Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 02, 2019 | Jul. 03, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | PARK ELECTROCHEMICAL CORP | |
Entity Central Index Key | 0000076267 | |
Trading Symbol | pke | |
Current Fiscal Year End Date | --03-01 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 20,492,377 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 2, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Shell Company | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 02, 2019 | Mar. 03, 2019 | [1] |
Current assets | |||
Cash and cash equivalents | $ 49,967 | $ 71,007 | |
Marketable securities (Note 3) | 101,090 | 80,617 | |
Accounts receivable, less allowance for doubtful accounts of $36 and $32, respectively | 8,919 | 9,352 | |
Inventories (Note 4) | 5,240 | 5,267 | |
Prepaid expenses and other current assets | 1,591 | 1,690 | |
Total current assets | 166,807 | 167,933 | |
Property, plant and equipment, net | 12,284 | 10,791 | |
Operating right-of-use assets | 462 | ||
Goodwill and other intangible assets | 9,811 | 9,811 | |
Other assets | 311 | 316 | |
Total assets | 189,675 | 188,851 | |
Current liabilities | |||
Accounts payable | 1,971 | 3,169 | |
Operating lease liabilities | 188 | ||
Accrued liabilities | 2,342 | 2,920 | |
Income taxes payable | 6,026 | 5,066 | |
Total current liabilities | 10,527 | 11,155 | |
Long-term operating lease liabilities | 274 | ||
Non-current income taxes payable (Note 9) | 17,669 | 17,669 | |
Deferred income taxes (Note 9) | 81 | ||
Other liabilities | 1,034 | 1,016 | |
Total liabilities | 29,585 | 29,840 | |
Commitments and contingencies (Note 12) | |||
Shareholders' equity (Note 8) | |||
Common stock | 2,096 | 2,096 | |
Additional paid-in capital | 169,463 | 169,395 | |
Accumulated deficit | (2,067) | (2,605) | |
Accumulated other comprehensive earnings (loss) | 324 | (22) | |
169,816 | 168,864 | ||
Less treasury stock, at cost | (9,726) | (9,853) | |
Total shareholders' equity | 160,090 | 159,011 | |
Total liabilities and shareholders' equity | $ 189,675 | $ 188,851 | |
[1] | The balance sheet at March 3, 2019 has been derived from the audited consolidated finacial statements at that date. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 02, 2019 | Mar. 03, 2019 | |
Accounts receivable, allowance for doubtful accounts | $ 36 | [1] | |
[1] | The balance sheet at March 3, 2019 has been derived from the audited consolidated finacial statements at that date. |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
Jun. 02, 2019 | May 27, 2018 | |
Net sales | $ 14,950,000 | $ 10,393,000 |
Cost of sales | 10,146,000 | 7,541,000 |
Gross profit | 4,804,000 | 2,852,000 |
Selling, general and administrative expenses | 1,922,000 | 2,101,000 |
Earnings from continuing operations | 2,882,000 | 751,000 |
Interest and other income | 948,000 | 340,000 |
Earnings from continuing operations before income taxes | 3,830,000 | 1,091,000 |
Income tax provision (Note 9) | 1,116,000 | 275,000 |
Net earnings from continuing operations | 2,714,000 | 816,000 |
(Loss) earnings from discontinued operations, net of tax (Note 11) | (127,000) | 2,352,000 |
Net earnings | $ 2,587,000 | $ 3,168,000 |
Basic: | ||
Continuing operations (in dollars per share) | $ 0.13 | $ 0.04 |
Discontinued operations (in dollars per share) | 0.12 | |
Basic earnings per share (in dollars per share) | $ 0.13 | $ 0.16 |
Basic weighted average shares (in shares) | 20,492 | 20,242 |
Diluted: | ||
Continuing operations (in dollars per share) | $ 0.13 | $ 0.04 |
Discontinued operations (in dollars per share) | 0.12 | |
Diluted earnings per share (in dollars per share) | $ 0.13 | $ 0.16 |
Diluted weighted average shares (in shares) | 20,586 | 20,296 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 02, 2019 | May 27, 2018 | |
Net earnings | $ 2,587 | $ 3,168 |
Other comprehensive earnings (loss), net of tax: | ||
Foreign currency translation | (19) | |
Other comprehensive earnings (loss) | 346 | (35) |
Total comprehensive earnings | 2,933 | 3,133 |
Gains on Marketable Securities [Member] | ||
Other comprehensive earnings (loss), net of tax: | ||
Unrealized holding gains (losses) arising during the period | 344 | |
Less: reclassification adjustment for gains (losses) included in net earnings | (8) | |
Losses on Marketable Securities [Member] | ||
Other comprehensive earnings (loss), net of tax: | ||
Unrealized holding gains (losses) arising during the period | (3) | (17) |
Less: reclassification adjustment for gains (losses) included in net earnings | $ 13 | $ 1 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total | |
Balance (in shares) at Feb. 25, 2018 | 20,965,144 | 723,573 | |||||
Balance at Feb. 25, 2018 | $ 2,096 | $ 169,011 | $ (21,099) | $ 131 | $ (14,878) | ||
Net earnings | 3,168 | $ 3,168 | |||||
Unrealized holding gains (losses) arising during the period | (16) | ||||||
Stock options exercised (in shares) | (2,987) | ||||||
Stock options exercised | (14) | $ 61 | |||||
Stock-based compensation | 201 | ||||||
Cash dividends ($.10 per share) | (2,023) | ||||||
Foreign currency translation adjustment for sale of business | (19) | ||||||
Balance (in shares) at May. 27, 2018 | 20,965,144 | 720,586 | |||||
Balance at May. 27, 2018 | $ 2,096 | 169,198 | (19,954) | 96 | $ (14,817) | ||
Balance (in shares) at Mar. 03, 2019 | 20,965,144 | 479,191 | |||||
Balance at Mar. 03, 2019 | $ 2,096 | 169,395 | (2,605) | (22) | $ (9,853) | 159,011 | [1] |
Net earnings | 2,587 | $ 2,587 | |||||
Unrealized holding gains (losses) arising during the period | 346 | ||||||
Stock options exercised (in shares) | (6,200) | 6,200 | |||||
Stock options exercised | (56) | $ 127 | |||||
Stock-based compensation | 124 | $ 68 | |||||
Cash dividends ($.10 per share) | (2,049) | ||||||
Balance (in shares) at Jun. 02, 2019 | 20,965,144 | 472,991 | |||||
Balance at Jun. 02, 2019 | $ 2,096 | $ 169,463 | $ (2,067) | $ 324 | $ (9,726) | $ 160,090 | |
[1] | The balance sheet at March 3, 2019 has been derived from the audited consolidated finacial statements at that date. |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Jun. 02, 2019 | May 27, 2018 | |
Retained Earnings [Member] | ||
Cash dividends, per share (in dollars per share) | $ 0.10 | $ 0.10 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 02, 2019 | May 27, 2018 | |
Cash flows from operating activities: | ||
Net earnings from continuing operations | $ 2,714 | $ 816 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 366 | 432 |
Stock-based compensation | 124 | 201 |
Deferred income taxes | 97 | |
Amortization of bond premium | (56) | 22 |
Changes in operating assets and liabilities | (470) | (3,063) |
Net cash provided by (used in) operating activities - continuing operations | 2,775 | (1,592) |
Net cash (used in) provided by operating activities - discontinued operations | (127) | 1,333 |
Net cash provided by (used in) operating activities | 2,648 | (259) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (1,860) | (10) |
Purchases of marketable securities | (34,046) | (2,484) |
Proceeds from sales and maturities of marketable securities | 14,196 | 3,091 |
Net cash (used in) provided by investing activities - continuing operations | (21,710) | 597 |
Net cash used in investing activities - discontinued operations | (3) | |
Net cash (used in) provided by investing activities | (21,710) | 594 |
Cash flows from financing activities: | ||
Dividends paid | (2,049) | (2,023) |
Proceeds from exercise of stock options | 71 | 47 |
Net cash used in financing activities - continuing operations | (1,978) | (1,976) |
Net cash used in financing activities - discontinued operations | ||
Net cash used in financing activities | (1,978) | (1,976) |
Decrease in cash and cash equivalents before effect of exchange rate changes - continuing operations | (20,913) | (2,971) |
(Decrease) increase in cash and cash equivalents before effect of exchange rate changes - discontinued operations | (127) | 1,330 |
Decrease in cash and cash equivalents before effect of exchange rate changes | (21,040) | (1,641) |
Effect of exchange rate changes on cash and cash equivalents - continuing operations | (98) | |
Effect of exchange rate changes on cash and cash equivalents - discontinued operations | 122 | |
Effect of exchange rate changes on cash and cash equivalents | 24 | |
Decrease in cash and cash equivalents: | (21,040) | (1,617) |
Cash and cash equivalents, beginning of period | 71,007 | 18,254 |
Cash and cash equivalents, end of period | 49,967 | 16,637 |
Supplemental cash flow information: | ||
Cash paid during the period for income taxes, net of refunds | $ 2,442 |
Note 1 - Consolidated Financial
Note 1 - Consolidated Financial Statements | 3 Months Ended |
Jun. 02, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1 . CONSOLIDATED FINANCIAL STATEMENTS The Condensed Consolidated Balance Sheet and the Consolidated Statements of Shareholders’ Equity as of June 2, 2019, 13 June 2, 2019 May 27, 2018, 13 June 2, 2019 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 March 3, 2019. no 13 June 2, 2019. On July 25, 2018, $145,000 December 4, 2018. ( 11 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 Statements of Operations, in accordance with Accounting Standards Codification (“ASC”) 205 20 Discontinued Operations 11 |
Note 2 - Fair Value Measurement
Note 2 - Fair Value Measurements | 3 Months Ended |
Jun. 02, 2019 | |
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. Certain assets and liabilities of the Company are required to be recorded at fair value on either a recurring or non-recurring basis. On a recurring basis, the Company records its marketable securities at fair value using Level 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 13 June 2, 2019 May 27, 2018. first not not no 13 June 2, 2019. |
Note 3 - Marketable Securities
Note 3 - Marketable Securities | 3 Months Ended |
Jun. 02, 2019 | |
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: June 2, 2019 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 89,111 $ 89,111 $ - $ - U.S. corporate debt securities 11,979 11,979 - - Total marketable securities $ 101,090 $ 101,090 $ - $ - March 3, 2019 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 68,718 $ 68,718 $ - $ - U.S. corporate debt securities 11,899 11,899 - - Total marketable securities $ 80,617 $ 80,617 $ - $ - 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 June 2, 2019: U.S. Treasury and other government securities $ 88,738 $ 386 $ 13 U.S. corporate debt securities 11,942 38 1 Total marketable securities $ 100,680 $ 424 $ 14 March 3, 2019: U.S. Treasury and other government securities $ 68,727 $ 44 $ 53 U.S. corporate debt securities 11,924 7 32 Total marketable securities $ 80,651 $ 51 $ 85 The estimated fair values of such securities at June 2, 2019 Due in one year or less $ 16,500 Due after one year through five years 84,590 $ 101,090 |
Note 4 - Inventories
Note 4 - Inventories | 3 Months Ended |
Jun. 02, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4 . INVENTORIES Inventories are stated at the lower of cost ( first first June 2, March 3, 2019 2019 Inventories: Raw materials $ 4,025 $ 4,556 Work-in-process 292 232 Finished goods 923 479 $ 5,240 $ 5,267 |
Note 5 - Leases
Note 5 - Leases | 3 Months Ended |
Jun. 02, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 5. L EASES The Company has operating leases related to land, office space, warehouse space and equipment. All of the Company’s leases have been assessed to be operating leases. Renewal options are included in the lease term to the extent the Company is reasonably certain to exercise the option. The exercise of lease renewal options is at the Company’s sole discretion. The incremental borrowing rate represents the Company’s ability to borrow on a collateralized basis over a term similar to the lease term. The leases typically contain renewal options for periods ranging from one ten 2068 not Future minimum lease payments under non-cancellable operating leases as of June 2, 2019 Fiscal Year: 2020 $ 173 2021 61 2022 61 2023 61 2024 61 Thereafter 160 Total undiscounted operating lease payments 577 Less imputed interest (115 ) Present value of operating lease payments $ 462 The above payment schedule includes renewal options that the Company is reasonably likely to exercise. Leases with an initial term of 12 not not $588 2020 $463 2021 For the three June 2, 2019, $97. $95, The following table sets forth the right-of-use assets and operating lease liabilities as of June 2, 2019: Operating right-of-use assets $ 462 Operating lease liabilities 188 Long-term operating lease liabilities 274 Total operating lease liabilities $ 462 The Company’s weighted average remaining lease term for its operating leases is 6.0 In December 2018, 90,000 five three eight $20 first 2020 June 2, 2019, $2,173 |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 3 Months Ended |
Jun. 02, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6 . STOCK-BASED COMPENSATION As of June 2, 2019, 2018 “2018 no 2018 May 8, 2018 July 24, 2018 800,000 2018 2002 “2002 2018 2002 25% one 25% 10 not may 2018 2018 The 2002 May 21, 2018, 2002 2002 April 2028 During the 13 June 2, 2019, 2018 114,450 $454 $3.97 2.24% 2.26%; 30.4% 31.5%; 2.43%; 4.3 5.8 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 13 June 2, 2019. The following is a summary of option activity for the 13 June 2, 2019: Outstanding Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Balance, March 3, 2019 540,709 $ 13.49 Granted 114,450 16.44 Exercised (6,200 ) 11.91 Terminated or expired (66,750 ) 18.83 Balance, June 2, 2019 582,209 $ 13.47 4.19 Vested and exercisable, June 2, 2019 436,609 $ 13.10 5.45 |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 3 Months Ended |
Jun. 02, 2019 | |
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; 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 June 2, 2019 May 27, 2018 Net earnings - continuing operations $ 2,714 $ 816 Net earnings - discontinued operations (127 ) 2,352 Net earnings $ 2,587 $ 3,168 Weighted average common shares outstanding for basic EPS 20,492 20,242 Net effect of dilutive options 94 54 Weighted average shares outstanding for diluted EPS 20,586 20,296 Basic earnings per share - continuing operations $ 0.13 $ 0.04 Basic earnings per share - discontinued operations - 0.12 Basic earnings per share $ 0.13 $ 0.16 Diluted earnings per share - continuing operations $ 0.13 $ 0.04 Diluted earnings per share - discontinued operations - 0.12 Diluted earnings per share $ 0.13 $ 0.16 Potentially dilutive securities, which were not 191,000 544,000 13 June 2, 2019 May 27, 2018, |
Note 8 - Shareholders' Equity
Note 8 - Shareholders' Equity | 3 Months Ended |
Jun. 02, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8 . SHAREHOLDERS ’ EQUITY During the 13 June 2, 2019, 6,200 $71 $124. $68 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 7.5% 20,492,377 July 3, 2019. The Company did not 13 June 2, 2019 13 May 27, 2018. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Jun. 02, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9 . INCOME TAXES For the 13 June 2, 2019, $1,116, $153. 13 May 27, 2018, $275. The Company’s effective tax rate for the 13 June 2, 2019 29.1%, 25.2% 13 June 2, 2019 21% 13 May 27, 2018 21% Notwithstanding the U.S. taxation of the deemed repatriated earnings as a result of the mandatory one 2017 $25 may $0, $113,600, $135,300 2020, 2019 2018 |
Note 10 - Geographic Regions
Note 10 - Geographic Regions | 3 Months Ended |
Jun. 02, 2019 | |
Notes to Financial Statements | |
Geographic Regions [Text Block] | 1 0 . GEOGRAPHIC REGIONS The Company’s products are sold to customers in North America, Asia and Europe. The Company’s manufacturing facilities are located in Kansas. 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 continuing operations by geographic region is as follows: 13 Weeks Ended June 2, 2019 May 27, 2018 Sales: North America $ 14,190 $ 9,233 Asia 252 132 Europe 508 1,028 Total sales $ 14,950 $ 10,393 June 2, 2019 March 3, 2019 Long-lived assets: North America $ 21,093 $ 19,372 Asia 1,775 1,546 Europe - - Total long-lived assets $ 22,868 $ 20,918 |
Note 11 - Discontinued Operatio
Note 11 - Discontinued Operations | 3 Months Ended |
Jun. 02, 2019 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 1 1 . DISCONTINUED OPERATIONS On July 25, 2018, $145,000 December 4, 2018. 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 Statements of Operations. The following table shows the summary operating results of the discontinued operations: 13 Weeks Ended (Unaudited) June 2, May 27, 2019 2018 Net sales $ - $ 20,709 Cost of sales - 15,053 Gross profit - 5,656 Selling, general and administrative expenses 136 2,718 Restructuring charges 33 183 (Loss) earnings from discontinued operations (169 ) 2,755 Other income - - (Loss) earnings from discontinued operations before income taxes (169 ) 2,755 Income tax (benefit) provision (42 ) 403 Net (loss) earnings from discontinued operations $ (127 ) $ 2,352 During the 2018 $778, February 28, 2021. The following table sets forth the charges and accruals related to the consolidation: Accrual March 3, 2019 Current Period Charges Cash Payments Non-Cash Charges Accrual Total Expense Accrued to Date Total Expected Costs Facility Lease Costs $ 1,324 $ 13 $ (205 ) $ - $ 1,132 $ 2,842 $ 2,842 Severance Costs - - - - - 1,081 1,081 Equipment Removal - - - - - - 700 Other - 20 (20 ) - - 799 877 Total Restructuring Charges $ 1,324 $ 33 $ (225 ) $ - $ 1,132 $ 4,722 $ 5,500 |
Note 12 - Contingencies
Note 12 - Contingencies | 3 Months Ended |
Jun. 02, 2019 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 1 2 . CONTINGENCIES Litigation The Company is subject to a small number of immaterial 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 three 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 13 - Accounting Pronouncem
Note 13 - Accounting Pronouncements | 3 Months Ended |
Jun. 02, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 1 3 . A CCOUNT I NG P RONOUNCEMENTS Recently Adopted In February 2016, No. 2016 02, Leases i.e. 12 may 12 No. 2016 02 July 2018, No. 2018 11, Leases (Topic 842 842. two 2016 02 March 1, 2020 first 2020 not not 1 not 2 3 2020 $551. 5, 2016 02 In February 2018, No. 2018 02, Income Statement - Reporting Comprehensive Income (Topic 220 not March 1, 2020 first 2020 2018 02 not Recently Issued In August 2018, No. 2018 13, Fair Value Measurement (Topic 820 1 2 3 February 28, 2021 2018 13 |
Note 3 - Marketable Securities
Note 3 - Marketable Securities (Tables) | 3 Months Ended |
Jun. 02, 2019 | |
Notes Tables | |
Debt Securities, Available-for-sale [Table Text Block] | June 2, 2019 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 89,111 $ 89,111 $ - $ - U.S. corporate debt securities 11,979 11,979 - - Total marketable securities $ 101,090 $ 101,090 $ - $ - March 3, 2019 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 68,718 $ 68,718 $ - $ - U.S. corporate debt securities 11,899 11,899 - - Total marketable securities $ 80,617 $ 80,617 $ - $ - |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses June 2, 2019: U.S. Treasury and other government securities $ 88,738 $ 386 $ 13 U.S. corporate debt securities 11,942 38 1 Total marketable securities $ 100,680 $ 424 $ 14 March 3, 2019: U.S. Treasury and other government securities $ 68,727 $ 44 $ 53 U.S. corporate debt securities 11,924 7 32 Total marketable securities $ 80,651 $ 51 $ 85 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Due in one year or less $ 16,500 Due after one year through five years 84,590 $ 101,090 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 3 Months Ended |
Jun. 02, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 2, March 3, 2019 2019 Inventories: Raw materials $ 4,025 $ 4,556 Work-in-process 292 232 Finished goods 923 479 $ 5,240 $ 5,267 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 3 Months Ended |
Jun. 02, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal Year: 2020 $ 173 2021 61 2022 61 2023 61 2024 61 Thereafter 160 Total undiscounted operating lease payments 577 Less imputed interest (115 ) Present value of operating lease payments $ 462 |
Schedule of Right-of-use Assets and Operating Lease Liabilities [Table Text Block] | Operating right-of-use assets $ 462 Operating lease liabilities 188 Long-term operating lease liabilities 274 Total operating lease liabilities $ 462 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 3 Months Ended |
Jun. 02, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Outstanding Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Balance, March 3, 2019 540,709 $ 13.49 Granted 114,450 16.44 Exercised (6,200 ) 11.91 Terminated or expired (66,750 ) 18.83 Balance, June 2, 2019 582,209 $ 13.47 4.19 Vested and exercisable, June 2, 2019 436,609 $ 13.10 5.45 |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 3 Months Ended |
Jun. 02, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 13 Weeks Ended June 2, 2019 May 27, 2018 Net earnings - continuing operations $ 2,714 $ 816 Net earnings - discontinued operations (127 ) 2,352 Net earnings $ 2,587 $ 3,168 Weighted average common shares outstanding for basic EPS 20,492 20,242 Net effect of dilutive options 94 54 Weighted average shares outstanding for diluted EPS 20,586 20,296 Basic earnings per share - continuing operations $ 0.13 $ 0.04 Basic earnings per share - discontinued operations - 0.12 Basic earnings per share $ 0.13 $ 0.16 Diluted earnings per share - continuing operations $ 0.13 $ 0.04 Diluted earnings per share - discontinued operations - 0.12 Diluted earnings per share $ 0.13 $ 0.16 |
Note 10 - Geographic Regions (T
Note 10 - Geographic Regions (Tables) | 3 Months Ended |
Jun. 02, 2019 | |
Notes Tables | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 13 Weeks Ended June 2, 2019 May 27, 2018 Sales: North America $ 14,190 $ 9,233 Asia 252 132 Europe 508 1,028 Total sales $ 14,950 $ 10,393 June 2, 2019 March 3, 2019 Long-lived assets: North America $ 21,093 $ 19,372 Asia 1,775 1,546 Europe - - Total long-lived assets $ 22,868 $ 20,918 |
Note 11 - Discontinued Operat_2
Note 11 - Discontinued Operations (Tables) | 3 Months Ended |
Jun. 02, 2019 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | 13 Weeks Ended (Unaudited) June 2, May 27, 2019 2018 Net sales $ - $ 20,709 Cost of sales - 15,053 Gross profit - 5,656 Selling, general and administrative expenses 136 2,718 Restructuring charges 33 183 (Loss) earnings from discontinued operations (169 ) 2,755 Other income - - (Loss) earnings from discontinued operations before income taxes (169 ) 2,755 Income tax (benefit) provision (42 ) 403 Net (loss) earnings from discontinued operations $ (127 ) $ 2,352 |
Restructuring and Related Costs [Table Text Block] | Accrual March 3, 2019 Current Period Charges Cash Payments Non-Cash Charges Accrual Total Expense Accrued to Date Total Expected Costs Facility Lease Costs $ 1,324 $ 13 $ (205 ) $ - $ 1,132 $ 2,842 $ 2,842 Severance Costs - - - - - 1,081 1,081 Equipment Removal - - - - - - 700 Other - 20 (20 ) - - 799 877 Total Restructuring Charges $ 1,324 $ 33 $ (225 ) $ - $ 1,132 $ 4,722 $ 5,500 |
Note 1 - Consolidated Financi_2
Note 1 - Consolidated Financial Statements (Details Textual) $ in Millions | Jul. 25, 2018USD ($) |
Discontinued Operations, Held-for-sale [Member] | Electronics Business [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 | Jun. 02, 2019 | Mar. 03, 2019 |
Available-for-sale securities | $ 101,090 | $ 80,617 |
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 101,090 | 80,617 |
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 | 89,111 | 68,718 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 89,111 | 68,718 |
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 | 11,979 | 11,899 |
Debt Security, Corporate, US [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 11,979 | 11,899 |
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 | Jun. 02, 2019 | Mar. 03, 2019 |
Amortized cost basis | $ 100,680 | $ 80,651 |
Gross unrealized gains | 424 | 51 |
Gross unrealized losses | 14 | 85 |
US Treasury and Government [Member] | ||
Amortized cost basis | 88,738 | 68,727 |
Gross unrealized gains | 386 | 44 |
Gross unrealized losses | 13 | 53 |
Debt Security, Corporate, US [Member] | ||
Amortized cost basis | 11,942 | 11,924 |
Gross unrealized gains | 38 | 7 |
Gross unrealized losses | $ 1 | $ 32 |
Note 3 - Marketable Securitie_4
Note 3 - Marketable Securities - Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 02, 2019 | Mar. 03, 2019 |
Due in one year or less | $ 16,500 | |
Due after one year through five years | 84,590 | |
$ 101,090 | $ 80,617 |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Jun. 02, 2019 | Mar. 03, 2019 | |
Raw materials | $ 4,025 | $ 4,556 | |
Work-in-process | 292 | 232 | |
Finished goods | 923 | 479 | |
$ 5,240 | $ 5,267 | [1] | |
[1] | The balance sheet at March 3, 2019 has been derived from the audited consolidated finacial statements at that date. |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 02, 2019USD ($) | Jun. 02, 2019USD ($) | Dec. 31, 2018ft² | |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 173 | $ 173 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 61 | $ 61 | |
Operating Lease, Expense | 97 | ||
Operating Lease, Payments | $ 95 | ||
Operating Lease, Weighted Average Remaining Lease Term | 6 years | 6 years | |
Additional Manufacturing Facility [Member] | |||
Area of Land | ft² | 90,000 | ||
Construction in Progress Expenditures Incurred but Not yet Paid | $ 20,000 | ||
Purchase Obligation, Total | $ 2,173 | 2,173 | |
Accrued Liabilities [Member] | |||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 588 | 588 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | $ 463 | $ 463 | |
Minimum [Member] | |||
Lessee, Operating Lease, Renewal Term | 1 year | 1 year | |
Maximum [Member] | |||
Lessee, Operating Lease, Renewal Term | 10 years | 10 years |
Note 5 - Leases - Future Minimu
Note 5 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | Jun. 02, 2019USD ($) |
2020 | $ 173 |
2021 | 61 |
2022 | 61 |
2023 | 61 |
2024 | 61 |
Thereafter | 160 |
Total undiscounted operating lease payments | 577 |
Less imputed interest | (115) |
Present value of operating lease payments | $ 462 |
Note 5 - Leases - Schedule of R
Note 5 - Leases - Schedule of Right-of-use Assets and Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 02, 2019 | Mar. 03, 2019 | [1] |
Operating right-of-use assets | $ 462 | ||
Operating lease liabilities | 188 | ||
Long-term operating lease liabilities | 274 | ||
Total operating lease liabilities | $ 462 | ||
[1] | The balance sheet at March 3, 2019 has been derived from the audited consolidated finacial statements at that date. |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jul. 24, 2018 | Jun. 02, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 114,450 | |
The 2018 Stock Option Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 800,000 | |
Percentage of Stock Options, Exercisable One Year From Date of Grant | 25.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |
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 | |
The 2018 Stock Option Plan [Member] | Directors and Certain of Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 114,450 | |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 454 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.97 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.43% | |
The 2018 Stock Option Plan [Member] | Directors and Certain of Employees [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.24% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 30.40% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 109 days | |
The 2018 Stock Option Plan [Member] | Directors and Certain of Employees [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.26% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 31.50% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 292 days |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Option Activity (Details) | 3 Months Ended |
Jun. 02, 2019$ / sharesshares | |
Outstanding options (in shares) | shares | 540,709 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 13.49 |
Outstanding options, granted (in shares) | shares | 114,450 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 16.44 |
Outstanding options, exercised (in shares) | shares | (6,200) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 11.91 |
Outstanding options, terminated or expired (in shares) | shares | (66,750) |
Terminated or expired, weighted average exercise price (in dollars per share) | $ / shares | $ 18.83 |
Outstanding options (in shares) | shares | 582,209 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 13.47 |
Balance, June 2, 2019 (Year) | 4 years 69 days |
Vested and exercisable (in shares) | shares | 436,609 |
Vested and exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 13.10 |
Vested and exercisable, weighted average remaining contractual term (Year) | 5 years 164 days |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Jun. 02, 2019 | May 27, 2018 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 191,000 | 544,000 |
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 | |
Jun. 02, 2019 | May 27, 2018 | |
Net earnings - continuing operations | $ 2,714 | $ 816 |
Net earnings - discontinued operations | (127) | 2,352 |
Net earnings | $ 2,587 | $ 3,168 |
Weighted average common shares outstanding for basic EPS (in shares) | 20,492 | 20,242 |
Net effect of dilutive options (in shares) | 94 | 54 |
Weighted average shares outstanding for diluted EPS (in shares) | 20,586 | 20,296 |
Basic earnings per share - continuing operations (in dollars per share) | $ 0.13 | $ 0.04 |
Basic earnings per share - discontinued operations (in dollars per share) | 0.12 | |
Basic earnings per share (in dollars per share) | 0.13 | 0.16 |
Diluted earnings per share - continuing operations (in dollars per share) | 0.13 | 0.04 |
Diluted earnings per share - discontinued operations (in dollars per share) | 0.12 | |
Diluted earnings per share (in dollars per share) | $ 0.13 | $ 0.16 |
Note 8 - Shareholders' Equity (
Note 8 - Shareholders' Equity (Details Textual) - USD ($) $ in Thousands | Mar. 10, 2016 | Jun. 02, 2019 | May 27, 2018 | Jul. 03, 2019 | Jan. 08, 2015 | Jan. 07, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 6,200 | |||||
Proceeds from Sale of Treasury Stock, Stock Options Exercised | $ 71 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition, Total | $ 68 | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,250,000 | |||||
Stock Repurchase Program, Percentage of Outstanding Shares Authorized to be Repurchased | 6.00% | |||||
Common Stock, Shares, Outstanding, Ending Balance | 20,945,634 | |||||
Stock Repurchase Program, Number of Additional Shares Authorized to be Repurchased | 1,000,000 | |||||
Stock Repurchased During Period, Shares | 0 | 0 | ||||
Subsequent Event [Member] | ||||||
Stock Repurchase Program, Percentage of Outstanding Shares Authorized to be Repurchased | 7.50% | |||||
Common Stock, Shares, Outstanding, Ending Balance | 20,492,377 | |||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1,531,412 | |||||
Share-based Payment Arrangement, Option [Member] | ||||||
Share-based Payment Arrangement, Expense, after Tax | $ 124 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 02, 2019 | May 27, 2018 | Mar. 03, 2019 | Feb. 25, 2018 | |
Income Tax Expense (Benefit), Total | $ 1,116,000 | $ 275,000 | ||
Tax Adjustments, Settlements, and Unusual Provisions | $ 153,000 | |||
Effective Income Tax Rate Reconciliation, Percent, Total | 29.10% | 25.20% | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | ||
Undistributed Earnings, Basic, Total | $ 25,000,000 | |||
Foreign Earnings Repatriated | $ 0 | $ 113,600,000 | $ 135,300,000 |
Note 10 - Geographic Regions -
Note 10 - Geographic Regions - Financial Information by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 02, 2019 | May 27, 2018 | Mar. 03, 2018 | |
Net sales | $ 14,950 | $ 10,393 | |
Long-lived assets | 22,868 | $ 20,918 | |
North America [Member] | |||
Net sales | 14,190 | 9,233 | |
Long-lived assets | 21,093 | 19,372 | |
Asia [Member] | |||
Net sales | 252 | 132 | |
Long-lived assets | 1,775 | 1,546 | |
Europe [Member] | |||
Net sales | 508 | $ 1,028 | |
Long-lived assets |
Note 11 - Discontinued Operat_3
Note 11 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands | Dec. 04, 2018 | Feb. 25, 2018 |
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] | ||
Restructuring and Related Cost, Expected Cost Remaining | $ 778 | |
Electronics Business [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||
Disposal Group, Including Discontinued Operation, Consideration | $ 145,000 |
Note 11 - Discontinued Operat_4
Note 11 - Discontinued Operations - Summary for Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 02, 2019 | May 27, 2018 | |
Net (loss) earnings from discontinued operations | $ (127) | $ 2,352 |
Electronics Business [Member] | Discontinued Operations, Held-for-sale [Member] | ||
Net sales | 20,709 | |
Cost of sales | 15,053 | |
Gross profit | 5,656 | |
Selling, general and administrative expenses | 136 | 2,718 |
Restructuring charges | 33 | 183 |
(Loss) earnings from discontinued operations | (169) | 2,755 |
Other income | ||
(Loss) earnings from discontinued operations before income taxes | (169) | 2,755 |
Income tax (benefit) provision | (42) | 403 |
Net (loss) earnings from discontinued operations | $ (127) | $ 2,352 |
Note 11 - Discontinued Operat_5
Note 11 - Discontinued Operations - Restructuring Charges (Details) - Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] $ in Thousands | 3 Months Ended |
Jun. 02, 2019USD ($) | |
Accrued, Beginning Balance | $ 1,324 |
Current Period Charges | 33 |
Cash Payments | (225) |
Non-Cash Charges | |
Accrued, Ending Balance | 1,132 |
Total Costs Accrued to Date | 4,722 |
Total Expected Costs | 5,500 |
Facility Lease Costs [Member] | |
Accrued, Beginning Balance | 1,324 |
Current Period Charges | 13 |
Cash Payments | (205) |
Non-Cash Charges | |
Accrued, Ending Balance | 1,132 |
Total Costs Accrued to Date | 2,842 |
Total Expected Costs | 2,842 |
Employee Severance [Member] | |
Accrued, Beginning Balance | |
Current Period Charges | |
Cash Payments | |
Non-Cash Charges | |
Accrued, Ending Balance | |
Total Costs Accrued to Date | 1,081 |
Total Expected Costs | 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 |
Other Restructuring [Member] | |
Accrued, Beginning Balance | |
Current Period Charges | 20 |
Cash Payments | (20) |
Non-Cash Charges | |
Accrued, Ending Balance | |
Total Costs Accrued to Date | 799 |
Total Expected Costs | $ 877 |
Note 12 - Contingencies (Detail
Note 12 - Contingencies (Details Textual) $ in Thousands | 3 Months Ended |
Jun. 02, 2019USD ($) | |
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 |
Accrual for Environmental Loss Contingencies, Ending Balance | $ 0 |
Number of Insurance Carriers | 3 |
Note 13 - Accounting Pronounc_2
Note 13 - Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Jun. 02, 2019 | Mar. 04, 2019 | Mar. 03, 2019 | [1] |
Assets, Total | $ 189,675 | $ 188,851 | ||
Liabilities, Total | $ 29,585 | $ 29,840 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Assets, Total | $ 551 | |||
Liabilities, Total | $ 551 | |||
[1] | The balance sheet at March 3, 2019 has been derived from the audited consolidated finacial statements at that date. |