Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Feb. 26, 2017 | May 05, 2017 | Aug. 26, 2016 | |
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 | ||
Entity Public Float | $ 326,334,973 | ||
Document Type | 10-K | ||
Document Period End Date | Feb. 26, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 26, 2017 | Feb. 28, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 102,438 | $ 97,757 |
Marketable securities (Note 2) | 136,152 | 139,668 |
Accounts receivable, less allowance for doubtful accounts of $294 and $324, respectively | 17,238 | 22,583 |
Inventories (Note 3) | 11,105 | 10,214 |
Prepaid expenses and other current assets (Note 4) | 2,197 | 1,963 |
Total current assets | 269,130 | 272,185 |
Property, plant and equipment, net | 18,638 | 21,512 |
Goodwill and other intangible assets (Note 3) | 9,825 | 9,833 |
Restricted cash | 10,000 | 10,000 |
Other assets (Note 4) | 985 | 1,247 |
Total assets | 308,578 | 314,777 |
Current liabilities: | ||
Less: current portion | 3,500 | 3,000 |
Accounts payable | 4,183 | 6,155 |
Accrued liabilities (Note 3) | 3,417 | 4,580 |
Income taxes payable | 3,023 | 2,943 |
Total current liabilities | 14,123 | 16,678 |
68,500 | 72,000 | |
Deferred income taxes (Note 4) | 42,088 | 43,937 |
Other liabilities (Note 4) | 1,041 | 1,295 |
Total liabilities | 125,752 | 133,910 |
Commitments and contingencies (Notes 11 and 12) | ||
Preferred stock, $1 par value per shares-authorized, 500,000 shares; issued, none | ||
Common stock, $0.10 par value per shares-authorized, 60,000,000 shares; issued, 20,965,144 shares | 2,096 | 2,096 |
Additional paid-in capital | 167,612 | 166,398 |
Retained earnings | 27,112 | 25,922 |
Accumulated other comprehensive earnings | 1,026 | 1,471 |
197,846 | 195,887 | |
Less treasury stock, at cost, 730,473 shares | (15,020) | (15,020) |
Total shareholders' equity | 182,826 | 180,867 |
Total liabilities and shareholders' equity | $ 308,578 | $ 314,777 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Feb. 26, 2017 | Feb. 28, 2016 |
Allowance for doubtful accounts receivable | $ 294 | $ 324 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 500,000 | 500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 20,965,144 | 20,965,144 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
Net sales | $ 114,609 | $ 145,855 | $ 162,086 |
Cost of sales | 84,568 | 103,103 | 113,133 |
Gross profit | 30,041 | 42,752 | 48,953 |
Selling, general and administrative expenses | 19,739 | 21,211 | 24,373 |
Restructuring charges (Note 8) | 313 | 535 | 1,179 |
Earnings from operations | 9,989 | 21,006 | 23,401 |
Interest expense (Note 10) | 1,432 | 1,657 | 1,438 |
Interest and other income | 1,704 | 1,149 | 827 |
Earnings before income taxes | 10,261 | 20,498 | 22,790 |
Income tax provision (Note 4) | 978 | 2,469 | 2,747 |
Net earnings | $ 9,283 | $ 18,029 | $ 20,043 |
Earnings per share (Note 7): | |||
Basic earnings per share (in dollars per share) | $ 0.46 | $ 0.89 | $ 0.96 |
Weighted average common shares outstanding for basic EPS (in shares) | 20,235 | 20,347 | 20,912 |
Diluted earnings per share (in dollars per share) | $ 0.46 | $ 0.89 | $ 0.96 |
Diluted weighted average shares (in shares) | 20,239 | 20,352 | 20,986 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
Net earnings | $ 9,283 | $ 18,029 | $ 20,043 |
Other comprehensive earnings, net of tax: | |||
Foreign currency translation | 30 | 62 | 185 |
Unrealized gains on marketable securities: | |||
Other comprehensive (loss) earnings | (445) | 3 | 247 |
Total comprehensive earnings | 8,838 | 18,032 | 20,290 |
Gains on Marketable Securities [Member] | |||
Unrealized gains on marketable securities: | |||
Unrealized holding gains (losses) arising during the period | 76 | 52 | 90 |
Less: reclassification adjustment for gains included in net earnings | (228) | (18) | (21) |
Losses on Marketable Securities [Member] | |||
Unrealized gains on marketable securities: | |||
Unrealized holding gains (losses) arising during the period | (411) | (156) | (20) |
Less: reclassification adjustment for gains included in net earnings | $ 88 | $ 63 | $ 13 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Mar. 02, 2014 | 20,882,844 | 4,074 | ||||
Balance at Mar. 02, 2014 | $ 2,088 | $ 161,677 | $ 35,651 | $ 1,221 | $ (94) | |
Net earnings | 20,043 | $ 20,043 | ||||
Foreign currency translation | 185 | $ 185 | ||||
Unrealized holding gains (losses) arising during the period | 62 | |||||
Stock options exercised (in shares) | 79,800 | 79,800 | ||||
Stock options exercised | $ 8 | 1,724 | ||||
Stock-based compensation | 1,418 | |||||
Repurchase of treasury shares (in shares) | 126,567 | |||||
Repurchase of treasury shares | $ (2,738) | |||||
Cash dividends | (39,646) | |||||
Balance (in shares) at Mar. 01, 2015 | 20,962,644 | 130,641 | ||||
Balance at Mar. 01, 2015 | $ 2,096 | 164,819 | 16,048 | 1,468 | $ (2,832) | |
Net earnings | 18,029 | $ 18,029 | ||||
Foreign currency translation | 62 | $ 62 | ||||
Unrealized holding gains (losses) arising during the period | (59) | |||||
Stock options exercised (in shares) | 2,500 | 2,500 | ||||
Stock options exercised | 44 | |||||
Stock-based compensation | 1,535 | |||||
Repurchase of treasury shares (in shares) | 599,832 | |||||
Repurchase of treasury shares | $ (12,188) | |||||
Cash dividends | (8,155) | |||||
Balance (in shares) at Feb. 28, 2016 | 20,965,144 | 730,473 | ||||
Balance at Feb. 28, 2016 | $ 2,096 | 166,398 | 25,922 | 1,471 | $ (15,020) | $ 180,867 |
Net earnings | 9,283 | 9,283 | ||||
Foreign currency translation | 30 | $ 30 | ||||
Unrealized holding gains (losses) arising during the period | (475) | |||||
Stock options exercised (in shares) | ||||||
Stock-based compensation | 1,214 | |||||
Cash dividends | (8,093) | |||||
Balance (in shares) at Feb. 26, 2017 | 20,965,144 | 730,473 | ||||
Balance at Feb. 26, 2017 | $ 2,096 | $ 167,612 | $ 27,112 | $ 1,026 | $ (15,020) | $ 182,826 |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
Retained Earnings [Member] | |||
Cash dividends, per share (in dollars per share) | $ 0.40 | $ 0.40 | $ 1.90 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
Cash flows from operating activities: | |||
Net earnings | $ 9,283 | $ 18,029 | $ 20,043 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation, Depletion and Amortization | 3,106 | 3,369 | 3,559 |
Stock-based compensation | 1,214 | 1,535 | 1,418 |
Provision for deferred income taxes | (1,533) | (11,412) | (2,815) |
Amortization of bond premium | 434 | 886 | 796 |
Gain on sale of fixed assets | (31) | ||
Accounts receivable | 5,312 | (1,152) | 1,138 |
Inventories | (916) | 4,225 | (664) |
Prepaid expenses and other current assets | (422) | (131) | 1,713 |
Other assets and liabilities | (229) | 620 | 1,490 |
Accounts payable | (1,964) | (727) | 322 |
Accrued liabilities | (1,198) | (65) | 866 |
Income taxes payable | 80 | (1,198) | 1,145 |
Net cash provided by operating activities | 13,167 | 13,948 | 29,011 |
Cash flows from investing activities: | |||
Purchase of property, plant and equipment | (242) | (398) | (430) |
Proceeds from sales of property, plant and equipment | 2,057 | ||
Purchases of marketable securities | (72,827) | (105,998) | (100,074) |
Proceeds from sales and maturities of marketable securities | 75,547 | 96,322 | 105,985 |
Net cash provided by (used in) investing activities | 2,478 | (8,017) | 5,481 |
Cash flows from financing activities: | |||
Dividends paid | (8,093) | (8,155) | (39,646) |
Decrease (increase) in restricted cash | (10,000) | 25,000 | |
Proceeds from exercise of stock options | 44 | 1,732 | |
Proceeds from long-term debt | 75,000 | ||
Payments of long-term debt | (3,000) | (94,000) | (10,000) |
Payments for debt issuance costs | (196) | (296) | |
Purchase of treasury stock | (12,188) | (2,738) | |
Net cash used in financing activities | (11,093) | (49,495) | (25,948) |
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes | 4,552 | (43,564) | 8,544 |
Effect of exchange rate changes on cash and cash equivalents | 129 | (217) | (156) |
Increase (decrease) in cash and cash equivalents | 4,681 | (43,781) | 8,388 |
Cash and cash equivalents, beginning of year | 97,757 | 141,538 | 133,150 |
Cash and cash equivalents, end of year | $ 102,438 | $ 97,757 | $ 141,538 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 26, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies Park Electrochemical Corp. (“Park”), through its subsidiaries (collectively, the “Company”), is a global advanced materials company which develops and manufactures advanced composite materials, primary and secondary a. Principles of Consolidation b. Use of Estimates may c. A ccounting Period 52 53 February. 2017, 2016 2015 February 26, 2017, February 28, 2016 March 1, 2015, 2017, 2016 2015 52 d. Fair Value Measurements – (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 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 10). 1 2 2). 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 2017 2016 e. Cash and Cash Equivalents – 90 $29,942 $39,968 February 26, 2017 February 28, 2016, 2 $237,743 $248,590 February 26, 2017 The Company classifies amounts required by the Credit Agreement described in Note 10 Supplemental cash flow information: Fiscal Year 2017 2016 2015 Cash paid during the year for: Income taxes, net of refunds $ 3,648 $ 14,728 $ 1,707 Interest 1,342 1,119 1,380 At February 26, 2017 February 28, 2016, $22,218 $28,878, f. Marketable Securities g . Inventories (first first h . Revenue Recognition i . Sales Allowances and Product Warranties may may 1.0% three j. Accounts Receivable – may k . Valuation of Long-Lived Assets may 2017, 2016 2015 l. Goodwill and Other Intangible Assets 15 may first two first fourth 2017, 2016 2015 m . Shipping Costs third $2,354, $2,855 $3,398 2017, 2016 2015 n . Property, Plant and Equipment 10 25 30 $3,106, $3,369 $3,559 2017, 2016 2015 o . Income Taxes may Tax benefits are recognized for an uncertain tax position when, in the Company’s judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the tax benefit is measured as the largest amount that is judged to have a greater than 50% p. Foreign Currency Translation q. Stock-Based Compensation four r. Treasury Stock – |
Note 2 - Marketable Securities
Note 2 - Marketable Securities | 12 Months Ended |
Feb. 26, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. MArketable Securities The following is a summary of available-for-sale securities: February 26, 2017 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 111,261 $ 111,261 $ - $ - U.S. corporate debt securities 24,891 24,891 - - Total marketable securities $ 136,152 $ 136,152 $ - $ - 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 tables show the amortized cost basis, gross unrealized gains and losses and gross realized gains and losses on the Company’s available-for-sale securities: Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses February 26, 2017: U.S. Treasury and other government securities $ 111,727 $ 136 $ 602 U.S. corporate debt securities 24,938 1 48 Total marketable securities $ 136,665 $ 137 $ 650 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 Fiscal Year 2017 2016 2015 Gross realized gains on sale $ - $ - $ 17 Gross realized losses on sale $ - $ - $ 44 The estimated fair values of such securities at February 26, 2017, Due in one year or less $ 53,250 Due after one year through five years 82,902 $ 136,152 |
Note 3 - Other Balance Sheet Da
Note 3 - Other Balance Sheet Data | 12 Months Ended |
Feb. 26, 2017 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 3. Other balance sheet data Other balance sheet data consisted of the following: February 26, February 28, 2017 2016 Inventories: Raw materials $ 5,842 $ 5,462 Work-in-process 2,329 2,215 Finished goods 2,585 2,172 Manufacturing supplies 349 365 $ 11,105 $ 10,214 Property, plant and equipment: Land, buildings and improvements $ 39,822 $ 39,915 Machinery, equipment, furniture and fixtures 129,696 130,143 169,518 170,058 Less: accumulated depreciation and amortization 150,880 148,546 $ 18,638 $ 21,512 Goodwill and other intangible assets: Goodwill $ 9,776 $ 9,776 Other intangibles 49 57 $ 9,825 $ 9,833 Accrued liabilities: Payroll and payroll related $ 1,361 $ 2,078 Employee benefits 147 279 Workers' compensation 154 241 Professional fees 578 762 Restructuring (Note 8) 16 64 Other 1,161 1,156 $ 3,417 $ 4,580 Property, Plant and Equipment 2004 zero, 2018 $2,026 2016 |
Note 4 - Income Taxes
Note 4 - Income Taxes | 12 Months Ended |
Feb. 26, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 4. Income Taxes The income tax provision includes the following: Fiscal Year 2017 2016 2015 Current: Federal $ (532 ) $ 10,118 $ - State and local (40 ) (120 ) (39 ) Foreign 3,083 3,883 5,601 2,511 13,881 5,562 Deferred: Federal (369 ) (11,273 ) (2,238 ) State and local (590 ) (205 ) (290 ) Foreign (574 ) 66 (287 ) (1,533 ) (11,412 ) (2,815 ) $ 978 $ 2,469 $ 2,747 State income tax benefits from loss carryforwards to future years were recognized as deferred tax assets in the 2017, 2016 2015 The Company continuously evaluates the liquidity and capital requirements of its operations in the United States and of its foreign subsidiaries. As a result of such evaluations, the Company repatriated $6,800, $61,000 $0 2017, 2016 2015 The Company’s pre-tax earnings from the United States and foreign locations are as follows: Fiscal Year 2017 2016 2015 United States $ (4,742 ) $ (3,331 ) $ (6,704 ) Foreign 15,003 23,829 29,494 Earnings before income taxes $ 10,261 $ 20,498 $ 22,790 The Company’s effective income tax rate differs from the statutory U.S. Federal income tax rate as a result of the following: Fiscal Year 2017 2016 2015 Statutory U.S. Federal tax rate 34.0 % 35.0 % 34.0 % State and local taxes, net of 2.4 % 1.2 % (1.1 %) Foreign tax rate differentials (24.4 %) (21.0 %) (22.2 %) Valuation allowance on deferred tax assets (5.3 %) (0.2 %) 0.6 % Adjustment on tax accruals 6.8 % 3.3 % 1.3 % Foreign tax credits (3.3 %) (1.1 %) (0.5 %) Deferred tax liability on undistributed foreign earnings (3.4 %) (4.5 %) - Permanent differences and other 2.7 % (0.7 %) - 9.5 % 12.0 % 12.1 % The Company had federal net operating loss carryforwards of $0 2017 2016 $16,343 $10,083 2017 2016 $30,647 $30,871 2017 2016 2016 2018 2037. The Company had foreign tax credit carryforwards of $258 $524 February 26, 2017 February 28, 2016, 2027. February 26, 2017 February 28, 2016, $47 $0, The Company had New York State investment tax credit carryforwards of $0 $478 2017 2016 2017. $225 2017 2016, $135 2017 2016, The deferred tax asset valuation allowance of $10,571 February 26, 2017 2017 $544 Significant components of the Company's deferred tax assets and liabilities as of February 26, 2017 February 28, 2016 February 26, February 28, 2017 2016 Deferred tax assets: Depreciation and amortization $ 3,740 $ 3,761 Net operating loss carryforwards 11,049 10,800 Tax credits carryforward 677 1,363 Stock options 1,865 1,925 Other, net 282 578 17,613 18,427 Valuation allowance on deferred tax assets (10,571 ) (11,115 ) Total deferred tax assets, net of valuation allowance 7,042 7,312 Deferred tax liabilities: Depreciation (572 ) (526 ) Undistributed earnings (47,509 ) (48,865 ) Other (781 ) (1,281 ) Total deferred tax liabilities (48,862 ) (50,672 ) Net deferred tax liability $ (41,820 ) $ (43,360 ) On the Consolidated Balance Sheets, the deferred tax asset, net of valuation allowance, of $268 February 26, 2017 $584 February 28, 2016 At February 26, 2017 February 28, 2016, $1,041 $1,295, February 26, 2017 As discussed in Note 16, February 28, 2016 2015 17 Income Taxes (Topic 740): A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: Unrecognized Tax Benefits February 26, February 28, March 1, 2017 2016 2015 Balance, beginning of year $ 1,255 $ 1,135 $ 276 Gross decreases-tax positions in prior period (293 ) - (21 ) Gross increases-current period tax positions 274 271 880 Audit settlements (42 ) (57 ) - Lapse of statute of limitations (170 ) (94 ) - Balance, end of year $ 1,024 $ 1,255 $ 1,135 The amount of unrecognized tax benefits may 2018 A list of open tax years by major jurisdiction follows: California 2014 - 2017 New York 2012 - 2017 France 2014 - 2017 Singapore 2013 - 2017 The Company had approximately $16 $51 February 26, 2017 February 28, 2016, The New York State Department of Taxation is examining the Company’s tax returns for the 2012, 2013, 2014 2015 |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 12 Months Ended |
Feb. 26, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5. STOCK-BASED COMPENSATION As of February 26, 2017, 2002 25% one 25% 10 1,800,000 February 26, 2017, 1,466,030 395,501 The compensation expense for stock options includes an estimate for forfeitures and is recognized on a straight-line basis over the requisite service period. The future compensation expense to be recognized in earnings before income taxes for options outstanding at February 26, 2017 $1,852, 2.02 The Company records its stock-based compensation at fair value. The weighted average fair value for options was estimated at the dates of grants, using the Black-Scholes option pricing model. The following table represents the weighted average fair value and valuation assumptions used for options granted in the 2017 , 2016 and 2015 fiscal years: Fiscal Year 2017 2016 2015 Weighted average fair value per share of option grants $3.15 $5.30 $8.05 Risk-free interest rates 1.77% 1.57 - 1.86% 2.03 - 2.18% Expected stock price volatility 28.9% 27.91 - 31.71% 31.07 - 31.59% Expected dividend yields 2.23% 1.84 - 2.76% 1.34 - 1.77% Estimated option terms (in years) 5.3 5.3 - 7.9 7.8 The risk-free interest rates are 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 are based on historical volatility of the Company’s common stock. The expected dividend yields are 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 2017 During the fourth 2015 $1.50 $1.50 February 2015. $47 $131 2017 2016 Information with respect to stock option activity follows: Outstanding Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance, March 2, 2014 1,081,117 $ 23.84 Granted 18,000 25.81 Exercised (79,800 ) 21.49 Terminated or expired (52,625 ) 24.21 Granted under option modification 996,892 22.55 Cancelled under option modification (996,892 ) 24.05 Balance, March 1, 2015 966,692 $ 22.55 Granted 379,450 17.82 Exercised (2,500 ) 19.91 Terminated or expired (117,250 ) 21.53 Balance, February 28, 2016 1,226,392 $ 21.19 Granted 1,250 14.07 Exercised - - Terminated or expired (157,113 ) 21.66 Balance, February 26, 2017 1,070,529 $ 21.08 5.52 $ - Vested and exercisable, February 26, 2017 762,217 $ 22.07 4.40 $ - Expected to vest, February 26, 2017 1,009,509 $ 21.08 5.52 $ - The aggregate intrinsic values realized (the market value of the underlying shares on the date of exercise, less the exercise price, times the number of shares acquired) from the exercise of options during the 2017, 2016 2015 $0, $4 $688, A summary of the status of the Company’s non-vested options at February 26, 2017, Shares Subject to Options Weighted Average Grant Date Fair Value Non-vested, beginning of year 504,867 $ 8.27 Granted 1,250 3.15 Vested (136,505 ) 6.44 Terminated or expired (61,300 ) 7.84 Non-vested, end of year 308,312 $ 6.09 |
Note 6 - Shareholders' Equity
Note 6 - Shareholders' Equity | 12 Months Ended |
Feb. 26, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. SHAREHOLDERS’ EQUITY Treasury Stock 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 May 5, 2017. During the 2016 599,832 $12,187, 1,531,412 may January 8, 2015 March 10, 2016 Reserved Common Shares February 26, 2017, 1,466,030 Accumulated Other Comprehensive Earnings February 26, 2017 February 28, 2016 Currency translation adjustment $ 1,360 $ 1,330 Unrealized gains (losses) on investments, (334 ) 141 Accumulated balance $ 1,026 $ 1,471 |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 12 Months Ended |
Feb. 26, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7. 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 potential common stock equivalents outstanding during the period. Stock options are the only common stock equivalents; 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: Fiscal Year (Amounts in thousands, except per share amounts) 2017 2016 2015 Net earnings $ 9,283 $ 18,029 $ 20,043 Weighted average common shares 20,235 20,347 20,912 Net effect of dilutive options 4 5 74 Weighted average shares outstanding for diluted EPS 20,239 20,352 20,986 Basic earnings per share $ 0.46 $ 0.89 $ 0.96 Diluted earnings per share $ 0.46 $ 0.89 $ 0.96 Potentially dilutive stock options, which were not included in the computation of diluted earnings per share because either the effect would have been antidilutive or the options’ exercise prices were greater than the average market price of the common stock, were 884,905, 919,509 192,063 2017, 2016 2015 |
Note 8 - Restructuring Charges
Note 8 - Restructuring Charges | 12 Months Ended |
Feb. 26, 2017 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 8. restructuring charges The Company paid $0 $100 2017 2016 2013 $2,026 2016 The Company recorded additional restructuring charges of $313 $435 2017 2016 2009 2004 zero, 2018 In the 2015 $496 2016 2015 $504 |
Note 9 - Employee Benefit Plans
Note 9 - Employee Benefit Plans | 12 Months Ended |
Feb. 26, 2017 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 9. Employee Benefit Plans Profit Sharing Plan may may $212 $100 2016 2015, 2017 may Savings Plan 401(k) $101, $112 $123 2017 , 2016 and 2015 fiscal years, respectively. |
Note 10 - Long-term Debt
Note 10 - Long-term Debt | 12 Months Ended |
Feb. 26, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. LONG-TERM DEBT On January 15, 2016, three February 2014. $75,000 $2,000. 2016 $75,000 twelve $750 January 26, 2019. April 21, 2017, first second 2018 $750 $1,000. 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 5, 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 February 26, 2017, $72,000 2.49%. $1,432, $1,365 $1,438 2017, 2016 2015 $292 fourth 2016 At February 26, 2017, Fiscal Year Amount 2018 $ 3,500 2019 68,500 72,000 Less: current portion 3,500 $ 68,500 |
Note 11 - Commitments
Note 11 - Commitments | 12 Months Ended |
Feb. 26, 2017 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 11. Commitments The Company conducts certain of its operations in leased facilities, which include several manufacturing plants, warehouses and offices. The leases of facilities are for terms of up to 10 2021. one ten 2040. These non-cancelable leases have the following payment schedule: Fiscal Year Amount 2018 $ 1,937 2019 1,709 2020 1,694 2021 1,262 2022 338 Thereafter 2,743 $ 9,683 Rental expenses, inclusive of real estate taxes and other costs, were $2,018, $2,774 $2,881 2017, 2016 2015 |
Note 12 - Contingencies
Note 12 - Contingencies | 12 Months Ended |
Feb. 26, 2017 | |
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 liquidity, capital resources, business or consolidated results of operations or financial position of the Company. 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 expected to be reimbursed by insurance carriers, were approximately $0, $2 $23 2017, 2016 2015 no 2017 2016 Such recorded liabilities do not include 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 results of operations, cash flows or financial position. |
Note 13 - Geographic Regions
Note 13 - Geographic Regions | 12 Months Ended |
Feb. 26, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. GEOGRAPHIC REGIONS The Company is a global advanced materials company which develops and manufactures advanced composite materials, primary and secondary Sales are attributed to geographic region 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: Fiscal Year 2017 2016 2015 Sales: North America $ 60,949 $ 75,215 $ 75,395 Asia 44,613 61,264 76,000 Europe 9,047 9,376 10,691 Total sales $ 114,609 $ 145,855 $ 162,086 Long-lived assets: North America $ 20,794 $ 22,846 $ 23,562 Asia 8,440 9,478 12,490 Europe 214 268 325 Total long-lived assets $ 29,448 $ 32,592 $ 36,377 |
Note 14 - Customer and Supplier
Note 14 - Customer and Supplier Concentrations | 12 Months Ended |
Feb. 26, 2017 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 14. Customer and Supplier Concentrations Customers 16.2% 13.8% 2017 and 201 6 2015 10% While no other customer accounted for 10% 2017 or 2016 Sources of Supply |
Note 15 - Subsequent Event
Note 15 - Subsequent Event | 12 Months Ended |
Feb. 26, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 1 5 . SUBSEQUENT EVENT On April 18, 2017, four six Park expects to incur a pre-tax charge in connection with the consolidation of approximately $5,000 $5,500. first nine February 25, 2018. $300 nine $3,000 $3,500 |
Note 16 - Accounting Pronouncem
Note 16 - Accounting Pronouncements | 12 Months Ended |
Feb. 26, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 1 6 . ACCOUNTING PRONOUNCEMENTS Recently Adopted In November 2015, 2015 17, Income Taxes (Topic 740): December 15, 2016 fourth 2016 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 March 2016, 2016 09, Compensation – Stock Compensation (Topic 718): nts to Employee Share-Based Payment Accounting December 15, 2016 In February 2016, 2016 02, Leases (Topic 842), December 15, 2018, i.e. January 1, 2019, may In May 2014, 606, Revenue from Contracts with Customers 605, Revenue Recognition December 15, 2016, August 2015, one December 15, 2017, |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Feb. 26, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | PARK ELECTROCHEMICAL CORP. AND SUBSIDIARIES Selected Quarterly Financial Data (Unaudited) (Amounts in thousands, except per share amounts) Quarter First Second Third Fourth Fiscal 2017: Net sales $ 31,490 $ 29,058 $ 26,462 $ 27,599 Gross profit 8,787 7,234 6,634 7,386 Net earnings 2,950 1,981 1,875 2,477 Basic net earnings per share $ 0.15 $ 0.10 $ 0.09 $ 0.12 Diluted net earnings per share $ 0.15 $ 0.10 $ 0.09 $ 0.12 Weighted average common shares outstanding: Basic 20,235 20,235 20,235 20,235 Diluted 20,235 20,235 20,235 20,253 Fiscal 2016: Net sales $ 37,829 $ 37,947 $ 34,323 $ 35,756 Gross profit 11,367 10,361 10,297 10,727 Net earnings 4,777 4,569 4,109 4,574 Basic net earnings per share $ 0.23 $ 0.23 $ 0.20 $ 0.23 Diluted net earnings per share $ 0.23 $ 0.23 $ 0.20 $ 0.23 Weighted average common shares outstanding: Basic 20,546 20,337 20,253 20,251 Diluted 20,565 20,340 20,253 20,251 Earnings per share are computed separately for each quarter. Therefore, the sum of such quarterly per share amounts may |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Feb. 26, 2017 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | PARK ELECTROCHEMICAL CORP. AND SUBSIDIARIES SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS Column C Column A Column B Additions Column D Column E Description Balance at Beginning of Period Costs and Expenses Other Reductions Balance at End of Period DEFERRED INCOME TAX ASSET VALUATION ALLOWANCE: 52 weeks ended February 26, 2017 $ 11,115,000 $ - $ - $ (544,000 ) $ 10,571,000 52 weeks ended February 28, 2016 $ 11,887,000 $ 29,100 $ - $ (801,100 ) $ 11,115,000 52 weeks ended March 1, 2015 $ 11,941,000 $ 123,000 $ - $ (177,000 ) $ 11,887,000 Column D Column A Column B Column C Other Column E Description Balance at Beginning of Period Charged to Cost and Expenses Accounts Written Off (A) Translation Adjustment Balance at End of Period ALLOWANCE FOR DOUBTFUL ACCOUNTS: 52 weeks ended February 26, 2017 $ 324,000 $ (27,000 ) $ (3,000 ) $ - $ 294,000 52 weeks ended February 28, 2016 $ 396,000 $ (2,000 ) $ (70,000 ) $ - $ 324,000 52 weeks ended March 1, 2015 $ 416,000 $ (5,000 ) $ (15,000 ) $ - $ 396,000 (A) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 26, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | a. Principles of Consolidation |
Use of Estimates, Policy [Policy Text Block] | b. Use of Estimates may |
Fiscal Period, Policy [Policy Text Block] | c. A ccounting Period 52 53 February. 2017, 2016 2015 February 26, 2017, February 28, 2016 March 1, 2015, 2017, 2016 2015 52 |
Fair Value Measurement, Policy [Policy Text Block] | d. Fair Value Measurements – (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 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 10). 1 2 2). 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 2017 2016 |
Cash and Cash Equivalents, Policy [Policy Text Block] | e. Cash and Cash Equivalents – 90 $29,942 $39,968 February 26, 2017 February 28, 2016, 2 $237,743 $248,590 February 26, 2017 The Company classifies amounts required by the Credit Agreement described in Note 10 Supplemental cash flow information: Fiscal Year 2017 2016 2015 Cash paid during the year for: Income taxes, net of refunds $ 3,648 $ 14,728 $ 1,707 Interest 1,342 1,119 1,380 At February 26, 2017 February 28, 2016, $22,218 $28,878, |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | f. Marketable Securities |
Inventory, Policy [Policy Text Block] | g . Inventories (first first |
Revenue Recognition, Policy [Policy Text Block] | h . Revenue Recognition |
Revenue Recognition, Sales Returns [Policy Text Block] | i . Sales Allowances and Product Warranties may may 1.0% three |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | j. Accounts Receivable – may |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | k . Valuation of Long-Lived Assets may 2017, 2016 2015 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | l. Goodwill and Other Intangible Assets 15 may first two first fourth 2017, 2016 2015 |
Shipping and Handling Cost, Policy [Policy Text Block] | m . Shipping Costs third $2,354, $2,855 $3,398 2017, 2016 2015 |
Property, Plant and Equipment, Policy [Policy Text Block] | n . Property, Plant and Equipment 10 25 30 $3,106, $3,369 $3,559 2017, 2016 2015 |
Income Tax, Policy [Policy Text Block] | o . Income Taxes may Tax benefits are recognized for an uncertain tax position when, in the Company’s judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the tax benefit is measured as the largest amount that is judged to have a greater than 50% |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | p. Foreign Currency Translation |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | q. Stock-Based Compensation four |
Treasury Stock Policy [Policy Text Block] | r. Treasury Stock – |
Note 1 - Summary of Significa28
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 26, 2017 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Fiscal Year 2017 2016 2015 Cash paid during the year for: Income taxes, net of refunds $ 3,648 $ 14,728 $ 1,707 Interest 1,342 1,119 1,380 |
Note 2 - Marketable Securities
Note 2 - Marketable Securities (Tables) | 12 Months Ended |
Feb. 26, 2017 | |
Notes Tables | |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Table Text Block] | February 26, 2017 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 111,261 $ 111,261 $ - $ - U.S. corporate debt securities 24,891 24,891 - - Total marketable securities $ 136,152 $ 136,152 $ - $ - 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 February 26, 2017: U.S. Treasury and other government securities $ 111,727 $ 136 $ 602 U.S. corporate debt securities 24,938 1 48 Total marketable securities $ 136,665 $ 137 $ 650 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 |
Realized Gain (Loss) on Investments [Table Text Block] | Fiscal Year 2017 2016 2015 Gross realized gains on sale $ - $ - $ 17 Gross realized losses on sale $ - $ - $ 44 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Due in one year or less $ 53,250 Due after one year through five years 82,902 $ 136,152 |
Note 3 - Other Balance Sheet 30
Note 3 - Other Balance Sheet Data (Tables) | 12 Months Ended |
Feb. 26, 2017 | |
Notes Tables | |
Schedule of Other Balance Sheet Data [Table Text Block] | February 26, February 28, 2017 2016 Inventories: Raw materials $ 5,842 $ 5,462 Work-in-process 2,329 2,215 Finished goods 2,585 2,172 Manufacturing supplies 349 365 $ 11,105 $ 10,214 Property, plant and equipment: Land, buildings and improvements $ 39,822 $ 39,915 Machinery, equipment, furniture and fixtures 129,696 130,143 169,518 170,058 Less: accumulated depreciation and amortization 150,880 148,546 $ 18,638 $ 21,512 Goodwill and other intangible assets: Goodwill $ 9,776 $ 9,776 Other intangibles 49 57 $ 9,825 $ 9,833 Accrued liabilities: Payroll and payroll related $ 1,361 $ 2,078 Employee benefits 147 279 Workers' compensation 154 241 Professional fees 578 762 Restructuring (Note 8) 16 64 Other 1,161 1,156 $ 3,417 $ 4,580 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 12 Months Ended |
Feb. 26, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal Year 2017 2016 2015 Current: Federal $ (532 ) $ 10,118 $ - State and local (40 ) (120 ) (39 ) Foreign 3,083 3,883 5,601 2,511 13,881 5,562 Deferred: Federal (369 ) (11,273 ) (2,238 ) State and local (590 ) (205 ) (290 ) Foreign (574 ) 66 (287 ) (1,533 ) (11,412 ) (2,815 ) $ 978 $ 2,469 $ 2,747 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Fiscal Year 2017 2016 2015 United States $ (4,742 ) $ (3,331 ) $ (6,704 ) Foreign 15,003 23,829 29,494 Earnings before income taxes $ 10,261 $ 20,498 $ 22,790 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Year 2017 2016 2015 Statutory U.S. Federal tax rate 34.0 % 35.0 % 34.0 % State and local taxes, net of 2.4 % 1.2 % (1.1 %) Foreign tax rate differentials (24.4 %) (21.0 %) (22.2 %) Valuation allowance on deferred tax assets (5.3 %) (0.2 %) 0.6 % Adjustment on tax accruals 6.8 % 3.3 % 1.3 % Foreign tax credits (3.3 %) (1.1 %) (0.5 %) Deferred tax liability on undistributed foreign earnings (3.4 %) (4.5 %) - Permanent differences and other 2.7 % (0.7 %) - 9.5 % 12.0 % 12.1 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | February 26, February 28, 2017 2016 Deferred tax assets: Depreciation and amortization $ 3,740 $ 3,761 Net operating loss carryforwards 11,049 10,800 Tax credits carryforward 677 1,363 Stock options 1,865 1,925 Other, net 282 578 17,613 18,427 Valuation allowance on deferred tax assets (10,571 ) (11,115 ) Total deferred tax assets, net of valuation allowance 7,042 7,312 Deferred tax liabilities: Depreciation (572 ) (526 ) Undistributed earnings (47,509 ) (48,865 ) Other (781 ) (1,281 ) Total deferred tax liabilities (48,862 ) (50,672 ) Net deferred tax liability $ (41,820 ) $ (43,360 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Unrecognized Tax Benefits February 26, February 28, March 1, 2017 2016 2015 Balance, beginning of year $ 1,255 $ 1,135 $ 276 Gross decreases-tax positions in prior period (293 ) - (21 ) Gross increases-current period tax positions 274 271 880 Audit settlements (42 ) (57 ) - Lapse of statute of limitations (170 ) (94 ) - Balance, end of year $ 1,024 $ 1,255 $ 1,135 |
Summary of Income Tax Examinations [Table Text Block] | California 2014 - 2017 New York 2012 - 2017 France 2014 - 2017 Singapore 2013 - 2017 |
Note 5 - Stock-based Compensa32
Note 5 - Stock-based Compensation (Tables) | 12 Months Ended |
Feb. 26, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Fiscal Year 2017 2016 2015 Weighted average fair value per share of option grants $3.15 $5.30 $8.05 Risk-free interest rates 1.77% 1.57 - 1.86% 2.03 - 2.18% Expected stock price volatility 28.9% 27.91 - 31.71% 31.07 - 31.59% Expected dividend yields 2.23% 1.84 - 2.76% 1.34 - 1.77% Estimated option terms (in years) 5.3 5.3 - 7.9 7.8 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Outstanding Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance, March 2, 2014 1,081,117 $ 23.84 Granted 18,000 25.81 Exercised (79,800 ) 21.49 Terminated or expired (52,625 ) 24.21 Granted under option modification 996,892 22.55 Cancelled under option modification (996,892 ) 24.05 Balance, March 1, 2015 966,692 $ 22.55 Granted 379,450 17.82 Exercised (2,500 ) 19.91 Terminated or expired (117,250 ) 21.53 Balance, February 28, 2016 1,226,392 $ 21.19 Granted 1,250 14.07 Exercised - - Terminated or expired (157,113 ) 21.66 Balance, February 26, 2017 1,070,529 $ 21.08 5.52 $ - Vested and exercisable, February 26, 2017 762,217 $ 22.07 4.40 $ - Expected to vest, February 26, 2017 1,009,509 $ 21.08 5.52 $ - |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Subject to Options Weighted Average Grant Date Fair Value Non-vested, beginning of year 504,867 $ 8.27 Granted 1,250 3.15 Vested (136,505 ) 6.44 Terminated or expired (61,300 ) 7.84 Non-vested, end of year 308,312 $ 6.09 |
Note 6 - Shareholders' Equity (
Note 6 - Shareholders' Equity (Tables) | 12 Months Ended |
Feb. 26, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | February 26, 2017 February 28, 2016 Currency translation adjustment $ 1,360 $ 1,330 Unrealized gains (losses) on investments, (334 ) 141 Accumulated balance $ 1,026 $ 1,471 |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 12 Months Ended |
Feb. 26, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year (Amounts in thousands, except per share amounts) 2017 2016 2015 Net earnings $ 9,283 $ 18,029 $ 20,043 Weighted average common shares 20,235 20,347 20,912 Net effect of dilutive options 4 5 74 Weighted average shares outstanding for diluted EPS 20,239 20,352 20,986 Basic earnings per share $ 0.46 $ 0.89 $ 0.96 Diluted earnings per share $ 0.46 $ 0.89 $ 0.96 |
Note 10 - Long-term Debt (Table
Note 10 - Long-term Debt (Tables) | 12 Months Ended |
Feb. 26, 2017 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Fiscal Year Amount 2018 $ 3,500 2019 68,500 72,000 Less: current portion 3,500 $ 68,500 |
Note 11 - Commitments (Tables)
Note 11 - Commitments (Tables) | 12 Months Ended |
Feb. 26, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Fiscal Year Amount 2018 $ 1,937 2019 1,709 2020 1,694 2021 1,262 2022 338 Thereafter 2,743 $ 9,683 |
Note 13 - Geographic Regions (T
Note 13 - Geographic Regions (Tables) | 12 Months Ended |
Feb. 26, 2017 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Fiscal Year 2017 2016 2015 Sales: North America $ 60,949 $ 75,215 $ 75,395 Asia 44,613 61,264 76,000 Europe 9,047 9,376 10,691 Total sales $ 114,609 $ 145,855 $ 162,086 Long-lived assets: North America $ 20,794 $ 22,846 $ 23,562 Asia 8,440 9,478 12,490 Europe 214 268 325 Total long-lived assets $ 29,448 $ 32,592 $ 36,377 |
Selected Quarterly Financial 38
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Feb. 26, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter First Second Third Fourth Fiscal 2017: Net sales $ 31,490 $ 29,058 $ 26,462 $ 27,599 Gross profit 8,787 7,234 6,634 7,386 Net earnings 2,950 1,981 1,875 2,477 Basic net earnings per share $ 0.15 $ 0.10 $ 0.09 $ 0.12 Diluted net earnings per share $ 0.15 $ 0.10 $ 0.09 $ 0.12 Weighted average common shares outstanding: Basic 20,235 20,235 20,235 20,235 Diluted 20,235 20,235 20,235 20,253 Fiscal 2016: Net sales $ 37,829 $ 37,947 $ 34,323 $ 35,756 Gross profit 11,367 10,361 10,297 10,727 Net earnings 4,777 4,569 4,109 4,574 Basic net earnings per share $ 0.23 $ 0.23 $ 0.20 $ 0.23 Diluted net earnings per share $ 0.23 $ 0.23 $ 0.20 $ 0.23 Weighted average common shares outstanding: Basic 20,546 20,337 20,253 20,251 Diluted 20,565 20,340 20,253 20,251 |
Schedule II - Valuation and Q39
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Feb. 26, 2017 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Column C Column A Column B Additions Column D Column E Description Balance at Beginning of Period Costs and Expenses Other Reductions Balance at End of Period DEFERRED INCOME TAX ASSET VALUATION ALLOWANCE: 52 weeks ended February 26, 2017 $ 11,115,000 $ - $ - $ (544,000 ) $ 10,571,000 52 weeks ended February 28, 2016 $ 11,887,000 $ 29,100 $ - $ (801,100 ) $ 11,115,000 52 weeks ended March 1, 2015 $ 11,941,000 $ 123,000 $ - $ (177,000 ) $ 11,887,000 Column D Column A Column B Column C Other Column E Description Balance at Beginning of Period Charged to Cost and Expenses Accounts Written Off (A) Translation Adjustment Balance at End of Period ALLOWANCE FOR DOUBTFUL ACCOUNTS: 52 weeks ended February 26, 2017 $ 324,000 $ (27,000 ) $ (3,000 ) $ - $ 294,000 52 weeks ended February 28, 2016 $ 396,000 $ (2,000 ) $ (70,000 ) $ - $ 324,000 52 weeks ended March 1, 2015 $ 416,000 $ (5,000 ) $ (15,000 ) $ - $ 396,000 |
Note 1 - Summary of Significa40
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | Mar. 01, 2014 | Mar. 02, 2014 | |
Cash and Cash Equivalents, at Carrying Value | $ 102,438 | $ 97,757 | $ 141,538 | $ 133,150 | |
Cash and Marketable Securities | $ 248,590 | ||||
Sales Returns and Allowance as Percentage of Sales | 1.00% | 1.00% | 1.00% | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||
Shipping, Handling and Transportation Costs | $ 2,354 | $ 2,855 | $ 3,398 | ||
Depreciation, Depletion and Amortization | 3,106 | 3,369 | 3,559 | $ 2,017 | |
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 0 | ||
Goodwill, Impairment Loss | $ 0 | 0 | $ 0 | ||
Machinery, Equipment, Furniture and Fixtures [Member] | |||||
Property, Plant and Equipment, Useful Life | 10 years | ||||
Land, Buildings and Improvements [Member] | Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life | 25 years | ||||
Land, Buildings and Improvements [Member] | Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life | 30 years | ||||
Cash and Cash Equivalents, Foreign Financial Institutions [Member] | |||||
Cash and Cash Equivalents, at Carrying Value | $ 22,218 | 28,878 | |||
Company’s Wholly Owned Foreign Subsidiaries [Member] | |||||
Cash and Marketable Securities | 237,743 | ||||
Debt Securities [Member] | |||||
Cash and Cash Equivalents, at Carrying Value | $ 29,942 | $ 39,968 |
Note 1 - Summary of Significa41
Note 1 - Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
Income taxes, net of refunds | $ 3,648 | $ 14,728 | $ 1,707 |
Interest | $ 1,342 | $ 1,119 | $ 1,380 |
Note 2 - Marketable Securitie42
Note 2 - Marketable Securities - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Feb. 26, 2017 | Feb. 28, 2016 |
Marketable securities | $ 136,152 | $ 139,668 |
Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities | 136,152 | 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 | 111,261 | 118,194 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities | 111,261 | 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 | 24,891 | 21,474 |
Domestic Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities | 24,891 | 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 2 - Marketable Securitie43
Note 2 - Marketable Securities - Summary of Unrealized Gains/Losses on Available-for-sale Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 26, 2017 | Feb. 28, 2016 | |
Amortized Cost Basis | $ 136,665 | $ 139,451 |
Gross Unrealized Gains | 137 | 372 |
Gross Unrealized Losses | 650 | 155 |
US Treasury and Government [Member] | ||
Amortized Cost Basis | 111,727 | 117,897 |
Gross Unrealized Gains | 136 | 372 |
Gross Unrealized Losses | 602 | 74 |
Domestic Corporate Debt Securities [Member] | ||
Amortized Cost Basis | 24,938 | 21,554 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | $ 48 | $ 81 |
Note 2 - Marketable Securitie44
Note 2 - Marketable Securities - Summary of Realized Gains/Losses on Available-for-Sale Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
Gross realized gains on sale | $ 17 | ||
Gross realized losses on sale | $ 44 |
Note 2 - Marketable Securitie45
Note 2 - Marketable Securities - Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Feb. 26, 2017 | Feb. 28, 2016 |
Due in one year or less | $ 53,250 | |
Due after one year through five years | 82,902 | |
$ 136,152 | $ 139,668 |
Note 3 - Other Balance Sheet 46
Note 3 - Other Balance Sheet Data (Details Textual) - USD ($) $ in Thousands | Feb. 26, 2017 | Feb. 28, 2016 |
New England Laminates Co Inc [Member] | ||
Real Estate Held-for-sale | $ 0 | |
Nelco Technology Zhuhai FTZ Ltd [Member] | ||
Real Estate Held-for-sale | $ 2,026 |
Note 3 - Other Balance Sheet 47
Note 3 - Other Balance Sheet Data - Other Balance Sheet Data (Details) - USD ($) $ in Thousands | Feb. 26, 2017 | Feb. 28, 2016 |
Inventories: | ||
Raw materials | $ 5,842 | $ 5,462 |
Work-in-process | 2,329 | 2,215 |
Finished goods | 2,585 | 2,172 |
Manufacturing supplies | 349 | 365 |
11,105 | 10,214 | |
Property, plant and equipment: | ||
Land, buildings and improvements | 169,518 | 170,058 |
Less: accumulated depreciation and amortization | 150,880 | 148,546 |
18,638 | 21,512 | |
Goodwill and other intangible assets: | ||
Goodwill | 9,776 | 9,776 |
Other intangibles | 49 | 57 |
9,825 | 9,833 | |
Accrued liabilities: | ||
Payroll and payroll related | 1,361 | 2,078 |
Employee benefits | 147 | 279 |
Workers' compensation | 154 | 241 |
Professional fees | 578 | 762 |
Restructuring (Note 8) | 16 | 64 |
Other | 1,161 | 1,156 |
3,417 | 4,580 | |
Land, Buildings and Improvements [Member] | ||
Property, plant and equipment: | ||
Land, buildings and improvements | 39,822 | 39,915 |
Machinery, Equipment, Furniture and Fixtures [Member] | ||
Property, plant and equipment: | ||
Land, buildings and improvements | $ 129,696 | $ 130,143 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |||
Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | Mar. 02, 2014 | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 0 | |||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 16,343,000 | $ 10,083,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 30,647,000 | 30,871,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 258,000 | 524,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Research | 47,000 | 0 | ||
Deferred Tax Assets, Valuation Allowance | 10,571,000 | 11,115,000 | ||
Unrecognized Tax Benefits | 1,024,000 | 1,255,000 | $ 1,135,000 | $ 276,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 16,000 | 51,000 | ||
Prepaid Expenses and Other Current Assets [Member] | ||||
Deferred Tax Assets, Net of Valuation Allowance, Current | 268,000 | 584,000 | ||
Current Liabilities [Member] | ||||
Unrecognized Tax Benefits | $ 1,041,000 | 1,295,000 | ||
State and Local Jurisdiction [Member] | Minimum [Member] | ||||
Operating Loss Carryforwards Expiration Year | 2,018 | |||
State and Local Jurisdiction [Member] | Maximum [Member] | ||||
Operating Loss Carryforwards Expiration Year | 2,037 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards Expiration Year | 2,027 | |||
New York [Member] | ||||
Tax Credit Carryforward, Amount | $ 0 | 478,000 | ||
New York [Member] | Tax Year 2012 [Member] | ||||
Income Tax Examination, Year under Examination | 2,012 | |||
New York [Member] | Tax Year 2013 [Member] | ||||
Income Tax Examination, Year under Examination | 2,013 | |||
New York [Member] | Tax Year 2014 [Member] | ||||
Income Tax Examination, Year under Examination | 2,014 | |||
New York [Member] | Tax Year 2015 [Member] | ||||
Income Tax Examination, Year under Examination | 2,015 | |||
New York [Member] | Minimum [Member] | ||||
Operating Loss Carryforwards Expiration Year | 2,017 | |||
Kansas [Member] | ||||
Tax Credit Carryforward, Amount | $ 225,000 | 225,000 | ||
Arizona [Member] | ||||
Tax Credit Carryforward, Amount | 135,000 | 135,000 | ||
Nelco Products Pte Ltd [Member] | ||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 6,800,000 | 61,000,000 | $ 0 | |
Nelco Technology Zhuhai FTZ Ltd [Member] | New York [Member] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 544,000 |
Note 4 - Income Taxes - Provisi
Note 4 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
Current: | |||
Federal | $ (532) | $ 10,118 | |
State and local | (40) | (120) | (39) |
Foreign | 3,083 | 3,883 | 5,601 |
2,511 | 13,881 | 5,562 | |
Deferred: | |||
Federal | (369) | (11,273) | (2,238) |
State and local | (590) | (205) | (290) |
Foreign | (574) | 66 | (287) |
(1,533) | (11,412) | (2,815) | |
$ 978 | $ 2,469 | $ 2,747 |
Note 4 - Income Taxes - Compone
Note 4 - Income Taxes - Components of Earnings Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
United States | $ (4,742) | $ (3,331) | $ (6,704) |
Foreign | 15,003 | 23,829 | 29,494 |
Earnings before income taxes | $ 10,261 | $ 20,498 | $ 22,790 |
Note 4 - Income Taxes - Effecti
Note 4 - Income Taxes - Effective Income Tax Reconciliation (Details) | 12 Months Ended | ||
Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
Statutory U.S. Federal tax rate | 34.00% | 35.00% | 34.00% |
State and local taxes, net of Federal benefit | 2.40% | 1.20% | (1.10%) |
Foreign tax rate differentials | (24.40%) | (21.00%) | (22.20%) |
Valuation allowance on deferred tax assets | (5.30%) | (0.20%) | 0.60% |
Adjustment on tax accruals | 6.80% | 3.30% | 1.30% |
Foreign tax credits | (3.30%) | (1.10%) | (0.50%) |
Deferred tax liability on undistributed foreign earnings | (3.40%) | (4.50%) | |
Permanent differences and other | 2.70% | (0.70%) | |
9.50% | 12.00% | 12.10% |
Note 4 - Income Taxes - Compo52
Note 4 - Income Taxes - Components of Deferred Tax Liabilities and Assets (Details) - USD ($) | Feb. 26, 2017 | Feb. 28, 2016 |
Deferred tax assets: | ||
Depreciation and amortization | $ 3,740,000 | $ 3,761,000 |
Net operating loss carryforwards | 11,049,000 | 10,800,000 |
Tax credits carryforward | 677,000 | 1,363,000 |
Stock options | 1,865,000 | 1,925,000 |
Other, net | 282,000 | 578,000 |
17,613,000 | 18,427,000 | |
Valuation allowance on deferred tax assets | (10,571,000) | (11,115,000) |
Total deferred tax assets, net of valuation allowance | 7,042,000 | 7,312,000 |
Deferred tax liabilities: | ||
Depreciation | (572,000) | (526,000) |
Undistributed earnings | (47,509,000) | (48,865,000) |
Other | (781,000) | (1,281,000) |
Total deferred tax liabilities | (48,862,000) | (50,672,000) |
Net deferred tax liability | $ (41,820,000) | $ (43,360,000) |
Note 4 - Income Taxes - Unrecog
Note 4 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
Balance, beginning of year | $ 1,255 | $ 1,135 | $ 276 |
Gross decreases-tax positions in prior period | (293) | (21) | |
Gross increases-current period tax positions | 274 | 271 | 880 |
Audit settlements | (42) | (57) | |
Lapse of statute of limitations | (170) | (94) | |
Balance, end of year | $ 1,024 | $ 1,255 | $ 1,135 |
Note 4 - Income Taxes - Open Ta
Note 4 - Income Taxes - Open Tax Years by Major Jurisdiction (Details) | 12 Months Ended |
Feb. 26, 2017 | |
CALIFORNIA [Member] | Earliest Tax Year [Member] | |
Open tax year | 2,014 |
CALIFORNIA [Member] | Latest Tax Year [Member] | |
Open tax year | 2,017 |
New York [Member] | Earliest Tax Year [Member] | |
Open tax year | 2,012 |
New York [Member] | Latest Tax Year [Member] | |
Open tax year | 2,017 |
France [Member] | Earliest Tax Year [Member] | |
Open tax year | 2,014 |
France [Member] | Latest Tax Year [Member] | |
Open tax year | 2,017 |
Singapore [Member] | Earliest Tax Year [Member] | |
Open tax year | 2,013 |
Singapore [Member] | Latest Tax Year [Member] | |
Open tax year | 2,017 |
Note 5 - Stock-based Compensa55
Note 5 - Stock-based Compensation (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 28, 2015 | Mar. 01, 2015 | Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
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, Number of Shares Authorized | 1,800,000 | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,466,030 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 395,501 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,852,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 7 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Price Reduction | $ 1.50 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.50 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 4,000 | $ 688,000 | ||
Selling, General and Administrative Expenses [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $ 47,000 | $ 131,000 |
Note 5 - Stock-based Compensa56
Note 5 - Stock-based Compensation - Fair Value Assumptions (Details) - $ / shares | 12 Months Ended | ||
Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
Weighted average fair value per share of option grants (in dollars per share) | $ 3.15 | $ 5.30 | $ 8.05 |
Risk-free interest rates | 1.77% | ||
Expected stock price volatility | 28.90% | ||
Expected dividend yields | 2.23% | ||
Estimated option terms (in years) (Year) | 5 years 109 days | 7 years 292 days | |
Minimum [Member] | |||
Risk-free interest rates | 1.57% | 2.03% | |
Expected stock price volatility | 27.91% | 31.07% | |
Expected dividend yields | 1.84% | 1.34% | |
Estimated option terms (in years) (Year) | 5 years 109 days | ||
Maximum [Member] | |||
Risk-free interest rates | 1.86% | 2.18% | |
Expected stock price volatility | 31.71% | 31.59% | |
Expected dividend yields | 2.76% | 1.77% | |
Estimated option terms (in years) (Year) | 7 years 328 days |
Note 5 - Stock-based Compensa57
Note 5 - Stock-based Compensation - Option Activity (Details) - $ / shares | 12 Months Ended | ||
Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
Outstanding options (in shares) | 1,226,392 | 966,692 | 1,081,117 |
Balance, weighted average exercise price (in dollars per share) | $ 21.19 | $ 22.55 | $ 23.84 |
Outstanding options, granted (in shares) | 1,250 | 379,450 | 18,000 |
Granted, weighted average exercise price (in dollars per share) | $ 14.07 | $ 17.82 | $ 25.81 |
Outstanding options, exercised (in shares) | (2,500) | (79,800) | |
Exercised, weighted average exercise price (in dollars per share) | $ 19.91 | $ 21.49 | |
Outstanding options, terminated or expired (in shares) | (157,113) | (117,250) | (52,625) |
Terminated or expired, weighted average exercise price (in dollars per share) | $ 21.66 | $ 21.53 | $ 24.21 |
Outstanding options (in shares) | 1,070,529 | 1,226,392 | 966,692 |
Balance, weighted average exercise price (in dollars per share) | $ 21.08 | $ 21.19 | $ 22.55 |
Balance, weighted average remaining contractual term (Year) | 5 years 189 days | ||
Outstanding options, vested and exercisable (in shares) | 762,217 | ||
Vested and exercisable, weighted average exercise price (in dollars per share) | $ 22.07 | ||
Vested and exercisable, weighted average remaining contractual term (Year) | 4 years 146 days | ||
Outstanding options, expected to vest (in shares) | 1,009,509 | ||
Expected to vest, weighted average exercise price (in dollars per share) | $ 21.08 | ||
Expected to vest, weighted average remaining contractual term (Year) | 5 years 189 days | ||
Option Exchange Program [Member] | |||
Outstanding options, granted (in shares) | 996,892 | ||
Granted, weighted average exercise price (in dollars per share) | $ 22.55 | ||
Outstanding options, terminated or expired (in shares) | (996,892) | ||
Terminated or expired, weighted average exercise price (in dollars per share) | $ 24.05 |
Note 5 - Stock-based Compensa58
Note 5 - Stock-based Compensation - Non-vested Options (Details) - $ / shares | 12 Months Ended | ||
Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
Non-vested, beginning of year (in shares) | 504,867 | ||
Non-vested, beginning of year (in dollars per share) | $ 8.27 | ||
Granted (in shares) | 1,250 | 379,450 | 18,000 |
Granted (in dollars per share) | $ 3.15 | $ 5.30 | $ 8.05 |
Vested (in shares) | (136,505) | ||
Vested (in dollars per share) | $ 6.44 | ||
Terminated or expired (in shares) | (61,300) | ||
Terminated or expired (in dollars per share) | $ 7.84 | ||
Non-vested, end of year (in shares) | 308,312 | 504,867 | |
Non-vested, end of year (in dollars per share) | $ 6.09 | $ 8.27 |
Note 6 - Shareholders' Equity59
Note 6 - Shareholders' Equity (Details Textual) - USD ($) $ in Thousands | Mar. 10, 2016 | Feb. 28, 2016 | May 05, 2017 | Feb. 26, 2017 | Jan. 08, 2015 | Jan. 07, 2015 |
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 | |||||
Stock Repurchase Program, Number of Additional Shares Authorized to be Repurchased | 1,000,000 | |||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1,531,412 | 1,531,412 | ||||
Stock Repurchased During Period, Shares | 599,832 | |||||
Stock Repurchased and Retired During Period, Value | $ 12,187 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,466,030 | |||||
Subsequent Event [Member] | ||||||
Stock Repurchase Program, Percentage of Outstanding Shares Authorized to be Repurchased | 7.60% | |||||
Common Stock, Shares, Outstanding | 20,234,671 |
Note 6 - Shareholders' Equity -
Note 6 - Shareholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Feb. 26, 2017 | Feb. 28, 2016 |
Currency translation adjustment | $ 1,360 | $ 1,330 |
Unrealized gains (losses) on investments, net of taxes of $(180) and $76, respectively | (334) | 141 |
Accumulated other comprehensive earnings | $ 1,026 | $ 1,471 |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 884,905 | 919,509 | 192,063 |
Note 7 - Earnings Per Share - B
Note 7 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 26, 2017 | Nov. 27, 2016 | Aug. 28, 2016 | May 29, 2016 | Feb. 28, 2016 | Nov. 29, 2015 | Aug. 30, 2015 | May 31, 2015 | Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
Net earnings | $ 2,477 | $ 1,875 | $ 1,981 | $ 2,950 | $ 4,574 | $ 4,109 | $ 4,569 | $ 4,777 | $ 9,283 | $ 18,029 | $ 20,043 |
Weighted average common shares outstanding for basic EPS (in shares) | 20,235 | 20,235 | 20,235 | 20,235 | 20,251 | 20,253 | 20,337 | 20,546 | 20,235 | 20,347 | 20,912 |
Net effect of dilutive options (in shares) | 4 | 5 | 74 | ||||||||
Weighted average shares outstanding for diluted EPS (in shares) | 20,253 | 20,235 | 20,235 | 20,235 | 20,251 | 20,253 | 20,340 | 20,565 | 20,239 | 20,352 | 20,986 |
Basic earnings per share (in dollars per share) | $ 0.12 | $ 0.09 | $ 0.10 | $ 0.15 | $ 0.23 | $ 0.20 | $ 0.23 | $ 0.23 | $ 0.46 | $ 0.89 | $ 0.96 |
Diluted earnings per share (in dollars per share) | $ 0.12 | $ 0.09 | $ 0.10 | $ 0.15 | $ 0.23 | $ 0.20 | $ 0.23 | $ 0.23 | $ 0.46 | $ 0.89 | $ 0.96 |
Note 8 - Restructuring Charges
Note 8 - Restructuring Charges (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
May 31, 2015 | Nov. 30, 2014 | Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | Feb. 29, 2004 | |
Proceeds from Sale of Property, Plant, and Equipment | $ 2,057,000 | |||||
Restructuring Charges | 313,000 | 535,000 | 1,179,000 | |||
UNITED STATES | ||||||
Restructuring Charges | $ 496,000 | |||||
Payments for Restructuring | 504,000 | $ 504,000 | ||||
Nelco Technology Zhuhai FTZ Ltd [Member] | ||||||
Business Exit Costs | 0 | 100,000 | ||||
Proceeds from Sale of Property, Plant, and Equipment | $ 2,026,000 | |||||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | |||||
New England Laminates Co Inc [Member] | ||||||
Business Exit Costs | $ 313,000 | $ 435,000 | ||||
Real Estate Held-for-sale | $ 0 |
Note 9 - Employee Benefit Pla64
Note 9 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
Savings Plan [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 101 | $ 112 | $ 123 |
Deferred Profit Sharing [Member] | |||
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 212 | $ 100 |
Note 10 - Long-term Debt (Detai
Note 10 - Long-term Debt (Details Textual) $ in Thousands | Apr. 21, 2017USD ($) | Oct. 05, 2017 | Jul. 05, 2017 | Apr. 05, 2017 | Feb. 28, 2016USD ($) | Feb. 25, 2018 | Feb. 26, 2017USD ($) | Feb. 28, 2016USD ($) | Mar. 01, 2015USD ($) | Aug. 27, 2017 | May 28, 2017 | Jan. 15, 2016USD ($) |
Interest Expense | $ 1,432 | $ 1,657 | $ 1,438 | |||||||||
HSBC Bank USA [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | |||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.10% | |||||||||||
Gross Leverage Charge Ratio Requirement | 4.5 | |||||||||||
Minimum Domestic Liquid Assets Ratio | 2 | |||||||||||
Debt Agreement, Minimum Domestic Liquid Assets Required | $ 10,000 | |||||||||||
Long-term Line of Credit | $ 72,000 | |||||||||||
Line of Credit Facility, Interest Rate at Period End | 2.49% | |||||||||||
Repayments of Long-term Lines of Credit | 0 | |||||||||||
HSBC Bank USA [Member] | Scenario, Forecast [Member] | ||||||||||||
Gross Leverage Charge Ratio Requirement | 3.75 | 4.25 | 4.5 | |||||||||
Minimum Interest Coverage Ratio | 1.1 | 0.3 | 0.5 | 0.2 | ||||||||
HSBC Bank USA [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | |||||||||||
HSBC Bank USA [Member] | London Interbank Offered Rate (LIBOR) [Member] | Scenario, Forecast [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.15% | 1.90% | 1.65% | 2.65% | ||||||||
HSBC Bank USA [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||||||
Debt Instrument, Periodic Payment | $ 750 | |||||||||||
Number of Quarterly Installments | 12 | |||||||||||
HSBC Bank USA [Member] | First and Second Installments Due in the 2018 Fiscal Year [Member] | Subsequent Event [Member] | ||||||||||||
Debt Instrument, Periodic Payment | $ 1,000 | |||||||||||
HSBC Bank USA [Member] | Letter of Credit [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000 | |||||||||||
PNC Bank National Association and HSBC Bank USA [Member] | ||||||||||||
Interest Expense | $ 1,432 | $ 1,365 | $ 1,438 | |||||||||
PNC Bank National Association [Member] | Accelerated Deferred Financing Costs [Member] | ||||||||||||
Interest Expense | $ 292 |
Note 10 - Long-term Debt - Long
Note 10 - Long-term Debt - Long-term Debt Maturities (Details) - USD ($) $ in Thousands | Feb. 26, 2017 | Feb. 28, 2016 |
2,018 | $ 3,500 | |
2,019 | 68,500 | |
72,000 | ||
Less: current portion | 3,500 | $ 3,000 |
$ 68,500 | $ 72,000 |
Note 11 - Commitments (Details
Note 11 - Commitments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
Lessee, Operating Lease, Term of Contract | 10 years | ||
Operating Leases, Rent Expense | $ 2,018 | $ 2,774 | $ 2,881 |
Minimum [Member] | |||
Lessee, Operating Lease, Renewal Term | 1 year | ||
Maximum [Member] | |||
Lessee, Operating Lease, Renewal Term | 10 years |
Note 11 - Commitments - Non-can
Note 11 - Commitments - Non-cancelable Lease Schedule (Details) $ in Thousands | Feb. 26, 2017USD ($) |
2,018 | $ 1,937 |
2,019 | 1,709 |
2,020 | 1,694 |
2,021 | 1,262 |
2,022 | 338 |
Thereafter | 2,743 |
$ 9,683 |
Note 12 - Contingencies (Detail
Note 12 - Contingencies (Details Textual) | 12 Months Ended | ||
Feb. 26, 2017USD ($) | Feb. 28, 2016USD ($) | Mar. 01, 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 | $ 2,000 | $ 23,000 |
Number of Insurance Carriers | 3 | ||
Accrual for Environmental Loss Contingencies | $ 0 | $ 0 |
Note 13 - Geographic Regions -
Note 13 - Geographic Regions - Financial Information by Geographic Region, Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 26, 2017 | Nov. 27, 2016 | Aug. 28, 2016 | May 29, 2016 | Feb. 28, 2016 | Nov. 29, 2015 | Aug. 30, 2015 | May 31, 2015 | Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
Sales | $ 27,599 | $ 26,462 | $ 29,058 | $ 31,490 | $ 35,756 | $ 34,323 | $ 37,947 | $ 37,829 | $ 114,609 | $ 145,855 | $ 162,086 |
Long-lived assets | 29,448 | 32,592 | 29,448 | 32,592 | 36,377 | ||||||
North America [Member] | |||||||||||
Sales | 60,949 | 75,215 | 75,395 | ||||||||
Long-lived assets | 20,794 | 22,846 | 20,794 | 22,846 | 23,562 | ||||||
Asia [Member] | |||||||||||
Sales | 44,613 | 61,264 | 76,000 | ||||||||
Long-lived assets | 8,440 | 9,478 | 8,440 | 9,478 | 12,490 | ||||||
Europe [Member] | |||||||||||
Sales | 9,047 | 9,376 | 10,691 | ||||||||
Long-lived assets | $ 214 | $ 268 | $ 214 | $ 268 | $ 325 |
Note 14 - Customer and Suppli71
Note 14 - Customer and Supplier Concentrations (Details Textual) | 12 Months Ended | |
Feb. 26, 2017 | Feb. 28, 2016 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | TTM Technologies Inc. [Member] | ||
Concentration Risk, Percentage | 16.20% | 13.80% |
Note 15 - Subsequent Event (Det
Note 15 - Subsequent Event (Details Textual) - USD ($) | Apr. 17, 2017 | Nov. 26, 2017 | Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 |
Restructuring Charges | $ 313,000 | $ 535,000 | $ 1,179,000 | ||
Consolidation of Nelco Products Inc and Neltec Inc [Member] | Scenario, Forecast [Member] | |||||
Restructuring Charges, Duplicative Costs | $ 300,000 | ||||
Consolidation of Nelco Products Inc and Neltec Inc [Member] | Minimum [Member] | Scenario, Forecast [Member] | |||||
Restructuring Charges | 5,000 | ||||
Consolidation of Nelco Products Inc and Neltec Inc [Member] | Maximum [Member] | Scenario, Forecast [Member] | |||||
Restructuring Charges | $ 5,500,000 | ||||
Subsequent Event [Member] | Consolidation of Nelco Products Inc and Neltec Inc [Member] | Minimum [Member] | |||||
Restructuring and Related Costs, Expected Completion Period | 120 days | ||||
Restructuring and Related Cost, Expected Pre-tax Benefit Per Year | $ 3,000,000 | ||||
Subsequent Event [Member] | Consolidation of Nelco Products Inc and Neltec Inc [Member] | Maximum [Member] | |||||
Restructuring and Related Costs, Expected Completion Period | 180 days | ||||
Restructuring and Related Cost, Expected Pre-tax Benefit Per Year | $ 3,500,000 |
Selected Quarterly Financial 73
Selected Quarterly Financial Data (Unaudited) - Quarterly Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 26, 2017 | Nov. 27, 2016 | Aug. 28, 2016 | May 29, 2016 | Feb. 28, 2016 | Nov. 29, 2015 | Aug. 30, 2015 | May 31, 2015 | Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | |
Sales | $ 27,599 | $ 26,462 | $ 29,058 | $ 31,490 | $ 35,756 | $ 34,323 | $ 37,947 | $ 37,829 | $ 114,609 | $ 145,855 | $ 162,086 |
Gross profit | 7,386 | 6,634 | 7,234 | 8,787 | 10,727 | 10,297 | 10,361 | 11,367 | 30,041 | 42,752 | 48,953 |
Net earnings | $ 2,477 | $ 1,875 | $ 1,981 | $ 2,950 | $ 4,574 | $ 4,109 | $ 4,569 | $ 4,777 | $ 9,283 | $ 18,029 | $ 20,043 |
Basic net earnings per share (in dollars per share) | $ 0.12 | $ 0.09 | $ 0.10 | $ 0.15 | $ 0.23 | $ 0.20 | $ 0.23 | $ 0.23 | $ 0.46 | $ 0.89 | $ 0.96 |
Diluted net earnings per share (in dollars per share) | $ 0.12 | $ 0.09 | $ 0.10 | $ 0.15 | $ 0.23 | $ 0.20 | $ 0.23 | $ 0.23 | $ 0.46 | $ 0.89 | $ 0.96 |
Basic (in shares) | 20,235 | 20,235 | 20,235 | 20,235 | 20,251 | 20,253 | 20,337 | 20,546 | 20,235 | 20,347 | 20,912 |
Diluted (in shares) | 20,253 | 20,235 | 20,235 | 20,235 | 20,251 | 20,253 | 20,340 | 20,565 | 20,239 | 20,352 | 20,986 |
Schedule II - Valuation and Q74
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | |||
Feb. 26, 2017 | Feb. 28, 2016 | Mar. 01, 2015 | ||
Valuation Allowance of Deferred Tax Assets [Member] | ||||
Balance of beginning of period | $ 11,115,000 | $ 11,887,000 | $ 11,941,000 | |
Costs and expenses | 29,100 | 123,000 | ||
Reductions | (544,000) | (801,100) | (177,000) | |
Balance at end of period | 10,571,000 | 11,115,000 | 11,887,000 | |
Allowance for Doubtful Accounts [Member] | ||||
Balance of beginning of period | 324,000 | 396,000 | 416,000 | |
Costs and expenses | (27,000) | (2,000) | (5,000) | |
Balance at end of period | 294,000 | 324,000 | 396,000 | |
Accounts written off | [1] | $ (3,000) | $ (70,000) | $ (15,000) |
[1] | Uncollectible amounts, net of recoveries |