Park Aerospace (PKE) 10-Q 5 Jan 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Nov. 26, 2017	Jan. 04, 2018
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	Nov. 26, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Nov. 26, 2017	Feb. 26, 2017
ASSETS
Cash and cash equivalents	$ 30,592	$ 102,438	[1]
Marketable securities (Note 3)	201,233	136,152	[1]
Accounts receivable, less allowance for doubtful accounts of $258 and $294, respectively	16,461	17,238	[1]
Inventories (Note 4)	11,449	11,105	[1]
Prepaid expenses and other current assets	2,751	2,197	[1]
Total current assets	262,486	269,130	[1]
Property, plant and equipment, net	17,117	18,638	[1]
Goodwill and other intangible assets	9,825	9,825	[1]
Restricted cash (Note 5)	10,000	10,000	[1]
Other assets	1,919	985	[1]
Total assets	301,347	308,578	[1]
LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of long-term debt (Note 5)	3,000	3,500	[1]
Accounts payable	3,424	4,183	[1]
Accrued liabilities	6,639	3,417	[1]
Income taxes payable	591	3,023	[1]
Total current liabilities	13,654	14,123	[1]
Long-term debt (Note 5)	66,250	68,500	[1]
Deferred income taxes (Note 9)	42,088	42,088	[1]
Other liabilities	169	1,041	[1]
Total liabilities	122,161	125,752	[1]
Commitments and contingencies (Note 11)
Shareholders' equity (Note 8):
Common stock	2,096	2,096	[1]
Additional paid-in capital	168,305	167,612	[1]
Retained earnings	23,671	27,112	[1]
Accumulated other comprehensive earnings	77	1,026	[1]
	194,149	197,846	[1]
Less treasury stock, at cost	(14,963)	(15,020)	[1]
Total shareholders' equity	179,186	182,826	[1]
Total liabilities and shareholders' equity	$ 301,347	$ 308,578	[1]
[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	Nov. 26, 2017	Feb. 26, 2017
Accounts receivable, allowance for doubtful accounts	$ 258	$ 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, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 26, 2017	Nov. 27, 2016	Nov. 26, 2017	Nov. 27, 2016
Net sales	$ 26,139	$ 26,462	$ 83,392	$ 87,010
Cost of sales	20,069	19,828	63,823	64,355
Gross profit	6,070	6,634	19,569	22,655
Selling, general and administrative expenses	4,797	4,604	13,967	15,051
Restructuring charges (Note 6)	472	113	4,735	206
Earnings from operations	801	1,917	867	7,398
Interest expense (Note 5)	689	343	1,802	1,010
Interest and other income	734	430	2,234	1,177
Earnings before income taxes	846	2,004	1,299	7,565
Income tax provision (benefit) (Note 9)	130	129	(1,331)	759
Net earnings	$ 716	$ 1,875	$ 2,630	$ 6,806
Earnings per share (Note 7):
Basic earnings per share (in dollars per share)	$ 0.04	$ 0.09	$ 0.13	$ 0.34
Basic weighted average shares (in shares)	20,237	20,235	20,236	20,235
Diluted earnings per share (in dollars per share)	$ 0.04	$ 0.09	$ 0.13	$ 0.34
Diluted weighted average shares (in shares)	20,261	20,235	20,252	20,235
Dividends declared per share (in dollars per share)	$ 0.10	$ 0.10	$ 0.30	$ 0.30

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Earnings (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 26, 2017	Nov. 27, 2016	Nov. 26, 2017	Nov. 27, 2016
Net earnings	$ 716	$ 1,875	$ 2,630	$ 6,806
Other comprehensive (loss) earnings, net of tax:
Foreign currency translation	(44)	28	(3)	33
Other comprehensive (loss) earnings	(847)	(340)	(949)	(414)
Total comprehensive (loss) earnings	(131)	1,535	1,681	6,392
Gains on Marketable Securities [Member]
Other comprehensive (loss) earnings, net of tax:
Unrealized holding gains (losses) arising during the period			24	11
Less: reclassification adjustment for gains (losses) included in net earnings	(17)	(105)	(113)	(160)
Losses on Marketable Securities [Member]
Other comprehensive (loss) earnings, net of tax:
Unrealized holding gains (losses) arising during the period	(805)	(292)	(922)	(361)
Less: reclassification adjustment for gains (losses) included in net earnings	$ 19	$ 29	$ 65	$ 63

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Nov. 26, 2017		Nov. 27, 2016
Cash flows from operating activities:
Net earnings	$ 2,630		$ 6,806
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	2,271		2,372
Stock-based compensation	709		968
Deferred income taxes	(951)		108
Amortization of bond premium	221		354
Non-cash restructuring charges	2,450
Changes in operating assets and liabilities	(2,351)		58
Net cash provided by operating activities	4,979		10,666
Cash flows from investing activities:
Purchase of property, plant and equipment	(703)		(194)
Purchases of marketable securities	(162,018)		(44,327)
Proceeds from sales and maturities of marketable securities	94,577		50,650
Net cash (used in) provided by investing activities	(68,144)		6,129
Cash flows from financing activities:
Dividends paid	(6,071)		(6,070)
Proceeds from exercise of stock options	39
Payments of long-term debt	(2,750)		(2,250)
Net cash used in financing activities	(8,782)		(8,320)
(Decrease) increase in cash and cash equivalents before effect of exchange rate changes	(71,947)		8,475
Effect of exchange rate changes on cash and cash equivalents	101		242
(Decrease) increase in cash and cash equivalents	(71,846)		8,717
Cash and cash equivalents, beginning of period	102,438	[1]	97,757
Cash and cash equivalents, end of period	30,592		106,474
Supplemental cash flow information:
Cash paid during the period for income taxes, net of refunds	3,074		3,045
Cash paid during the period for interest	$ 1,403		$ 1,084
[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	9 Months Ended
	Nov. 26, 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 November 26, 2017, 13 39 November 26, 2017 November 27, 2016 the Condensed Consolidated Statements of Cash Flows for the 39 November 26, 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 39 November 26, 2017.

Note 2 - Fair Value Measurement

Note 2 - Fair Value Measurements	9 Months Ended
	Nov. 26, 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 39 November 26, 2017 November 27, 2016. first not not two no 13 39 November 26, 2017.

Note 3 - Marketable Securities

Note 3 - Marketable Securities	9 Months Ended
	Nov. 26, 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 (loss) earnings. Realized gains and losses, amortization of premiums and discounts, and interest and dividend income are included in interest and other income in the Consolidated Statements of Operations. The costs of securities sold are based on the specific identification method. The following is a summary of available-for-sale securities: November 26, 2017 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 158,276 $ 158,276 $ - $ - U.S. corporate debt securities 42,957 42,957 - - Total marketable securities $ 201,233 $ 201,233 $ - $ - 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 November 26, 2017: U.S. Treasury and other government securities $ 159,928 $ - $ 1,652 U.S. corporate debt securities 43,275 - 318 Total marketable securities $ 203,203 $ - $ 1,970 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 November 26, 2017 Due in one year or less $ 23,607 Due after one year through five years 177,626 $ 201,233

Note 4 - Inventories

Note 4 - Inventories	9 Months Ended
	Nov. 26, 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: November 26, February 26, 2017 2017 Inventories: Raw materials $ 6,157 $ 5,842 Work-in-process 2,424 2,329 Finished goods 2,579 2,585 Manufacturing supplies 289 349 $ 11,449 $ 11,105

Note 5 - Long-term Debt

Note 5 - Long-term Debt	9 Months Ended
	Nov. 26, 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. January 3, 2018, $68,500. Borrowings under the Credit Agreement bore 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, Amended Credit Agreement”) with HSBC Bank that modified the LIBOR interest rate and certain covenants. Under the Amended Credit Agreement, the LIBOR interest rate was equal to the one, two, three, or 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 contained certain customary affirmative and negative covenants, including customary financial covenants. The covenants required the Company to (a) maintain a gross leverage charge ratio not 4.25 1.00 November 26, 2017 3.75 1.00 0.50 1.00 November 26, 2017 1.10 1.00 2.00 1.00. $10,000 At November 26, 2017, $69,250 3.41%. $689 $1,802 13 39 November 26, 2017, $343 $1,010 13 39 November 27, 2016, On December 29, 2017, November 26, 2017 . On January 3, 2018, ’s prepayment of the entire loan balance, the Company terminated the Credit Agreement with HSBC Bank. The prepayment was made with the Company’s cash and cash equivalents, marketable securities and restricted cash.

Note 6 - Restructuring Charges

Note 6 - Restructuring Charges	9 Months Ended
	Nov. 26, 2017
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	6 . RESTRUCTURING CHARGES In April 2017, Arizona, which was substantially completed during the 13 November 26, 2017. During the 13 39 November 26, 2017 $360 $4,423, dation. The Company estimates the remaining pre-tax charge in connection with the consolidation to be approximately $1,080. February 28, 2021. The following table sets forth the charges and accruals related to the consolidation: Total Expense For 26 Weeks Ended August 27, 2017 Current Period Expense Cash Payments Non-Cash Charges Accrual November 26, 2017 Total Expense For 39 Weeks Ended November 26, 2017 Total Expected Costs Facility Lease Costs $ 2,753 $ (4 ) $ (342 ) $ - $ 2,407 $ 2,749 $ 2,749 Severance Costs 1,122 (46 ) (1,030 ) - 46 1,076 1,076 Equipment Removal - - - - - - 700 Other 188 410 (531 ) (67 ) - 598 975 Total Restructuring Plan $ 4,063 $ 360 $ (1,903 ) $ (67 ) $ 2,453 $ 4,423 $ 5,500 The Company recorded additional restructuring charges of $ 112 $113 13 November 26, 2017 November 27, 2016, $312 $206 39 November 26, 2017 November 27, 2016, 2009 2004 zero 2018 2019

Note 7 - Earnings Per Share

Note 7 - Earnings Per Share	9 Months Ended
	Nov. 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 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 39 Weeks Ended November 26, 2017 November 27, 2016 November 26, 2017 November 27, 2016 Net earnings $ 716 $ 1,875 $ 2,630 $ 6,806 Weighted average common shares outstanding for basic EPS 20,237 20,235 20,236 20,235 Net effect of dilutive options 24 - 16 - Weighted average shares outstanding for diluted EPS 20,261 20,235 20,252 20,235 Basic earnings per share $ 0.04 $ 0.09 $ 0.13 $ 0.34 Diluted earnings per share $ 0.04 $ 0.09 $ 0.13 $ 0.34 Potentially dilutive securities, which were not ’ exercise prices were greater than the average market price of the common stock, were 599,000 882,000 13 November 26, 2017 November 27, 2016, 728,000 929,000 39 November 26, 2017 November 27, 2016,

Note 8 - Shareholders' Equity

Note 8 - Shareholders' Equity	9 Months Ended
	Nov. 26, 2017
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	8 . SHAREHOLDERS’ EQUITY During the 39 November 26, 2017, 2,775 $39 $693. 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, ounced 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 January 4, 2018. The Company did not of its common stock during the 39 November 26, 2017 39 November 27, 2016.

Note 9 - Income Taxes

Note 9 - Income Taxes	9 Months Ended
	Nov. 26, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9 . INCOME TAXES The Company ’s effective tax rates for the 13 39 November 26, 2017 13 39 November 27, 2016. 13 39 November 26, 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 $11,250, $6,800 $61,000 2018, 2017 2016 13,

Note 10 - Geographic Regions

Note 10 - Geographic Regions	9 Months Ended
	Nov. 26, 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 39 Weeks Ended November 26, 2017 November 27, 2016 November 26, 2017 November 27, 2016 Sales: North America $ 16,570 $ 13,038 $ 49,983 $ 45,865 Asia 7,326 10,794 27,061 34,060 Europe 2,243 2,630 6,348 7,085 Total sales $ 26,139 $ 26,462 $ 83,392 $ 87,010 November 26, 2017 February 26, 2017 Long-lived assets: North America $ 20,888 $ 20,794 Asia 7,733 8,440 Europe 240 214 Total long-lived assets $ 28,861 $ 29,448

Note 11 - Contingencies

Note 11 - Contingencies	9 Months Ended
	Nov. 26, 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	9 Months Ended
	Nov. 26, 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

Note 13 - Subsequent Events

Note 13 - Subsequent Events	9 Months Ended
	Nov. 26, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	13 . SUBSEQUENT EVENTS The Tax Cuts and Jobs Act (“ Act”), which was passed and signed into law in December 2017, fourth 2018 January 2018. On January 3, 2018, January 15, 2016, $68,779, On January 4, 2018, $3.00 February 13, 2018 January 23, 2018.

Note 3 - Marketable Securities

Note 3 - Marketable Securities (Tables)	9 Months Ended
	Nov. 26, 2017
Notes Tables
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Table Text Block]	November 26, 2017 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 158,276 $ 158,276 $ - $ - U.S. corporate debt securities 42,957 42,957 - - Total marketable securities $ 201,233 $ 201,233 $ - $ - 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 November 26, 2017: U.S. Treasury and other government securities $ 159,928 $ - $ 1,652 U.S. corporate debt securities 43,275 - 318 Total marketable securities $ 203,203 $ - $ 1,970 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 $ 23,607 Due after one year through five years 177,626 $ 201,233

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	9 Months Ended
	Nov. 26, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	November 26, February 26, 2017 2017 Inventories: Raw materials $ 6,157 $ 5,842 Work-in-process 2,424 2,329 Finished goods 2,579 2,585 Manufacturing supplies 289 349 $ 11,449 $ 11,105

Note 6 - Restructuring Charges

Note 6 - Restructuring Charges (Tables)	9 Months Ended
	Nov. 26, 2017
Notes Tables
Restructuring and Related Costs [Table Text Block]	Total Expense For 26 Weeks Ended August 27, 2017 Current Period Expense Cash Payments Non-Cash Charges Accrual November 26, 2017 Total Expense For 39 Weeks Ended November 26, 2017 Total Expected Costs Facility Lease Costs $ 2,753 $ (4 ) $ (342 ) $ - $ 2,407 $ 2,749 $ 2,749 Severance Costs 1,122 (46 ) (1,030 ) - 46 1,076 1,076 Equipment Removal - - - - - - 700 Other 188 410 (531 ) (67 ) - 598 975 Total Restructuring Plan $ 4,063 $ 360 $ (1,903 ) $ (67 ) $ 2,453 $ 4,423 $ 5,500

Note 7 - Earnings Per Share (Ta

Note 7 - Earnings Per Share (Tables)	9 Months Ended
	Nov. 26, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	13 Weeks Ended 39 Weeks Ended November 26, 2017 November 27, 2016 November 26, 2017 November 27, 2016 Net earnings $ 716 $ 1,875 $ 2,630 $ 6,806 Weighted average common shares outstanding for basic EPS 20,237 20,235 20,236 20,235 Net effect of dilutive options 24 - 16 - Weighted average shares outstanding for diluted EPS 20,261 20,235 20,252 20,235 Basic earnings per share $ 0.04 $ 0.09 $ 0.13 $ 0.34 Diluted earnings per share $ 0.04 $ 0.09 $ 0.13 $ 0.34

Note 10 - Geographic Regions (T

Note 10 - Geographic Regions (Tables)	9 Months Ended
	Nov. 26, 2017
Notes Tables
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	13 Weeks Ended 39 Weeks Ended November 26, 2017 November 27, 2016 November 26, 2017 November 27, 2016 Sales: North America $ 16,570 $ 13,038 $ 49,983 $ 45,865 Asia 7,326 10,794 27,061 34,060 Europe 2,243 2,630 6,348 7,085 Total sales $ 26,139 $ 26,462 $ 83,392 $ 87,010 November 26, 2017 February 26, 2017 Long-lived assets: North America $ 20,888 $ 20,794 Asia 7,733 8,440 Europe 240 214 Total long-lived assets $ 28,861 $ 29,448

Note 3 - Marketable Securitie25

Note 3 - Marketable Securities - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Nov. 26, 2017	Feb. 26, 2017
Available-for-sale securities	$ 201,233	$ 136,152
Fair Value, Inputs, Level 1 [Member]
Available-for-sale securities	201,233	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	158,276	111,261
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member]
Available-for-sale securities	158,276	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	42,957	24,891
Domestic Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Available-for-sale securities	42,957	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	Nov. 26, 2017	Feb. 26, 2017
Amortized cost basis	$ 203,203	$ 136,665
Gross unrealized gains		137
Gross unrealized losses	1,970	650
US Treasury and Government [Member]
Amortized cost basis	159,928	111,727
Gross unrealized gains		136
Gross unrealized losses	1,652	602
Domestic Corporate Debt Securities [Member]
Amortized cost basis	43,275	24,938
Gross unrealized gains		1
Gross unrealized losses	$ 318	$ 48

Note 3 - Marketable Securitie27

Note 3 - Marketable Securities - Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Nov. 26, 2017	Feb. 26, 2017
Due in one year or less	$ 23,607
Due after one year through five years	177,626
	$ 201,233	$ 136,152

Note 4 - Inventories - Summary

Note 4 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Nov. 26, 2017	Feb. 26, 2017
Inventories:
Raw materials	$ 6,157	$ 5,842
Work-in-process	2,424	2,329
Finished goods	2,579	2,585
Manufacturing supplies	289	349
	$ 11,449	$ 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) $ in Thousands	Jan. 03, 2018USD ($)	Oct. 06, 2017	Apr. 21, 2017USD ($)	Nov. 26, 2017USD ($)	Oct. 05, 2017	Jul. 05, 2017	May 28, 2017USD ($)	Apr. 05, 2017	Nov. 27, 2016USD ($)	Nov. 26, 2017USD ($)	Nov. 27, 2016USD ($)	Feb. 26, 2017USD ($)	Feb. 28, 2016USD ($)	Feb. 25, 2018	Jan. 15, 2016USD ($)
Interest Expense				$ 689					$ 343	$ 1,802	$ 1,010
HSBC Bank USA [Member]
Line of Credit Facility, Maximum Borrowing Capacity															$ 75,000
Long-term Line of Credit				$ 69,250			$ 71,250			$ 69,250					75,000
Letters of Credit Outstanding, Amount															1,075
Repayments of Long-term Lines of Credit							$ 750					$ 3,000	$ 0
Number of Remaining Quarterly Installments							7
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage							0.10%
Gross Leverage Charge Ratio Requirement				4.25						4.25
Minimum Interest Coverage Ratio				0.5						0.5
Minimum Domestic Liquid Assets Ratio				2						2
Debt Agreement, Minimum Domestic Liquid Assets Required				$ 10,000						$ 10,000
Line of Credit Facility, Interest Rate at Period End				3.41%						3.41%
HSBC Bank USA [Member] | Scenario, Forecast [Member]
Gross Leverage Charge Ratio Requirement														3.75
Minimum Interest Coverage Ratio														1.1
HSBC Bank USA [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		2.65%			2.15%	1.90%	1.15%	1.65%
HSBC Bank USA [Member] | Subsequent Event [Member]
Repayments of Long-term Lines of Credit	$ 68,500
HSBC Bank USA [Member] | Debt Instrument, Redemption, Period One [Member]
Debt Instrument, Periodic Payment							$ 750
HSBC Bank USA [Member] | First and Second Installments Due in the 2018 Fiscal Year [Member]
Debt Instrument, Periodic Payment			$ 1,000
HSBC Bank USA [Member] | Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity															$ 2,000

Note 6 - Restructuring Charge30

Note 6 - Restructuring Charges (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Nov. 26, 2017	Nov. 27, 2016	Nov. 26, 2017	Nov. 26, 2017	Nov. 27, 2016	Feb. 29, 2004
Restructuring Charges	$ 472	$ 113		$ 4,735	$ 206
New England Laminates Co., Inc. [Member]
Real Estate Held-for-sale						$ 0
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member]
Restructuring Charges	360		$ 4,423
Restructuring and Related Cost, Expected Cost Remaining	1,080		$ 1,080	1,080
Closure of New England Laminates Co., Inc. Business Unit [Member] | Facility Closing [Member]
Restructuring Charges	$ 112	$ 113		$ 312	$ 206

Note 6 - Restructuring Charge31

Note 6 - Restructuring Charges - Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Nov. 26, 2017	Nov. 27, 2016	Nov. 26, 2017	Nov. 26, 2017	Nov. 27, 2016
Current Period Charges	$ 472	$ 113		$ 4,735	$ 206
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member]
Accrued, Beginning Balance	4,063
Current Period Charges	360		$ 4,423
Cash Payments	(1,903)
Non-Cash Charges	(67)
Accrued, Ending Balance	2,453		2,453	2,453
Total Costs Accrued to Date	4,423		4,423	4,423
Total Expected Costs	5,500		5,500	5,500
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] | Facility Lease Costs [Member]
Accrued, Beginning Balance	2,753
Current Period Charges	(4)
Cash Payments	(342)
Non-Cash Charges
Accrued, Ending Balance	2,407		2,407	2,407
Total Costs Accrued to Date	2,749		2,749	2,749
Total Expected Costs	2,749		2,749	2,749
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] | Employee Severance [Member]
Accrued, Beginning Balance	1,122
Current Period Charges	(46)
Cash Payments	(1,030)
Non-Cash Charges
Accrued, Ending Balance	46		46	46
Total Costs Accrued to Date	1,076		1,076	1,076
Total Expected Costs	1,076		1,076	1,076
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] | Equipment Removal [Member]
Accrued, Beginning Balance
Current Period Charges
Cash Payments
Non-Cash Charges
Accrued, Ending Balance
Total Costs Accrued to Date
Total Expected Costs	700		700	700
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] | Other Restructuring [Member]
Accrued, Beginning Balance	188
Current Period Charges	410
Cash Payments	(531)
Non-Cash Charges	(67)
Accrued, Ending Balance
Total Costs Accrued to Date	598		598	598
Total Expected Costs	$ 975		$ 975	$ 975

Note 7 - Earnings Per Share (De

Note 7 - Earnings Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Nov. 26, 2017	Nov. 27, 2016	Nov. 26, 2017	Nov. 27, 2016
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	599,000	882,000	728,000	929,000

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		9 Months Ended
	Nov. 26, 2017	Nov. 27, 2016	Nov. 26, 2017	Nov. 27, 2016
Net earnings	$ 716	$ 1,875	$ 2,630	$ 6,806
Weighted average common shares outstanding for basic EPS (in shares)	20,237	20,235	20,236	20,235
Net effect of dilutive options (in shares)	24		16
Weighted average shares outstanding for diluted EPS (in shares)	20,261	20,235	20,252	20,235
Basic earnings per share (in dollars per share)	$ 0.04	$ 0.09	$ 0.13	$ 0.34
Diluted earnings per share (in dollars per share)	$ 0.04	$ 0.09	$ 0.13	$ 0.34

Note 8 - Shareholders' Equity (

Note 8 - Shareholders' Equity (Details Textual) - USD ($)	Mar. 10, 2016	Nov. 26, 2017	Nov. 27, 2016	Oct. 04, 2017	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		$ 39,000
Stock Repurchase Program, Number of Shares Authorized to be Repurchased					1,250,000
Stock Repurchase Program, Percentage of Outstanding Shares Authorized to be Repurchased				7.60%		6.00%
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
Stock Repurchased During Period, Shares		0	0
Employee Stock Option [Member]
Allocated Share-based Compensation Expense, Net of Tax		$ 693

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Nov. 26, 2017	Nov. 26, 2017	Feb. 26, 2017	Feb. 28, 2016	Mar. 02, 2014
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount	$ 688	$ 688
Foreign Earnings Repatriated		$ 11,250	$ 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		9 Months Ended
	Nov. 26, 2017	Nov. 27, 2016	Nov. 26, 2017	Nov. 27, 2016	Feb. 26, 2017
Sales	$ 26,139	$ 26,462	$ 83,392	$ 87,010
Long-lived assets	28,861		28,861		$ 29,448
North America [Member]
Sales	16,570	13,038	49,983	45,865
Long-lived assets	20,888		20,888		20,794
Asia [Member]
Sales	7,326	10,794	27,061	34,060
Long-lived assets	7,733		7,733		8,440
Europe [Member]
Sales	2,243	$ 2,630	6,348	$ 7,085
Long-lived assets	$ 240		$ 240		$ 214

Note 11 - Contingencies (Detail

Note 11 - Contingencies (Details Textual)	9 Months Ended
	Nov. 26, 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

Note 13 - Subsequent Events (De

Note 13 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Jan. 04, 2018	Jan. 03, 2018	Nov. 26, 2017	Nov. 27, 2016	Nov. 26, 2017	Nov. 27, 2016
Common Stock, Dividends, Per Share, Declared			$ 0.10	$ 0.10	$ 0.30	$ 0.30
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 3
Subsequent Event [Member] | HSBC Bank USA [Member]
Repayments of Long-term Lines of Credit, Including Principal and Accrued Interest		$ 68,779