Park Aerospace (PKE) 10-Q 6 Jan 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Nov. 27, 2016	Jan. 03, 2017
Document Information [Line Items]
Entity Registrant Name	PARK ELECTROCHEMICAL CORP
Entity Central Index Key	76,267
Trading Symbol	pke
Current Fiscal Year End Date	--02-26
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)		20,234,671
Document Type	10-Q
Document Period End Date	Nov. 27, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Nov. 27, 2016	Feb. 28, 2016	[1]
Current assets:
Cash and cash equivalents	$ 106,474	$ 97,757
Marketable securities (Note 3)	132,350	139,668
Accounts receivable, less allowance for doubtful accounts of $361 and $324, respectively	16,013	22,583
Inventories (Note 4)	12,587	10,214
Prepaid expenses and other current assets	2,329	1,963
Total current assets	269,753	272,185
Property, plant and equipment, net	19,333	21,512
Goodwill and other intangible assets	9,833	9,833
Restricted cash (Note 5)	10,000	10,000
Other assets	1,125	1,247
Total assets	310,044	314,777
Current liabilities:
Current portion of long-term debt (Note 5)	3,000	3,000
Accounts payable	4,692	6,155
Accrued liabilities	4,645	4,580
Income taxes payable	1,276	2,943
Total current liabilities	13,613	16,678
Long-term debt (Note 5)	69,750	72,000
Deferred income taxes (Note 10)	43,938	43,937
Other liabilities	586	1,295
Total liabilities	127,887	133,910
Commitments and contingencies (Note 12)
Common stock	2,096	2,096
Additional paid-in capital	167,366	166,398
Retained earnings	26,658	25,922
Accumulated other comprehensive earnings	1,057	1,471
	197,177	195,887
Less treasury stock, at cost	(15,020)	(15,020)
Total shareholders' equity	182,157	180,867
Total liabilities and shareholders' equity	$ 310,044	$ 314,777
[1]	The balance sheet at February 28, 2016 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	Nov. 27, 2016	Feb. 28, 2016
Allowance for doubtful accounts receivable	$ 361	$ 324

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015
Net sales	$ 26,462	$ 34,323	$ 87,010	$ 110,099
Cost of sales	19,828	24,026	64,355	78,074
Gross profit	6,634	10,297	22,655	32,025
Selling, general and administrative expenses	4,604	5,264	15,051	16,074
Restructuring charges (Note 7)	113	158	206	373
Earnings from operations	1,917	4,875	7,398	15,578
Interest expense (Note 5)	343	355	1,010	1,080
Interest and other income	430	227	1,177	809
Earnings before income taxes	2,004	4,747	7,565	15,307
Income tax provision (Note 10)	129	638	759	1,852
Net earnings	$ 1,875	$ 4,109	$ 6,806	$ 13,455
Earnings per share (Note 8):
Basic earnings per share (in dollars per share)	$ 0.09	$ 0.20	$ 0.34	$ 0.66
Weighted average common shares outstanding for basic EPS (in shares)	20,235	20,253	20,235	20,379
Diluted earnings per share (in dollars per share)	$ 0.09	$ 0.20	$ 0.34	$ 0.66
Diluted weighted average shares (in shares)	20,235	20,253	20,235	20,386
Dividends declared per share (in dollars per share)	$ 0.10	$ 0.10	$ 0.30	$ 0.30

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015
Net earnings	$ 1,875	$ 4,109	$ 6,806	$ 13,455
Other comprehensive earnings (loss), net of tax:
Foreign currency translation	28	28	33	91
Unrealized gains on marketable securities:
Other comprehensive loss	(340)	(144)	(414)	(126)
Total comprehensive earnings	1,535	3,965	6,392	13,329
Gains on Marketable Securities [Member]
Unrealized gains on marketable securities:
Unrealized holding gains (losses) arising during the period		70	11	99
Less: reclassification adjustment for gains (losses) included in net earnings	(105)	(11)	(160)	(17)
Losses on Marketable Securities [Member]
Unrealized gains on marketable securities:
Unrealized holding gains (losses) arising during the period	(292)	(264)	(361)	(335)
Less: reclassification adjustment for gains (losses) included in net earnings	$ 29	$ 33	$ 63	$ 36

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Nov. 27, 2016		Nov. 29, 2015
Cash flows from operating activities:
Net earnings	$ 6,806		$ 13,455
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	2,372		2,524
Stock-based compensation	968		1,192
Provision for deferred income taxes	108		(10,674)
Amortization of bond premium	354		738
Changes in operating assets and liabilities	58		(449)
Net cash provided by operating activities	10,666		6,786
Cash flows from investing activities:
Purchase of property, plant and equipment	(194)		(320)
Proceeds from sales of property, plant and equipment			2,026
Purchases of marketable securities	(44,327)		(92,890)
Proceeds from sales and maturities of marketable securities	50,650		69,247
Net cash provided by (used in) investing activities	6,129		(21,937)
Cash flows from financing activities:
Dividends paid	(6,070)		(6,129)
Restricted cash (Note 5)			(25,000)
Proceeds from exercise of stock options			50
Payments of long-term debt	(2,250)		(7,500)
Purchase of treasury stock			(11,925)
Net cash used in financing activities	(8,320)		(50,504)
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	8,475		(65,655)
Effect of exchange rate changes on cash and cash equivalents	242		852
Increase (decrease) in cash and cash equivalents	8,717		(64,803)
Cash and cash equivalents, beginning of period	97,757	[1]	141,538
Cash and cash equivalents, end of period	106,474		76,735
Supplemental cash flow information:
Cash paid during the period for income taxes, net of refunds	3,045		14,255
Cash paid during the period for interest	$ 1,084		$ 823
[1]	The balance sheet at February 28, 2016 has been derived from the audited financial statements at that date.

Note 1 - Consolidated Financial

Note 1 - Consolidated Financial Statements	9 Months Ended
	Nov. 27, 2016
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 November 27, 2016, 13 39 November 27, 2016 November 29, 2015 39 November 27, 2016 Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) 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 February 28, 2016. 39 November 27, 2016.

Note 2 - Fair Value Measurement

Note 2 - Fair Value Measurements	9 Months Ended
	Nov. 27, 2016
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 Level 1 Level 2 1 2 e.g. Level 3 The fair value of the Company’s cash and cash equivalents, accounts receivable, accounts payable and current liabilities approximates 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). 1 2 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 39 November 27, 2016 November 29, 2015. first two 39 November 27, 2016.

Note 3 - Marketable Securities

Note 3 - Marketable Securities	9 Months Ended
	Nov. 27, 2016
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: November 27, 2016 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 113,340 $ 113,340 $ - $ - U.S. corporate debt securities 19,010 19,010 - - Total marketable securities $ 132,350 $ 132,350 $ - $ - February 28, 2016 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 118,194 $ 118,194 $ - $ - U.S. corporate debt securities 21,474 21,474 - - Total marketable securities $ 139,668 $ 139,668 $ - $ - The following table shows the amortized cost basis of, and gross unrealized gains and losses on, the Company’s available - for - sale securities: Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses November 27, 2016: U.S. Treasury and other government securities $ 113,781 $ 139 $ 580 U.S. corporate debt securities 19,040 - 30 Total marketable securities $ 132,821 $ 139 $ 610 February 28, 2016: U.S. Treasury and other government securities $ 117,897 $ 372 $ 74 U.S. corporate debt securities 21,554 - 81 Total marketable securities $ 139,451 $ 372 $ 155 The estimated fair values of such securities at November 27, 2016 Due in one year or less $ 64,415 Due after one year through five years 67,935 $ 132,350

Note 4 - Inventories

Note 4 - Inventories	9 Months Ended
	Nov. 27, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	4 . INVENTORIES Inventories are stated at the lower of cost (first first November 27, February 28, 2016 2016 Inventories: Raw materials $ 6,822 $ 5,462 Work-in-process 2,341 2,215 Finished goods 3,048 2,172 Manufacturing supplies 376 365 $ 12,587 $ 10,214

Note 5 - Long-term Debt

Note 5 - Long-term Debt	9 Months Ended
	Nov. 27, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	5 . LONG - TERM DEBT On February 12, 2014, four $104,000 $2,000 January 15, 2016, $52,000 2014 fourth $52,000 two $1,075 2016 $10,000 On January 15, 2016, three February 2014 $75,000 $2,000. $75,000 twelve $750 March 2016, January 26, 2019. Borrowings under the Credit Agreement bear interest at a rate equal to, at the Company’s option, either (a) a fluctuating rate per annum (computed on the basis of a year of 365 366 may 360 one, two, three six 1.15%. 0.10% 360 On January 5, 2017, one, two, three, six 1.65% April 5, 2017, 1.90% April 6, 2017 July 5, 2017, 2.15% July 6, 2017 October 5, 2017 2.65% October 6, 2017. The Credit Agreement and the Amended Credit Agreement contain certain customary affirmative and negative covenants, including customary financial covenants. The covenants require the Company to (a) maintain a gross leverage charge ratio not to exceed 4.50 1.00 February 26, 2017 May 28, 2017, 4.25 1.00 August 27, 2017 3.75 1.00 0.30 1.00 February 26, 2017, 0.20 1.00 May 28, 2017, 0.50 1.00 August 27, 2017 1.10 1.00 2.00 1.00 first January 26, 2016 $10,000 At November 27, 2016, $72,750 1.79%. $343 $1,010 13 39 November 27, 2016, $355 $1,080 13 39 November 29, 2015,

Note 6 - Stock-based Compensati

Note 6 - Stock-based Compensation	9 Months Ended
	Nov. 27, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	6 . STOCK - BASED COMPENSATION As of November 27, 2016, 2002 25% one 25% 10 May 21, 2018. During the 39 November 27, 2016, 1,250 one $4 $3.15 1.77%; 28.9%; 2.23%; 5.3 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 option 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 option granted during the 39 November 27, 2016. The following is a summary of option activity for the 39 November 27, 2016: Outstanding Options Weighted Average Exercise Price Balance, February 29, 2016 1,226,392 $ 22.51 Granted 1,250 14.07 Exercised - - Terminated or expired (150,314 ) 21.76 Balance, November 27, 2016 1,077,328 $ 21.05 Vested and exercisable, November 27, 2016 679,329 $ 22.42

Note 7 - Restructuring Charges

Note 7 - Restructuring Charges	9 Months Ended
	Nov. 27, 2016
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	7. RESTRUCTURING CHARGES During the 2013 $2,026 first 2016 $0 $8 13 November 27, 2016 November 29, 2015, $0 $83 39 November 27, 2016 November 29, 2015, The Company recorded additional restructuring charges of $113 $150 13 November 27, 2016 November 29, 2015, $206 $290 39 November 27, 2016 November 29, 2015, 2009 2004 zero, 2017

Note 8 - Earnings Per Share

Note 8 - Earnings Per Share	9 Months Ended
	Nov. 27, 2016
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 39 Weeks Ended November 27, 2016 November 29, 2015 November 27, 2016 November 29, 2015 Net earnings $ 1,875 $ 4,109 $ 6,806 $ 13,455 Weighted average common shares outstanding for basic EPS 20,235 20,253 20,235 20,379 Net effect of dilutive options - - - 7 Weighted average shares outstanding for diluted EPS 20,235 20,253 20,235 20,386 Basic earnings per share $ 0.09 $ 0.20 $ 0.34 $ 0.66 Diluted earnings per share $ 0.09 $ 0.20 $ 0.34 $ 0.66 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 882,000 1,027,000 13 November 27, 2016 November 29, 2015, 929,000 884,000 39 November 27, 2016 November 29, 2015,

Note 9 - Shareholders' Equity

Note 9 - Shareholders' Equity	9 Months Ended
	Nov. 27, 2016
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	9. SHAREHOLDERS’ EQUITY On January 8, 2015, 1,250,000 6% 20,945,634 January 7, 2015. On March 10, 2016, 1,000,000 January 8, 2015. 1,531,412 7.6% 20,234,671 October 3, 2016. The Company did not 39 November 27, 2016 444,834 39 November 29, 2015.

Note 10 - Income Taxes

Note 10 - Income Taxes	9 Months Ended
	Nov. 27, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	10. INCOME TAXES The Company’s effective tax rates for the 13 39 November 27, 2016 6.4% 10.0%, 13.4% 12.1%, 13 39 November 29, 2015. 13 39 November 27, 2016 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 during the 2014 $63,958 2016 $61,000 $10,682

Note 11 - Geographic Regions

Note 11 - Geographic Regions	9 Months Ended
	Nov. 27, 2016
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 advanced composite materials, primary and secondary 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 39 Weeks Ended November 27, 2016 November 29, 2015 November 27, 2016 November 29, 2015 Sales: North America $ 13,038 $ 18,006 $ 45,865 $ 57,651 Asia 10,794 13,782 34,060 45,572 Europe 2,630 2,535 7,085 6,876 Total sales $ 26,462 $ 34,323 $ 87,010 $ 110,099 November 27, 2016 February 28, 2016 Long-lived assets: North America $ 20,275 $ 21,618 Asia 8,645 9,459 Europe 246 268 Total long-lived assets $ 29,166 $ 31,345

Note 12 - Contingencies

Note 12 - Contingencies	9 Months Ended
	Nov. 27, 2016
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 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 Under the Superfund Act and similar state laws, all parties who may may 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% three 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 $0 $1 13 39 November 27, 2016 $0 $2 13 39 November 29, 2015. November 27, 2016 February 28, 2016. 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 three 100% three 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	9 Months Ended
	Nov. 27, 2016
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	13 . ACCOUNTING PRONOUNCEMENTS Recently Issued In November 2016, 2016 18, Statement of Cash Flows (Topic 230): December 15, 2017 may In August 2016, 2016 15 , Statement of Cash Flows (Topic 230) December 15, 2017 may In February 2016, 2016 02, Leases (Topic 842), December 15, 2018, may In April 2015, 2015 03, Interest — Imputation of Interest (Subtopic 835 30): August 2015, 2015 15, Interest — Imputation of Interest (Subtopic 835 30): — Amendments to SEC Paragraphs Pursuant to Staff Announcements at the June 2015 2015 15 835 30 December 15, 2015. In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606) December 15, 2016, August 2015, one December 15, 2017, may

Note 3 - Marketable Securities

Note 3 - Marketable Securities (Tables)	9 Months Ended
	Nov. 27, 2016
Notes Tables
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Table Text Block]	November 27, 2016 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 113,340 $ 113,340 $ - $ - U.S. corporate debt securities 19,010 19,010 - - Total marketable securities $ 132,350 $ 132,350 $ - $ - February 28, 2016 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 118,194 $ 118,194 $ - $ - U.S. corporate debt securities 21,474 21,474 - - Total marketable securities $ 139,668 $ 139,668 $ - $ -
Schedule of Unrealized Loss on Investments [Table Text Block]	Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses November 27, 2016: U.S. Treasury and other government securities $ 113,781 $ 139 $ 580 U.S. corporate debt securities 19,040 - 30 Total marketable securities $ 132,821 $ 139 $ 610 February 28, 2016: U.S. Treasury and other government securities $ 117,897 $ 372 $ 74 U.S. corporate debt securities 21,554 - 81 Total marketable securities $ 139,451 $ 372 $ 155
Investments Classified by Contractual Maturity Date [Table Text Block]	Due in one year or less $ 64,415 Due after one year through five years 67,935 $ 132,350

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	9 Months Ended
	Nov. 27, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	November 27, February 28, 2016 2016 Inventories: Raw materials $ 6,822 $ 5,462 Work-in-process 2,341 2,215 Finished goods 3,048 2,172 Manufacturing supplies 376 365 $ 12,587 $ 10,214

Note 6 - Stock-based Compensa22

Note 6 - Stock-based Compensation (Tables)	9 Months Ended
	Nov. 27, 2016
Notes Tables
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Outstanding Options Weighted Average Exercise Price Balance, February 29, 2016 1,226,392 $ 22.51 Granted 1,250 14.07 Exercised - - Terminated or expired (150,314 ) 21.76 Balance, November 27, 2016 1,077,328 $ 21.05 Vested and exercisable, November 27, 2016 679,329 $ 22.42

Note 8 - Earnings Per Share (Ta

Note 8 - Earnings Per Share (Tables)	9 Months Ended
	Nov. 27, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	13 Weeks Ended 39 Weeks Ended November 27, 2016 November 29, 2015 November 27, 2016 November 29, 2015 Net earnings $ 1,875 $ 4,109 $ 6,806 $ 13,455 Weighted average common shares outstanding for basic EPS 20,235 20,253 20,235 20,379 Net effect of dilutive options - - - 7 Weighted average shares outstanding for diluted EPS 20,235 20,253 20,235 20,386 Basic earnings per share $ 0.09 $ 0.20 $ 0.34 $ 0.66 Diluted earnings per share $ 0.09 $ 0.20 $ 0.34 $ 0.66

Note 11 - Geographic Regions (T

Note 11 - Geographic Regions (Tables)	9 Months Ended
	Nov. 27, 2016
Notes Tables
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]	13 Weeks Ended 39 Weeks Ended November 27, 2016 November 29, 2015 November 27, 2016 November 29, 2015 Sales: North America $ 13,038 $ 18,006 $ 45,865 $ 57,651 Asia 10,794 13,782 34,060 45,572 Europe 2,630 2,535 7,085 6,876 Total sales $ 26,462 $ 34,323 $ 87,010 $ 110,099
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	November 27, 2016 February 28, 2016 Long-lived assets: North America $ 20,275 $ 21,618 Asia 8,645 9,459 Europe 246 268 Total long-lived assets $ 29,166 $ 31,345

Note 3 - Marketable Securitie25

Note 3 - Marketable Securities - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Nov. 27, 2016	Feb. 28, 2016
Marketable securities	$ 132,350	$ 139,668
Fair Value, Inputs, Level 1 [Member]
Marketable securities	132,350	139,668
Fair Value, Inputs, Level 2 [Member]
Marketable securities
Fair Value, Inputs, Level 3 [Member]
Marketable securities
US Treasury and Government [Member]
Marketable securities	113,340	118,194
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member]
Marketable securities	113,340	118,194
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member]
Marketable securities
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member]
Marketable securities
Domestic Corporate Debt Securities [Member]
Marketable securities	19,010	21,474
Domestic Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Marketable securities	19,010	21,474
Domestic Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Marketable securities
Domestic Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Marketable securities

Note 3 - Marketable Securitie26

Note 3 - Marketable Securities - Summary of Unrealized Gains/Losses on Available-for-sale Securities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Nov. 27, 2016	Feb. 28, 2016
Amortized Cost Basis	$ 132,821	$ 139,451
Gross Unrealized Gains	139	372
Gross Unrealized Losses	610	155
US Treasury and Government [Member]
Amortized Cost Basis	113,781	117,897
Gross Unrealized Gains	139	372
Gross Unrealized Losses	580	74
Domestic Corporate Debt Securities [Member]
Amortized Cost Basis	19,040	21,554
Gross Unrealized Gains
Gross Unrealized Losses	$ 30	$ 81

Note 3 - Marketable Securitie27

Note 3 - Marketable Securities - Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Nov. 27, 2016	Feb. 28, 2016
Due in one year or less	$ 64,415
Due after one year through five years	67,935
	$ 132,350	$ 139,668

Note 4 - Inventories - Schedule

Note 4 - Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Nov. 27, 2016	Feb. 28, 2016
Inventories:
Raw materials	$ 6,822	$ 5,462
Work-in-process	2,341	2,215
Finished goods	3,048	2,172
Manufacturing supplies	376	365
	$ 12,587	$ 10,214	[1]
[1]	The balance sheet at February 28, 2016 has been derived from the audited financial statements at that date.

Note 5 - Long-term Debt (Detail

Note 5 - Long-term Debt (Details Textual) $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended	23 Months Ended
	Jan. 05, 2018	Oct. 05, 2017	Jul. 05, 2017	Apr. 05, 2017	Nov. 27, 2016USD ($)	Nov. 29, 2015USD ($)	Nov. 27, 2016USD ($)	Nov. 29, 2015USD ($)	Feb. 28, 2016USD ($)	Jan. 15, 2016USD ($)	Aug. 27, 2017	May 28, 2017	Feb. 26, 2017	Feb. 12, 2014USD ($)
Interest Expense					$ 343	$ 355	$ 1,010	$ 1,080
PNC Bank National Association [Member]
Line of Credit Facility, Maximum Borrowing Capacity														$ 104,000
Repayments of Long-term Lines of Credit									$ 10,000
Interest Expense					343	$ 355	1,010	$ 1,080
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
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] | Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity														$ 2,000
HSBC Bank USA [Member]
Line of Credit Facility, Maximum Borrowing Capacity										75,000
Long-term Line of Credit					$ 72,750		$ 72,750
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage							0.10%
Minimum Domestic Liquid Assets Ratio					2		2
Debt Agreement, Minimum Domestic Liquid Assets Required					$ 10,000		$ 10,000
Line of Credit Facility, Interest Rate at Period End					1.79%		1.79%
HSBC Bank USA [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate							1.15%
HSBC Bank USA [Member] | Debt Instrument, Redemption, Period One [Member]
Debt Instrument, Periodic Payment							$ 750
HSBC Bank USA [Member] | Scenario, Forecast [Member]
Minimum Gross Leverage Charge Ratio	3.75										4.25	4.5	4.5
Minimum Interest Coverage Ratio	1.1										0.5	0.2	0.3
HSBC Bank USA [Member] | Scenario, Forecast [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.65%	2.15%	1.90%	1.65%
HSBC Bank USA [Member] | Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity										$ 2,000

Note 6 - Stock-based Compensa30

Note 6 - Stock-based Compensation (Details Textual) $ / shares in Units, $ in Thousands	9 Months Ended
	Nov. 27, 2016USD ($)$ / sharesshares
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 | shares	1,250
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $	$ 4
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 3.15
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	1.77%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	28.90%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	2.23%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	5 years 109 days

Note 6 - Stock-based Compensa31

Note 6 - Stock-based Compensation - Option Activity (Details)	9 Months Ended
	Nov. 27, 2016$ / sharesshares
Balance (in shares) | shares	1,226,392
Balance (in dollars per share) | $ / shares	$ 22.51
Granted (in shares) | shares	1,250
Granted (in dollars per share) | $ / shares	$ 14.07
Exercised (in shares) | shares
Exercised (in dollars per share) | $ / shares
Terminated or expired (in shares) | shares	(150,314)
Terminated or expired (in dollars per share) | $ / shares	$ 21.76
Balance (in shares) | shares	1,077,328
Balance (in dollars per share) | $ / shares	$ 21.05
Vested and exercisable, November 27, 2016 (in shares) | shares	679,329
Vested and exercisable, November 27, 2016 (in dollars per share) | $ / shares	$ 22.42

Note 7 - Restructuring Charges

Note 7 - Restructuring Charges (Details Textual) - USD ($)	3 Months Ended			9 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	May 31, 2015	Nov. 27, 2016	Nov. 29, 2015	Feb. 29, 2004
Proceeds from Sale of Property, Plant, and Equipment					$ 2,026,000
Nelco Technology Zhuhai FTZ Ltd [Member]
Proceeds from Sale of Property, Plant, and Equipment			$ 2,026,000
Business Exit Costs	$ 0	$ 8,000		0	83,000
New England Laminates Co Inc [Member]
Business Exit Costs	$ 113,000	$ 150,000		$ 206,000	$ 290,000
Real Estate Held-for-sale						$ 0

Note 8 - Earnings Per Share (De

Note 8 - Earnings Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	882,000	1,027,000	929,000	884,000

Note 8 - Earnings Per Share - B

Note 8 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015
Net earnings	$ 1,875	$ 4,109	$ 6,806	$ 13,455
Weighted average common shares outstanding for basic EPS (in shares)	20,235	20,253	20,235	20,379
Net effect of dilutive options (in shares)				7
Weighted average shares outstanding for diluted EPS (in shares)	20,235	20,253	20,235	20,386
Basic earnings per share (in dollars per share)	$ 0.09	$ 0.20	$ 0.34	$ 0.66
Diluted earnings per share (in dollars per share)	$ 0.09	$ 0.20	$ 0.34	$ 0.66

Note 9 - Shareholders' Equity (

Note 9 - Shareholders' Equity (Details Textual) - shares	9 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	May 06, 2016	Mar. 10, 2016	Jan. 08, 2015	Jan. 07, 2015	Oct. 18, 2012
Stock Repurchase Program, Number of Shares Authorized to be Repurchased				1,531,412	1,250,000		1,000,000
Stock Repurchase Program, Percentage of Outstanding Shares Authorized to be Repurchased			7.60%			6.00%
Common Stock, Shares, Outstanding			20,234,671			20,945,634
Stock Repurchased During Period, Shares	0	444,834

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Mar. 02, 2014	Nov. 27, 2016	Nov. 29, 2015	Feb. 28, 2016
Effective Income Tax Rate Reconciliation, Percent	6.40%	13.40%		10.00%	12.10%
Tax Expense, Allocated to Undistributed Foreign Earnings			$ 63,958
Foreign Earnings Repatriated						$ 61,000
SINGAPORE
Deferred Income Taxes Settlement, Repatriation of Foreign Earnings						$ 10,682

Note 11 - Geographic Regions -

Note 11 - Geographic Regions - Financial Information by Geographic Region, Sale (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 27, 2016	Nov. 29, 2015	Nov. 27, 2016	Nov. 29, 2015
Sales	$ 26,462	$ 34,323	$ 87,010	$ 110,099
North America [Member]
Sales	13,038	18,006	45,865	57,651
Asia [Member]
Sales	10,794	13,782	34,060	45,572
Europe [Member]
Sales	$ 2,630	$ 2,535	$ 7,085	$ 6,876

Note 11 - Geographic Regions 38

Note 11 - Geographic Regions - Financial Information by Geographic Region, Assets (Details) - USD ($) $ in Thousands	Nov. 27, 2016	Feb. 28, 2016
Long-lived assets	$ 29,166	$ 31,345
North America [Member]
Long-lived assets	20,275	21,618
Asia [Member]
Long-lived assets	8,645	9,459
Europe [Member]
Long-lived assets	$ 246	$ 268

Note 12 - Contingencies (Detail

Note 12 - Contingencies (Details Textual)	3 Months Ended		9 Months Ended
	Nov. 27, 2016USD ($)	Nov. 29, 2015USD ($)	Nov. 27, 2016USD ($)	Nov. 29, 2015USD ($)
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	$ 0	$ 0	$ 1,000	$ 2,000
Number of Insurance Carriers			3