47,663 | ||||||||
March 2, 2013 | ||||||||||||||||
Cash equivalents | ||||||||||||||||
Money market funds | $ | 17,639 | $ | — | $ | — | $ | 17,639 | ||||||||
Total cash equivalents | 17,639 | — | — | 17,639 | ||||||||||||
Available for sale securities | ||||||||||||||||
Municipal bonds | $ | — | $ | 38,814 | $ | — | $ | 38,814 | ||||||||
Total available for sale securities | — | 38,814 | — | 38,814 | ||||||||||||
Restricted investments | ||||||||||||||||
Money market funds | $ | 26,443 | $ | — | $ | — | $ | 26,443 | ||||||||
Total restricted investments | 26,443 | — | — | 26,443 | ||||||||||||
Mutual fund investments | ||||||||||||||||
Mutual funds | $ | 251 | $ | — | $ | — | $ | 251 | ||||||||
Total mutual fund investments | 251 | — | — | 251 | ||||||||||||
Total assets at fair value | $ | 44,333 | $ | 38,814 | $ | — | $ | 83,147 | ||||||||
Foreign currency instruments | ||||||||||||||||
Foreign currency instruments | $ | — | $ | 405 | $ | — | $ | 405 | ||||||||
Total liabilities at fair value | $ | — | $ | 405 | $ | — | $ | 405 | ||||||||
Cash equivalents | ||||||||||||||||
Cash equivalents include highly liquid investments with an original maturity of three months or less, and consist primarily of money market funds. The cash equivalents are held at fair value based on quoted market prices, which approximate stated cost. | ||||||||||||||||
Available for sale securities | ||||||||||||||||
The Company had short-term available-for-sale securities of $2.7 million and long-term available-for-sale securities of $11.1 million as of November 30, 2013, consisting of municipal bonds. All of the Company’s fixed maturity investments are classified as “available for sale,” and are carried at fair market value based on market prices from recent trades of similar securities. | ||||||||||||||||
Restricted investments | ||||||||||||||||
The Company had $23.7 million of long-term restricted investments, as of November 30, 2013, consisting of money market funds, which are short term in nature but are restricted for use in the Company's planned capital investments in the Architectural Glass segment business and for future investment in the Company’s storefront and entrance business in Michigan, and are, therefore, classified as long term. The restricted investments are held at fair value based on quoted market prices, which approximate stated cost. | ||||||||||||||||
Mutual fund investments | ||||||||||||||||
The Company had $0.8 million of mutual fund investments as of November 30, 2013 as a long-term funding source for the deferred compensation plan. The mutual fund investments are recorded at estimated fair value, based on quoted market prices, and are included in other non-current assets in the consolidated balance sheet. | ||||||||||||||||
Foreign currency instruments | ||||||||||||||||
The Company has a foreign exchange forward contract in place to hedge against the effect of exchange rate fluctuations on certain forecasted purchases. The forward contract is measured at fair value using readily observable market inputs, such as quotations on forward foreign exchange points and foreign interest rates. |
Acquisitions
Acquisitions | 9 Months Ended | |||||||||||||||
Nov. 30, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Business Combination Disclosure [Text Block] | ' | |||||||||||||||
Acquisitions | ||||||||||||||||
On November 5, 2013, the Company acquired all of the shares of Alumicor Limited (Alumicor), a privately held business, for $52.4 million, including cash acquired of $1.6 million. Alumicor is a window, storefront, entrance and curtainwall company primarily serving the Canadian commercial construction market. Alumicor's results of operations have been included in the consolidated financial statements and within the Architectural Framing Systems segment since the date of acquisition, including $4.8 million of sales and break-even results after approximately $0.5 million of acquisition-related expenses, which are included in selling, general and administrative expenses in the Company's consolidated results of operations. | ||||||||||||||||
The assets and liabilities of Alumicor were recorded in the consolidated balance sheet within the Architectural Framing Systems segment as of the acquisition date, at their respective fair values. The preliminary purchase price allocation is based on the estimated fair value of assets acquired and liabilities assumed and have been allocated as follows: | ||||||||||||||||
(In thousands) | 5-Nov-13 | |||||||||||||||
Current assets | $ | 17,168 | ||||||||||||||
Property, plant and equipment | 8,255 | |||||||||||||||
Goodwill | 31,017 | |||||||||||||||
Current liabilities | (5,634 | ) | ||||||||||||||
Net assets acquired | $ | 50,806 | ||||||||||||||
Because the acquisition was completed near quarter-end, all balances recorded are estimated amounts; the purchase price allocation is expected to be finalized in the fourth quarter, as the valuation of identifiable assets and liabilities is completed. | ||||||||||||||||
The following pro forma consolidated condensed financial results of operations for the three and nine-months ended November 30, 2013 and December 1, 2012 are presented as if the acquisition had been completed at the beginning of fiscal year 2013: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(In thousands, except per share data) | November 30, 2013 | December 1, 2012 | November 30, 2013 | December 1, 2012 | ||||||||||||
Net sales | $ | 210,613 | $ | 207,359 | $ | 595,451 | $ | 563,579 | ||||||||
Net income | 10,595 | 10,028 | 22,516 | 18,439 | ||||||||||||
Earnings per share | ||||||||||||||||
Basic | $ | 0.37 | $ | 0.36 | $ | 0.79 | $ | 0.66 | ||||||||
Diluted | 0.36 | 0.35 | 0.77 | 0.65 | ||||||||||||
These pro forma consolidated condensed financial results have been prepared for comparative purposes only and include certain adjustments, such as elimination of interest expense on pre-acquisition debt of the acquiree. The adjustments do not reflect the effect of synergies, integration costs and intangible amortization that would result from integration of this acquisition. |
Goodwill_and_Other_Identifiabl
Goodwill and Other Identifiable Intangible Assets | 9 Months Ended | |||||||||||||||||||
Nov. 30, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Goodwill and Other Identifiable Intangible Assets | ' | |||||||||||||||||||
Goodwill and Other Identifiable Intangible Assets | ||||||||||||||||||||
The carrying amount of goodwill attributable to each business segment as of the nine months ended November 30, 2013 is detailed below, including estimated goodwill for the Alumicor acquisition. | ||||||||||||||||||||
(In thousands) | Architectural Glass | Architectural Services | Architectural Framing Systems | Large-Scale | Total | |||||||||||||||
Optical | ||||||||||||||||||||
Balance at March 3, 2012 | $ | 27,277 | $ | 1,120 | $ | 22,663 | $ | 10,557 | $ | 61,617 | ||||||||||
Foreign currency translation | (275 | ) | — | — | — | (275 | ) | |||||||||||||
Balance at March 2, 2013 | 27,002 | 1,120 | 22,663 | 10,557 | 61,342 | |||||||||||||||
Goodwill acquired | — | — | 31,017 | — | 31,017 | |||||||||||||||
Foreign currency translation | (223 | ) | — | (627 | ) | — | (850 | ) | ||||||||||||
Balance at November 30, 2013 | $ | 26,779 | $ | 1,120 | $ | 53,053 | $ | 10,557 | $ | 91,509 | ||||||||||
The Company’s identifiable intangible assets with finite lives are being amortized over their estimated useful lives and were as follows: | ||||||||||||||||||||
30-Nov-13 | ||||||||||||||||||||
(In thousands) | Gross | Accumulated | Foreign | Net | ||||||||||||||||
Carrying | Amortization | Currency | ||||||||||||||||||
Amount | Translation | |||||||||||||||||||
Debt issue costs | $ | 3,405 | $ | (2,323 | ) | $ | — | $ | 1,082 | |||||||||||
Non-compete agreements | 6,767 | (6,227 | ) | (22 | ) | 518 | ||||||||||||||
Customer relationships | 15,354 | (10,238 | ) | (194 | ) | 4,922 | ||||||||||||||
Purchased intellectual property | 8,566 | (2,427 | ) | (151 | ) | 5,988 | ||||||||||||||
Total | $ | 34,092 | $ | (21,215 | ) | $ | (367 | ) | $ | 12,510 | ||||||||||
March 2, 2013 | ||||||||||||||||||||
(In thousands) | Gross | Accumulated | Foreign | Net | ||||||||||||||||
Carrying | Amortization | Currency | ||||||||||||||||||
Amount | Translation | |||||||||||||||||||
Debt issue costs | $ | 3,556 | $ | (2,209 | ) | $ | — | $ | 1,347 | |||||||||||
Non-compete agreements | 6,824 | (6,124 | ) | (38 | ) | 662 | ||||||||||||||
Customer relationships | 15,628 | (9,541 | ) | (266 | ) | 5,821 | ||||||||||||||
Purchased intellectual property | 8,210 | (2,169 | ) | (196 | ) | 5,845 | ||||||||||||||
Total | $ | 34,218 | $ | (20,043 | ) | $ | (500 | ) | $ | 13,675 | ||||||||||
Amortization expense on these identifiable intangible assets was $1.3 million and $2.0 million for nine-month periods ended November 30, 2013 and December 1, 2012, respectively. In addition to the amortization expense noted above, in the first quarter of fiscal 2014, the Company expensed $0.2 million of debt issue costs that had previously been deferred and were being amortized over the term of the debt previously issued for future investment in the Company's Architectural Glass fabrication facility in Utah. The amortization expense associated with the debt issue costs is included in interest expense while the remainder is in selling, general and administrative expenses in the consolidated results of operations. At November 30, 2013, the estimated future amortization expense for identifiable intangible assets, excluding estimated amortization expense for Alumicor, for the remainder of fiscal 2014 and all of the following four fiscal years is as follows: | ||||||||||||||||||||
(In thousands) | Remainder | Fiscal | Fiscal | Fiscal | Fiscal | |||||||||||||||
of Fiscal | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||
2014 | ||||||||||||||||||||
Estimated amortization expense | $ | 783 | $ | 1,693 | $ | 1,346 | $ | 1,198 | $ | 1,145 | ||||||||||
Debt
Debt | 9 Months Ended |
Nov. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
Debt | |
During the third quarter of fiscal 2014, the Company entered into an amendment to its existing $100.0 million revolving credit facility. The expiration date was extended by one year, to November 2018 from October 2017, and the letter of credit facility was reduced to $50.0 million from $60.0 million, the outstanding amounts of which decrease the available commitment. No other provisions of the original agreement were materially amended by the amended credit agreement. No borrowings were outstanding under the facility as of November 30, 2013 or March 2, 2013. | |
The credit facility requires the Company to maintain a minimum level of net worth, as defined in the credit facility, based on certain quarterly financial calculations. The minimum required net worth computed in accordance with the credit agreement at November 30, 2013 was $280.4 million, whereas the Company’s net worth as defined in the credit facility was $347.2 million. The credit facility also requires that the Company maintain an adjusted debt-to-EBITDA ratio of not more than 3.00. This ratio is computed quarterly, with EBITDA computed on a rolling four-quarter basis. For purposes of calculating the adjusted debt in the adjusted debt-to-EBITDA ratio, the Company reduces non-credit facility debt for up to $25 million to the extent of unrestricted cash balances, cash equivalents and short-term marketable securities available for sale in excess of $15 million. The Company’s ratio was 0.32 at November 30, 2013. If the Company is not in compliance with either of these covenants, the lenders may terminate the commitment and/or declare any loan then outstanding to be immediately due and payable. At November 30, 2013, the Company was in compliance with the financial covenants of the credit facility. | |
During the first quarter of fiscal 2014, $10.0 million of recovery zone facility bonds that had previously been issued for future investment in the Company's Architectural Glass fabrication facility in Utah were redeemed at par. In connection with redeeming this debt in the first quarter of fiscal 2014, the Company expensed $0.2 million of debt issue costs that had previously been deferred and were being amortized over the term of the debt. | |
Debt at November 30, 2013 consists of $20.4 million of industrial revenue bonds, and $0.3 million of other debt. The industrial revenue bonds mature in fiscal years 2021 through 2043, and the other debt matures in fiscal years 2014 through 2021. The fair value of the industrial revenue bonds approximates carrying value at November 30, 2013, due to the variable interest rates on these instruments. The bonds are classified as Level 2 within the fair value hierarchy. | |
Interest payments were $0.5 million and $0.6 million for the nine months ended November 30, 2013 and December 1, 2012, respectively, and primarily relate to fees associated with our revolving credit facility. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | |||||||||||||||
Nov. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||
Employee Benefit Plans | ||||||||||||||||
Pension Plans | ||||||||||||||||
The Company sponsors an unfunded Officers’ Supplemental Executive Retirement Plan for the benefit of certain executives and a defined-benefit pension plan, the Tubelite, Inc. Hourly Employees’ Pension Plan. Components of net periodic benefit cost for the plans for the three and nine-month periods ended November 30, 2013 and December 1, 2012, were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(In thousands) | November 30, | December 1, | November 30, | December 1, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Interest cost | $ | 134 | $ | 142 | $ | 402 | $ | 426 | ||||||||
Expected return on assets | (46 | ) | (44 | ) | (138 | ) | (132 | ) | ||||||||
Amortization of unrecognized net loss | 41 | 53 | 123 | 159 | ||||||||||||
Net periodic benefit cost | $ | 129 | $ | 151 | $ | 387 | $ | 453 | ||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Nov. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company files income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions, Brazil and other international jurisdictions. The Company is no longer subject to U.S. federal tax examinations for years prior to fiscal 2011, or state and local income tax examinations for years prior to fiscal 2005. The Company is not currently under U.S. federal examination for years subsequent to fiscal year 2010, and there is very limited audit activity of the Company’s income tax returns in U.S. state jurisdictions or international jurisdictions. | |
The total liability for unrecognized tax benefits at November 30, 2013 and March 2, 2013 was approximately $6.0 million and $6.8 million, respectively. The decrease in unrecognized tax benefits was mainly due to the release of reserves upon expiration of the IRS statute extension for fiscal year 2009, as well as the lapsing of the federal statute for fiscal year 2010. The Company records the impact of penalties and interest related to unrecognized tax benefits in income tax expense, which is consistent with past practices. The total liability for unrecognized tax benefits is expected to decrease by approximately $0.6 million during the next 12 months due to lapsing of statutes. | |
In September 2013, the U.S. Department of the Treasury and the IRS issued final regulations addressing the acquisition , production and improvement of tangible property, and also proposed regulations addressing the disposition of property. These regulations replace previously issued temporary regulations and are effective for tax years beginning January 1, 2014, with optional adoption permitted in 2013. The Company is in the process of analyzing the impact of these new regulations but does not believe they will have a material impact on the Company’s consolidated financial statements. The Company plans to complete this analysis during the fourth quarter of fiscal year 2014. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 9 Months Ended | |||||||||||||||||||||||||||
Nov. 30, 2013 | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Commitments and Contingent Liabilities | ' | |||||||||||||||||||||||||||
Commitments and Contingent Liabilities | ||||||||||||||||||||||||||||
Operating lease commitments. As of November 30, 2013, the Company was obligated under non-cancelable operating leases for buildings and equipment. Certain leases provide for increased rentals based upon increases in real estate taxes or operating costs. Future minimum rental payments under non-cancelable operating leases are: | ||||||||||||||||||||||||||||
(In thousands) | Remainder | Fiscal | Fiscal | Fiscal | Fiscal | Thereafter | Total | |||||||||||||||||||||
of Fiscal | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
Total minimum payments | $ | 2,982 | $ | 8,895 | $ | 8,377 | $ | 6,642 | $ | 5,292 | $ | 9,038 | $ | 41,226 | ||||||||||||||
Bond commitments. In the ordinary course of business, predominantly in the Company’s Architectural Services business, the Company is required to provide surety or performance bonds that commit payments to its customers for any non-performance by the Company. At November 30, 2013, $83.2 million of the Company’s backlog was bonded by performance bonds with a face value of $240.3 million. Performance bonds do not have stated expiration dates, as the Company is released from the bonds upon completion of the contract. The Company has never been required to make any payments related to these performance bonds with respect to any of the current portfolio of businesses. | ||||||||||||||||||||||||||||
Warranties. The Company accrues for warranty and claim costs as a percentage of sales based on historical trends and for specific sales credits as they become known and estimable. Actual warranty and claim costs are deducted from the accrual when paid. Factors that could have an impact on the warranty accrual in any given period include the following: changes in manufacturing quality, shifts in product mix and any significant changes in sales volume. The Company’s warranty and claim accruals are detailed below. | ||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||
(In thousands) | November 30, | December 1, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 8,323 | $ | 7,210 | ||||||||||||||||||||||||
Additional accruals | 4,550 | 3,197 | ||||||||||||||||||||||||||
Claims paid | (2,426 | ) | (2,185 | ) | ||||||||||||||||||||||||
Balance at end of period | $ | 10,447 | $ | 8,222 | ||||||||||||||||||||||||
Letters of credit. At November 30, 2013, the Company had ongoing letters of credit related to its construction contracts and certain industrial revenue bonds. The total value of letters of credit under which the Company was obligated as of November 30, 2013 was approximately $23.5 million, all of which have been issued under the credit facility. The Company’s total availability under its $100.0 million credit facility is reduced by borrowings under the facility and also by letters of credit issued under the facility. | ||||||||||||||||||||||||||||
Purchase obligations. The Company has purchase obligations for raw material commitments and capital expenditures. As of November 30, 2013, these obligations totaled $75.4 million. | ||||||||||||||||||||||||||||
Foreign currency instruments. The Company has a foreign exchange forward contract with a U.S. dollar notional value of $18.6 million with the objective of reducing the exposure to fluctuations in the euro related to a planned capital equipment purchase. The fair value of this contract was an asset of $0.3 million at November 30, 2013 and is included in the balance sheet caption as other current assets. The Company reports the effective portion of the gain or loss on a cash flow hedge as a component of other comprehensive income, and any gain or loss is included in the value of the capital asset and will be recognized in earnings over the life of the asset. | ||||||||||||||||||||||||||||
New markets tax credit transaction. On November 7, 2013, the Company entered into a transaction with JP Morgan Chase (JPM) related to an investment in plant and equipment within the Company’s Architectural Glass segment (the Project) whereby the Company received $7.8 million of cash from a qualified New Markets Tax Credit program (NMTC). The NMTC was provided for in the Community Renewal Tax Relief Act of 2000 and is intended to induce investment in underserved and impoverished areas of the United States. The Act permits taxpayers, whether companies or individuals, to claim credits against their federal income taxes for up to 39 percent of investments in qualified, active low-income businesses or ventures. | ||||||||||||||||||||||||||||
In exchange for substantially all of the benefits derived from the tax credits, JPM contributed $10.7 million into the Project. JPM does not have a material interest in the underlying economics of the Project. As a result of the transaction structure, the Company has concluded that the entities created in relation to the NMTC transaction will be consolidated as variable-interest entities. | ||||||||||||||||||||||||||||
Based on the contractual arrangements that obligate the Company to deliver tax benefits to JPM, the Company has included the value of JPM’s contribution in other non-current liabilities within the consolidated balance sheets. The NMTC is subject to 100 percent recapture for a period of seven years. Proceeds received in exchange for the transfer of the tax credits will be recognized as earnings in fiscal 2021, if the expected tax benefits are delivered without risk of recapture to JPM and our performance obligation is relieved. | ||||||||||||||||||||||||||||
Direct and incremental costs incurred in structuring the arrangement have been deferred and will be recognized in proportion to the recognition of the related profits. These costs amounted to $3.0 million and are included in other non-current assets on the Company’s consolidated balance sheet. | ||||||||||||||||||||||||||||
Litigation. The Company is a party to various legal proceedings incidental to its normal operating activities. In particular, like others in the construction supply and services industry, the Company’s construction supply and services businesses are routinely involved in various disputes and claims arising out of construction projects, sometimes involving significant monetary damages or product replacement. The Company is subject to litigation arising out of employment practices, workers compensation, general liability and automobile claims. Although it is very difficult to accurately predict the outcome of such proceedings, facts currently available indicate that no such claims will result in losses that would have a material adverse effect on the results of operations, cash flows or financial condition of the Company. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Nov. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
In the fourth quarter of fiscal 2013, the Company expanded the number of reporting segments to four: Architectural Glass, Architectural Services, Architectural Framing Systems and Large-Scale Optical (LSO). Prior-year comparative information has been recast to conform to the current reporting segment presentation. The Architectural Glass segment fabricates glass used in customized window and wall systems comprising the outside skin of commercial and institutional buildings. The Architectural Services segment designs, engineers, fabricates and installs the walls of glass, windows and other curtainwall products making up the outside skin of commercial and institutional buildings for new construction and renovation. The Architectural Framing Systems segment designs, engineers, fabricates and finishes the aluminum frames used in customized aluminum and glass window, curtainwall, storefront and entrance systems comprising the outside skin and entrances of commercial and institutional buildings. The Company has aggregated four operating segments into the Architectural Framing Systems reporting segment based upon their similar products, customers, distribution methods, production processes and economic characteristics. The LSO segment manufactures value-added glass and acrylic products for the custom picture framing market. | ||||||||||||||||
The following table presents sales and operating income data for the Company’s four reporting segments, and on a consolidated basis, for the three and nine months ended November 30, 2013, as compared to the corresponding periods a year ago: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(In thousands) | November 30, | December 1, | November 30, | December 1, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net Sales from operations | ||||||||||||||||
Architectural Glass | $ | 73,365 | $ | 74,921 | $ | 218,142 | $ | 197,264 | ||||||||
Architectural Services | 51,167 | 49,125 | 139,820 | 134,696 | ||||||||||||
Architectural Framing Systems | 58,981 | 51,605 | 152,877 | 146,182 | ||||||||||||
Large-Scale Optical | 22,699 | 21,648 | 61,917 | 60,477 | ||||||||||||
Intersegment eliminations | (6,782 | ) | (6,883 | ) | (15,728 | ) | (18,129 | ) | ||||||||
Net sales | $ | 199,430 | $ | 190,416 | $ | 557,028 | $ | 520,490 | ||||||||
Operating Income (Loss) from operations | ||||||||||||||||
Architectural Glass | $ | 1,641 | $ | 461 | $ | 3,782 | $ | (3,963 | ) | |||||||
Architectural Services | 351 | (196 | ) | (1,401 | ) | (3,794 | ) | |||||||||
Architectural Framing Systems | 5,782 | 5,573 | 13,026 | 14,735 | ||||||||||||
Large-Scale Optical | 6,058 | 6,557 | 16,072 | 17,021 | ||||||||||||
Corporate and other | (1,125 | ) | (984 | ) | (3,299 | ) | (2,717 | ) | ||||||||
Operating income | $ | 12,707 | $ | 11,411 | $ | 28,180 | $ | 21,282 | ||||||||
Due to the varying combinations and integration of individual window, storefront and curtainwall systems, the Company has determined that it is impractical to report product revenues generated by class of product, beyond the segment revenues currently reported. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||
Nov. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Award transactions on stock options | ' | ||||||||||||
The following table summarizes the award transactions for the nine months ended November 30, 2013: | |||||||||||||
Options/SARs Outstanding | |||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||
Shares | Average | Average | Intrinsic | ||||||||||
Exercise Price | Remaining | Value | |||||||||||
Contractual | |||||||||||||
Life | |||||||||||||
Outstanding at March 2, 2013 | 1,362,373 | $ | 15.89 | ||||||||||
Awards exercised | (302,670 | ) | 20.64 | ||||||||||
Awards canceled | (8,376 | ) | 19.4 | ||||||||||
Outstanding at November 30, 2013 | 1,051,327 | $ | 14.51 | 5.1 Years | $ | 22,406,495 | |||||||
Vested or expected to vest at November 30, 2013 | 1,051,327 | $ | 14.51 | 5.1 Years | $ | 22,406,495 | |||||||
Exercisable at November 30, 2013 | 901,156 | $ | 15.54 | 4.6 Years | $ | 18,279,796 | |||||||
Nonvested share award transactions | ' | ||||||||||||
The following table summarizes the nonvested share award transactions, including nonvested share units, for the nine months ended November 30, 2013: | |||||||||||||
Nonvested Shares and Units | |||||||||||||
Number of | Weighted | ||||||||||||
Shares and | Average | ||||||||||||
Units | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Nonvested at March 2, 2013 | 831,573 | $ | 13.17 | ||||||||||
Granted | 155,471 | 26.36 | |||||||||||
Vested | (336,933 | ) | 13.04 | ||||||||||
Canceled(1) | (78,797 | ) | 13.8 | ||||||||||
Nonvested at November 30, 2013(2) | 571,314 | $ | 16.75 | ||||||||||
-1 | Includes 75,547 of nonvested share units canceled under the fiscal 2011-2013 performance period because Apogee performed below target level for that performance period. Nonvested share units of 174,353 (at target) were previously granted in fiscal 2011 for this performance period. | ||||||||||||
-2 | Includes a total of 117,765 nonvested share units granted and outstanding at target level for the fiscal 2012-2014 performance period. |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | |||||||||||||||
Nov. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation of basic and diluted earnings per share | ' | |||||||||||||||
The following table presents a reconciliation of the denominators used in the computation of basic and diluted earnings per share: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(In thousands, except per share data) | November 30, | December 1, | November 30, | December 1, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Basic earnings per share – weighted common shares outstanding | 28,483 | 28,029 | 28,439 | 27,913 | ||||||||||||
Weighted average effect of nonvested share grants and assumed exercise of stock options | 893 | 803 | 869 | 584 | ||||||||||||
Diluted earnings per share – weighted common shares and potential common shares outstanding | 29,376 | 28,832 | 29,308 | 28,497 | ||||||||||||
Earnings per share – basic | $ | 0.34 | $ | 0.29 | $ | 0.7 | $ | 0.53 | ||||||||
Earnings per share – diluted | 0.33 | 0.28 | 0.68 | 0.52 | ||||||||||||
Stock options excluded from the calculation of earnings per share because the exercise price was greater than the average market price of the common shares | — | 529 | — | 235 | ||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Nov. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Components of inventories | ' | |||||||
(In thousands) | November 30, | March 2, | ||||||
2013 | 2013 | |||||||
Raw materials | $ | 17,770 | $ | 11,834 | ||||
Work-in-process | 11,699 | 7,754 | ||||||
Finished goods | 14,952 | 13,397 | ||||||
Costs and earnings in excess of billings on uncompleted contracts | 2,081 | 3,067 | ||||||
Total inventories | $ | 46,502 | $ | 36,052 | ||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | |||||||||||||||||||||||
Nov. 30, 2013 | ||||||||||||||||||||||||
Marketable Securities [Abstract] | ' | |||||||||||||||||||||||
Amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale | ' | |||||||||||||||||||||||
The amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale at November 30, 2013 and March 2, 2013, were as follows: | ||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated | ||||||||||||||||||||
Fair | ||||||||||||||||||||||||
Value | ||||||||||||||||||||||||
November 30, 2013 | ||||||||||||||||||||||||
Municipal bonds | $ | 14,175 | $ | 48 | $ | (431 | ) | $ | 13,792 | |||||||||||||||
Total investments | $ | 14,175 | $ | 48 | $ | (431 | ) | $ | 13,792 | |||||||||||||||
March 2, 2013 | ||||||||||||||||||||||||
Municipal bonds | $ | 38,927 | $ | 127 | $ | (240 | ) | $ | 38,814 | |||||||||||||||
Total investments | $ | 38,927 | $ | 127 | $ | (240 | ) | $ | 38,814 | |||||||||||||||
Schedule of length of time that available-for-sale securities were in continuous unrealized loss positions | ' | |||||||||||||||||||||||
The following table presents the length of time that available-for-sale securities were in continuous unrealized loss positions, but were not deemed to be other than temporarily impaired, as of November 30, 2013: | ||||||||||||||||||||||||
Less Than 12 Months | Greater Than or Equal to | Total | ||||||||||||||||||||||
12 Months | ||||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Municipal bonds | $ | 6,495 | $ | (202 | ) | $ | 1,021 | $ | (229 | ) | $ | 7,516 | $ | (431 | ) | |||||||||
Total investments | $ | 6,495 | $ | (202 | ) | $ | 1,021 | $ | (229 | ) | $ | 7,516 | $ | (431 | ) | |||||||||
Schedule of amortized cost and estimated fair values of investments by contractual maturity | ' | |||||||||||||||||||||||
The amortized cost and estimated fair values of investments at November 30, 2013, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||
(In thousands) | Amortized Cost | Estimated Market Value | ||||||||||||||||||||||
Due within one year | $ | 2,688 | $ | 2,689 | ||||||||||||||||||||
Due after one year through five years | 2,720 | 2,743 | ||||||||||||||||||||||
Due after five years through 10 years | 7,451 | 7,272 | ||||||||||||||||||||||
Due after 10 years through 15 years | 1,250 | 1,021 | ||||||||||||||||||||||
Due beyond 15 years | 66 | 67 | ||||||||||||||||||||||
Total | $ | 14,175 | $ | 13,792 | ||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Nov. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Financial assets and liabilities measured at fair value | ' | |||||||||||||||
Financial assets and liabilities measured at fair value as of November 30, 2013 and March 2, 2013, are summarized below: | ||||||||||||||||
(In thousands) | Quoted Prices in | Other | Unobservable | Total Fair | ||||||||||||
Active Markets | Observable | Inputs | Value | |||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
November 30, 2013 | ||||||||||||||||
Cash equivalents | ||||||||||||||||
Money market funds | $ | 9,147 | $ | — | $ | — | $ | 9,147 | ||||||||
Total cash equivalents | 9,147 | — | — | 9,147 | ||||||||||||
Available for sale securities | ||||||||||||||||
Municipal bonds | $ | — | $ | 13,792 | $ | — | $ | 13,792 | ||||||||
Total available for sale securities | — | 13,792 | — | 13,792 | ||||||||||||
Restricted investments | ||||||||||||||||
Money market funds | $ | 23,678 | $ | — | $ | — | $ | 23,678 | ||||||||
Total restricted investments | 23,678 | — | — | 23,678 | ||||||||||||
Mutual fund investments | ||||||||||||||||
Mutual funds | $ | 841 | $ | — | $ | — | $ | 841 | ||||||||
Total mutual fund investments | 841 | — | — | 841 | ||||||||||||
Foreign currency instruments | ||||||||||||||||
Foreign currency instruments | $ | — | $ | 205 | $ | — | $ | 205 | ||||||||
Total foreign currency instruments | $ | — | $ | 205 | $ | — | $ | 205 | ||||||||
Total assets at fair value | $ | 33,666 | $ | 13,997 | $ | — | $ | 47,663 | ||||||||
March 2, 2013 | ||||||||||||||||
Cash equivalents | ||||||||||||||||
Money market funds | $ | 17,639 | $ | — | $ | — | $ | 17,639 | ||||||||
Total cash equivalents | 17,639 | — | — | 17,639 | ||||||||||||
Available for sale securities | ||||||||||||||||
Municipal bonds | $ | — | $ | 38,814 | $ | — | $ | 38,814 | ||||||||
Total available for sale securities | — | 38,814 | — | 38,814 | ||||||||||||
Restricted investments | ||||||||||||||||
Money market funds | $ | 26,443 | $ | — | $ | — | $ | 26,443 | ||||||||
Total restricted investments | 26,443 | — | — | 26,443 | ||||||||||||
Mutual fund investments | ||||||||||||||||
Mutual funds | $ | 251 | $ | — | $ | — | $ | 251 | ||||||||
Total mutual fund investments | 251 | — | — | 251 | ||||||||||||
Total assets at fair value | $ | 44,333 | $ | 38,814 | $ | — | $ | 83,147 | ||||||||
Foreign currency instruments | ||||||||||||||||
Foreign currency instruments | $ | — | $ | 405 | $ | — | $ | 405 | ||||||||
Total liabilities at fair value | $ | — | $ | 405 | $ | — | $ | 405 | ||||||||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||||||||||||||
Nov. 30, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||||||||||||||
The preliminary purchase price allocation is based on the estimated fair value of assets acquired and liabilities assumed and have been allocated as follows: | ||||||||||||||||
(In thousands) | 5-Nov-13 | |||||||||||||||
Current assets | $ | 17,168 | ||||||||||||||
Property, plant and equipment | 8,255 | |||||||||||||||
Goodwill | 31,017 | |||||||||||||||
Current liabilities | (5,634 | ) | ||||||||||||||
Net assets acquired | $ | 50,806 | ||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||||||||||||||
The following pro forma consolidated condensed financial results of operations for the three and nine-months ended November 30, 2013 and December 1, 2012 are presented as if the acquisition had been completed at the beginning of fiscal year 2013: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(In thousands, except per share data) | November 30, 2013 | December 1, 2012 | November 30, 2013 | December 1, 2012 | ||||||||||||
Net sales | $ | 210,613 | $ | 207,359 | $ | 595,451 | $ | 563,579 | ||||||||
Net income | 10,595 | 10,028 | 22,516 | 18,439 | ||||||||||||
Earnings per share | ||||||||||||||||
Basic | $ | 0.37 | $ | 0.36 | $ | 0.79 | $ | 0.66 | ||||||||
Diluted | 0.36 | 0.35 | 0.77 | 0.65 | ||||||||||||
Goodwill_and_Other_Identifiabl1
Goodwill and Other Identifiable Intangible Assets (Tables) | 9 Months Ended | |||||||||||||||||||
Nov. 30, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of goodwill attributable to each business segment | ' | |||||||||||||||||||
The carrying amount of goodwill attributable to each business segment as of the nine months ended November 30, 2013 is detailed below, including estimated goodwill for the Alumicor acquisition. | ||||||||||||||||||||
(In thousands) | Architectural Glass | Architectural Services | Architectural Framing Systems | Large-Scale | Total | |||||||||||||||
Optical | ||||||||||||||||||||
Balance at March 3, 2012 | $ | 27,277 | $ | 1,120 | $ | 22,663 | $ | 10,557 | $ | 61,617 | ||||||||||
Foreign currency translation | (275 | ) | — | — | — | (275 | ) | |||||||||||||
Balance at March 2, 2013 | 27,002 | 1,120 | 22,663 | 10,557 | 61,342 | |||||||||||||||
Goodwill acquired | — | — | 31,017 | — | 31,017 | |||||||||||||||
Foreign currency translation | (223 | ) | — | (627 | ) | — | (850 | ) | ||||||||||||
Balance at November 30, 2013 | $ | 26,779 | $ | 1,120 | $ | 53,053 | $ | 10,557 | $ | 91,509 | ||||||||||
Schedule of finite lived intangible assets | ' | |||||||||||||||||||
The Company’s identifiable intangible assets with finite lives are being amortized over their estimated useful lives and were as follows: | ||||||||||||||||||||
30-Nov-13 | ||||||||||||||||||||
(In thousands) | Gross | Accumulated | Foreign | Net | ||||||||||||||||
Carrying | Amortization | Currency | ||||||||||||||||||
Amount | Translation | |||||||||||||||||||
Debt issue costs | $ | 3,405 | $ | (2,323 | ) | $ | — | $ | 1,082 | |||||||||||
Non-compete agreements | 6,767 | (6,227 | ) | (22 | ) | 518 | ||||||||||||||
Customer relationships | 15,354 | (10,238 | ) | (194 | ) | 4,922 | ||||||||||||||
Purchased intellectual property | 8,566 | (2,427 | ) | (151 | ) | 5,988 | ||||||||||||||
Total | $ | 34,092 | $ | (21,215 | ) | $ | (367 | ) | $ | 12,510 | ||||||||||
March 2, 2013 | ||||||||||||||||||||
(In thousands) | Gross | Accumulated | Foreign | Net | ||||||||||||||||
Carrying | Amortization | Currency | ||||||||||||||||||
Amount | Translation | |||||||||||||||||||
Debt issue costs | $ | 3,556 | $ | (2,209 | ) | $ | — | $ | 1,347 | |||||||||||
Non-compete agreements | 6,824 | (6,124 | ) | (38 | ) | 662 | ||||||||||||||
Customer relationships | 15,628 | (9,541 | ) | (266 | ) | 5,821 | ||||||||||||||
Purchased intellectual property | 8,210 | (2,169 | ) | (196 | ) | 5,845 | ||||||||||||||
Total | $ | 34,218 | $ | (20,043 | ) | $ | (500 | ) | $ | 13,675 | ||||||||||
Schedule of estimated future amortization expense for identifiable intangible assets | ' | |||||||||||||||||||
At November 30, 2013, the estimated future amortization expense for identifiable intangible assets, excluding estimated amortization expense for Alumicor, for the remainder of fiscal 2014 and all of the following four fiscal years is as follows: | ||||||||||||||||||||
(In thousands) | Remainder | Fiscal | Fiscal | Fiscal | Fiscal | |||||||||||||||
of Fiscal | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||
2014 | ||||||||||||||||||||
Estimated amortization expense | $ | 783 | $ | 1,693 | $ | 1,346 | $ | 1,198 | $ | 1,145 | ||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||
Nov. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components of net periodic benefit cost | ' | |||||||||||||||
Components of net periodic benefit cost for the plans for the three and nine-month periods ended November 30, 2013 and December 1, 2012, were as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(In thousands) | November 30, | December 1, | November 30, | December 1, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Interest cost | $ | 134 | $ | 142 | $ | 402 | $ | 426 | ||||||||
Expected return on assets | (46 | ) | (44 | ) | (138 | ) | (132 | ) | ||||||||
Amortization of unrecognized net loss | 41 | 53 | 123 | 159 | ||||||||||||
Net periodic benefit cost | $ | 129 | $ | 151 | $ | 387 | $ | 453 | ||||||||
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Nov. 30, 2013 | ||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Future minimum rental payments under noncancelable operating leases | ' | |||||||||||||||||||||||||||
Future minimum rental payments under non-cancelable operating leases are: | ||||||||||||||||||||||||||||
(In thousands) | Remainder | Fiscal | Fiscal | Fiscal | Fiscal | Thereafter | Total | |||||||||||||||||||||
of Fiscal | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
Total minimum payments | $ | 2,982 | $ | 8,895 | $ | 8,377 | $ | 6,642 | $ | 5,292 | $ | 9,038 | $ | 41,226 | ||||||||||||||
Guarantees and warranties | ' | |||||||||||||||||||||||||||
The Company’s warranty and claim accruals are detailed below. | ||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||
(In thousands) | November 30, | December 1, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 8,323 | $ | 7,210 | ||||||||||||||||||||||||
Additional accruals | 4,550 | 3,197 | ||||||||||||||||||||||||||
Claims paid | (2,426 | ) | (2,185 | ) | ||||||||||||||||||||||||
Balance at end of period | $ | 10,447 | $ | 8,222 | ||||||||||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Nov. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Sales and operating income data | ' | |||||||||||||||
The following table presents sales and operating income data for the Company’s four reporting segments, and on a consolidated basis, for the three and nine months ended November 30, 2013, as compared to the corresponding periods a year ago: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
(In thousands) | November 30, | December 1, | November 30, | December 1, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net Sales from operations | ||||||||||||||||
Architectural Glass | $ | 73,365 | $ | 74,921 | $ | 218,142 | $ | 197,264 | ||||||||
Architectural Services | 51,167 | 49,125 | 139,820 | 134,696 | ||||||||||||
Architectural Framing Systems | 58,981 | 51,605 | 152,877 | 146,182 | ||||||||||||
Large-Scale Optical | 22,699 | 21,648 | 61,917 | 60,477 | ||||||||||||
Intersegment eliminations | (6,782 | ) | (6,883 | ) | (15,728 | ) | (18,129 | ) | ||||||||
Net sales | $ | 199,430 | $ | 190,416 | $ | 557,028 | $ | 520,490 | ||||||||
Operating Income (Loss) from operations | ||||||||||||||||
Architectural Glass | $ | 1,641 | $ | 461 | $ | 3,782 | $ | (3,963 | ) | |||||||
Architectural Services | 351 | (196 | ) | (1,401 | ) | (3,794 | ) | |||||||||
Architectural Framing Systems | 5,782 | 5,573 | 13,026 | 14,735 | ||||||||||||
Large-Scale Optical | 6,058 | 6,557 | 16,072 | 17,021 | ||||||||||||
Corporate and other | (1,125 | ) | (984 | ) | (3,299 | ) | (2,717 | ) | ||||||||
Operating income | $ | 12,707 | $ | 11,411 | $ | 28,180 | $ | 21,282 | ||||||||
StockBased_Compensation_Detail
Stock-Based Compensation (Details 1) (USD $) | 9 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2013 | |
Award transactions on stock options | ' | ' |
Outstanding, Beginning | 1,362,373 | ' |
Outstanding shares awards exercised | -302,670 | ' |
Outstanding shares awards canceled | -8,376 | ' |
Outstanding, Ending | 1,051,327 | ' |
Outstanding shares vested or expected to vest | ' | 1,051,327 |
Outstanding shares exercisable | ' | 901,156 |
Award transactions on stock options, Weighted Average Exercise Price [Roll Forward] | ' | ' |
Weighted average exercise price, Beginning | $15.89 | ' |
Weighted average exercise price, Awards exercised | $20.64 | ' |
Weighted average exercise price, Awards canceled | $19.40 | ' |
Weighted average exercise price, Ending | $14.51 | ' |
Weighted average exercise price, Vested or expected to vest | ' | $14.51 |
Weighted average exercise price, Exercisable | ' | $15.54 |
Weighted average remaining contractual life, Outstanding | '5 years 1 month 0 days | ' |
Weighted average remaining contractual life, Vested of expected to vest | '5 years 1 month 0 days | ' |
Weighted average remaining contractual life, Exercisable | '4 years 7 months 0 days | ' |
Aggregate intrinsic value, Outstanding | ' | $22,406,495 |
Aggregate intrinsic value, Vested or expected to vest | ' | 22,406,495 |
Aggregate intrinsic value, Exercisable | ' | $18,279,796 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) (USD $) | 9 Months Ended | |
Nov. 30, 2013 | Mar. 02, 2013 | |
Nonvested share award transactions | ' | ' |
Number of shares, Granted | 155,471 | ' |
Number of shares, Vested | -336,933 | ' |
Number of shares, Canceled | -78,797 | ' |
Nonvested Number, Ending | 571,314 | 831,573 |
Nonvested share award transactions, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' |
Weighted average grant date fair value, Granted | $26.36 | ' |
Weighted average grant date fair value, Vested | $13.04 | ' |
Weighted average grant date fair value, Canceled | $13.80 | ' |
Weighted average grant date fair value, Ending | $16.75 | $13.17 |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details Textual) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation | $3,471 | $3,514 |
Total unrecognized compensation related to stock options awards | 300 | ' |
Cash proceeds from exercise of stock options | 2,000 | 1,200 |
Aggregate intrinsic value of securities | 2,400 | 1,800 |
Performance Shares cancelled | 75,547 | ' |
Number of performance share units granted | 174,353 | ' |
Number of performance share units granted and outstanding | 117,765 | ' |
Total unrecognized compensation cost related to nonvested share | 5,900 | ' |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted average period, Nonvested | '9 months | ' |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted average period, Nonvested | '23 months | ' |
Total fair value of shares vested | $8,500 | ' |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 | Nov. 30, 2013 | Dec. 01, 2012 |
Reconciliation of basic and diluted earnings per share | ' | ' | ' | ' |
Basic earnings per share - weighted common shares outstanding | 28,483 | 28,029 | 28,439 | 27,913 |
Incremental Common Shares Attributable to Share-based Payment Arrangements | 893 | 803 | 869 | 584 |
Weighted Average Number of Shares Outstanding, Diluted | 29,376 | 28,832 | 29,308 | 28,497 |
Earnings per share - basic | $0.34 | $0.29 | $0.70 | $0.53 |
Earnings per share - diluted | $0.33 | $0.28 | $0.68 | $0.52 |
Stock options excluded from the calculation of earnings per share because the exercise price was greater than the average market price of the common shares | 0 | 529 | 0 | 235 |
Inventories_Details
Inventories (Details) (USD $) | Nov. 30, 2013 | Mar. 02, 2013 |
In Thousands, unless otherwise specified | ||
Components of inventories | ' | ' |
Raw materials | $17,770 | $11,834 |
Work-in-process | 11,699 | 7,754 |
Finished goods | 14,952 | 13,397 |
Costs and earnings in excess of billings on uncompleted contracts | 2,081 | 3,067 |
Total inventories | $46,502 | $36,052 |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | Nov. 30, 2013 | Mar. 02, 2013 |
In Thousands, unless otherwise specified | ||
Amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale | ' | ' |
Amortized Cost | $14,175 | $38,927 |
Gross Unrealized Gains | 48 | 127 |
Gross Unrealized Losses | -431 | -240 |
Estimated Market Value, Total | 13,792 | 38,814 |
Municipal bonds [Member] | ' | ' |
Amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale | ' | ' |
Amortized Cost | 14,175 | 38,927 |
Gross Unrealized Gains | 48 | 127 |
Gross Unrealized Losses | -431 | -240 |
Estimated Market Value, Total | $13,792 | $38,814 |
Marketable_Securities_Details_
Marketable Securities (Details 1) (USD $) | Nov. 30, 2013 |
In Thousands, unless otherwise specified | |
Schedule of length of time that available-for-sale securities were in continuous unrealized loss positions | ' |
Less Than 12 Months, Fair Value | $6,495 |
Less Than 12 Months, Unrealized Losses | -202 |
Greater Than or Equal to 12 Months, Fair Value | 1,021 |
Greater Than or Equal to 12 Months, Unrealized Losses | -229 |
Total Fair Value | 7,516 |
Total Unrealized Losses | -431 |
Municipal bonds [Member] | ' |
Schedule of length of time that available-for-sale securities were in continuous unrealized loss positions | ' |
Less Than 12 Months, Fair Value | 6,495 |
Less Than 12 Months, Unrealized Losses | -202 |
Greater Than or Equal to 12 Months, Fair Value | 1,021 |
Greater Than or Equal to 12 Months, Unrealized Losses | -229 |
Total Fair Value | 7,516 |
Total Unrealized Losses | ($431) |
Marketable_Securities_Details_1
Marketable Securities (Details 2) (USD $) | Nov. 30, 2013 | Mar. 02, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of amortized cost and estimated fair values of investments by contractual maturity | ' | ' |
Amortized Cost, Due within one year | $2,688 | ' |
Amortized Cost, Due after one year through five years | 2,720 | ' |
Amortized Cost, Due after five years through 10 years | 7,451 | ' |
Amortized Cost, Due after 10 years through 15 years | 1,250 | ' |
Amortized Cost, Due beyond 15 years | 66 | ' |
Amortized Cost, Total | 14,175 | ' |
Estimated Market Value, Due within one year | 2,689 | ' |
Estimated Market Value, Due after one year through five years | 2,743 | ' |
Estimated Market Value, Due after five years through 10 years | 7,272 | ' |
Estimated Market Value, Due after 10 years through 15 years | 1,021 | ' |
Estimated Market Value, Due beyond 15 years | 67 | ' |
Estimated Market Value, Total | $13,792 | $38,814 |
Marketable_Securities_Details_2
Marketable Securities (Details Textual) (USD $) | Nov. 30, 2013 | Mar. 02, 2013 |
In Thousands, unless otherwise specified | ||
Marketable Securities (Textual) [Abstract] | ' | ' |
Investments, Total | $13,800 | ' |
Short-term available for sale securities | 2,689 | 26,007 |
Available-for-sale Securities, Debt Securities, Noncurrent | 11,103 | 12,807 |
Prism Assurance Ltd [Member] | ' | ' |
Marketable Securities (Textual) [Abstract] | ' | ' |
Investments, Total | $11,200 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Nov. 30, 2013 | Mar. 02, 2013 |
In Thousands, unless otherwise specified | ||
Cash equivalents | ' | ' |
Total cash equivalents | $9,147 | $17,639 |
Available for sale securities | ' | ' |
Available-for-sale Securities | 13,792 | 38,814 |
Restricted investments | ' | ' |
Total restricted investments | 23,678 | 26,443 |
Mutual fund investments | ' | ' |
Total mutual fund investments | 841 | 251 |
Derivative Instruments and Hedges, Assets [Abstract] | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | 205 | ' |
Total assets at fair value | 47,663 | 83,147 |
Derivative Instruments and Hedges, Liabilities [Abstract] | ' | ' |
Liabilities, Fair Value Disclosure | ' | 405 |
Money market funds [Member] | ' | ' |
Cash equivalents | ' | ' |
Total cash equivalents | 9,147 | 17,639 |
Restricted investments | ' | ' |
Total restricted investments | 23,678 | 26,443 |
Municipal bonds [Member] | ' | ' |
Available for sale securities | ' | ' |
Available-for-sale Securities | 13,792 | 38,814 |
Mutual funds [Member] | ' | ' |
Mutual fund investments | ' | ' |
Total mutual fund investments | 841 | 251 |
Foreign Exchange Contract [Member] | ' | ' |
Derivative Instruments and Hedges, Assets [Abstract] | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | 205 | ' |
Derivative Instruments and Hedges, Liabilities [Abstract] | ' | ' |
Foreign Currency Contracts, Liability, Fair Value Disclosure | ' | 405 |
Quoted Prices in Active Markets (Level 1) [Member] | ' | ' |
Cash equivalents | ' | ' |
Total cash equivalents | 9,147 | 17,639 |
Available for sale securities | ' | ' |
Available-for-sale Securities | 0 | 0 |
Restricted investments | ' | ' |
Total restricted investments | 23,678 | 26,443 |
Mutual fund investments | ' | ' |
Total mutual fund investments | 841 | 251 |
Derivative Instruments and Hedges, Assets [Abstract] | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | ' |
Total assets at fair value | 33,666 | 44,333 |
Derivative Instruments and Hedges, Liabilities [Abstract] | ' | ' |
Liabilities, Fair Value Disclosure | ' | 0 |
Quoted Prices in Active Markets (Level 1) [Member] | Money market funds [Member] | ' | ' |
Cash equivalents | ' | ' |
Total cash equivalents | 9,147 | 17,639 |
Restricted investments | ' | ' |
Total restricted investments | 23,678 | 26,443 |
Quoted Prices in Active Markets (Level 1) [Member] | Municipal bonds [Member] | ' | ' |
Available for sale securities | ' | ' |
Available-for-sale Securities | 0 | 0 |
Quoted Prices in Active Markets (Level 1) [Member] | Mutual funds [Member] | ' | ' |
Mutual fund investments | ' | ' |
Total mutual fund investments | 841 | 251 |
Quoted Prices in Active Markets (Level 1) [Member] | Foreign Exchange Contract [Member] | ' | ' |
Derivative Instruments and Hedges, Assets [Abstract] | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | ' |
Derivative Instruments and Hedges, Liabilities [Abstract] | ' | ' |
Foreign Currency Contracts, Liability, Fair Value Disclosure | ' | 0 |
Other Observable Inputs (Level 2) [Member] | ' | ' |
Cash equivalents | ' | ' |
Total cash equivalents | 0 | 0 |
Available for sale securities | ' | ' |
Available-for-sale Securities | 13,792 | 38,814 |
Restricted investments | ' | ' |
Total restricted investments | 0 | 0 |
Mutual fund investments | ' | ' |
Total mutual fund investments | 0 | 0 |
Derivative Instruments and Hedges, Assets [Abstract] | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | 205 | ' |
Total assets at fair value | 13,997 | 38,814 |
Derivative Instruments and Hedges, Liabilities [Abstract] | ' | ' |
Liabilities, Fair Value Disclosure | ' | 405 |
Other Observable Inputs (Level 2) [Member] | Money market funds [Member] | ' | ' |
Cash equivalents | ' | ' |
Total cash equivalents | 0 | 0 |
Restricted investments | ' | ' |
Total restricted investments | 0 | 0 |
Other Observable Inputs (Level 2) [Member] | Municipal bonds [Member] | ' | ' |
Available for sale securities | ' | ' |
Available-for-sale Securities | 13,792 | 38,814 |
Other Observable Inputs (Level 2) [Member] | Mutual funds [Member] | ' | ' |
Mutual fund investments | ' | ' |
Total mutual fund investments | 0 | 0 |
Other Observable Inputs (Level 2) [Member] | Foreign Exchange Contract [Member] | ' | ' |
Derivative Instruments and Hedges, Assets [Abstract] | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | 205 | ' |
Derivative Instruments and Hedges, Liabilities [Abstract] | ' | ' |
Foreign Currency Contracts, Liability, Fair Value Disclosure | ' | 405 |
Unobservable Inputs (Level 3) [Member] | ' | ' |
Cash equivalents | ' | ' |
Total cash equivalents | 0 | 0 |
Available for sale securities | ' | ' |
Available-for-sale Securities | 0 | 0 |
Restricted investments | ' | ' |
Total restricted investments | 0 | 0 |
Mutual fund investments | ' | ' |
Total mutual fund investments | 0 | 0 |
Derivative Instruments and Hedges, Assets [Abstract] | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | ' |
Total assets at fair value | 0 | 0 |
Derivative Instruments and Hedges, Liabilities [Abstract] | ' | ' |
Liabilities, Fair Value Disclosure | ' | 0 |
Unobservable Inputs (Level 3) [Member] | Money market funds [Member] | ' | ' |
Cash equivalents | ' | ' |
Total cash equivalents | 0 | 0 |
Restricted investments | ' | ' |
Total restricted investments | 0 | 0 |
Unobservable Inputs (Level 3) [Member] | Municipal bonds [Member] | ' | ' |
Available for sale securities | ' | ' |
Available-for-sale Securities | 0 | 0 |
Unobservable Inputs (Level 3) [Member] | Mutual funds [Member] | ' | ' |
Mutual fund investments | ' | ' |
Total mutual fund investments | 0 | 0 |
Unobservable Inputs (Level 3) [Member] | Foreign Exchange Contract [Member] | ' | ' |
Derivative Instruments and Hedges, Assets [Abstract] | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | ' |
Derivative Instruments and Hedges, Liabilities [Abstract] | ' | ' |
Foreign Currency Contracts, Liability, Fair Value Disclosure | ' | $0 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details Textual) (USD $) | Nov. 30, 2013 | Mar. 02, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Short-term available for sale securities | $2,689 | $26,007 |
Available-for-sale Securities, Debt Securities, Noncurrent | 11,103 | 12,807 |
Restricted Cash and Cash Equivalents, Noncurrent | 23,678 | 4,639 |
Mutual fund investments | $800 | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 | Nov. 30, 2013 | Nov. 05, 2013 |
Alumicor Limited [Member] | Alumicor Limited [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Assets Acquired | ' | ' | ' | $17,168 |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | ' | ' | ' | 8,255 |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | ' | ' | ' | 31,017 |
Business Acquisition, Purchase Price Allocation, Current Liabilities | ' | ' | ' | -5,634 |
Payments to Acquire Businesses, Net of Cash Acquired | $52,806 | $15 | $50,806 | ' |
Acquisition_Details_1
Acquisition (Details 1) (Alumicor Limited [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 | Nov. 30, 2013 | Dec. 01, 2012 |
Alumicor Limited [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Acquisition, Pro Forma Revenue | $210,613 | $207,359 | $595,451 | $563,579 |
Business Acquisition, Pro Forma Net Income (Loss) | $10,595 | $10,028 | $22,516 | $18,439 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.37 | $0.36 | $0.79 | $0.66 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.36 | $0.35 | $0.77 | $0.65 |
Acquisition_Details_Textual
Acquisition (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 05, 2013 |
Business Combinations [Abstract] | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | $52,400 |
Cash Acquired from Acquisition | ' | 1,600 | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 4,800 | ' | ' |
Business Combination, Acquisition Related Costs | ' | $500 | ' |
Goodwill_and_Other_Identifiabl2
Goodwill and Other Identifiable Intangible Assets (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Mar. 02, 2013 |
Schedule of goodwill attributable to each business segment | ' | ' |
Goodwill, Beginning | $61,342 | $61,617 |
Goodwill, Acquired During Period | 31,017 | ' |
Foreign currency translation | -850 | -275 |
Goodwill, Ending | 91,509 | 61,342 |
Architectural Glass [Member] | ' | ' |
Schedule of goodwill attributable to each business segment | ' | ' |
Goodwill, Beginning | 27,002 | 27,277 |
Goodwill, Acquired During Period | 0 | ' |
Foreign currency translation | -223 | -275 |
Goodwill, Ending | 26,779 | 27,002 |
Architectural Services segment [Member] | ' | ' |
Schedule of goodwill attributable to each business segment | ' | ' |
Goodwill, Beginning | 1,120 | 1,120 |
Goodwill, Acquired During Period | 0 | ' |
Foreign currency translation | 0 | 0 |
Goodwill, Ending | 1,120 | 1,120 |
Architectural Framing Systems Segment [Member] | ' | ' |
Schedule of goodwill attributable to each business segment | ' | ' |
Goodwill, Beginning | 22,663 | 22,663 |
Goodwill, Acquired During Period | 31,017 | ' |
Foreign currency translation | 627 | 0 |
Goodwill, Ending | 53,053 | 22,663 |
Large-Scale Optical [Member] | ' | ' |
Schedule of goodwill attributable to each business segment | ' | ' |
Goodwill, Beginning | 10,557 | 10,557 |
Goodwill, Acquired During Period | 0 | ' |
Foreign currency translation | 0 | 0 |
Goodwill, Ending | $10,557 | $10,557 |
Goodwill_and_Other_Identifiabl3
Goodwill and Other Identifiable Intangible Assets (Details 1) (USD $) | Nov. 30, 2013 | Mar. 02, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of finite lived identifiable intangible assets | ' | ' |
Gross Carrying Amount | $34,092 | $34,218 |
Accumulated Amortization | -21,215 | -20,043 |
Foreign Currency Translation | -367 | -500 |
Net | 12,510 | 13,675 |
Debt issue costs [Member] | ' | ' |
Schedule of finite lived identifiable intangible assets | ' | ' |
Gross Carrying Amount | 3,405 | 3,556 |
Accumulated Amortization | -2,323 | -2,209 |
Foreign Currency Translation | 0 | 0 |
Net | 1,082 | 1,347 |
Noncompete Agreements [Member] | ' | ' |
Schedule of finite lived identifiable intangible assets | ' | ' |
Gross Carrying Amount | 6,767 | 6,824 |
Accumulated Amortization | -6,227 | -6,124 |
Foreign Currency Translation | -22 | -38 |
Net | 518 | 662 |
Customer Relationships [Member] | ' | ' |
Schedule of finite lived identifiable intangible assets | ' | ' |
Gross Carrying Amount | 15,354 | 15,628 |
Accumulated Amortization | -10,238 | -9,541 |
Foreign Currency Translation | -194 | -266 |
Net | 4,922 | 5,821 |
Purchased intellectual property [Member] | ' | ' |
Schedule of finite lived identifiable intangible assets | ' | ' |
Gross Carrying Amount | 8,566 | 8,210 |
Accumulated Amortization | -2,427 | -2,169 |
Foreign Currency Translation | -151 | -196 |
Net | $5,988 | $5,845 |
Goodwill_and_Other_Identifiabl4
Goodwill and Other Identifiable Intangible Assets (Details 2) (USD $) | Nov. 30, 2013 |
In Thousands, unless otherwise specified | |
Schedule of estimated future amortization expense for identifiable intangible assets | ' |
Estimated amortization expense, Remainder of Fiscal 2014 | $783 |
Estimated amortization expense, Fiscal 2015 | 1,693 |
Estimated amortization expense, Fiscal 2016 | 1,346 |
Estimated amortization expense, Fiscal 2017 | 1,198 |
Estimated amortization expense, Fiscal 2018 | $1,145 |
Goodwill_and_Other_Identifiabl5
Goodwill and Other Identifiable Intangible Assets (Details Textual) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 |
Goodwill and Other Identifiable Intangible Assets (Textual) [Abstract] | ' | ' |
Amortization expense on identifiable intangible assets | $1,300 | $2,000 |
Write off of Deferred Debt Issuance Cost | $200 | ' |
Debt_Details
Debt (Details) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 | Mar. 02, 2013 |
Debt (Textual) [Abstract] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $100,000 | ' | ' |
Line of Credit Facility, Expiration Date | 20-Nov-18 | ' | ' |
Line of Credit Facility, Previous Expiration Date | 19-Oct-17 | ' | ' |
Line of Credit Facility, Amount Outstanding | 0 | ' | 0 |
Minimum net worth required | 280,400 | ' | ' |
Net Worth | 347,200 | ' | ' |
Adjusted debt-to-EBITDA ratio | 0.32 | ' | ' |
Decrease in non-credit facility debt | 25,000 | ' | ' |
Excess of non credit facility debt on unrestricted cash balances, cash equivalents and short-term marketable securities available for sale | 15,000 | ' | ' |
Repayments of Other Debt | 10,000 | ' | ' |
Write off of Deferred Debt Issuance Cost | 200 | ' | ' |
Interest payments | 500 | 600 | ' |
Maximum [Member] | ' | ' | ' |
Debt (Textual) [Abstract] | ' | ' | ' |
Adjusted debt-to-EBITDA ratio | 3 | ' | ' |
Industrial Revenue Bonds [Member] | ' | ' | ' |
Debt (Textual) [Abstract] | ' | ' | ' |
Debt | 20,400 | ' | ' |
Notes Payable, Other Payables [Member] | ' | ' | ' |
Debt (Textual) [Abstract] | ' | ' | ' |
Debt | 300 | ' | ' |
Letter of Credit [Member] | ' | ' | ' |
Debt (Textual) [Abstract] | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | ' | ' |
Line of Credit Facility Maximum Capacity under Previous Facility | $60,000 | ' | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 | Nov. 30, 2013 | Dec. 01, 2012 |
Components of net periodic benefit cost | ' | ' | ' | ' |
Interest cost | $134 | $142 | $402 | $426 |
Expected return on assets | -46 | -44 | -138 | -132 |
Amortization of unrecognized net loss | 41 | 53 | 123 | 159 |
Net periodic benefit cost | $129 | $151 | $387 | $453 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Nov. 30, 2013 | Mar. 02, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Liability for Uncertain Tax Positions, Noncurrent | $5,970 | $6,765 |
UnrecognizedTaxBenefitsReductionsResultingFromSettlementsWithTaxingAuthoritiesAndLapseOfApplicableStatuteOfLimitations | $600 | ' |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities (Details) (USD $) | Nov. 30, 2013 |
In Thousands, unless otherwise specified | |
Future minimum rental payments under noncancelable operating leases | ' |
Total minimum payments, Remainder of Fiscal 2014 | $2,982 |
Total minimum payments, Fiscal 2015 | 8,895 |
Total minimum payments, Fiscal 2016 | 8,377 |
Total minimum payments, Fiscal 2017 | 6,642 |
Total minimum payments, Fiscal 2018 | 5,292 |
Total minimum payments, Thereafter | 9,038 |
Total | $41,226 |
Commitments_and_Contingent_Lia3
Commitments and Contingent Liabilities (Details 1) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 |
Guarantees and warranties | ' | ' |
Balance at beginning of period | $8,323 | $7,210 |
Additional accruals | 4,550 | 3,197 |
Claims paid | -2,426 | -2,185 |
Balance at end of period | $10,447 | $8,222 |
Commitments_and_Contingent_Lia4
Commitments and Contingent Liabilities (Details Textual) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Company's backlog bonded by performance bonds | $83,200 | ' |
Face value of performance bonds | 240,300 | ' |
Total value of letter of credit | 23,500 | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | ' |
Purchase obligations | 75,400 | ' |
Derivative, Notional Amount | 18,600 | ' |
Derivative Asset, Fair Value, Net | 300 | ' |
Proceeds from new markets tax credit transaction, net of deferred costs | 7,752 | 0 |
Gross proceeds from new markets tax credits | 10,700 | ' |
Deferred Costs | $3,000 | ' |
Segment_Information_Segment_In
Segment Information Segment Information (Details Textual) | 9 Months Ended |
Nov. 30, 2013 | |
Reportable_Segment | |
Segment | |
Segment Information [Abstract] | ' |
Number of Reportable Segments | 4 |
Number of Operating Segments | 4 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Dec. 01, 2012 | Nov. 30, 2013 | Dec. 01, 2012 |
Sales and operating income data | ' | ' | ' | ' |
Net sales | $199,430 | $190,416 | $557,028 | $520,490 |
Operating income (loss) | 12,707 | 11,411 | 28,180 | 21,282 |
Architectural Glass [Member] | ' | ' | ' | ' |
Sales and operating income data | ' | ' | ' | ' |
Net sales | 73,365 | 74,921 | 218,142 | 197,264 |
Operating income (loss) | 1,641 | 461 | 3,782 | -3,963 |
Architectural Services segment [Member] | ' | ' | ' | ' |
Sales and operating income data | ' | ' | ' | ' |
Net sales | 51,167 | 49,125 | 139,820 | 134,696 |
Operating income (loss) | 351 | -196 | -1,401 | -3,794 |
Architectural Framing Systems Segment [Member] | ' | ' | ' | ' |
Sales and operating income data | ' | ' | ' | ' |
Net sales | 58,981 | 51,605 | 152,877 | 146,182 |
Operating income (loss) | 5,782 | 5,573 | 13,026 | 14,735 |
Large-Scale Optical [Member] | ' | ' | ' | ' |
Sales and operating income data | ' | ' | ' | ' |
Net sales | 22,699 | 21,648 | 61,917 | 60,477 |
Operating income (loss) | 6,058 | 6,557 | 16,072 | 17,021 |
Intersegment eliminations [Member] | ' | ' | ' | ' |
Sales and operating income data | ' | ' | ' | ' |
Net sales | -6,782 | -6,883 | -15,728 | -18,129 |
Corporate and other [Member] | ' | ' | ' | ' |
Sales and operating income data | ' | ' | ' | ' |
Operating income (loss) | ($1,125) | ($984) | ($3,299) | ($2,717) |