Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
May. 31, 2015 | Jul. 06, 2015 | |
Entity Registrant Name | PARK ELECTROCHEMICAL CORP | |
Entity Central Index Key | 76,267 | |
Current Fiscal Year End Date | --02-28 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 20,389,669 | |
Document Type | 10-Q | |
Document Period End Date | May 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | May. 31, 2015 | Mar. 01, 2015 | |
Current assets: | |||
Cash and cash equivalents | $ 61,559 | $ 141,538 | [1] |
Marketable securities (Note 3) | 167,459 | 130,595 | [1] |
Accounts receivable, less allowance for doubtful accounts of $400 and $396, respectively | 21,523 | 21,431 | [1] |
Inventories (Note 4) | 14,533 | 14,439 | [1] |
Prepaid expenses and other current assets | 6,126 | 5,256 | [1] |
Total current assets | 271,200 | 313,259 | [1] |
Property, plant and equipment, net | 23,821 | 26,537 | [1] |
Goodwill and other intangible assets | 9,840 | 9,840 | [1] |
Restricted cash (Note 5) | 25,000 | 0 | [1] |
Other assets | 946 | 1,046 | [1] |
Total assets | 330,807 | 350,682 | [1] |
Current liabilities: | |||
Current portion of long-term debt (Note 5) | 11,250 | 10,000 | [1] |
Accounts payable | 5,904 | 6,882 | [1] |
Accrued liabilities | 5,330 | 4,767 | [1] |
Income taxes payable | 4,220 | 4,141 | [1] |
Current deferred income taxes | 65 | 3,934 | [1] |
Total current liabilities | 26,769 | 29,724 | [1] |
Long-term debt (Note 5) | 80,250 | 84,000 | [1] |
Deferred income taxes | 47,164 | 54,155 | [1] |
Other liabilities | 1,204 | 1,204 | [1] |
Total liabilities | $ 155,387 | $ 169,083 | [1] |
Commitments and contingencies (Note 12) | |||
Shareholders' equity: | |||
Common stock | $ 2,096 | $ 2,096 | [1] |
Additional paid in capital | 165,288 | 164,819 | [1] |
Retained earnings | 18,760 | 16,048 | [1] |
Accumulated other comprehensive earnings | 1,592 | 1,468 | [1] |
Stockholders' equity | 187,736 | 184,431 | [1] |
Less treasury stock, at cost | (12,316) | (2,832) | [1] |
Total shareholders' equity | 175,420 | 181,599 | [1] |
Total liabilities and shareholders' equity | $ 330,807 | $ 350,682 | [1] |
[1] | The balance sheet at March 1, 2015 has been derived from the audited financial statements at that date. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | May. 31, 2015 | Mar. 01, 2015 | [1] |
Allowance for doubtful accounts receivable | $ 400 | $ 396 | |
[1] | The balance sheet at March 1, 2015 has been derived from the audited financial statements at that date. |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
May. 31, 2015 | Jun. 01, 2014 | |
Net sales | $ 37,829 | $ 48,817 |
Cost of sales | 26,462 | 31,888 |
Gross profit | 11,367 | 16,929 |
Selling, general and administrative expenses | 5,801 | 6,596 |
Restructuring charges (Note 7) | 124 | 267 |
Earnings from operations | 5,442 | 10,066 |
Interest expense (Note 5) | 369 | 353 |
Interest and other income | 265 | 147 |
Earnings before income taxes | 5,338 | 9,860 |
Income tax provision (Note 10) | 561 | 1,644 |
Net earnings | $ 4,777 | $ 8,216 |
Earnings per share (Note 8): | ||
Basic earnings per share (in dollars per share) | $ 0.23 | $ 0.39 |
Weighted average common shares outstanding for basic EPS (in shares) | 20,546 | 20,880 |
Diluted earnings per share (in dollars per share) | $ 0.23 | $ 0.39 |
Diluted weighted average shares (in shares) | 20,565 | 20,988 |
Dividends declared per share (in dollars per share) | $ 0.10 | $ 0.10 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May. 31, 2015 | Jun. 01, 2014 | |
Gains on Marketable Securities [Member] | ||
Unrealized gains on marketable securities: | ||
Unrealized holding gains (losses) arising during the period | $ 103 | $ 32 |
Less: reclassification adjustment for gains included in net earnings | (3) | 0 |
Losses on Marketable Securities [Member] | ||
Unrealized gains on marketable securities: | ||
Unrealized holding gains (losses) arising during the period | (31) | (3) |
Net earnings | 4,777 | 8,216 |
Foreign currency translation | 55 | (94) |
Other comprehensive earnings (loss) | 124 | (65) |
Total comprehensive earnings | $ 4,901 | $ 8,151 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
May. 31, 2015 | Jun. 01, 2014 | ||
Cash flows from operating activities: | |||
Net earnings | $ 4,777 | $ 8,216 | |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 837 | 898 | |
Stock-based compensation | 419 | 301 | |
Provision for deferred income taxes | (10,860) | 0 | |
Amortization of bond premium | 205 | 316 | |
Changes in operating assets and liabilities | (1,196) | (392) | |
Net cash (used in) provided by operating activities | (5,818) | 9,339 | |
Cash flows from investing activities: | |||
Purchase of property, plant and equipment | (176) | (53) | |
Proceeds from sales of property, plant and eqipment | 2,026 | 0 | |
Purchases of marketable securities | (40,923) | (37,146) | |
Proceeds from sales and maturities of marketable securities | 3,565 | 31,936 | |
Net cash used in investing activities | (35,508) | (5,263) | |
Cash flows from financing activities: | |||
Dividends paid | (2,065) | (2,088) | |
Restricted cash | (25,000) | 0 | |
Proceeds from exercise of stock options | 50 | 76 | |
Payments of long-term debt | (2,500) | 0 | |
Purchase of treasury stock | (9,484) | 0 | |
Net cash used in financing activities | (38,999) | (2,012) | |
(Decrease) increase in cash and cash equivalents before effect of exchange rate changes | (80,325) | 2,064 | |
Effect of exchange rate changes on cash and cash equivalents | 346 | (118) | |
(Decrease) increase in cash and cash equivalents | (79,979) | 1,946 | |
Cash and cash equivalents, beginning of period | 141,538 | [1] | 133,150 |
Cash and cash equivalents, end of period | 61,559 | 135,096 | |
Supplemental cash flow information: | |||
Cash paid during the period for income taxes, net of refunds | 11,310 | 0 | |
Cash paid during the period for interest | $ 206 | $ 222 | |
[1] | The balance sheet at March 1, 2015 has been derived from the audited financial statements at that date. |
Note 1 - Consolidated Financial
Note 1 - Consolidated Financial Statements | 3 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. CONSOLIDATED FINANCIAL STATEMENTS The condensed consolidated balance sheet as of May 31, 2015 and the consolidated statements of operations, the consolidated statements of comprehensive earnings and the condensed consolidated statements of cash flows for the 13 weeks ended May 31, 2015 and June 1, 2014 have been prepared by Park Electrochemical Corp. (the “Company”), without audit. In the opinion of management, these unaudited consolidated financial statements contain all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at May 31, 2015 and the results of operations and cash flows for all periods presented. The consolidated statements of operations are not necessarily indicative of the results to be expected for the full fiscal year or any subsequent interim period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 1, 2015. There have been no significant changes to such accounting policies during the 13 weeks ended May 31, 2015. |
Note 2 - Fair Value Measurement
Note 2 - Fair Value Measurements | 3 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 2 . FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability ( i.e Fair value measurements are broken down into three levels based on the reliability of inputs as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability ( e.g. Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The fair value of the Company’s cash and cash equivalents, accounts receivable, accounts payable and current liabilities approximate their carrying value due to their short-term nature. Due to the variable interest rates periodically adjusting with the current LIBOR, the carrying value of outstanding borrowings under the Company’s long-term debt approximates its fair value. (See Note 5). Certain assets and liabilities of the Company are required to be recorded at fair value on either a recurring or non-recurring basis. On a recurring basis, the Company records its marketable securities at fair value using Level 1 or Level 2 inputs. (See Note 3). The Company’s non-financial assets measured at fair value on a non-recurring basis include goodwill and any long-lived assets written down to fair value. To measure fair value of such assets, the Company uses Level 3 inputs consisting of techniques including an income approach and a market approach. The income approach is based on a discounted cash flow analysis and calculates the fair value by estimating the after-tax cash flows attributable to a reporting unit and then discounting the after-tax cash flows to a present value using a risk-adjusted discount rate. Assumptions used in the discounted cash flow analysis require the exercise of significant judgment, including judgment about appropriate discount rates, terminal value, growth rates and the amount and timing of expected future cash flows. There were no transfers between levels within the fair value hierarchy during the 13 weeks ended May 31, 2015 and June 1, 2014. With respect to goodwill, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value is less than its carrying value. If, based on that assessment, the Company believes it is more likely than not that the fair value is less than its carrying value, a two-step goodwill impairment test is performed. There have been no changes in events or circumstances which required impairment charges to be recorded during the 13 weeks ended May 31, 2015. |
Note 3 - Marketable Securities
Note 3 - Marketable Securities | 3 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3 . MARKETABLE SECURITIES All marketable securities are classified as available-for-sale and are carried at fair value, with the unrealized gains and losses, net of tax, included in comprehensive earnings. Realized gains and losses, amortization of premiums and discounts, and interest and dividend income are included in interest and other income in the Consolidated Statements of Operations. The costs of securities sold are based on the specific identification method. The following is a summary of available-for-sale securities: May 31, 2015 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 135,577 $ 135,577 $ - $ - U.S. corporate debt securities 31,882 27,880 4,002 - Total marketable securities $ 167,459 $ 163,457 $ 4,002 $ - March 1, 2015 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 119,493 $ 119,493 $ - $ - U.S. corporate debt securities 11,102 7,084 4,018 - Total marketable securities $ 130,595 $ 126,577 $ 4,018 $ - At May 31, 2015 and March 1, 2015, the Company’s level 2 investments consisted of commercial paper which was not traded on a regular basis or in an active market and for which the Company was unable to obtain pricing information on an ongoing basis. Therefore, these investments were measured using quoted market prices for similar assets currently trading in an active market or using model-derived valuations in which all significant inputs are observable for substantially the full term of the asset. The following table shows the amortized cost basis and gross unrealized gains and losses on the Company’s available-for-sale securities: Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses May 31, 2015: U.S. Treasury and other government securities $ 135,131 $ 471 $ 26 U.S. corporate debt securities 31,914 1 32 Total marketable securities $ 167,045 $ 472 $ 58 March 1, 2015: U.S. Treasury and other government securities $ 119,191 $ 314 $ 12 U.S. corporate debt securities 11,097 5 - Total marketable securities $ 130,288 $ 319 $ 12 The estimated fair values of such securities at May 31, 2015 by contractual maturity are shown below: Due in one year or less $ 90,008 Due after one year through five years 77,451 $ 167,459 |
Note 4 - Inventories
Note 4 - Inventories | 3 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4 . INVENTORIES Inventories are stated at the lower of cost (first-in, first-out method) or market. The Company writes down its inventory for estimated obsolescence or unmarketability based upon the age of the inventory and assumptions about future demand for the Company's products and market conditions. Inventories consisted of the following: May 31, March 1, 2015 2015 Inventories: Raw materials $ 7,187 $ 7,376 Work-in-process 2,923 3,114 Finished goods 4,028 3,605 Manufacturing supplies 395 344 $ 14,533 $ 14,439 |
Note 5 - Long-Term Debt
Note 5 - Long-Term Debt | 3 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5 . LONG-TERM DEBT On January 30, 2013, the Company entered into a five-year revolving credit facility agreement (the “Credit Agreement”) with PNC Bank, National Association (“PNC Bank”). The Credit Agreement provided for loans up to $52,000 (the “Facility”) to the Company and letters of credit up to $2,000 for the account of the Company. The Company borrowed $52,000 to finance a special dividend paid to shareholders of the Company in the 2013 fiscal year fourth quarter. On February 12, 2014, the Company entered into a four-year amended and restated revolving credit facility agreement (the “Amended Credit Agreement”) with PNC Bank. The Amended Credit Agreement provides for loans up to $104,000 (the “Amended Facility”) to the Company and letters of credit up to $2,000 for the account of the Company. Through May 31, 2015, the Company has borrowed $52,000 to finance a special dividend paid to shareholders of the Company in the 2014 fiscal year fourth quarter and an additional $52,000 to continue the loan that was provided under the Credit Agreement, and PNC Bank has issued two standby letters of credit for the account of the Company in the total amount of $1,075 to secure the Company’s obligations under its workers’ compensation insurance program. During the 13 weeks ended May 31, 2015, the Company made a $2,500 principal payment in accordance with the Amended Credit Agreement. The remaining $91,500 outstanding borrowings under the Amended Credit Agreement are payable in three quarterly installments of $2,500 each, commencing in July 2015, and eight quarterly installments of $3,750 each, commencing in April 2016, with the remaining amount outstanding under the Amended Credit Agreement payable on February 12, 2018. The Amended Credit Agreement excludes a pre-payment penalty. Borrowings under the Amended Facility bear interest at a rate equal to, at the Company’s option, either a (a) LIBOR rate option determined by a fluctuating rate per annum equal to the LIBOR Rate plus 1.10% or (b) base rate option determined by a fluctuating rate per annum equal to the highest of (i) the Federal Funds Open Rate (as defined in the Amended Credit Agreement) plus 0.5%, (ii) the Prime Rate (as defined in the Amended Credit Agreement), and (iii) the Daily LIBOR Rate (as defined in the Amended Credit Agreement) plus 1.0%. Under the Amended Credit Agreement, the Company also is obligated to pay a nonrefundable commitment fee, accruing from February 12, 2014 until the earlier of February 12, 2018 and the date on which the Amended Credit Agreement is terminated, equal to 0.20% per annum multiplied by the average daily difference between the amount of (a) the revolving credit commitment and (b) the revolving facility usage, payable quarterly in arrears. The Amended Credit Agreement contains certain customary affirmative and negative covenants and customary financial covenants. On February 24, 2015, the Company and PNC Bank entered into an Amendment to the Amended Credit Agreement that modified certain covenants. The covenants under the Amended Credit Agreement at May 31, 2015, as amended by the February 24, 2015 Amendment to the Amended Credit Agreement, require the Company to (a) maintain a minimum fixed charge coverage ratio of 1.10 to 1.00 at the end of each fiscal quarter, except for the fiscal quarters ending on May 31, 2015 and August 30, 2015 for which the ratio is 1.00 to 1.00, and (b) not exceed a maximum funded debt ratio of (i) 3.85 to 1.00 for the period March 2, 2015 through May 31, 2015, (ii) 3.55 to 1.00 for the period June 1, 2015 through August 30, 2015, (iii) 3.50 to 1.00 for the period August 31, 2015 through February 28, 2016, (iv) 3.00 to 1.00 for the period February 29, 2016 through February 26, 2017, and (v) 2.25 to 1.00 for all periods thereafter. In addition, the Company must maintain minimum domestic liquid assets of $25,000 in cash and marketable securities at all times, except for the period February 24, 2015 through May 30, 2015, and maintain a minimum quick ratio of (i) 6.50 to 1.00 for the period December 1, 2014 through November 27, 2016 and (ii) 3.00 to 1.00 for all periods thereafter. The dividend covenant permits the Company to pay regular quarterly dividends in amounts not exceeding $0.10 per share and an annual special dividend to shareholders in amounts ranging from $1.00 to $2.50 with prior written notification to PNC Bank. The Company’s obligations under the Amended Credit Agreement are guaranteed by its Nelco Products, Inc., Neltec, Inc. and Park Aerospace Technologies Corp. subsidiaries and secured by a pledge of 65% of the capital stock of the Company’s Nelco Products Pte. Ltd. subsidiary in Singapore. The minimum domestic liquid assets of $25,000, for required periods, are reflected as restricted cash on the Condensed Consolidated Balance Sheets. The Amended Facility is available to (a) refinance the Credit Agreement, (b) support working capital and general corporate needs, including the issuance of letters of credit, (c) fund special distributions to the Company’s shareholders permitted under the Amended Facility and (d) finance ongoing capital expenditures and acquisitions. At May 31, 2015, $91,500 of indebtedness was outstanding under the Amended Credit Agreement with an interest rate of 1.34%. Interest expense recorded under the Amended Facility was approximately $369 and $353 for the 13 weeks ended May 31, 2015 and June 1, 2014, respectively, which is included in interest expense on the Consolidated Statements of Operations. |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 3 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6 . STOCK-BASED COMPENSATION As of May 31, 2015, the Company had a 2002 Stock Option Plan (the “Plan”), and no other stock-based compensation plan. The Plan has been approved by the Company’s shareholders and provides for the grant of stock options to directors and key employees of the Company. All options granted under the Plan have exercise prices equal to the fair market value of the underlying common stock of the Company at the time of grant, which, pursuant to the terms of the Plan, is the reported closing price of the common stock on the New York Stock Exchange on the date preceding the date the option is granted. Options granted under the Plan become exercisable 25% one year after the date of grant, with an additional 25% exercisable each succeeding anniversary of the date of grant, and expire 10 years after the date of grant. On March 2, 2015, the Company granted options to purchase 171,100 shares of common stock to certain of its employees. The future compensation expense to be recognized in earnings before income taxes was $1,168 and will be recorded on a straight-line basis over the remaining requisite service period. The weighted average fair value of the granted options was estimated to be $7.56 per share using the Black-Scholes option pricing model with the following assumptions: risk free interest rate of 1.68% - 1.75%; expected volatility factors of 28.73% - 31.71%; expected dividend yield of 1.84%; and estimated option terms of 5.3 - 7.9 years. The risk-free interest rates were based on U.S. Treasury rates at the date of grant with maturity dates approximately equal to the estimated term of the options at the date of the grant. Volatility factors were based on historical volatility of the Company’s common stock. The expected dividend yields were based on the regular quarterly cash dividend per share most recently declared by the Company and on the exercise price of the options granted during the 2016 fiscal year. The estimated terms of the options were based on evaluations of the historical and expected future employee exercise behavior. The following is a summary of option activity for the 13 weeks ended May 31, 2015: Outstanding Options Weighted Average Exercise Price Balance, March 1, 2015 966,692 $ 22.55 Granted 171,100 21.71 Exercised (2,500 ) 19.91 Terminated or expired (750 ) 23.28 Balance, May 31, 2015 1,134,542 $ 22.43 Vested and exercisable, May 31, 2015 692,283 $ 22.22 |
Note 7 - Restructuring Charges
Note 7 - Restructuring Charges | 3 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 7. RESTRUCTURING CHARGES During the 2013 fiscal year, the Company recorded restructuring charges of $2,730 related to the closure of the Company’s Nelco Technology (Zhuhai FTZ) Ltd. business unit located in Zhuhai, China. The charges included a non-cash asset impairment charge of $3,620 related to property, plant and equipment and were net of the recapture of a non-cash cumulative currency translation adjustment of $1,465. The reclassification of the non-cash cumulative currency translation adjustment was included in foreign currency translation charges in the Consolidated Statements of Comprehensive Earnings (Loss). The Nelco Technology (Zhuhai FTZ) Ltd. building was sold for approximately $2,026 during the 13 weeks ended May 31, 2015. There was no gain or loss on the sale of the building, since the carrying value of the building was equal to the selling price. The Company paid $37 and $106 of additional pre-tax charges related to such closure during the 13 weeks ended May 31, 2015 and June 1, 2014, respectively. The Company recorded additional restructuring charges of $87 and $161 during the 13 weeks ended May 31, 2015 and June 1, 2014, respectively, related to the closure of the Company’s New England Laminates Co., Inc. business unit located in Newburgh, New York. The New England Laminates Co., Inc. building in Newburgh, New York is held for sale. In the 2004 fiscal year, the Company reduced the book value of the building to zero, and the Company intends to sell it during the 2016 fiscal year. In the 2015 fiscal year third quarter, the Company recorded a $496 charge in connection with cost reduction initiatives in the United States. Approximately $400 of such charge were paid through May 31, 2015 and the remaining balance of $96 is expected to be paid through December 2015. |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 3 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8 . EARNINGS PER SHARE Basic earnings per share are computed by dividing net earnings by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are computed by dividing net earnings by the sum of (a) the weighted average number of shares of common stock outstanding during the period and (b) the potentially dilutive securities outstanding during the period. Stock options are the only potentially dilutive securities; and the number of dilutive options is computed using the treasury stock method. The following table sets forth the calculation of basic and diluted earnings per share: 13 Weeks Ended May 31, 2015 June 1, 2014 Net earnings $ 4,777 $ 8,216 Weighted average common shares outstanding for basic EPS 20,546 20,880 Net effect of dilutive options 19 108 Weighted average shares outstanding for diluted EPS 20,565 20,988 Basic earnings per share $ 0.23 $ 0.39 Diluted earnings per share $ 0.23 $ 0.39 Potentially dilutive securities, which were not included in the computation of diluted earnings per share because either the effect would have been anti-dilutive or the options’ exercise prices were greater than the average market price of the common stock, were approximately 698 and 24 for the 13 weeks ended May 31, 2015 and June 1, 2014, respectively. |
Note 9 - Shareholders' Equity
Note 9 - Shareholders' Equity | 3 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9 . SHAREHOLDERS’ EQUITY During the 13 weeks ended May 31, 2015, the Company issued 2,500 shares pursuant to the exercises of stock options and received proceeds from such exercises and recognized stock-based compensation expense, net of recognized tax benefits, of $50 and $419, respectively. These transactions resulted in a $469 increase in additional paid-in capital during the period. On January 8, 2015, the Company announced that its Board of Directors had authorized the Company’s purchase, on the open market and in privately negotiated transactions, of up to 1,250,000 shares of its common stock, representing approximately 6% of the Company’s 20,945,634 total outstanding shares as of the close of business on January 7, 2015. This authorization supersedes all prior Board of Directors’ authorizations to purchase shares of the Company’s common stock. Pursuant to the share purchase authorization announced on January 8, 2015, the Company purchased an aggregate of 444,834 shares during the 13 weeks ended May 31, 2015 at an average purchase price per share of $21.32 and an aggregate purchase price of $9,493, leaving 686,410 shares that may be purchased by the Company pursuant to the aforementioned share purchase authorization. All of such 444,834 shares were purchased by the Company pursuant to a Rule 10b5-1 Stock Purchase Plan established by the Company on February 13, 2015 and terminated by the Company on April 24, 2015. Additional purchases by the Company pursuant to the aforementioned share purchase authorization may occur from time to time in the future. As previously announced by the Company, shares purchased by the Company will be retained as treasury stock and will be available for use under the Company’s stock option plan and for other corporate purposes. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10 . INCOME TAXES The Company’s effective tax rates for the 13 weeks ended May 31, 2015 and June 1, 2014 were 10.5% and 16.7%, respectively. The lower effective tax rate for the 13 weeks ended May 31, 2015 was primarily due to higher portions of taxable income in jurisdictions with lower effective income tax rates and larger foreign tax incentives in the 13 weeks ended May 31, 2015. The Company continuously evaluates the liquidity and capital requirements of its operations in the United States and of its foreign operations. As a result of such evaluation, the Company recorded a non-cash charge for the accrual of U.S. deferred income taxes in the amount of $63,958 on undistributed earnings of the Company’s subsidiary in Singapore during the fourth quarter of the 2014 fiscal year. In the first quarter ended May 31, 2015, $58,000 was repatriated to the United States. Deferred income taxes of $10,682 were settled through payment with the respective tax authorities. |
Note 11 - Geographic Regions
Note 11 - Geographic Regions | 3 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11 . GEOGRAPHIC REGIONS The Company is a global advanced materials company which develops, manufactures, markets and sells high technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure and high-end computing markets and advanced composite materials, parts and assemblies and low- volume tooling for the aerospace markets. The Company’s products are sold to customers in North America, Asia and Europe. The Company’s manufacturing facilities are located in Singapore, France, Kansas, Arizona and California. The Company operates as a single operating segment, which is advanced materials for the electronics and aerospace markets, with common management and identical or very similar economic characteristics, products, raw materials, manufacturing processes and equipment, customers and markets, marketing, sales and distribution methods and regulatory environments. The chief operating decision maker reviews financial information on a consolidated basis. Sales are attributed to geographic regions based upon the region in which the materials were delivered to the customer. Sales between geographic regions were not significant. Financial information regarding the Company’s operations by geographic region is as follows: 13 Weeks Ended May 31, 2015 June 1, 2014 Sales: North America $ 18,315 $ 21,295 Asia 17,234 24,497 Europe 2,280 3,025 Total sales $ 37,829 $ 48,817 May 31, 2015 March 1, 2015 Long-lived assets: North America $ 23,147 $ 23,562 Asia 10,207 12,490 Europe 307 325 Total long-lived assets $ 33,661 $ 36,377 |
Note 12 - Contingencies
Note 12 - Contingencies | 3 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 12 . CONTINGENCIES Litigation The Company is subject to a number of proceedings, lawsuits and other claims related to environmental, employment, product and other matters. The Company is required to assess the likelihood of any adverse judgments or outcomes in these matters as well as potential ranges of probable losses. A determination of the amount of reserves required, if any, for these contingencies is made after careful analysis of each individual issue. The required reserves may change in the future due to new developments in each matter or changes in approach, such as a change in settlement strategy in dealing with these matters. The Company believes that the ultimate disposition of such proceedings, lawsuits and claims will not have a material adverse effect on the Company’s liquidity, capital resources or business or its consolidated results of operations, cash flows or financial position. Environmental Contingencies The Company and certain of its subsidiaries have been named by the Environmental Protection Agency (the "EPA") or a comparable state agency under the Comprehensive Environmental Response, Compensation and Liability Act (the "Superfund Act") or similar state law as potentially responsible parties in connection with alleged releases of hazardous substances at four sites. Under the Superfund Act and similar state laws, all parties who may have contributed any waste to a hazardous waste disposal site or contaminated area identified by the EPA or comparable state agency may be jointly and severally liable for the cost of cleanup. Generally, these sites are locations at which numerous persons disposed of hazardous waste. In the case of the Company's subsidiaries, generally the waste was removed from their manufacturing facilities and disposed at waste sites by various companies which contracted with the subsidiaries to provide waste disposal services. Neither the Company nor any of its subsidiaries have been accused of or charged with any wrongdoing or illegal acts in connection with any such sites. The Company believes it maintains an effective and comprehensive environmental compliance program. The insurance carriers who provided general liability insurance coverage to the Company and its subsidiaries for the years during which the Company's subsidiaries' waste was disposed at these sites have in the past reimbursed the Company and its subsidiaries for 100% of their legal defense and remediation costs associated with three of these sites. The total costs incurred by the Company and its subsidiaries in connection with these sites, including legal fees incurred by the Company and its subsidiaries and their assessed share of remediation costs and excluding amounts paid or reimbursed by insurance carriers, were approximately $1 and $7 in the 13 weeks ended May 31, 2015 and June 1, 2014, respectively. The Company had no recorded liabilities for environmental matters at May 31, 2015 or March 1, 2015. The Company does not record environmental liabilities and related legal expenses for which the Company believes that it and its subsidiaries have general liability insurance coverage for the years during which the Company's subsidiaries' waste was disposed at three sites for which certain subsidiaries of the Company have been named as potentially responsible parties. Pursuant to such general liability insurance coverage, two insurance carriers had been paying 100% of the legal defense and remediation costs associated with such three sites since 1985. In the 2012 fiscal year fourth quarter, one of such insurance carriers, which had been paying 45% of such legal defense and remediation costs, indicated that it no longer agreed to such percentage. As a result, the Company commenced litigation against such insurance carriers and a third insurance carrier. The three insurance carriers and the Company have settled this matter; and pursuant to the settlement agreement, the three insurance carriers will pay 100% of the Company’s legal defense and remediation costs associated with such three sites. Included in selling, general and administrative expenses are charges for actual expenditures and accruals, based on estimates, for certain environmental matters described above. The Company accrues estimated costs associated with known environmental matters, when such costs can be reasonably estimated and when the outcome appears probable. The Company believes that the ultimate disposition of known environmental matters will not have a material adverse effect on the Company’s liquidity, capital resources or business or its consolidated results of operations, cash flows or financial position. |
Note 13 - Accounting Pronouncem
Note 13 - Accounting Pronouncements | 3 Months Ended |
May. 31, 2015 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 13 . ACCOUNTING PRONOUNCEMENTS Recently Issued In April 2015, the Financial Accounting Standards Board issued authoritative guidance on the presentation of debt issuance costs. This guidance is intended to simplify the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for fiscal years (and interim reporting periods within fiscal years) beginning after December 15, 2015. The Company does not expect this guidance to have a material impact on its consolidated results of operations, cash flows, financial position or disclosures. |
Note 3 - Marketable Securities
Note 3 - Marketable Securities (Tables) | 3 Months Ended |
May. 31, 2015 | |
Notes Tables | |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Table Text Block] | May 31, 2015 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 135,577 $ 135,577 $ - $ - U.S. corporate debt securities 31,882 27,880 4,002 - Total marketable securities $ 167,459 $ 163,457 $ 4,002 $ - March 1, 2015 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 119,493 $ 119,493 $ - $ - U.S. corporate debt securities 11,102 7,084 4,018 - Total marketable securities $ 130,595 $ 126,577 $ 4,018 $ - |
Schedule of Unrealized Loss on Investments [Table Text Block] | Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses May 31, 2015: U.S. Treasury and other government securities $ 135,131 $ 471 $ 26 U.S. corporate debt securities 31,914 1 32 Total marketable securities $ 167,045 $ 472 $ 58 March 1, 2015: U.S. Treasury and other government securities $ 119,191 $ 314 $ 12 U.S. corporate debt securities 11,097 5 - Total marketable securities $ 130,288 $ 319 $ 12 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Due in one year or less $ 90,008 Due after one year through five years 77,451 $ 167,459 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 3 Months Ended |
May. 31, 2015 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | May 31, March 1, 2015 2015 Inventories: Raw materials $ 7,187 $ 7,376 Work-in-process 2,923 3,114 Finished goods 4,028 3,605 Manufacturing supplies 395 344 $ 14,533 $ 14,439 |
Note 6 - Stock-based Compensa22
Note 6 - Stock-based Compensation (Tables) | 3 Months Ended |
May. 31, 2015 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Outstanding Options Weighted Average Exercise Price Balance, March 1, 2015 966,692 $ 22.55 Granted 171,100 21.71 Exercised (2,500 ) 19.91 Terminated or expired (750 ) 23.28 Balance, May 31, 2015 1,134,542 $ 22.43 Vested and exercisable, May 31, 2015 692,283 $ 22.22 |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 3 Months Ended |
May. 31, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 13 Weeks Ended May 31, 2015 June 1, 2014 Net earnings $ 4,777 $ 8,216 Weighted average common shares outstanding for basic EPS 20,546 20,880 Net effect of dilutive options 19 108 Weighted average shares outstanding for diluted EPS 20,565 20,988 Basic earnings per share $ 0.23 $ 0.39 Diluted earnings per share $ 0.23 $ 0.39 |
Note 11 - Geographic Regions (T
Note 11 - Geographic Regions (Tables) | 3 Months Ended |
May. 31, 2015 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | 13 Weeks Ended May 31, 2015 June 1, 2014 Sales: North America $ 18,315 $ 21,295 Asia 17,234 24,497 Europe 2,280 3,025 Total sales $ 37,829 $ 48,817 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | May 31, 2015 March 1, 2015 Long-lived assets: North America $ 23,147 $ 23,562 Asia 10,207 12,490 Europe 307 325 Total long-lived assets $ 33,661 $ 36,377 |
Note 3 - Marketable Securitie25
Note 3 - Marketable Securities - Summary of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | May. 31, 2015 | Mar. 01, 2015 | |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Marketable securities (Note 3) | $ 135,577 | $ 119,493 | |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Marketable securities (Note 3) | 0 | 0 | |
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Marketable securities (Note 3) | 0 | 0 | |
US Treasury and Government [Member] | |||
Marketable securities (Note 3) | 135,577 | 119,493 | |
Domestic Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Marketable securities (Note 3) | 27,880 | 7,084 | |
Domestic Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Marketable securities (Note 3) | 4,002 | 4,018 | |
Domestic Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Marketable securities (Note 3) | 0 | 0 | |
Domestic Corporate Debt Securities [Member] | |||
Marketable securities (Note 3) | 31,882 | 11,102 | |
Fair Value, Inputs, Level 1 [Member] | |||
Marketable securities (Note 3) | 163,457 | 126,577 | |
Fair Value, Inputs, Level 2 [Member] | |||
Marketable securities (Note 3) | 4,002 | 4,018 | |
Fair Value, Inputs, Level 3 [Member] | |||
Marketable securities (Note 3) | 0 | 0 | |
Marketable securities (Note 3) | $ 167,459 | $ 130,595 | [1] |
[1] | The balance sheet at March 1, 2015 has been derived from the audited financial statements at that date. |
Note 3 - Marketable Securitie26
Note 3 - Marketable Securities - Summary of Unrealized Gains/Losses on Available-for-Sale Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
May. 31, 2015 | Mar. 01, 2015 | |
US Treasury and Government [Member] | ||
Amortized Cost Basis | $ 135,131 | $ 119,191 |
Gross Unrealized Gains | 471 | 314 |
Gross Unrealized Losses | 26 | 12 |
Domestic Corporate Debt Securities [Member] | ||
Amortized Cost Basis | 31,914 | 11,097 |
Gross Unrealized Gains | 1 | 5 |
Gross Unrealized Losses | 32 | 0 |
Amortized Cost Basis | 167,045 | 130,288 |
Gross Unrealized Gains | 472 | 319 |
Gross Unrealized Losses | $ 58 | $ 12 |
Note 3 - Marketable Securitie27
Note 3 - Marketable Securities - Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | May. 31, 2015 |
Due in one year or less | $ 90,008 |
Due after one year through five years | 77,451 |
$ 167,459 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands | May. 31, 2015 | Mar. 01, 2015 | |
Inventories: | |||
Raw materials | $ 7,187 | $ 7,376 | |
Work-in-process | 2,923 | 3,114 | |
Finished goods | 4,028 | 3,605 | |
Manufacturing supplies | 395 | 344 | |
$ 14,533 | $ 14,439 | [1] | |
[1] | The balance sheet at March 1, 2015 has been derived from the audited financial statements at that date. |
Note 5 - Long-Term Debt (Detail
Note 5 - Long-Term Debt (Details Textual) $ / shares in Units, $ in Thousands | Feb. 12, 2014USD ($) | Jan. 30, 2013USD ($) | Apr. 30, 2016USD ($) | Jul. 31, 2015USD ($) | May. 31, 2015USD ($)$ / shares | Jun. 01, 2014USD ($) | May. 31, 2015USD ($) |
PNC Bank National Association [Member] | Letter of Credit [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000 | $ 2,000 | |||||
PNC Bank National Association [Member] | To Finance a Special Dividend Paid to Shareholders [Member] | |||||||
Proceeds from Lines of Credit | $ 52,000 | ||||||
PNC Bank National Association [Member] | To Continue the Loan [Member] | |||||||
Proceeds from Lines of Credit | $ 52,000 | ||||||
PNC Bank National Association [Member] | Scenario, Forecast [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||
Number of Quarterly Installments | 8 | ||||||
Debt Instrument, Periodic Payment, Principal | $ 3,750 | ||||||
PNC Bank National Association [Member] | Standby Letters of Credit [Member] | |||||||
Number of Standby Letter of Credit Issued | 2 | ||||||
Long-term Line of Credit | $ 1,075 | $ 1,075 | |||||
PNC Bank National Association [Member] | Debt Instrument, Redemption, Period One [Member] | Subsequent Event [Member] | |||||||
Number of Quarterly Installments | 3 | ||||||
Debt Instrument, Periodic Payment, Principal | $ 2,500 | ||||||
PNC Bank National Association [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||||||
PNC Bank National Association [Member] | Federal Funds Rate [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||
PNC Bank National Association [Member] | Daily LIBOR Plus [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||
PNC Bank National Association [Member] | |||||||
Line of Credit Facility, Expiration Period | 4 years | 5 years | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 104,000 | $ 52,000 | |||||
Proceeds from Lines of Credit | $ 52,000 | ||||||
Long-term Line of Credit | $ 91,500 | $ 91,500 | |||||
Repayments of Long-term Lines of Credit | $ 2,500 | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||||||
Line of Credit Facility, Interest Rate at Period End | 1.34% | 1.34% | |||||
Interest Expense | $ 369 | $ 353 | |||||
Special Dividend [Member] | Maximum [Member] | |||||||
Dividend Covenant, Maximum Quarterly Dividend | $ / shares | $ 2.50 | ||||||
Special Dividend [Member] | Minimum [Member] | |||||||
Dividend Covenant, Maximum Quarterly Dividend | $ / shares | $ 1 | ||||||
Debt Covenant Required for Quarter One [Member] | |||||||
Maximum Funded Debt Ratio | 3.85 | 3.85 | |||||
Debt Covenant Required for Quarter Two [Member] | |||||||
Maximum Funded Debt Ratio | 3.55 | 3.55 | |||||
Debt Covenant Required for Quarter Three and Four [Member] | |||||||
Maximum Funded Debt Ratio | 3.5 | 3.5 | |||||
Debt Covenant Required for Year Two [Member] | |||||||
Maximum Funded Debt Ratio | 3 | 3 | |||||
Debt Covenant Required for All Period Thereafter [Member] | |||||||
Maximum Funded Debt Ratio | 2.25 | 2.25 | |||||
Quick Ratio | 3 | 3 | |||||
Debt Covenant Required for the Period December 1, 2014 through November 27, 2016 [Member] | |||||||
Quick Ratio | 6.5 | 6.5 | |||||
Maximum [Member] | |||||||
Dividend Covenant, Maximum Quarterly Dividend | $ / shares | $ 0.10 | ||||||
Nelco Products Pte Ltd [Member] | |||||||
Pledge of Stock Percentage as Guarantee for Credit Agreement | 65.00% | ||||||
Minimum Interest Coverage Ratio | 1.1 | 1.1 | |||||
Debt Agreement, Minimum Domestic Liquid Assets Required | $ 25,000 | $ 25,000 | |||||
Interest Expense | $ 369 | $ 353 |
Note 6 - Stock-based Compensa30
Note 6 - Stock-based Compensation (Details Textual) - May. 31, 2015 - USD ($) $ / shares in Units, $ in Thousands | Total |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 109 days |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years 328 days |
Percentage of Stock Options, Exercisable One Year From Date of Grant | 25.00% |
Percentage of Stock Options Exercisable On Each Succeeding Year from Date of Grant | 25.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 171,100 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,168 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.56 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 1.68% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 1.75% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 28.73% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 31.71% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.84% |
Note 6 - Stock-based Compensa31
Note 6 - Stock-based Compensation - Option Activity (Details) - May. 31, 2015 - $ / shares | Total |
Balance (in shares) | 966,692 |
Balance (in dollars per share) | $ 22.55 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 171,100 |
Granted (in dollars per share) | $ 21.71 |
Exercised (in shares) | (2,500) |
Exercised (in dollars per share) | $ 19.91 |
Terminated or expired (in shares) | (750) |
Terminated or expired (in dollars per share) | $ 23.28 |
Balance (in shares) | 1,134,542 |
Balance (in dollars per share) | $ 22.43 |
Vested and exercisable (in shares) | 692,283 |
Vested and exercisable (in dollars per share) | $ 22.22 |
Note 7 - Restructuring Charges
Note 7 - Restructuring Charges (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 7 Months Ended | 12 Months Ended | |||
May. 31, 2015 | Nov. 30, 2014 | Jun. 01, 2014 | Dec. 31, 2015 | Mar. 03, 2013 | Feb. 29, 2004 | |
Nelco Technology Zhuhai FTZ Ltd [Member] | ||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 0 | |||||
Business Exit Costs | 37 | $ 106 | $ 2,730 | |||
Other Asset Impairment Charges | 3,620 | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | $ 1,465 | |||||
Proceeds from Sale of Property, Plant, and Equipment | 2,026 | |||||
New England Laminates Co Inc [Member] | ||||||
Business Exit Costs | 87 | 161 | ||||
Real Estate Held-for-sale | $ 0 | |||||
UNITED STATES | Scenario, Forecast [Member] | ||||||
Payments for Restructuring | $ 96 | |||||
UNITED STATES | ||||||
Restructuring Charges | $ 496 | |||||
Payments for Restructuring | 400 | |||||
Proceeds from Sale of Property, Plant, and Equipment | 2,026 | 0 | ||||
Restructuring Charges | $ 124 | $ 267 |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | |
May. 31, 2015 | Jun. 01, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 698 | 24 |
Note 8 - Earnings Per Share - B
Note 8 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
May. 31, 2015 | Jun. 01, 2014 | |
Net earnings | $ 4,777 | $ 8,216 |
Weighted average common shares outstanding for basic EPS (in shares) | 20,546 | 20,880 |
Net effect of dilutive options (in shares) | 19 | 108 |
Weighted average shares outstanding for diluted EPS (in shares) | 20,565 | 20,988 |
Basic earnings per share (in dollars per share) | $ 0.23 | $ 0.39 |
Diluted earnings per share (in dollars per share) | $ 0.23 | $ 0.39 |
Note 9 - Shareholders' Equity (
Note 9 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
May. 31, 2015 | Jan. 08, 2015 | Jan. 07, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 2,500 | ||
Proceeds from Stock Options Exercised | $ 50 | ||
Allocated Share-based Compensation Expense | 419 | ||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | $ 469 | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,250,000 | ||
Stock Repurchase Program, Percentage of Outstanding Shares Authorized to be Repurchased | 6.00% | ||
Common Stock, Shares, Outstanding | 20,945,634 | ||
Treasury Stock, Shares, Acquired | 444,834 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 21.32 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 9,493 | ||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 686,410 | ||
Treasury Stock, Shares, Retired | 444,834 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
May. 31, 2015 | Jun. 01, 2014 | Mar. 02, 2014 | |
SINGAPORE | |||
Deferred Tax Liabilities, Undistributed Foreign Earnings | $ 63,958 | ||
Deferred Income Taxes Settlement, Repatriation of Foreign Earnings | $ 10,682 | ||
Effective Income Tax Rate Reconciliation, Percent | 10.50% | 16.70% | |
Foreign Earnings Repatriated | $ 58,000 |
Note 11 - Geographic Regions -
Note 11 - Geographic Regions - Financial Information by Geographic Region, Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May. 31, 2015 | Jun. 01, 2014 | |
North America [Member] | ||
Sales | $ 18,315 | $ 21,295 |
Asia [Member] | ||
Sales | 17,234 | 24,497 |
Europe [Member] | ||
Sales | 2,280 | 3,025 |
Sales | $ 37,829 | $ 48,817 |
Note 11 - Geographic Regions 38
Note 11 - Geographic Regions - Financial Information by Geographic Region, Assets (Details) - USD ($) $ in Thousands | May. 31, 2015 | Mar. 01, 2015 |
North America [Member] | ||
Long-lived assets | $ 23,147 | $ 23,562 |
Asia [Member] | ||
Long-lived assets | 10,207 | 12,490 |
Europe [Member] | ||
Long-lived assets | 307 | 325 |
Long-lived assets | $ 33,661 | $ 36,377 |
Note 12 - Contingencies (Detail
Note 12 - Contingencies (Details Textual) $ in Thousands | 3 Months Ended | ||
May. 31, 2015USD ($) | Jun. 01, 2014USD ($) | Mar. 01, 2015USD ($) | |
Two Insurance Carriers [Member] | |||
Percentage of Legal Defense and Remediation Costs Associated with Sites Reimbursed by Insurance Carriers | 100.00% | ||
Insurance Carrier One [Member] | |||
Percentage of Legal Defense and Remediation Costs Associated with Sites Reimbursed by Insurance Carriers | 45.00% | ||
Accrual for Environmental Loss Contingencies | $ 0 | $ 0 | |
Number of Sites of Company or Subsidiaries That Have Been Named for Potential Environmental Remediation Liability | 4 | ||
Percentage of Legal Defense and Remediation Costs Associated with Sites Reimbursed by Insurance Carriers | 100.00% | ||
Number of Units Covered Under General Liability Insurance Coverage | 3 | ||
Litigation Settlement, Expense | $ 1 | $ 7 | |
Number of Insurance Carriers | 2 | ||
Number of Insurance Carriers That Have Filed Answers to Lawsuit | 3 |