Park Aerospace (PKE) 10-Q 5 Oct 18 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Aug. 26, 2018	Oct. 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	--03-03
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding (in shares)		20,277,108
Document Type	10-Q
Document Period End Date	Aug. 26, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Aug. 26, 2018	Feb. 25, 2018	[1]
Current assets:
Cash and cash equivalents	$ 20,854	$ 18,254
Marketable securities (Note 3)	87,456	89,977
Accounts receivable, less allowance for doubtful accounts of $32 and $32, respectively	5,878	6,961
Inventories (Note 4)	3,994	3,955
Prepaid expenses and other current assets	1,578	1,473
Current Assets - Discontinued Operations (Note 10)	22,624	20,648
Total current assets	142,384	141,268
Property, plant and equipment, net	9,111	9,805
Goodwill and other intangible assets	9,818	9,818
Other assets	377	370
Non-current Assets - Discontinued Operations (Note 10)	11,406	11,799
Total assets	173,096	173,060
Current liabilities:
Accounts payable	1,091	1,825
Accrued liabilities	1,108	1,022
Income taxes payable	1,467	1,456
Current Liabilities - Discontinued Operations (Note 10)	8,170	7,924
Total current liabilities	11,836	12,227
Non-current income taxes payable (Note 9)	18,594	20,364
Deferred income taxes (Note 9)	3,309	4,047
Other liabilities	314	314
Non-current Liabilities - Discontinued Operations (Note 10)	846	847
Total liabilities	34,899	37,799
Commitments and contingencies (Note 11)
Shareholders' equity (Note 8):
Common stock	2,096	2,096
Additional paid-in capital	169,304	169,011
Accumulated deficit	(19,278)	(21,099)
Accumulated other comprehensive earnings	222	131
	152,344	150,139
Less treasury stock, at cost	(14,147)	(14,878)
Total shareholders' equity	138,197	135,261
Total liabilities and shareholders' equity	$ 173,096	$ 173,060
[1]	The balance sheet at February 25, 2018 has been derived from the audited financial statements at that date.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Aug. 26, 2018	Feb. 25, 2018
Accounts receivable, allowance for doubtful accounts	$ 32	$ 32	[1]
[1]	The balance sheet at February 25, 2018 has been derived from the audited financial statements at that date.

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 26, 2018	Aug. 27, 2017	Aug. 26, 2018	Aug. 27, 2017
Net sales	$ 11,211,000	$ 11,355,000	$ 21,604,000	$ 20,081,000
Cost of sales	8,066,000	8,147,000	15,607,000	14,576,000
Gross profit	3,145,000	3,208,000	5,997,000	5,505,000
Selling, general and administrative expenses	2,116,000	2,240,000	4,217,000	4,680,000
Earnings from continuing operations	1,029,000	968,000	1,780,000	825,000
Interest expense (Note 5)	0	603,000	0	1,113,000
Interest and other income	357,000	751,000	697,000	1,500,000
Earnings from continuing operations before income taxes	1,386,000	1,116,000	2,477,000	1,212,000
Income tax (benefit) provision (Note 9)	(438,000)	257,000	(163,000)	281,000
Net earnings from continuing operations	1,824,000	859,000	2,640,000	931,000
Earnings (Loss) from discontinued operations, net of tax (Note 10)	876,000	(339,000)	3,228,000	983,000
Net Earnings	$ 2,700,000	$ 520,000	$ 5,868,000	$ 1,914,000
Basic:
Continuing Operations (in dollars per share)	$ 0.09	$ 0.04	$ 0.13	$ 0.04
Discontinued Operations (in dollars per share)	0.04	(0.01)	0.16	0.05
Basic earnings per share (in dollars per share)	$ 0.13	$ 0.03	$ 0.29	$ 0.09
Basic weighted average shares (in shares)	20,253	20,236	20,248	20,236
Diluted:
Continuing Operations (in dollars per share)	$ 0.09	$ 0.04	$ 0.13	$ 0.04
Discontinued Operations (in dollars per share)	0.04	(0.01)	0.16	0.05
Diluted earnings per share (in dollars per share)	$ 0.13	$ 0.03	$ 0.29	$ 0.09
Diluted weighted average shares (in shares)	20,382	20,250	20,339	20,247
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. 26, 2018	Aug. 27, 2017	Aug. 26, 2018	Aug. 27, 2017
Net earnings	$ 2,700	$ 520	$ 5,868	$ 1,914
Other comprehensive earnings (loss), net of tax:
Foreign currency translation	18	72	(1)	41
Other comprehensive earnings (loss)	126	88	91	(102)
Total comprehensive earnings	2,826	608	5,959	1,812
Gains on Marketable Securities [Member]
Other comprehensive earnings (loss), net of tax:
Unrealized holding gains (losses) arising during the period		21		24
Less: reclassification adjustment for gains (losses) included in net earnings		(27)		(96)
Losses on Marketable Securities [Member]
Other comprehensive earnings (loss), net of tax:
Unrealized holding gains (losses) arising during the period	(1)		(18)	(117)
Less: reclassification adjustment for gains (losses) included in net earnings	$ 109	$ 22	$ 110	$ 46

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Aug. 26, 2018	Aug. 27, 2017
Cash flows from operating activities:
Net earnings from continuing operations	$ 2,640	$ 931
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	865	905
Stock-based compensation	400	475
Deferred income taxes	(738)	(304)
Amortization of bond premium	24	125
Changes in operating assets and liabilities	(1,554)	(1,113)
Net cash provided by operating activities - continuing operations	1,637	1,019
Net cash provided by operating activities - discontinued operations	1,845	483
Net cash provided by operating activities	3,482	1,502
Cash flows from investing activities:
Purchase of property, plant and equipment	(170)	(365)
Purchases of marketable securities	(7,411)	(141,881)
Proceeds from sales and maturities of marketable securities	10,080	74,205
Net cash provided by (used in) investing activities - continuing operations	2,499	(68,041)
Net cash used in investing activities - discontinued operations	(23)	(135)
Net cash provided by (used in) investing activities	2,476	(68,176)
Cash flows from financing activities:
Dividends paid	(4,048)	(4,047)
Proceeds from exercise of stock options	624	39
Payments of long-term debt		(1,750)
Net cash used in financing activities - continuing operations	(3,424)	(5,758)
Net cash used in financing activities - discontinued operations
Net cash used in financing activities	(3,424)	(5,758)
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes - continuing operations	712	(72,780)
Increase in cash and cash equivalents before effect of exchange rate changes - discontinued operations	1,822	348
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	2,534	(72,432)
Effect of exchange rate changes on cash and cash equivalents - continuing operations	(152)	29
Effect of exchange rate changes on cash and cash equivalents - discontinued operations	218	156
Effect of exchange rate changes on cash and cash equivalents	66	185
Increase (decrease) in cash and cash equivalents	2,600	(72,247)
Cash and cash equivalents, beginning of period	18,254	102,438
Cash and cash equivalents, end of period	20,854	30,191
Supplemental cash flow information:
Cash paid during the period for income taxes, net of refunds	2,332	1,534
Cash paid during the period for interest		$ 1,007

Note 1 - Consolidated Financial

Note 1 - Consolidated Financial Statements	6 Months Ended
	Aug. 26, 2018
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. The Condensed Consolidated Balance Sheet as of August 26, 2018, 13 26 August 26, 2018 August 27, 2017 26 August 26, 2018 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. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10 February 25, 2018. no 26 August 26, 2018. On July 25, 2018, $145,000 fourth 2019 The Company has classified the operating results of its Electronics Business, together with certain costs related to the transaction, as discontinued operations, net of tax, in the Consolidated Statement of Operations, in accordance with Accounting Standards Codification (“ASC”) 205 20

Note 2 - Fair Value Measurement

Note 2 - Fair Value Measurements	6 Months Ended
	Aug. 26, 2018
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 the fair value of such assets, the Company uses Level 3 no 26 August 26, 2018 August 27, 2017. first not not no 13 26 August 26, 2018.

Note 3 - Marketable Securities

Note 3 - Marketable Securities	6 Months Ended
	Aug. 26, 2018
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 26, 2018 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 76,442 $ 76,442 $ - $ - U.S. corporate debt securities 11,014 11,014 - - Total marketable securities $ 87,456 $ 87,456 $ - $ - February 25, 2018 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 78,361 $ 78,361 $ - $ - U.S. corporate debt securities 11,616 11,616 - - Total marketable securities $ 89,977 $ 89,977 $ - $ - The following table shows the amortized cost basis of, and gross unrealized gains and losses on, the Company’s available-for-sale securities: Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses August 26, 2018: U.S. Treasury and other government securities $ 78,086 $ - $ 1,644 U.S. corporate debt securities 11,042 - 28 Total marketable securities $ 89,128 $ - $ 1,672 February 25, 2018: U.S. Treasury and other government securities $ 80,116 $ - $ 1,755 U.S. corporate debt securities 11,675 - 59 Total marketable securities $ 91,791 $ - $ 1,814 The estimated fair values of such securities at August 26, 2018 Due in one year or less $ 30,833 Due after one year through five years 56,623 $ 87,456

Note 4 - Inventories

Note 4 - Inventories	6 Months Ended
	Aug. 26, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	4 . INVENTORIES Inventories from continuing operations are stated at the lower of cost ( first first August 26, February 25, 2018 2018 Inventories: Raw materials $ 2,570 $ 2,824 Work-in-process 265 159 Finished goods 1,159 972 $ 3,994 $ 3,955

Note 5 - Long-term Debt

Note 5 - Long-term Debt	6 Months Ended
	Aug. 26, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	5 . LONG-TERM DEBT On January 15, 2016, three $75,000 $2,000. On January 3, 2018, Interest expense recorded under the Credit Agreement was $0 13 26 August 26, 2018 $603 $1,113 13 26 August 27, 2017,

Note 6 - Stock-based Compensati

Note 6 - Stock-based Compensation	6 Months Ended
	Aug. 26, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	6. As of August 26, 2018, 2002 no 25% one 25% 10 During the 26 August 26, 2018, 2,650 $10 $3.66 2.83%; 24.7%; 2.32%; 5.2 The risk-free interest rates were based on U.S. Treasury rates at the date of grant with maturity dates approximately equal to the estimated terms of the options at the date of the grant. Volatility factors were based on historical volatility of the Company’s common stock. The expected dividend yields were based on the regular quarterly cash dividend per share most recently declared by the Company and on the exercise price of the options granted during the 26 August 26, 2018. The Plan terminated on May 21, 2018, April 2028 2018 July 24, 2018. No 2018 The following is a summary of option activity for the 26 August 26, 2018: Outstanding Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Balance, February 25, 2018 885,554 $ 17.55 Granted 2,650 17.75 Exercised (35,537 ) 17.55 Terminated or expired (99,413 ) 19.63 Balance, August 26, 2018 753,254 $ 17.28 5.03 Vested and exercisable, August 26, 2018 628,548 $ 18.01 4.66

Note 7 - Earnings Per Share

Note 7 - Earnings Per Share	6 Months Ended
	Aug. 26, 2018
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 26, 2018 August 27, 2017 August 26, 2018 August 27, 2017 Net earnings - continuing operations $ 1,824 $ 859 $ 2,640 $ 931 Net earnings - discontinued operations $ 876 $ (339 ) $ 3,228 $ 983 Net earnings $ 2,700 $ 520 $ 5,868 $ 1,914 Weighted average common shares outstanding for basic EPS 20,253 20,236 20,248 20,236 Net effect of dilutive options 129 14 91 11 Weighted average shares outstanding for diluted EPS 20,382 20,250 20,339 20,247 Basic earnings per share - continuing operations 0.09 0.04 0.13 0.04 Basic earnings per share - discontinued operations 0.04 (0.01 ) 0.16 0.05 Basic earnings per share $ 0.13 $ 0.03 $ 0.29 $ 0.09 Diluted earnings per share - continuing operations 0.09 0.04 0.13 0.04 Diluted earnings per share - discontinued operations 0.04 (0.01 ) 0.16 0.05 Diluted earnings per share $ 0.13 $ 0.03 $ 0.29 $ 0.09 Potentially dilutive securities, which were not 146,000 713,000 13 August 26, 2018 August 27, 2017, 345,000 793,000 26 August 26, 2018 August 27, 2017,

Note 8 - Shareholders' Equity

Note 8 - Shareholders' Equity	6 Months Ended
	Aug. 26, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	8 . SHAREHOLDERS’ EQUITY During the 26 August 26, 2018, 35,537 $624 $400. On January 8, 2015, 1,250,000 6% 20,945,634 January 7, 2015. On March 10, 2016, 1,000,000 January 8, 2015. 1,531,412 7.6% 20,277,446 October 4, 2018. The Company did not 26 August 26, 2018 26 August 27, 2017.

Note 9 - Income Taxes

Note 9 - Income Taxes	6 Months Ended
	Aug. 26, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9 . INCOME TAXES The Company’s effective tax rates for the 13 26 August 26, 2018 31.6% 6.6%, 23.0% 23.2%, 13 26 August 27, 2017. $788 December 2017. 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 evaluations, the Company repatriated $6,250, $135,300 $6,800 2019, 2018 2017

Note 10 - Discontinued Operatio

Note 10 - Discontinued Operations	6 Months Ended
	Aug. 26, 2018
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	1 0 . DISCONTINUED OPERATIONS On July 25, 2018, $145,000 fourth 2019 The Company has classified the operating results of its Electronics Business, together with certain costs related to the transaction, as discontinued operations, net of tax, in the Consolidated Statement of Operations. The following table shows the summary operating results of the discontinued operations: 13 Weeks Ended (Unaudited) 26 Weeks Ended (Unaudited) August 26, August 27, August 26, August 27, 2018 2017 2018 2017 Net sales $ 17,843 $ 18,481 $ 38,552 $ 37,172 Cost of sales 13,884 14,512 28,937 29,178 Gross profit 3,959 3,969 9,615 7,994 Selling, general and administrative expenses 2,448 2,203 5,046 4,115 Restructuring charges 454 2,902 757 4,638 Earnings (loss) from discontinued operations before income taxes 1,057 (1,136 ) 3,812 (759 ) Income tax (benefit) provision 181 (797 ) 584 (1,742 ) Net earnings (loss) from discontinued operations $ 876 $ (339 ) $ 3,228 $ 983 The following table shows the summary assets and liabilities of the discontinued operations: August 26, 2018 February 25, 2018* (unaudited) Carrying Amount of Major Classes of Assets Included as Part of Discontinued Operations: Accounts Receivable, Net $ 13,081 $ 12,801 Inventories 8,717 7,201 Fixed Assets, Net 6,190 6,727 Prepaid Expenses and Other Current Assets 826 646 Total Major Assets Included as Part of Discontinued Operations 28,814 27,375 Other Assets 5,216 5,072 Total Assets Included as Part of Discontinued Operations $ 34,030 $ 32,447 Carrying Amount of Major Classes of Liabilities Included as Part of Discontinued Operations: Accounts Payable $ 2,736 $ 2,200 Accrued Liabilities 4,200 4,360 Deferred Income Taxes 618 618 Income Taxes Payable 1,234 1,364 Total Major Liabilities Included as Part of Discontinued Operations 8,788 8,542 Other Liabilities 228 229 Total Liabilities Included as Part of Discontinued Operations $ 9,016 $ 8,771 * These amounts have not been audited, but are derived from the audited financial statements. During the 2018 $1,020, February 28, 2021. The restructuring expenses were $117 $169 13 26 August 26, 2018, $2,813 $4,063 13 26 August 27, 2017, The following table sets forth the charges and accruals related to the consolidation: Accrual May 27, 2018 Current Period Charges Cash Payments Non-Cash Charges Accrual August 26, 2018 Total Expense Accrued to Date Total Expected Costs Facility Lease Costs $ 1,965 $ 51 $ (181 ) $ - $ 1,835 $ 2,800 $ 2,800 Severance Costs - - - - - 1,081 1,081 Equipment Removal - - - - - - 700 Other - 66 (66 ) - - 717 919 Total Restructuring Charges $ 1,965 $ 117 $ (247 ) $ - $ 1,835 $ 4,598 $ 5,500 The Company recorded additional restructuring charges of $77 $208 13 26 August 26, 2018, $89 $200 13 26 August 27, 2017, 2009 2004 2019

Note 11 - Contingencies

Note 11 - Contingencies	6 Months Ended
	Aug. 26, 2018
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 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 three Under the Superfund Act and similar state laws, all parties who may may The insurance carriers which 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% two The Company does not two three 100% two 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

Note 12 - Accounting Pronouncem

Note 12 - Accounting Pronouncements	6 Months Ended
	Aug. 26, 2018
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 November 2016, No. 2016 18, Statement of Cash Flows (Topic 230 December 15, 2017 February 26, 2018, first 2019 not In August 2016, No. 2016 15, Statement of Cash Flows (Topic 230 : Classification of Certain Cash Receipts and Cash Payments December 15, 2017 February 26, 2018, first 2019 not In January 2016, No. 2016 01, Financial Instruments Overall (Subtopic 825 10 December 15, 2017, February 26, 2018, first 2019 not In May 2014, 606, Revenue from Contracts with Customers 605, Revenue Recognition December 15, 2016, August 2015, one December 15, 2017 February 26, 2018, first 2019 not Recently Issued In February 2016, No. 2016 02, Leases (Topic 842 December 15, 2018 and i.e. January 1, 2019, may

Note 3 - Marketable Securities

Note 3 - Marketable Securities (Tables)	6 Months Ended
	Aug. 26, 2018
Notes Tables
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Table Text Block]	August 26, 2018 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 76,442 $ 76,442 $ - $ - U.S. corporate debt securities 11,014 11,014 - - Total marketable securities $ 87,456 $ 87,456 $ - $ - February 25, 2018 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 78,361 $ 78,361 $ - $ - U.S. corporate debt securities 11,616 11,616 - - Total marketable securities $ 89,977 $ 89,977 $ - $ -
Schedule of Unrealized Loss on Investments [Table Text Block]	Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses August 26, 2018: U.S. Treasury and other government securities $ 78,086 $ - $ 1,644 U.S. corporate debt securities 11,042 - 28 Total marketable securities $ 89,128 $ - $ 1,672 February 25, 2018: U.S. Treasury and other government securities $ 80,116 $ - $ 1,755 U.S. corporate debt securities 11,675 - 59 Total marketable securities $ 91,791 $ - $ 1,814
Investments Classified by Contractual Maturity Date [Table Text Block]	Due in one year or less $ 30,833 Due after one year through five years 56,623 $ 87,456

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	6 Months Ended
	Aug. 26, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	August 26, February 25, 2018 2018 Inventories: Raw materials $ 2,570 $ 2,824 Work-in-process 265 159 Finished goods 1,159 972 $ 3,994 $ 3,955

Note 6 - Stock-based Compensa_2

Note 6 - Stock-based Compensation (Tables)	6 Months Ended
	Aug. 26, 2018
Notes Tables
Share-based Compensation, Stock Options, Activity [Table Text Block]	Outstanding Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Balance, February 25, 2018 885,554 $ 17.55 Granted 2,650 17.75 Exercised (35,537 ) 17.55 Terminated or expired (99,413 ) 19.63 Balance, August 26, 2018 753,254 $ 17.28 5.03 Vested and exercisable, August 26, 2018 628,548 $ 18.01 4.66

Note 7 - Earnings Per Share (Ta

Note 7 - Earnings Per Share (Tables)	6 Months Ended
	Aug. 26, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	13 Weeks Ended 26 Weeks Ended August 26, 2018 August 27, 2017 August 26, 2018 August 27, 2017 Net earnings - continuing operations $ 1,824 $ 859 $ 2,640 $ 931 Net earnings - discontinued operations $ 876 $ (339 ) $ 3,228 $ 983 Net earnings $ 2,700 $ 520 $ 5,868 $ 1,914 Weighted average common shares outstanding for basic EPS 20,253 20,236 20,248 20,236 Net effect of dilutive options 129 14 91 11 Weighted average shares outstanding for diluted EPS 20,382 20,250 20,339 20,247 Basic earnings per share - continuing operations 0.09 0.04 0.13 0.04 Basic earnings per share - discontinued operations 0.04 (0.01 ) 0.16 0.05 Basic earnings per share $ 0.13 $ 0.03 $ 0.29 $ 0.09 Diluted earnings per share - continuing operations 0.09 0.04 0.13 0.04 Diluted earnings per share - discontinued operations 0.04 (0.01 ) 0.16 0.05 Diluted earnings per share $ 0.13 $ 0.03 $ 0.29 $ 0.09

Note 10 - Discontinued Operat_2

Note 10 - Discontinued Operations (Tables)	6 Months Ended
	Aug. 26, 2018
Notes Tables
Disposal Groups, Including Discontinued Operations [Table Text Block]	13 Weeks Ended (Unaudited) 26 Weeks Ended (Unaudited) August 26, August 27, August 26, August 27, 2018 2017 2018 2017 Net sales $ 17,843 $ 18,481 $ 38,552 $ 37,172 Cost of sales 13,884 14,512 28,937 29,178 Gross profit 3,959 3,969 9,615 7,994 Selling, general and administrative expenses 2,448 2,203 5,046 4,115 Restructuring charges 454 2,902 757 4,638 Earnings (loss) from discontinued operations before income taxes 1,057 (1,136 ) 3,812 (759 ) Income tax (benefit) provision 181 (797 ) 584 (1,742 ) Net earnings (loss) from discontinued operations $ 876 $ (339 ) $ 3,228 $ 983 August 26, 2018 February 25, 2018* (unaudited) Carrying Amount of Major Classes of Assets Included as Part of Discontinued Operations: Accounts Receivable, Net $ 13,081 $ 12,801 Inventories 8,717 7,201 Fixed Assets, Net 6,190 6,727 Prepaid Expenses and Other Current Assets 826 646 Total Major Assets Included as Part of Discontinued Operations 28,814 27,375 Other Assets 5,216 5,072 Total Assets Included as Part of Discontinued Operations $ 34,030 $ 32,447 Carrying Amount of Major Classes of Liabilities Included as Part of Discontinued Operations: Accounts Payable $ 2,736 $ 2,200 Accrued Liabilities 4,200 4,360 Deferred Income Taxes 618 618 Income Taxes Payable 1,234 1,364 Total Major Liabilities Included as Part of Discontinued Operations 8,788 8,542 Other Liabilities 228 229 Total Liabilities Included as Part of Discontinued Operations $ 9,016 $ 8,771 * These amounts have not been audited, but are derived from the audited financial statements.
Restructuring and Related Costs [Table Text Block]	Accrual May 27, 2018 Current Period Charges Cash Payments Non-Cash Charges Accrual August 26, 2018 Total Expense Accrued to Date Total Expected Costs Facility Lease Costs $ 1,965 $ 51 $ (181 ) $ - $ 1,835 $ 2,800 $ 2,800 Severance Costs - - - - - 1,081 1,081 Equipment Removal - - - - - - 700 Other - 66 (66 ) - - 717 919 Total Restructuring Charges $ 1,965 $ 117 $ (247 ) $ - $ 1,835 $ 4,598 $ 5,500

Note 1 - Consolidated Financi_2

Note 1 - Consolidated Financial Statements (Details Textual) $ in Millions	Jul. 25, 2018USD ($)
Electronics Business [Member] | Discontinued Operations, Held-for-sale [Member]
Disposal Group, Including Discontinued Operation, Consideration	$ 145

Note 3 - Marketable Securitie_2

Note 3 - Marketable Securities - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands	Aug. 26, 2018	Feb. 25, 2018
Available-for-sale securities	$ 87,456	$ 89,977
Fair Value, Inputs, Level 1 [Member]
Available-for-sale securities	87,456	89,977
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	76,442	78,361
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member]
Available-for-sale securities	76,442	78,361
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
Debt Security, Corporate, US [Member]
Available-for-sale securities	11,014	11,616
Debt Security, Corporate, US [Member] | Fair Value, Inputs, Level 1 [Member]
Available-for-sale securities	11,014	11,616
Debt Security, Corporate, US [Member] | Fair Value, Inputs, Level 2 [Member]
Available-for-sale securities
Debt Security, Corporate, US [Member] | Fair Value, Inputs, Level 3 [Member]
Available-for-sale securities

Note 3 - Marketable Securitie_3

Note 3 - Marketable Securities - Summary of Unrealized Gains and Losses on Available-for-sale Securities (Details) - USD ($) $ in Thousands	Aug. 26, 2018	Feb. 25, 2018
Amortized cost basis	$ 89,128	$ 91,791
Gross unrealized gains
Gross unrealized losses	1,672	1,814
US Treasury and Government [Member]
Amortized cost basis	78,086	80,116
Gross unrealized gains
Gross unrealized losses	1,644	1,755
Debt Security, Corporate, US [Member]
Amortized cost basis	11,042	11,675
Gross unrealized gains
Gross unrealized losses	$ 28	$ 59

Note 3 - Marketable Securitie_4

Note 3 - Marketable Securities - Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Aug. 26, 2018	Feb. 25, 2018
Due in one year or less	$ 30,833
Due after one year through five years	56,623
	$ 87,456	$ 89,977

Note 4 - Inventories - Summary

Note 4 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Aug. 26, 2018	Feb. 25, 2018
Inventories:
Raw materials	$ 2,570	$ 2,824
Work-in-process	265	159
Finished goods	1,159	972
	$ 3,994	$ 3,955	[1]
[1]	The balance sheet at February 25, 2018 has been derived from the audited financial statements at that date.

Note 5 - Long-term Debt (Detail

Note 5 - Long-term Debt (Details Textual) - USD ($)	Jan. 15, 2016	Aug. 26, 2018	Aug. 27, 2017	Aug. 26, 2018	Aug. 27, 2017
Interest Expense, Total		$ 0	$ 603,000	$ 0	$ 1,113,000
HSBC Bank USA [Member] | Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,000,000
HSBC Bank USA [Member] | Revolving Credit Facility [Member]
Debt Instrument, Term	3 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 75,000,000

Note 6 - Stock-based Compensa_3

Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 26, 2018	Aug. 26, 2018	May 27, 2018	Aug. 26, 2018
Percentage of Stock Options, Exercisable One Year From Date of Grant		25.00%
Percentage of Stock Options Exercisable On Each Succeeding Year from Date of Grant		25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			2,650	2,650
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 10	$ 10		$ 10
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 3.66
2018 Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate				2.83%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate				24.70%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate				2.32%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term				5 years 73 days

Note 6 - Stock-based Compensa_4

Note 6 - Stock-based Compensation - Option Activity (Details) - $ / shares	3 Months Ended	6 Months Ended
	May 27, 2018	Aug. 26, 2018
Outstanding options (in shares)	885,554	885,554
Balance, weighted average exercise price (in dollars per share)	$ 17.55	$ 17.55
Outstanding options, granted (in shares)	2,650	2,650
Granted, weighted average exercise price (in dollars per share)	$ 17.75
Outstanding options, exercised (in shares)	(35,537)	(35,537)
Exercised, weighted average exercise price (in dollars per share)	$ 17.55
Outstanding options, terminated or expired (in shares)	(99,413)
Terminated or expired, weighted average exercise price (in dollars per share)	$ 19.63
Outstanding options (in shares)	753,254
Balance, weighted average exercise price (in dollars per share)	$ 17.28
Balance, weighted average remaining contractual term (Year)	5 years 10 days
Vested and exercisable (in shares)	628,548
Vested and exercisable, weighted average exercise price (in dollars per share)	$ 18.01
Vested and exercisable, weighted average remaining contractual term (Year)	4 years 240 days

Note 7 - Earnings Per Share (De

Note 7 - Earnings Per Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Aug. 26, 2018	Aug. 27, 2017	Aug. 26, 2018	Aug. 27, 2017
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	146,000	713,000	345,000	793,000

Note 7 - Earnings Per Share - B

Note 7 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 26, 2018	Aug. 27, 2017	Aug. 26, 2018	Aug. 27, 2017
Net earnings - continuing operations	$ 1,824	$ 859	$ 2,640	$ 931
Net earnings - discontinued operations	876	(339)	3,228	983
Net earnings	$ 2,700	$ 520	$ 5,868	$ 1,914
Weighted average common shares outstanding for basic EPS (in shares)	20,253	20,236	20,248	20,236
Net effect of dilutive options (in shares)	129	14	91	11
Weighted average shares outstanding for diluted EPS (in shares)	20,382	20,250	20,339	20,247
Basic earnings per share - continuing operations (in dollars per share)	$ 0.09	$ 0.04	$ 0.13	$ 0.04
Basic earnings per share - discontinued operations (in dollars per share)	0.04	(0.01)	0.16	0.05
Basic earnings per share (in dollars per share)	0.13	0.03	0.29	0.09
Diluted earnings per share - continuing operations (in dollars per share)	0.09	0.04	0.13	0.04
Diluted earnings per share - discontinued operations (in dollars per share)	0.04	(0.01)	0.16	0.05
Diluted earnings per share (in dollars per share)	$ 0.13	$ 0.03	$ 0.29	$ 0.09

Note 8 - Shareholders' Equity (

Note 8 - Shareholders' Equity (Details Textual) - USD ($) $ in Thousands	Mar. 10, 2016	May 27, 2018	Aug. 26, 2018	Aug. 27, 2017	Oct. 04, 2017	Jan. 08, 2015	Jan. 07, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		35,537	35,537
Proceeds from Sale of Treasury Stock, Stock Options Exercised			$ 624
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, Ending Balance					20,277,446		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			$ 400

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 26, 2018	Aug. 27, 2017	Aug. 26, 2018	Aug. 27, 2017	Feb. 25, 2018	Feb. 26, 2017	Feb. 28, 2016
Effective Income Tax Rate Reconciliation, Percent, Total	(31.60%)	23.00%	(6.60%)	23.20%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount			$ (788)
Foreign Earnings Repatriated			$ 6,250		$ 135,300	$ 6,800	$ 2,019

Note 10 - Discontinued Operat_3

Note 10 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 26, 2018	Aug. 27, 2017	Aug. 26, 2018	Aug. 27, 2017	Jul. 25, 2018	May 27, 2018
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member]
Restructuring and Related Cost, Expected Cost Remaining						$ 1,020
Restructuring Charges, Total	$ 117	$ 2,813	$ 169	$ 4,063
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] | Facility Closing [Member]
Restructuring Charges, Total	$ 77	$ 89	$ 208	$ 200
Electronics Business [Member] | Discontinued Operations, Held-for-sale [Member]
Disposal Group, Including Discontinued Operation, Consideration					$ 145,000

Note 10 - Discontinued Operat_4

Note 10 - Discontinued Operations - Summary for Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 26, 2018	Aug. 27, 2017	Aug. 26, 2018	Aug. 27, 2017	Feb. 25, 2018
Net earnings (loss) from discontinued operations	$ 876	$ (339)	$ 3,228	$ 983
Electronics Business [Member] | Discontinued Operations, Held-for-sale [Member]
Net sales	17,843	18,481	38,552	37,172
Cost of sales	13,884	14,512	28,937	29,178
Gross profit	3,959	3,969	9,615	7,994
Selling, general and administrative expenses	2,448	2,203	5,046	4,115
Restructuring charges	454	2,902	757	4,638
Earnings (loss) from discontinued operations before income taxes	1,057	(1,136)	3,812	(759)
Income tax (benefit) provision	181	(797)	584	(1,742)
Net earnings (loss) from discontinued operations	876	$ (339)	3,228	$ 983
Accounts Receivable, Net	13,081		13,081		$ 12,801
Inventories	8,717		8,717		7,201
Fixed Assets, Net	6,190		6,190		6,727
Prepaid Expenses and Other Current Assets	826		826		646
Total Major Assets Included as Part of Discontinued Operations	28,814		28,814		27,375
Other Assets	5,216		5,216		5,072
Total Assets Included as Part of Discontinued Operations	34,030		34,030		32,447
Accounts Payable	2,736		2,736		2,200
Accrued Liabilities	4,200		4,200		4,360
Deferred Income Taxes	618		618		618
Income Taxes Payable	1,234		1,234		1,364
Total Major Liabilities Included as Part of Discontinued Operations	8,788		8,788		8,542
Other Liabilities	228		228		229
Total Liabilities Included as Part of Discontinued Operations	$ 9,016		$ 9,016		$ 8,771

Note 10 - Discontinued Operat_5

Note 10 - Discontinued Operations - Restructuring Charges (Details) - Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 26, 2018	Aug. 27, 2017	Aug. 26, 2018	Aug. 27, 2017
Accrued, Beginning Balance	$ 1,965
Current Period Charges	117	$ 2,813	$ 169	$ 4,063
Cash Payments	(247)
Non-Cash Charges
Accrued, Ending Balance	1,835		1,835
Total Costs Accrued to Date	4,598		4,598
Total Expected Costs	5,500		5,500
Facility Lease Costs [Member]
Accrued, Beginning Balance	1,965
Current Period Charges	51
Cash Payments	(181)
Non-Cash Charges
Accrued, Ending Balance	1,835		1,835
Total Costs Accrued to Date	2,800		2,800
Total Expected Costs	2,800		2,800
Employee Severance [Member]
Accrued, Beginning Balance
Current Period Charges
Cash Payments
Non-Cash Charges
Accrued, Ending Balance
Total Costs Accrued to Date	1,081		1,081
Total Expected Costs	1,081		1,081
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
Other Restructuring [Member]
Accrued, Beginning Balance
Current Period Charges	66
Cash Payments	(66)
Non-Cash Charges
Accrued, Ending Balance
Total Costs Accrued to Date	717		717
Total Expected Costs	$ 919		$ 919

Note 11 - Contingencies (Detail

Note 11 - Contingencies (Details Textual) $ in Thousands	3 Months Ended	6 Months Ended
	Aug. 26, 2018USD ($)	Aug. 26, 2018	Aug. 27, 2017USD ($)
Number of Sites of Company or Subsidiaries That Have Been Named for Potential Environmental Remediation Liability		3
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		2
Environmental Remediation Expense	$ 0
Accrual for Environmental Loss Contingencies, Ending Balance			$ 0