Park Aerospace (PKE) 10-Q 6 Oct 17 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Aug. 27, 2017	Oct. 04, 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	--02-25
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)		20,237,446
Document Type	10-Q
Document Period End Date	Aug. 27, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Aug. 27, 2017	Feb. 26, 2017	[1]
ASSETS
Cash and cash equivalents	$ 30,191	$ 102,438
Marketable securities (Note 3)	202,873	136,152
Accounts receivable, less allowance for doubtful accounts of $285 and $294, respectively	21,182	17,238
Inventories (Note 4)	11,919	11,105
Prepaid expenses and other current assets	2,582	2,197
Total current assets	268,747	269,130
Property, plant and equipment, net	17,616	18,638
Goodwill and other intangible assets	9,825	9,825
Restricted cash (Note 5)	10,000	10,000
Other assets	1,956	985
Total assets	308,144	308,578
LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of long-term debt (Note 5)	3,250	3,500
Accounts payable	5,444	4,183
Accrued liabilities	7,062	3,417
Income taxes payable	1,891	3,023
Total current liabilities	17,647	14,123
Long-term debt (Note 5)	67,000	68,500
Deferred income taxes (Note 9)	42,088	42,088
Other liabilities	302	1,041
Total liabilities	127,037	125,752
Commitments and contingencies (Note 11)
Shareholders' equity (Note 8):
Common stock	2,096	2,096
Additional paid-in capital	168,071	167,612
Retained earnings	24,979	27,112
Accumulated other comprehensive earnings	924	1,026
	196,070	197,846
Less treasury stock, at cost	(14,963)	(15,020)
Total shareholders' equity	181,107	182,826
Total liabilities and shareholders' equity	$ 308,144	$ 308,578
[1]	The balance sheet at February 26, 2017 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	Aug. 27, 2017	Feb. 26, 2017
Accounts receivable, allowance for doubtful accounts	$ 285	$ 294	[1]
[1]	The balance sheet at February 26, 2017 has been derived from the audited financial statements at that date.

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Aug. 27, 2017	Aug. 28, 2016	Aug. 27, 2017	Aug. 28, 2016
Net sales	$ 29,836,000	$ 29,058,000	$ 57,253,000	$ 60,548,000
Cost of sales	22,659,000	21,824,000	43,754,000	44,527,000
Gross profit	7,177,000	7,234,000	13,499,000	16,021,000
Selling, general and administrative expenses	4,443,000	5,110,000	9,170,000	10,447,000
Restructuring charges (Note 6)	2,902,000	23,000	4,263,000	93,000
(Loss) Earnings from operations	(168,000)	2,101,000	66,000	5,481,000
Interest expense (Note 5)	603,000	334,000	1,113,000	667,000
Interest and other income	751,000	369,000	1,500,000	747,000
(Loss) Earnings before income taxes	(20,000)	2,136,000	453,000	5,561,000
Income tax (benefit) provision (Note 9)	(540,000)	155,000	(1,461,000)	630,000
Net earnings	$ 520,000	$ 1,981,000	$ 1,914,000	$ 4,931,000
Earnings per share (Note 7):
Basic earnings per share (in dollars per share)	$ 0.03	$ 0.10	$ 0.09	$ 0.24
Basic weighted average shares (in shares)	20,236	20,235	20,236	20,235
Diluted earnings per share (in dollars per share)	$ 0.03	$ 0.10	$ 0.09	$ 0.24
Diluted weighted average shares (in shares)	20,250	20,235	20,247	20,235
Dividends declared per share (in dollars per share)	$ 0.10	$ 0.10	$ 0.20	$ 0.20

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 27, 2017	Aug. 28, 2016	Aug. 27, 2017	Aug. 28, 2016
Net earnings	$ 520	$ 1,981	$ 1,914	$ 4,931
Other comprehensive earnings (loss), net of tax:
Foreign currency translation	72	26	41	5
Other comprehensive earnings (loss)	88	11	(102)	(74)
Total comprehensive earnings	608	1,992	1,812	4,857
Gains on Marketable Securities [Member]
Other comprehensive earnings (loss), net of tax:
Unrealized holding gains (losses) arising during the period	21	11	24	11
Less: reclassification adjustment for gains (losses) included in net earnings	(27)		(96)	(55)
Losses on Marketable Securities [Member]
Other comprehensive earnings (loss), net of tax:
Unrealized holding gains (losses) arising during the period		(45)	(117)	(69)
Less: reclassification adjustment for gains (losses) included in net earnings	$ 22	$ 19	$ 46	$ 34

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Aug. 27, 2017		Aug. 28, 2016
Cash flows from operating activities:
Net earnings	$ 1,914		$ 4,931
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	1,547		1,652
Stock-based compensation	475		704
Deferred income taxes	(992)
Amortization of bond premium	125		278
Non-cash restructuring charges	3,484
Changes in operating assets and liabilities	(5,051)		1,252
Net cash provided by operating activities	1,502		8,817
Cash flows from investing activities:
Purchase of property, plant and equipment	(500)		(94)
Purchases of marketable securities	(141,881)		(27,102)
Proceeds from sales and maturities of marketable securities	74,205		29,478
Net cash (used in) provided by investing activities	(68,176)		2,282
Cash flows from financing activities:
Dividends paid	(4,047)		(4,047)
Proceeds from exercise of stock options	39
Payments of long-term debt	(1,750)		(1,500)
Net cash used in financing activities	(5,758)		(5,547)
(Decrease) increase in cash and cash equivalents before effect of exchange rate changes	(72,432)		5,552
Effect of exchange rate changes on cash and cash equivalents	185		129
(Decrease) increase in cash and cash equivalents	(72,247)		5,681
Cash and cash equivalents, beginning of period	102,438	[1]	97,757
Cash and cash equivalents, end of period	30,191		103,438
Supplemental cash flow information:
Cash paid during the period for income taxes, net of refunds	1,534		1,763
Cash paid during the period for interest	$ 1,007		$ 653
[1]	The balance sheet at February 26, 2017 has been derived from the audited financial statements at that date.

Note 1 - Consolidated Financial

Note 1 - Consolidated Financial Statements	6 Months Ended
	Aug. 27, 2017
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 August 27, 2017, 13 26 August 27, 2017 August 28, 2016 26 August 27, 2017 not 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 26, 2017. no 26 August 27, 2017.

Note 2 - Fair Value Measurement

Note 2 - Fair Value Measurements	6 Months Ended
	Aug. 27, 2017
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 not The fair value of the Company ’s cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their carrying value due to their short-term nature. Due to the variable interest rates periodically adjusting with the current LIBOR, the carrying value of outstanding borrowings under the Company’s long-term debt approximates its fair value. (See Note 5 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 no 26 August 27, 2017 August 28, 2016. first not not two no 13 26 August 27, 2017.

Note 3 - Marketable Securities

Note 3 - Marketable Securities	6 Months Ended
	Aug. 27, 2017
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: August 27, 2017 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 151,337 $ 151,337 $ - $ - U.S. corporate debt securities 51,536 51,536 - - Total marketable securities $ 202,873 $ 202,873 $ - $ - 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 $ - $ - The following table show s 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 August 27, 2017: U.S. Treasury and other government securities $ 151,941 $ 26 $ 630 U.S. corporate debt securities 51,665 - 129 Total marketable securities $ 203,606 $ 26 $ 759 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 The estimated fair values of such securities at August 27, 2017 Due in one year or less $ 25,939 Due after one year through five years 176,934 $ 202,873

Note 4 - Inventories

Note 4 - Inventories	6 Months Ended
	Aug. 27, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	4 . INVENTORIES Inventories are stated at the lower of cost ( first first The Company writes down its inventory for estimated obsolescence or unmarketability based upon the age of the inventory and assumptions about future demand for the Company's products and market conditions. Inventories consisted of the following: August 27, February 26, 2017 2017 Inventories: Raw materials $ 7,305 $ 5,842 Work-in-process 2,714 2,329 Finished goods 1,533 2,585 Manufacturing supplies 367 349 $ 11,919 $ 11,105

Note 5 - Long-term Debt

Note 5 - Long-term Debt	6 Months Ended
	Aug. 27, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	5 . LONG-TERM DEBT On January 15, 2016, three February 2014. $75,000 $2,000. $75,000 $1,075. 2016 no 2017 $3,000 2018 first May 28, 2017, $750. $71,250 seven $750 January 26, 2019. April 21, 2017, second third 2018 $750 $1,000. Borrow ings 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 three six 1.15%. 0.10% 360 On January 5, 2017, 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 4.25 1.00 August 27, 2017 3.75 1.00 0.50 1.00 August 27, 2017 1.10 1.00 2.00 1.00. $10,000 During the quarter end May 28, 2017, two first second 2018. $4,600 ’s Nelco Products, Inc. and Neltec, Inc. Business Units in the United States in fiscal year 2018, 1.10 1.00 0.20 1.00 second third 2018 At August 27, 2017, $70,250 3.41%. $603 $1,113 13 26 August 27, 2017, $334 $667 13 26 August 28, 2016,

Note 6 - Restructuring Charges

Note 6 - Restructuring Charges	6 Months Ended
	Aug. 27, 2017
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	6 . RESTRUCTURING CHARGES On April 18, 2017, four six complete. When complete, all business functions will be performed at Neltec in Tempe, Arizona and certain manufacturing operations will continue to be performed in California, under the supervision of the Neltec Business Unit. During the 13 26 ek periods ended August 27, 2017 $2,813 $4,063, $1,500. March 3, 2019 $1,500. remaining charge is expected to be incurred primarily during the fiscal year ending March 3, 2019 The following table sets forth the charges and accruals related to the consolidation: Total Expense For 13 Weeks Ended May 28, 2017 Current Period Expense Cash Payments Non-Cash Charges Accrual August 27, 2017 Total Expense For 26 Weeks Ended August 27, 2017 Total Expected Costs Facility Lease Costs $ - $ 2,753 $ - $ - $ 2,753 $ 2,753 $ 2,753 Severance Costs 1,183 (61 ) (391 ) - 731 1,122 1,122 Equipment Removal - - - - - - 700 Other 67 121 (121 ) (67 ) - 188 925 Total Restructuring Plan $ 1,250 $ 2,813 $ (512 ) $ (67 ) $ 3,484 $ 4,063 $ 5,500 The Company recorded additional restructuring charges of $ 89 $23 13 August 27, 2017 August 28, 2016, $200 $93 26 August 27, 2017 August 28, 2016, 2009 2004 zero 2018

Note 7 - Earnings Per Share

Note 7 - Earnings Per Share	6 Months Ended
	Aug. 27, 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 potentially dilutive securities outstanding during the period. Stock options are the only potentially dilutive securities that have been issued by the Company; 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 26 Weeks Ended August 27, 2017 August 28, 2016 August 27, 2017 August 28, 2016 Net earnings $ 520 $ 1,981 $ 1,914 $ 4,931 Weighted average common shares outstanding for basic EPS 20,236 20,235 20,236 20,235 Net effect of dilutive options 14 - 11 - Weighted average shares outstanding for diluted EPS 20,250 20,235 20,247 20,235 Basic earnings per share $ 0.03 $ 0.10 $ 0.09 $ 0.24 Diluted earnings per share $ 0.03 $ 0.10 $ 0.09 $ 0.24 Potentially dilutive securities, which were not ’ exercise prices were greater than the average market price of the common stock, were 713,000 882,000 13 August 27, 2017 August 28, 2016, 793,000 953,000 26 August 27, 2017 August 28, 2016,

Note 8 - Shareholders' Equity

Note 8 - Shareholders' Equity	6 Months Ended
	Aug. 27, 2017
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	8 . SHAREHOLDERS’ EQUITY During the 26 August 27, 2017, 2,775 ’s treasury stock pursuant to the exercises of employee stock options and received proceeds of $39 $459. On January 8, 2015, ’s purchase, on the open market and in privately negotiated transactions, of up to 1,250,000 6% 20,945,634 January 7, 2015. On March 10, 2016, he Company announced that its Board of Directors authorized the Company’s purchase, on the open market and in privately negotiated transactions, of up to 1,000,000 January 8, 2015. 1,531,412 7.6% 20,237,446 October 4, 2017. The Company did not of its common stock during the 26 August 27, 2017 26 August 28, 2016.

Note 9 - Income Taxes

Note 9 - Income Taxes	6 Months Ended
	Aug. 27, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9 . INCOME TAXES The Company ’s effective tax rates for the 13 26 August 27, 2017 13 26 August 28, 2016. 13 26 August 27, 2017 a nd the reversal of a tax reserve of $688 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 $7,250, $6,800 $61,000 2018, 2017 2016

Note 10 - Geographic Regions

Note 10 - Geographic Regions	6 Months Ended
	Aug. 27, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	1 0 . GEOGRAPHIC REGIONS The Company is a global advanced materials company which develops, manufactures, markets and sells advanced composite materials, primary and secondary structures and assemblies and low-volume tooling for the aerospace markets and high-technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure, enterprise and military/aerospace markets. The Company’s products are sold to customers in North America, Asia and Europe. The Company’s manufacturing facilities are located in Kansas, Singapore, France, Arizona and California. The Company operates as a single operating segment, which is advanced materials for the electronics and aerospace markets, with common management and identical or very similar economic characteristics, products, raw materials, manufacturing processes and equipment, customers and markets, marketing, sales and distribution methods and regulatory environments. The chief operating decision maker reviews financial information on a consolidated basis. Sales are attributed to geographic regions based upon the region in which the materials were delivered to the customer. Sales between geographic regions were not Financial information regarding the Company ’s operations by geographic region is as follows: 13 Weeks Ended 26 Weeks Ended August 27, 2017 August 28, 2016 August 27, 2017 August 28, 2016 Sales: North America $ 17,997 $ 15,990 $ 33,413 $ 32,827 Asia 9,702 11,119 19,735 23,266 Europe 2,137 1,949 4,105 4,455 Total sales $ 29,836 $ 29,058 $ 57,253 $ 60,548 August 27, 2017 February 26, 2017 Long-lived assets: North America $ 21,221 $ 20,794 Asia 7,950 8,440 Europe 226 214 Total long-lived assets $ 29,397 $ 29,448

Note 11 - Contingencies

Note 11 - Contingencies	6 Months Ended
	Aug. 27, 2017
Notes to Financial Statements
Contingencies Disclosure [Text Block]	1 1 . 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 not Company’s liquidity, capital resources or business or its consolidated results of operations, cash flows or financial position. Environmental Contingencies The Company and certain of its subsidiaries have been named by the Environmental Protection Agency (the "EPA") or a comparable state agency under the Comprehensive Environmental Response, Compensation and Liability Act (the "Superfund Act") or similar state law as potentially responsible parties in connection with alleged releases of hazardous substances at four Under the Superfund Act and similar state laws, all parties who may may pany's subsidiaries, generally the waste was removed from their manufacturing facilities and disposed at waste sites by various companies which contracted with the subsidiaries to provide waste disposal services. Neither the Company nor any of its subsidiaries have been accused of or charged with any wrongdoing or illegal acts in connection with any such sites. The Company believes it maintains an effective and comprehensive environmental compliance program. The insurance carriers who provided general liability insurance coverage to the Company and its subsidiaries for the years dur ing 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 Company does not 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 mat ters 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

Note 12 - Accounting Pronouncem

Note 12 - Accounting Pronouncements	6 Months Ended
	Aug. 27, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	1 2 . A CCOUNT I NG P RONOUNCEMENTS Recently Adopted In March 2016, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016 09, Compensation – Stock Compensation (Topic 718 December 15, 2016 February 27, 2017, first 2018 not Recently Issued In November 2016, FASB issued ASU No. 2016 18, Statement of Cash Flows (Topic 230 December 15, 2017 may I n August 2016, No. 2016 15, Statement of Cash Flows (Topic 230 December 15, 2017 may In February 2016, No. 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, not

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Aug. 27, 2017
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted In March 2016, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016 09, Compensation – Stock Compensation (Topic 718 December 15, 2016 February 27, 2017, first 2018 not Recently Issued In November 2016, FASB issued ASU No. 2016 18, Statement of Cash Flows (Topic 230 December 15, 2017 may I n August 2016, No. 2016 15, Statement of Cash Flows (Topic 230 December 15, 2017 may In February 2016, No. 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, not

Note 3 - Marketable Securities

Note 3 - Marketable Securities (Tables)	6 Months Ended
	Aug. 27, 2017
Notes Tables
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Table Text Block]	August 27, 2017 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 151,337 $ 151,337 $ - $ - U.S. corporate debt securities 51,536 51,536 - - Total marketable securities $ 202,873 $ 202,873 $ - $ - 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 $ - $ -
Schedule of Unrealized Loss on Investments [Table Text Block]	Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses August 27, 2017: U.S. Treasury and other government securities $ 151,941 $ 26 $ 630 U.S. corporate debt securities 51,665 - 129 Total marketable securities $ 203,606 $ 26 $ 759 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
Investments Classified by Contractual Maturity Date [Table Text Block]	Due in one year or less $ 25,939 Due after one year through five years 176,934 $ 202,873

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	6 Months Ended
	Aug. 27, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	August 27, February 26, 2017 2017 Inventories: Raw materials $ 7,305 $ 5,842 Work-in-process 2,714 2,329 Finished goods 1,533 2,585 Manufacturing supplies 367 349 $ 11,919 $ 11,105

Note 6 - Restructuring Charges

Note 6 - Restructuring Charges (Tables)	6 Months Ended
	Aug. 27, 2017
Notes Tables
Restructuring and Related Costs [Table Text Block]	Total Expense For 13 Weeks Ended May 28, 2017 Current Period Expense Cash Payments Non-Cash Charges Accrual August 27, 2017 Total Expense For 26 Weeks Ended August 27, 2017 Total Expected Costs Facility Lease Costs $ - $ 2,753 $ - $ - $ 2,753 $ 2,753 $ 2,753 Severance Costs 1,183 (61 ) (391 ) - 731 1,122 1,122 Equipment Removal - - - - - - 700 Other 67 121 (121 ) (67 ) - 188 925 Total Restructuring Plan $ 1,250 $ 2,813 $ (512 ) $ (67 ) $ 3,484 $ 4,063 $ 5,500

Note 7 - Earnings Per Share (Ta

Note 7 - Earnings Per Share (Tables)	6 Months Ended
	Aug. 27, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	13 Weeks Ended 26 Weeks Ended August 27, 2017 August 28, 2016 August 27, 2017 August 28, 2016 Net earnings $ 520 $ 1,981 $ 1,914 $ 4,931 Weighted average common shares outstanding for basic EPS 20,236 20,235 20,236 20,235 Net effect of dilutive options 14 - 11 - Weighted average shares outstanding for diluted EPS 20,250 20,235 20,247 20,235 Basic earnings per share $ 0.03 $ 0.10 $ 0.09 $ 0.24 Diluted earnings per share $ 0.03 $ 0.10 $ 0.09 $ 0.24

Note 10 - Geographic Regions (T

Note 10 - Geographic Regions (Tables)	6 Months Ended
	Aug. 27, 2017
Notes Tables
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	13 Weeks Ended 26 Weeks Ended August 27, 2017 August 28, 2016 August 27, 2017 August 28, 2016 Sales: North America $ 17,997 $ 15,990 $ 33,413 $ 32,827 Asia 9,702 11,119 19,735 23,266 Europe 2,137 1,949 4,105 4,455 Total sales $ 29,836 $ 29,058 $ 57,253 $ 60,548 August 27, 2017 February 26, 2017 Long-lived assets: North America $ 21,221 $ 20,794 Asia 7,950 8,440 Europe 226 214 Total long-lived assets $ 29,397 $ 29,448

Note 3 - Marketable Securitie25

Note 3 - Marketable Securities - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Aug. 27, 2017	Feb. 26, 2017
Available-for-sale securities	$ 202,873	$ 136,152
Fair Value, Inputs, Level 1 [Member]
Available-for-sale securities	202,873	136,152
Fair Value, Inputs, Level 2 [Member]
Available-for-sale securities
Fair Value, Inputs, Level 3 [Member]
Available-for-sale securities
US Treasury and Government [Member]
Available-for-sale securities	151,337	111,261
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member]
Available-for-sale securities	151,337	111,261
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member]
Available-for-sale securities
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member]
Available-for-sale securities
Domestic Corporate Debt Securities [Member]
Available-for-sale securities	51,536	24,891
Domestic Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Available-for-sale securities	51,536	24,891
Domestic Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Available-for-sale securities
Domestic Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Available-for-sale securities

Note 3 - Marketable Securitie26

Note 3 - Marketable Securities - Summary of Unrealized Gains and Losses on Available-for-sale Securities (Details) - USD ($) $ in Thousands	Aug. 27, 2017	Feb. 26, 2017
Gross unrealized losses	$ 759	$ 650
Amortized cost basis	203,606	136,665
Gross unrealized gains	26	137
US Treasury and Government [Member]
Gross unrealized losses	630	602
Amortized cost basis	151,941	111,727
Gross unrealized gains	26	136
Domestic Corporate Debt Securities [Member]
Gross unrealized losses	129	48
Amortized cost basis	51,665	24,938
Gross unrealized gains		$ 1

Note 3 - Marketable Securitie27

Note 3 - Marketable Securities - Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Aug. 27, 2017	Feb. 26, 2017
Due in one year or less	$ 25,939
Due after one year through five years	176,934
	$ 202,873	$ 136,152

Note 4 - Inventories - Summary

Note 4 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Aug. 27, 2017	Feb. 26, 2017
Inventories:
Raw materials	$ 7,305	$ 5,842
Work-in-process	2,714	2,329
Finished goods	1,533	2,585
Manufacturing supplies	367	349
	$ 11,919	$ 11,105	[1]
[1]	The balance sheet at February 26, 2017 has been derived from the audited financial statements at that date.

Note 5 - Long-term Debt (Detail

Note 5 - Long-term Debt (Details Textual)	Apr. 21, 2017USD ($)	Oct. 05, 2017	Aug. 27, 2017USD ($)	Jul. 05, 2017	May 28, 2017USD ($)	Apr. 05, 2017	Aug. 28, 2016USD ($)	Feb. 25, 2018	Aug. 27, 2017USD ($)	Aug. 28, 2016USD ($)	Feb. 26, 2017USD ($)	Feb. 28, 2016USD ($)	Nov. 26, 2017	May 29, 2016	Feb. 26, 2016	Jan. 15, 2016USD ($)
Interest Expense			$ 603,000				$ 334,000		$ 1,113,000	$ 667,000
HSBC Bank USA [Member]
Line of Credit Facility, Interest Rate at Period End			3.41%						3.41%
Repayments of Long-term Lines of Credit					$ 750,000						$ 3,000,000	$ 0
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage					0.10%
Number of Remaining Quarterly Installments					$ 7
Minimum Domestic Liquid Assets Ratio															2
Debt Agreement, Minimum Domestic Liquid Assets Required			$ 10,000,000						$ 10,000,000
Amendment to Credit Agreement, Amount of Restructuring Charges Excluding form Definition of EBITDA					4,600,000
Gross Leverage Charge Ratio Requirement			4.25						4.25
Minimum Interest Coverage Ratio			0.5						0.5
Line of Credit Facility, Maximum Borrowing Capacity																$ 75,000,000
Long-term Line of Credit			$ 70,250,000		$ 71,250,000				$ 70,250,000							75,000,000
Letters of Credit Outstanding, Amount																1,075,000
HSBC Bank USA [Member] | Amendments to Credit Agreement, May 28 2017 [Member]
Gross Leverage Charge Ratio Requirement			1.1						1.1					1.1
Minimum Interest Coverage Ratio			0.2						0.2					0.2
HSBC Bank USA [Member] | Scenario, Forecast [Member]
Gross Leverage Charge Ratio Requirement								3.75
Minimum Interest Coverage Ratio								1.1
HSBC Bank USA [Member] | Scenario, Forecast [Member] | Amendments to Credit Agreement, May 28 2017 [Member]
Gross Leverage Charge Ratio Requirement													1.1
Minimum Interest Coverage Ratio													0.2
HSBC Bank USA [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate				1.90%	1.15%	1.65%
HSBC Bank USA [Member] | London Interbank Offered Rate (LIBOR) [Member] | Scenario, Forecast [Member]
Debt Instrument, Basis Spread on Variable Rate		2.15%						2.65%
HSBC Bank USA [Member] | Debt Instrument, Redemption, Period One [Member]
Debt Instrument, Periodic Payment					$ 750,000
HSBC Bank USA [Member] | First and Second Installments Due in the 2018 Fiscal Year [Member]
Debt Instrument, Periodic Payment	$ 1,000,000
HSBC Bank USA [Member] | Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity																$ 2,000,000

Note 6 - Restructuring Charge30

Note 6 - Restructuring Charges (Details Textual) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Aug. 27, 2017	May 28, 2017	Aug. 28, 2016	Aug. 27, 2017	Aug. 28, 2016	Feb. 29, 2004
Restructuring Charges	$ 2,902		$ 23	$ 4,263	$ 93
New England Laminates Co., Inc. [Member]
Real Estate Held-for-sale						$ 0
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member]
Restructuring and Related Cost, Expected Cost, Duplicative Pre-tax Cost	1,500			1,500
Restructuring Charges	2,813	$ 2,813		4,063
Restructuring and Related Cost, Expected Cost Remaining	1,500			1,500
Closure of New England Laminates Co., Inc. Business Unit [Member] | Facility Closing [Member]
Restructuring Charges	$ 89		$ 23	$ 200	$ 93

Note 6 - Restructuring Charge31

Note 6 - Restructuring Charges - Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Aug. 27, 2017	May 28, 2017	Aug. 28, 2016	Aug. 27, 2017	Aug. 28, 2016
Current Period Charges	$ 2,902		$ 23	$ 4,263	$ 93
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member]
Total Costs Accrued to Date	4,063			4,063
Total Expected Costs	5,500			5,500
Accrued, Beginning Balance	3,484	$ 1,250		1,250
Current Period Charges	2,813	2,813		4,063
Cash Payments		(512)
Non-Cash Charges		(67)
Accrued, Ending Balance		3,484
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] | Facility Lease Costs [Member]
Total Costs Accrued to Date	2,753			2,753
Total Expected Costs	2,753			2,753
Accrued, Beginning Balance	2,753
Current Period Charges		2,753
Cash Payments
Non-Cash Charges
Accrued, Ending Balance		2,753
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] | Employee Severance [Member]
Total Costs Accrued to Date	1,122			1,122
Total Expected Costs	1,122			1,122
Accrued, Beginning Balance	731	1,183		1,183
Current Period Charges		(61)
Cash Payments		(391)
Non-Cash Charges
Accrued, Ending Balance		731
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] | Equipment Removal [Member]
Total Costs Accrued to Date
Total Expected Costs	700			700
Accrued, Beginning Balance
Current Period Charges
Cash Payments
Non-Cash Charges
Accrued, Ending Balance
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] | Other Restructuring [Member]
Total Costs Accrued to Date	188			188
Total Expected Costs	925			925
Accrued, Beginning Balance		67		$ 67
Current Period Charges		121
Cash Payments		(121)
Non-Cash Charges		(67)
Accrued, Ending Balance

Note 7 - Earnings Per Share (De

Note 7 - Earnings Per Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Aug. 27, 2017	Aug. 28, 2016	Aug. 27, 2017	Aug. 28, 2016
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	713,000	882,000	793,000	953,000

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		6 Months Ended
	Aug. 27, 2017	Aug. 28, 2016	Aug. 27, 2017	Aug. 28, 2016
Net earnings	$ 520	$ 1,981	$ 1,914	$ 4,931
Weighted average common shares outstanding for basic EPS (in shares)	20,236	20,235	20,236	20,235
Net effect of dilutive options (in shares)	14		11
Weighted average shares outstanding for diluted EPS (in shares)	20,250	20,235	20,247	20,235
Basic earnings per share (in dollars per share)	$ 0.03	$ 0.10	$ 0.09	$ 0.24
Diluted earnings per share (in dollars per share)	$ 0.03	$ 0.10	$ 0.09	$ 0.24

Note 8 - Shareholders' Equity (

Note 8 - Shareholders' Equity (Details Textual) - USD ($) $ in Thousands	Mar. 10, 2016	Aug. 27, 2017	Aug. 27, 2017	Aug. 28, 2016	Oct. 03, 2016	Jan. 08, 2015	Jan. 07, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		2,775
Proceeds from Sale of Treasury Stock, Stock Options Exercised		$ 39
Stock Repurchase Program, Number of Shares Authorized to be Repurchased						1,250,000
Common Stock, Shares, Outstanding					20,237,446		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 Repurchase Program, Percentage of Outstanding Shares Authorized to be Repurchased					7.60%		6.00%
Stock Repurchased During Period, Shares			0	0
Employee Stock Option [Member]
Allocated Share-based Compensation Expense, Net of Tax		$ 459

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Aug. 27, 2017	Feb. 26, 2017	Feb. 28, 2016	Mar. 02, 2014
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount	$ 688
Foreign Earnings Repatriated	$ 7,250	$ 6,800	$ 61,000
SINGAPORE
Deferred Income Taxes Settlement, Repatriation of Foreign Earnings				$ 63,958

Note 10 - Geographic Regions -

Note 10 - Geographic Regions - Financial Information by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 27, 2017	Aug. 28, 2016	Aug. 27, 2017	Aug. 28, 2016	Feb. 26, 2017
Sales	$ 29,836	$ 29,058	$ 57,253	$ 60,548
Long-lived assets	29,397		29,397		$ 29,448
North America [Member]
Sales	17,997	15,990	33,413	32,827
Long-lived assets	21,221		21,221		20,794
Asia [Member]
Sales	9,702	11,119	19,735	23,266
Long-lived assets	7,950		7,950		8,440
Europe [Member]
Sales	2,137	$ 1,949	4,105	$ 4,455
Long-lived assets	$ 226		$ 226		$ 214

Note 11 - Contingencies (Detail

Note 11 - Contingencies (Details Textual)	6 Months Ended
	Aug. 27, 2017
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
Number of Insurance Carriers	3