Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 01, 2020 | May 01, 2020 | Aug. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | PARK Aerospace CORP | ||
Entity Central Index Key | 0000076267 | ||
Trading Symbol | pke | ||
Current Fiscal Year End Date | --03-01 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 20,518,823 | ||
Entity Public Float | $ 346,705,646 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 1, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, par value $.10 per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 01, 2020 | Mar. 03, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 5,410 | $ 71,007 |
Marketable securities (Note 2) | 116,945 | 80,617 |
Accounts receivable, less allowance for doubtful accounts of $73 and $32, respectively | 10,925 | 9,352 |
Inventories (Note 3) | 6,379 | 5,267 |
Prepaid expenses and other current assets | 5,535 | 1,690 |
Total current assets | 145,194 | 167,933 |
Property, plant and equipment, net (Note 3) | 16,100 | 10,791 |
Operating right-of-use assets | 420 | |
Goodwill and other intangible assets, net (Note 3) | 9,804 | 9,811 |
Other assets (Note 4) | 268 | 316 |
Total assets | 171,786 | 188,851 |
Current liabilities: | ||
Accounts payable | 4,735 | 3,169 |
Operating lease liabilities (Note 11) | 152 | |
Accrued liabilities (Note 3) | 1,709 | 2,920 |
Income taxes payable | 2,111 | 5,066 |
Total current liabilities | 8,707 | 11,155 |
Long-term operating lease liabilities (Note 11) | 268 | |
Non-current income taxes payable (Note 4) | 15,986 | 17,669 |
Deferred income taxes (Note 4) | 834 | |
Other liabilities (Note 4) | 4,316 | 1,016 |
Total liabilities | 30,111 | 29,840 |
Commitments and contingencies (Notes 11 and 12) | ||
Shareholders' equity (Note 6): | ||
Preferred stock, $1 par value per shares-authorized, 500,000 shares; issued, none | ||
Common stock, $0.10 par value per shares-authorized, 60,000,000 shares; issued, 20,965,144 shares | 2,096 | 2,096 |
Additional paid-in capital | 169,862 | 169,395 |
Accumulated deficit | (21,774) | (2,605) |
Accumulated other comprehensive earnings (loss) | 668 | (22) |
Stockholders' Equity, Including Treasury Stock | 150,852 | 168,864 |
Less treasury stock, at cost, 446,321 and 479,191 shares, respectively | (9,177) | (9,853) |
Total shareholders' equity | 141,675 | 159,011 |
Total liabilities and shareholders' equity | $ 171,786 | $ 188,851 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 01, 2020 | Mar. 03, 2019 |
Accounts receivable, allowance for doubtful accounts | $ 73 | $ 32 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 500,000 | 500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 20,965,144 | 20,965,144 |
Treasury stock (in shares) | 446,321 | 479,191 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Net sales | $ 60,014 | $ 51,116 | $ 40,230 |
Cost of sales | 41,341 | 34,932 | 28,942 |
Gross profit | 18,673 | 16,184 | 11,288 |
Selling, general and administrative expenses | 7,932 | 8,968 | 9,862 |
Restructuring charges (Note 8) | 146 | ||
Earnings from continuing operations | 10,741 | 7,216 | 1,280 |
Interest expense (Note 10) | 0 | 0 | 2,269 |
Interest and other income | 3,330 | 2,379 | 2,641 |
Loss on sale of marketable securities | (1,498) | (1,342) | |
Earnings from continuing operations before income taxes | 14,071 | 8,097 | 310 |
Income tax provision (Note 4) | 3,866 | 1,791 | (18,162) |
Net earnings from continuing operations | 10,205 | 6,306 | 18,472 |
(Loss) earnings from discontinued operations, net of tax (Note 13) | (653) | 107,239 | 2,123 |
Net earnings | $ 9,552 | $ 113,545 | $ 20,595 |
Basic: | |||
Basic net earnings per share from continuing operations (in dollars per share) | $ 0.50 | $ 0.31 | $ 0.91 |
Basic net earnings (loss) per share from discontinued operations (in dollars per share) | (0.03) | 5.29 | 0.11 |
Basic earnings per share (in dollars per share) | $ 0.47 | $ 5.60 | $ 1.02 |
Basic weighted average shares (in shares) | 20,507 | 20,288 | 20,237 |
Diluted: | |||
Diluted net earnings per share from continuing operations (in dollars per share) | $ 0.50 | $ 0.31 | $ 0.91 |
Diluted net earnings (loss) per share from discontinued operations (in dollars per share) | (0.03) | 5.26 | 0.11 |
Diluted earnings per share (in dollars per share) | $ 0.47 | $ 5.57 | $ 1.02 |
Diluted (in shares) | 20,595 | 20,385 | 20,267 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Net earnings | $ 9,552 | $ 113,545 | $ 20,595 |
Other comprehensive earnings (loss), net of tax: | |||
Foreign currency translation | (1,310) | (50) | |
Other comprehensive earnings (loss) | 690 | (153) | (895) |
Total comprehensive earnings | 10,242 | 113,392 | 19,700 |
Gains on Marketable Securities [Member] | |||
Other comprehensive earnings (loss), net of tax: | |||
Unrealized holding gains (losses) arising during the period | 990 | 41 | |
Less: reclassification adjustment for gains (losses) included in net earnings | (49) | (17) | |
Losses on Marketable Securities [Member] | |||
Other comprehensive earnings (loss), net of tax: | |||
Unrealized holding gains (losses) arising during the period | (291) | (87) | (2,189) |
Less: reclassification adjustment for gains (losses) included in net earnings | $ 40 | $ 1,203 | $ 1,361 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Feb. 26, 2017 | 20,965,144 | 730,473 | ||||
Balance at Feb. 26, 2017 | $ 2,096 | $ 167,612 | $ 27,112 | $ 1,026 | $ (15,020) | |
Net earnings | 20,595 | $ 20,595 | ||||
Foreign currency translation | (50) | |||||
Unrealized loss on marketable securities, net of tax | (845) | |||||
Stock options exercised (in shares) | (6,900) | 6,900 | ||||
Stock options exercised | (46) | $ 142 | ||||
Stock-based compensation | 1,445 | |||||
Cash dividends ($3.40 per share) | (68,806) | |||||
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 | 113,545 | $ 113,545 | ||||
Foreign currency translation | (1,310) | |||||
Unrealized loss on marketable securities, net of tax | 1,157 | |||||
Stock options exercised (in shares) | (244,382) | 244,382 | ||||
Stock options exercised | (1,157) | $ 5,025 | ||||
Stock-based compensation | 1,541 | |||||
Cash dividends ($3.40 per share) | (95,051) | |||||
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 |
Net earnings | 9,552 | $ 9,552 | ||||
Unrealized loss on marketable securities, net of tax | 690 | |||||
Stock options exercised (in shares) | (32,870) | 32,873 | ||||
Stock options exercised | (259) | $ 676 | ||||
Stock-based compensation | 726 | |||||
Cash dividends ($3.40 per share) | (28,721) | |||||
Balance (in shares) at Mar. 01, 2020 | 20,965,144 | 446,321 | ||||
Balance at Mar. 01, 2020 | $ 2,096 | $ 169,862 | $ (21,774) | $ 668 | $ (9,177) | $ 141,675 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Retained Earnings [Member] | |||
Cash dividends, per share (in dollars per share) | $ 1.40 | $ 4.65 | $ 3.40 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Cash flows from operating activities: | |||
Net earnings from continuing operations | $ 10,205 | $ 6,306 | $ 18,472 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 1,544 | 1,784 | 1,833 |
Stock-based compensation | 726 | 1,249 | 1,445 |
Provision for deferred income taxes | 849 | (1,147) | (47,991) |
Amortization of bond premium | 27 | (52) | 287 |
(Gain) loss on sale of marketable securities | (15) | 1,498 | 1,342 |
Accounts receivable | (1,573) | (2,392) | (2,502) |
Inventories | (1,112) | (1,312) | (542) |
Prepaid expenses and other current assets | 490 | (452) | 91 |
Other assets and liabilities | 3,348 | (1,580) | 346 |
Accounts payable | 1,566 | 1,344 | 652 |
Accrued liabilities | (1,211) | 1,898 | (198) |
Income taxes payable | (8,973) | 916 | 20,501 |
Net cash provided by (used in) operating activities - continuing operations | 5,871 | 8,060 | (6,264) |
Net cash (used in) provided by operating activities - discontinued operations | (653) | (517) | 9,605 |
Net cash provided by operating activities | 5,218 | 7,543 | 3,341 |
Cash flows from investing activities: | |||
Purchase of property, plant and equipment | (6,846) | (2,764) | (571) |
Purchases of marketable securities | (104,600) | (113,860) | (164,099) |
Proceeds from sales and maturities of marketable securities | 68,935 | 125,522 | 207,034 |
Net cash (used in) provided by investing activities - continuing operations | (42,511) | 8,898 | 42,364 |
Net cash provided by (used in) investing activities - discontinued operations | 144,951 | (315) | |
Net cash (used in) provided by investing activities | (42,511) | 153,849 | 42,049 |
Cash flows from financing activities: | |||
Dividends paid | (28,721) | (95,051) | (68,806) |
Decrease in restricted cash | 10,000 | ||
Proceeds from exercise of stock options | 417 | (3,868) | 96 |
Intercompany capital contributions | (6,600) | ||
Payments of long-term debt | (72,000) | ||
Net cash used in financing activities - continuing operations | (28,304) | (105,519) | (130,710) |
Net cash used in financing activities - discontinued operations | |||
Net cash used in financing activities | (28,304) | (105,519) | (130,710) |
Decrease in cash and cash equivalents before effect of exchange rate changes - continuing operations | (64,944) | (88,561) | (94,610) |
(Decrease) increase in cash and cash equivalents before effect of exchange rate changes - discontinued operations | (653) | 144,434 | 9,290 |
(Decrease) increase in cash and cash equivalents before effect of exchange rate changes | (65,597) | 55,873 | (85,320) |
Effect of exchange rate changes on cash and cash equivalents - continuing operations | (170) | 250 | |
Effect of exchange rate changes on cash and cash equivalents - discontinued operations | (2,950) | 886 | |
Effect of exchange rate changes on cash and cash equivalents | (3,120) | 1,136 | |
(Decrease) increase in cash and cash equivalents | (65,597) | 52,753 | (84,184) |
Cash and cash equivalents, beginning of year | 71,007 | 18,254 | 102,438 |
Cash and cash equivalents, end of year | $ 5,410 | $ 71,007 | $ 18,254 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 01, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies Park Aerospace Corp. and its subsidiaries (collectively, “Park” or the “Company”) formerly known as Park Electrochemical Corp. and subsidiaries, is a global advanced materials company which develops and manufactures advanced composite materials, primary and secondary structures and assemblies and low-volume tooling for the aerospace markets. On July 16, 2019, July 16, 2019, a. Principles of Consolidation b. Basis of Presentation July 25, 2018, $145,000 December 4, 2018. ( 13 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. 13 c. Use of Estimates may d. Accounting Period 52 53 February. 2020, 2019 2018 March 1, 2020, March 3, 2019 February 25, 2018, 2020, 2019 2018 52, 53 52 e. Fair Value Measurements – (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 current liabilities approximate their carrying value due to their short-term nature. Due to the variable interest rates periodically adjusting with the current LIBOR, the carrying value of outstanding borrowings under the Company’s long-term debt approximated its fair value (See Note 10 1 2 2 The Company’s non-financial assets measured at fair value on a non-recurring basis, for purposes of calculating impairment, 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 2020, 2019 2018 f. Cash and Cash Equivalents – 90 $2,496 $49,707 March 1, 2020 March 3, 2019, 2 $29,265 $126,196 March 1, 2020 Supplemental cash flow information: Fiscal Year 2020 2019 2018 Cash paid during the year for: Income taxes, net of refunds $ 8,296 $ 14,451 $ 2,040 Interest - - 2,127 At March 1, 2020 March 3, 2019, $21 $65,144, g. Marketable Securities h . Inventories first first i . Revenue Recognition 1 2 3 4 5 j . Sales Allowances and Product Warranties may no may 1.0% three k. Accounts Receivable – not may l . Valuation of Long-Lived Assets may not not $67 2018 no 2020 2019 m. Goodwill and Other Intangible Assets not 15 may not first not not one first fourth no 2020 2019 n . Shipping Costs third o . Property, Plant and Equipment 10 25 30 $1,544, $1,784 $1,833 2020, 2019 2018 p . Income Taxes If these estimates and assumptions change in the future, the Company may 4 Tax benefits are recognized for an uncertain tax position when, in the Company’s judgment, it is more likely than not not 50% q. Foreign Currency Translation r. Stock-Based Compensation four s. Treasury Stock – t. Reclassification – no 13 u. Leases one ten 2068 not |
Note 2 - Marketable Securities
Note 2 - Marketable Securities | 12 Months Ended |
Mar. 01, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. MArketable Securities In the 2019 $1,498 $4.25 February 2019. fourth 2018 $1,342 January 15, 2016, $68,500 $3.00 February 2018. The following is a summary of available-for-sale securities: March 1, 2020 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 101,390 $ 101,390 $ - $ - U.S. corporate debt securities 15,555 15,555 - - Total marketable securities $ 116,945 $ 116,945 $ - $ - 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 tables show the amortized cost basis, gross unrealized gains and losses and gross realized gains and losses on the Company’s available-for-sale securities: Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses March 1, 2020: U.S. Treasury and other government securities $ 100,626 $ 764 $ - U.S. corporate debt securities 15,473 82 - Total marketable securities $ 116,099 $ 846 $ - 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 Fiscal Year 2020 2019 2018 Gross realized gains on sale $ 90 $ - $ - Gross realized losses on sale $ 75 $ 1,498 $ 1,342 The estimated fair values of such securities at March 1, 2020, Due in one year or less $ 43,498 Due after one year through five years 73,447 $ 116,945 |
Note 3 - Other Consolidated Bal
Note 3 - Other Consolidated Balance Sheet Data | 12 Months Ended |
Mar. 01, 2020 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 3 . Other Consolidated balance sheet data Other consolidated balance sheet data consisted of the following: March 1, March 3, 2020 2019 Inventories: Raw materials $ 5,319 $ 4,556 Work-in-process 254 232 Finished goods 806 479 $ 6,379 $ 5,267 Property, plant and equipment: Land, buildings and improvements $ 13,642 $ 13,187 Machinery, equipment, furniture and fixtures 35,182 56,961 48,824 70,148 Less: accumulated depreciation and amortization 32,724 59,357 $ 16,100 $ 10,791 Goodwill and other intangible assets: Goodwill $ 9,776 $ 9,776 Other intangibles 28 35 $ 9,804 $ 9,811 Accrued liabilities: Payroll and payroll related $ 578 $ 823 Employee benefits 1 6 Workers' compensation 111 122 Professional fees 467 451 Restructuring (Notes 8 and 14) 432 1,324 Other 120 194 $ 1,709 $ 2,920 |
Note 4 - Income Taxes
Note 4 - Income Taxes | 12 Months Ended |
Mar. 01, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 4 . Income Taxes On December 22, 2017, not 35% 21%, December 31, 2017, ( one 2018. January 1, 2018. 21% 2019 2020 32.9% 2018 In response to the enactment of the Tax Act, the Securities and Exchange Commission issued Staff Accounting Bulletin (“SAB”) 118, 118 not one 740. During the 2018 one $23,139 one eight The provisional one $21,887, $1,751 $20,136, eight $44,309 $18,456 2018 In connection with the enactment of the Tax Act, the Company re-measured its U.S. deferred tax assets and liabilities based on the rates at which they are expected to be realized in future tax years. During the fourth 2018 $1,963. During the fourth 2019 no The Tax Act establishes global intangible low-taxed income (“GILTI”) provisions that impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company made a policy election to treat the income tax due on the U.S. inclusion of GILTI provisions as a period expense when incurred. The income tax provision (benefit) for continuing operations includes the following: Fiscal Year 2020 2019 2018 Current: Federal $ 2,556 $ 1,776 $ 22,968 State and local 40 164 51 Foreign 383 258 481 2,979 2,198 23,500 Deferred: Federal 899 (71 ) (41,624 ) State and local (12 ) (362 ) (21 ) Foreign - 26 (17 ) 887 (407 ) (41,662 ) $ 3,866 $ 1,791 $ (18,162 ) The income tax provision (benefit) for discontinued operations includes the following: Fiscal Year 2020 2019 2018 Current: Federal $ (183 ) $ 11,198 $ (1,400 ) State and local (15 ) 1,455 168 Foreign - 1,397 327 (198 ) 14,050 (905 ) Deferred: Federal - 686 (430 ) State and local (38 ) 564 (31 ) Foreign - (617 ) 63 (38 ) 633 (398 ) $ (236 ) $ 14,683 $ (1,303 ) State income tax benefits from loss carryforwards to future years were recognized as deferred tax assets in the 2020, 2019 2018 Notwithstanding the U.S. taxation of the deemed repatriated foreign earnings as a result of the transition tax, the Company intends to indefinitely invest approximately $25 may $100,216, $113,600, $135,300 2020, 2019 2018 The Company’s pre-tax earnings (loss) from continuing operations in the United States and foreign locations are as follows: Fiscal Year 2020 2019 2018 United States $ 11,676 $ 6,661 $ (652 ) Foreign 2,395 1,436 962 Earnings before income taxes $ 14,071 $ 8,097 $ 310 The Company’s pre-tax earnings (loss) from discontinued operations in the United States and foreign locations are as follows: Fiscal Year 2020 2019 2018 United States $ (887 ) $ 7,485 $ (7,512 ) Foreign - 114,437 8,332 (Loss) earnings before income taxes $ (887 ) $ 121,922 $ 820 The Company’s effective income tax rate differs from the statutory U.S. Federal income tax rate as a result of the following: Fiscal Year 2020 2019 2018 Statutory U.S. Federal tax rate 21.0 % 21.0 % 32.9 % State and local taxes, net of 0.1 % 1.6 % (41.4 %) Federal benefit Foreign tax rate differentials (0.6 %) (0.8 %) (117.6 %) Valuation allowance on deferred tax assets (0.1 %) (2.8 %) - Adjustment on tax accruals (17.6 %) 2.9 % 56.8 % ASC 740-10 change 23.5 % 0.4 % 104.7 % Foreign tax credits (2.7 %) (3.2 %) (118.0 %) U.S. Tax Reform - - (5,944.2 %) Subpart F 4.0 % 4.0 % 281.1 % Permanent differences and other (0.1 %) (1.0 %) (104.0 %) 27.5 % 22.1 % (5,849.7 %) The Company had state net operating loss carryforwards of approximately $2,515 $3,161 2020 2019 $7,798 $7,862 2020 2019 $64 2020 2021 2039. The Company had available Kansas tax credits of $45 $236 2020 2019 $191 2020 $576 $135 2020 2019 no The deferred tax asset valuation allowance of $3,175 March 1, 2020 not 2020 $420, Significant components of the Company's deferred tax assets and liabilities from continuing operations as of March 1, 2020 March 3, 2019 March 3, February 25, 2020 2019 Deferred tax assets: Net operating loss carryforwards $ 2,608 $ 2,709 Tax credits carryforward 621 135 Stock options 1,120 1,206 Other, net 478 574 4,827 4,624 Valuation allowance on deferred tax assets (3,175 ) (2,755 ) Total deferred tax assets, net of valuation allowance 1,652 1,869 Deferred tax liabilities: Depreciation (1,743 ) (1,368 ) Undistributed earnings (2 ) (333 ) Other (699 ) (154 ) Total deferred tax liabilities (2,444 ) (1,855 ) Net deferred tax asset (liability) $ (792 ) $ 14 At March 1, 2020 March 3, 2019, $4,356 $1,016, March 1, 2020 A reconciliation of the beginning and ending amounts of unrecognized tax benefits for continuing operations is as follows: Unrecognized Tax Benefits March 1, March 3, February 25, 2020 2019 2018 Balance, beginning of year $ 937 $ 314 $ - Tax positions - Discontinued Ops in prior period - 187 - Gross decreases - tax positions in prior period (32 ) (256 ) - Gross increases - current period tax positions 3,259 784 314 Audit settlements - (92 ) - Balance, end of year $ 4,164 $ 937 $ 314 A reconciliation of the beginning and ending amounts of unrecognized tax benefits for discontinued operations is as follows: Unrecognized Tax Benefits March 1, March 3, February 25, 2020 2019 2018 Balance, beginning of year $ - $ 187 $ 1,024 Tax positions - Discontinued Ops in prior period - (187 ) - Gross decreases - tax positions in prior period - - (688 ) Gross increases - current period tax positions - - 6 Lapse of statute of limitations - - (155 ) Balance, end of year $ - $ - $ 187 The amount of unrecognized tax benefits may none 12 A list of open tax years by major jurisdiction follows: U.S. Federal 2018 - 2020 California 2017 - 2020 New York 2018 - 2020 France 2017 - 2020 Singapore 2016 - 2020 The Company had approximately $193 $79 March 1, 2020 March 3, 2019, The Company has no 2016 June 2018. |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 12 Months Ended |
Mar. 01, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 5 . STOCK-BASED COMPENSATION As of March 1, 2020, 2018 “2018 no 2018 May 8, 2018 July 24, 2018. 2018 2002 “2002 2018 2002 25% one 25% 10 800,000 2018 March 1, 2020, 692,100 2018 The compensation expense for stock options includes an estimate for forfeitures and is recognized on a straight-line basis over the requisite service period. The future compensation expense to be recognized in earnings before income taxes for options outstanding at March 1, 2020 $408, 3.15 The Company records its stock-based compensation at fair value. The weighted average fair value for options was estimated at the dates of grants, using the Black-Scholes option pricing model. The following table represents the weighted average fair value and valuation assumptions used for options granted in the 2020, 2019 2018 Fiscal Year 2020 2019 2018 Weighted average fair value per share of option grants $3.75 - $4.03 $3.66 - Risk-free interest rates 2.24% - 2.26% 2.83% - Expected stock price volatility 30.4% - 31.5% 24.7% - Expected dividend yields 2.43% 2.32% - Estimated option terms (Years) 4.3 - 5.8 5.2 - The risk-free interest rates are based on U.S. Treasury rates at the date of grant with maturity dates approximately equal to the estimated term of the options at the date of grant. Volatility factors are based on historical volatility of the Company’s common stock. The expected dividend yields are based on the regular quarterly cash dividend per share most recently declared by the Company and on the exercise price of the options granted during the 2020 During the 2020 $208 $1.00 February 2020. 2019 $528 $4.25 February 2019. 2020 $726 $1,249 2019 Information with respect to stock option activity follows: Outstanding Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance, February 26, 2017 1,070,529 $ 21.08 Granted - - Exercised (6,900 ) 13.36 Terminated or expired (178,075 ) 22.55 Balance, February 25, 2018 885,554 $ 17.55 Granted 2,650 13.50 Exercised (244,382 ) 12.18 Terminated or expired (103,113 ) 18.75 Balance, March 3, 2019 540,709 $ 13.49 $ 227 Granted 114,450 15.44 Exercised (32,873 ) 11.64 Terminated or expired (111,652 ) 15.95 Balance, March 1, 2020 510,634 $ 12.45 5.21 $ 746 Vested and exercisable, March 1, 2020 400,659 $ 12.64 4.12 $ 509 Expected to vest, March 1, 2020 479,996 $ 12.45 5.21 $ 701 The aggregate intrinsic values realized (the market value of the underlying shares on the date of exercise, less the exercise price, times the number of shares acquired) from the exercise of options during the 2020, 2019 2018 $124, $1,157 $44, A summary of the status of the Company’s non-vested options at March 1, 2020, Shares Subject to Options Weighted Average Grant Date Fair Value Non-vested, beginning of year 25,600 $ 3.50 Granted 114,450 3.97 Vested (22,960 ) 3.48 Terminated or expired (7,114 ) 3.92 Non-vested, end of year 109,976 $ 3.96 |
Note 6 - Shareholders' Equity
Note 6 - Shareholders' Equity | 12 Months Ended |
Mar. 01, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6 . S HARE HOLDERS’ EQUITY Treasury Stock January 8, 2015, 1,250,000 6% 20,945,634 January 7, 2015. On March 10, 2016, 1,000,000 January 8, 2015. 2016 599,832 $12,187. 1,531,412 7.5% 20,518,823 March 1, 2020. Reserved Common Shares March 1, 2020, 692,100 Accumulated Other Comprehensive Earnings (Loss) March 1, 2020 March 3, 2019 Unrealized gains (losses) on investments, net of taxes of $690 and $1,157, respectively $ 668 $ (22 ) Accumulated balance $ 668 $ (22 ) |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 12 Months Ended |
Mar. 01, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7. EARNINGS PER SHARE Basic earnings per share are computed by dividing net earnings by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are computed by dividing net earnings by the sum of (a) the weighted average number of shares of common stock outstanding during the period and (b) the potential common stock equivalents outstanding during the period. Stock options are the only common stock equivalents, and the number of dilutive options is computed using the treasury stock method. The following table sets forth the calculation of basic and diluted earnings per share: Fiscal Year (Amounts in thousands, except per share amounts) 2020 2019 2018 Net earnings - continuing operations $ 10,205 $ 6,306 $ 18,472 Net (loss) earnings - discontinued operations (653 ) 107,239 2,123 Net earnings $ 9,552 $ 113,545 $ 20,595 Weighted average common shares outstanding for basic EPS 20,507 20,288 20,237 Net effect of dilutive options 88 97 30 Weighted average shares outstanding for diluted EPS 20,595 20,385 20,267 Basic earnings per share - continuing operations $ 0.50 $ 0.31 $ 0.91 Basic (loss) earnings per share - discontinued operations (0.03 ) 5.29 0.11 Basic earnings per share $ 0.47 $ 5.60 $ 1.02 Diluted earnings per share - continuing operations $ 0.50 $ 0.31 $ 0.91 Diluted (loss) earnings per share - discontinued operations (0.03 ) 5.26 0.11 Diluted earnings per share $ 0.47 $ 5.57 $ 1.02 Potentially dilutive stock options, which were not 132,000, 213,893 606,357 2020, 2019 2018 |
Note 8 - Restructuring Charges
Note 8 - Restructuring Charges | 12 Months Ended |
Mar. 01, 2020 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 8 . restructuring charges The Company recorded restructuring charges of $0, $0 $146 2020, 2019 2018 2012 |
Note 9 - Employee Benefit Plans
Note 9 - Employee Benefit Plans | 12 Months Ended |
Mar. 01, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 9 . Employee Benefit Plans Profit Sharing Plan may no may $160 $73 2019 2018, 2020 not may not Savings Plan 401 no |
Note 10 - Long-Term Debt
Note 10 - Long-Term Debt | 12 Months Ended |
Mar. 01, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 1 0 . LONG-TERM DEBT On January 15, 2016, three $75,000 $2,000. On January 3, 2018, $144 fourth February 28, 2018. Interest expense recorded under the Credit Agreement was approximately $0, $0 $2,269 2020, 2019 2018 |
Note 11 - Leases and Commitment
Note 11 - Leases and Commitments | 12 Months Ended |
Mar. 01, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 1 1 . LEASES AND COMMITMENTS 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 terms 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 amounts disclosed in our consolidated balance sheet as of March 1, 2020, one 10 2068 not Future minimum lease payments under non-cancellable operating leases as of March 1, 2020 Fiscal Year: 2021 $ 152 2022 90 2023 61 2024 61 2025 - Thereafter 161 Total undiscounted operating lease payments 525 Less imputed interest (105 ) Present value of operating lease payments $ 420 The above payment schedule includes renewal options that the Company is reasonably likely to exercise. Leases with an initial term of 12 not not $334 2021 During the 2020 $318. $309, The following table sets forth the right-of-use assets and operating lease liabilities as of March 1, 2020: Operating right-of-use assets $ 420 Operating lease liabilities $ 152 Long-term operating lease liabilities 268 Total operating lease liabilities $ 420 The Company’s weighted average remaining lease term for its operating leases is 5.87 These non-cancelable leases have the following payment schedule: Fiscal Year Amount 2021 $ 152 2022 90 2023 61 2024 61 2025 - Thereafter - $ 364 The above payment schedule does not not $161 2024 Rental expenses, inclusive of real estate taxes and other costs, were $368, $346 $432 2020, 2019 2018 In December 2018, 90,000 five three eight $21 second 2020 March 1, 2020, $997 $7,647 July 16, 2019, 1, |
Note 12 - Contingencies
Note 12 - Contingencies | 12 Months Ended |
Mar. 01, 2020 | |
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 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 13 - Discontinued Operatio
Note 13 - Discontinued Operations | 12 Months Ended |
Mar. 01, 2020 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 1 3 . Discontinued OperATIONS On July 25, 2018, $145,000 $124,156, $7,657 $13,187. $102,145. 82%, 16%, 2%, December 4, 2018. The Company has classified the operating results of its former Electronics Business, together with certain costs related to the transaction, as discontinued operations, net of tax, in the Consolidated Statements of Operations. The Company has income in the U.S., Singapore and France, the blended tax rates for discontinued operations for the 2020, 2019 2018 26.4%, 12.0% 158.9%, The following table shows the summary operating results of the discontinued operations: Fiscal Year Ended March 1, March 3, February 25, 2020 2019 2018 Net sales $ - $ 57,492 $ 70,966 Cost of sales - 44,361 55,794 Gross profit - 13,131 15,172 Selling, general and administrative expenses 234 8,826 9,510 Restructuring charges 941 636 4,876 (Loss) earnings from discontinued operations (1,175 ) 3,669 786 Other income 288 118,253 34 (Loss) earnings from discontinued operations before income taxes (887 ) 121,922 820 Income tax (benefit) provision (234 ) 14,683 (1,303 ) Net (loss) earnings from discontinued operations $ (653 ) $ 107,239 $ 2,123 The restructuring expenses for discontinued operations were $108, $262 $4,876 2020, 2019 2018 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 March 1, 2020 Total Expense Accrued to Date Total Expected Costs Facility Lease Costs $ 1,324 $ 99 $ (991 ) $ - $ 432 $ 2,929 $ 3,000 Severance Costs - - - - - 1,081 1,081 Equipment Removal - 586 (586 ) - - 586 586 Other - 148 (148 ) - - 927 950 Total Restructuring Charges $ 1,324 $ 833 $ (1,725 ) $ - $ 432 $ 5,523 $ 5,617 The Company recorded additional restructuring charges for discontinued operations of $833 $374 2020 2019 2018 $432 |
Note 14 - Geographic Regions
Note 14 - Geographic Regions | 12 Months Ended |
Mar. 01, 2020 | |
Notes to Financial Statements | |
Geographic Regions [Text Block] | 1 4 . 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: Fiscal Year 2020 2019 2018 Sales: North America $ 56,264 $ 47,505 $ 38,641 Asia 1,378 1,070 563 Europe 2,372 2,541 1,026 Total sales $ 60,014 $ 51,116 $ 40,230 Long-lived assets: North America $ 24,942 $ 19,372 $ 18,313 Asia 1,650 1,546 1,680 Europe - - - Total long-lived assets $ 26,592 $ 20,918 $ 19,993 |
Note 15 - Customer and Supplier
Note 15 - Customer and Supplier Concentrations | 12 Months Ended |
Mar. 01, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 1 5 . Customer and Supplier Concentrations As a result of the sale of the Electronics Business, the Company now operates in a single segment. As such, segment reporting is no Customers 48.2%, 42.8% 30.5% 2020, 2019 2018 10.6% 2018 While no 10% 2020, 2019 2018 Sources of Supply not not |
Note 16 - Accounting Pronouncem
Note 16 - Accounting Pronouncements | 12 Months Ended |
Mar. 01, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 1 6 . ACCOUNTING PRONOUNCEMENTS Recently Adopted In February 2016, No. 2016 02, 12 may 12 No. 2016 02 July 2018, No. 2018 11, 842 842. two 2016 02 March 1, 2020 first 2020 not not 1 not 2 3 2020 $551 11, 2016 02 In January 2017, No. 2017 04, 350 2 not December 15, 2019. fourth 2020 2017 04 not 1, 2017 04. In February 2018, No. 2018 02, 220 not March 1, 2020 first 2020 2018 02 not Recently Issued In June 2018, No. 2016 13, 326 December 15, 2019 ( January 1, 2020, not December 15, 2020, December 15, 2020, December 15, 2021. 2016 13 not In August 2018, No. 2018 13, 820 1 2 3 February 28, 2021 2018 13 In December 2019, No. 2019 12, 740 2019 12 December 15, 2020, December 15, 2021 December 15, 2022. 1 not 2 not |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Mar. 01, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. SUSEQUENT EVENTS Subsequent events were evaluated through May 14, 2020, In December 2019, 19” 19 19 19 19 may The COVID- 19 not March 1, 2020. 19 19 The COVID- 19 not 19 may not 19 may not not Even after the COVID- 19 may may The continued operation of the Company’s Kansas facility is critically dependent on maintaining the wellbeing of the employees that staff the facility. The Company has provided all employees at its manufacturing facility with detailed health and safety literature on COVID- 19. 19 19 The Company believes that our existing cash, cash equivalents and marketable securities, and cash flow from operations will be sufficient to fund necessary capital expenditures and operating cash requirements for at least the next 12 10 On March 27, 2020 163 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Mar. 01, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | PARK AEROSPACE CORP. AND SUBSIDIARIES Selected Quarterly Financial Data (Unaudited) (Amounts in thousands, except per share amounts) Quarter First Second Third Fourth Fiscal 2020: Net sales $ 14,950 $ 13,723 $ 15,847 $ 15,494 Gross profit 4,804 3,813 5,022 5,034 Net earnings from continuing operations 2,714 2,052 2,806 2,633 Net (loss) earnings from discontinued operations (127 ) 83 (360 ) (249 ) Net earnings 2,587 2,135 2,446 2,384 Basic earnings (loss) per share: Basic net earnings per share from continuing operations $ 0.13 $ 0.10 $ 0.14 $ 0.13 Basic net earnings (loss) per share from discontinued operations - - (0.02 ) (0.01 ) Basic earnings per share 0.13 0.10 0.12 0.12 Diluted earnings (loss) per share: Diluted net earnings per share from continuing operations $ 0.13 $ 0.10 $ 0.14 $ 0.13 Diluted net earnings (loss) per share from discontinued operations - - (0.02 ) (0.01 ) Diluted earnings per share 0.13 0.10 0.12 0.12 Weighted average common shares outstanding: Basic 20,492 20,499 20,518 20,519 Diluted 20,586 20,601 20,617 20,578 Fiscal 2019: Net sales $ 10,393 $ 11,211 $ 12,853 $ 16,659 Gross profit 2,852 3,145 4,284 5,903 Net earnings from continuing operations 816 1,824 2,078 1,588 Net earnings from discontinued operations 2,352 876 1,613 102,398 Net earnings 3,168 2,700 3,691 103,986 Basic Earnings per share: Basic net earnings per share from continuing operations $ 0.04 $ 0.09 $ 0.10 $ 0.08 Basic net earnings per share from discontinued operations 0.12 0.04 0.08 5.02 Basic earnings per share 0.16 0.13 0.18 5.10 Diluted Earnings per share: Diluted net earnings per share from continuing operations $ 0.04 $ 0.09 $ 0.10 $ 0.08 Diluted net earnings per share from discontinued operations 0.12 0.04 0.08 4.99 Diluted earnings per share 0.16 0.13 0.18 5.07 Weighted average common shares outstanding: Basic 20,242 20,253 20,278 20,370 Diluted 20,296 20,382 20,352 20,501 Earnings per share are computed separately for each quarter. Therefore, the sum of such quarterly per share amounts may |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 01, 2020 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | PARK AEROSPACE CORP. AND SUBSIDIARIES SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS Column C Column A Column B Additions Column D Column E Description Balance at Beginning of Period Costs and Expenses Other Reductions Balance at End of Period DEFERRED INCOME TAX ASSET VALUATION ALLOWANCE: 52 weeks ended March 1, 2020 $ 2,755,000 $ 420,000 $ - $ - $ 3,175,000 53 weeks ended March 3, 2019 $ 2,981,000 $ - $ - $ (226,000 ) $ 2,755,000 52 weeks ended February 25, 2018 $ 2,982,000 $ - $ - $ (1,000 ) $ 2,981,000 Column D Column A Column B Column C Other Column E Description Balance at Beginning of Period Charged to Cost and Expenses Accounts Written Off (A) Translation Adjustment Balance at End of Period ALLOWANCE FOR DOUBTFUL ACCOUNTS: 52 weeks ended March 1, 2020 $ 32,000 $ 41,000 $ - $ - $ 73,000 53 weeks ended March 3, 2019 $ 32,000 $ - $ - $ - $ 32,000 52 weeks ended February 25, 2018 $ 32,000 $ - $ - $ - $ 32,000 (A) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 01, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | a. Principles of Consolidation |
Basis of Accounting, Policy [Policy Text Block] | b. Basis of Presentation July 25, 2018, $145,000 December 4, 2018. ( 13 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. 13 |
Use of Estimates, Policy [Policy Text Block] | c. Use of Estimates may |
Fiscal Period, Policy [Policy Text Block] | d. Accounting Period 52 53 February. 2020, 2019 2018 March 1, 2020, March 3, 2019 February 25, 2018, 2020, 2019 2018 52, 53 52 |
Fair Value Measurement, Policy [Policy Text Block] | e. Fair Value Measurements – (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 current liabilities approximate their carrying value due to their short-term nature. Due to the variable interest rates periodically adjusting with the current LIBOR, the carrying value of outstanding borrowings under the Company’s long-term debt approximated its fair value (See Note 10 1 2 2 The Company’s non-financial assets measured at fair value on a non-recurring basis, for purposes of calculating impairment, 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 2020, 2019 2018 |
Cash and Cash Equivalents, Policy [Policy Text Block] | f. Cash and Cash Equivalents – 90 $2,496 $49,707 March 1, 2020 March 3, 2019, 2 $29,265 $126,196 March 1, 2020 Supplemental cash flow information: Fiscal Year 2020 2019 2018 Cash paid during the year for: Income taxes, net of refunds $ 8,296 $ 14,451 $ 2,040 Interest - - 2,127 At March 1, 2020 March 3, 2019, $21 $65,144, |
Marketable Securities, Policy [Policy Text Block] | g. Marketable Securities |
Inventory, Policy [Policy Text Block] | h . Inventories first first |
Revenue [Policy Text Block] | i . Revenue Recognition 1 2 3 4 5 |
Contract with Customer, Sales Allowances and Product Warranties [Policy Text Block] | j . Sales Allowances and Product Warranties may no may 1.0% three |
Accounts Receivable [Policy Text Block] | k. Accounts Receivable – not may |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | l . Valuation of Long-Lived Assets may not not $67 2018 no 2020 2019 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | m. Goodwill and Other Intangible Assets not 15 may not first not not one first fourth no 2020 2019 |
Contract with Customer, Shipping and Handling Cost, Policy [Policy Text Block] | n . Shipping Costs third |
Property, Plant and Equipment, Policy [Policy Text Block] | o . Property, Plant and Equipment 10 25 30 $1,544, $1,784 $1,833 2020, 2019 2018 |
Income Tax, Policy [Policy Text Block] | p . Income Taxes If these estimates and assumptions change in the future, the Company may 4 Tax benefits are recognized for an uncertain tax position when, in the Company’s judgment, it is more likely than not not 50% |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | q. Foreign Currency Translation |
Share-based Payment Arrangement [Policy Text Block] | r. Stock-Based Compensation four |
Treasury Stock Policy [Policy Text Block] | s. Treasury Stock – |
Reclassification, Comparability Adjustment [Policy Text Block] | t. Reclassification – no 13 |
Lessee, Leases [Policy Text Block] | u. Leases one ten 2068 not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 01, 2020 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Fiscal Year 2020 2019 2018 Cash paid during the year for: Income taxes, net of refunds $ 8,296 $ 14,451 $ 2,040 Interest - - 2,127 |
Note 2 - Marketable Securities
Note 2 - Marketable Securities (Tables) | 12 Months Ended |
Mar. 01, 2020 | |
Notes Tables | |
Debt Securities, Available-for-sale [Table Text Block] | March 1, 2020 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 101,390 $ 101,390 $ - $ - U.S. corporate debt securities 15,555 15,555 - - Total marketable securities $ 116,945 $ 116,945 $ - $ - 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 March 1, 2020: U.S. Treasury and other government securities $ 100,626 $ 764 $ - U.S. corporate debt securities 15,473 82 - Total marketable securities $ 116,099 $ 846 $ - 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 |
Realized Gain (Loss) on Investments [Table Text Block] | Fiscal Year 2020 2019 2018 Gross realized gains on sale $ 90 $ - $ - Gross realized losses on sale $ 75 $ 1,498 $ 1,342 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Due in one year or less $ 43,498 Due after one year through five years 73,447 $ 116,945 |
Note 3 - Other Consolidated B_2
Note 3 - Other Consolidated Balance Sheet Data (Tables) | 12 Months Ended |
Mar. 01, 2020 | |
Notes Tables | |
Schedule of Other Balance Sheet Data [Table Text Block] | March 1, March 3, 2020 2019 Inventories: Raw materials $ 5,319 $ 4,556 Work-in-process 254 232 Finished goods 806 479 $ 6,379 $ 5,267 Property, plant and equipment: Land, buildings and improvements $ 13,642 $ 13,187 Machinery, equipment, furniture and fixtures 35,182 56,961 48,824 70,148 Less: accumulated depreciation and amortization 32,724 59,357 $ 16,100 $ 10,791 Goodwill and other intangible assets: Goodwill $ 9,776 $ 9,776 Other intangibles 28 35 $ 9,804 $ 9,811 Accrued liabilities: Payroll and payroll related $ 578 $ 823 Employee benefits 1 6 Workers' compensation 111 122 Professional fees 467 451 Restructuring (Notes 8 and 14) 432 1,324 Other 120 194 $ 1,709 $ 2,920 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 12 Months Ended |
Mar. 01, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal Year 2020 2019 2018 Current: Federal $ 2,556 $ 1,776 $ 22,968 State and local 40 164 51 Foreign 383 258 481 2,979 2,198 23,500 Deferred: Federal 899 (71 ) (41,624 ) State and local (12 ) (362 ) (21 ) Foreign - 26 (17 ) 887 (407 ) (41,662 ) $ 3,866 $ 1,791 $ (18,162 ) |
Schedule of Components of Income Tax Expense (Benefit), Discontinued Operation [Table Text Block] | Fiscal Year 2020 2019 2018 Current: Federal $ (183 ) $ 11,198 $ (1,400 ) State and local (15 ) 1,455 168 Foreign - 1,397 327 (198 ) 14,050 (905 ) Deferred: Federal - 686 (430 ) State and local (38 ) 564 (31 ) Foreign - (617 ) 63 (38 ) 633 (398 ) $ (236 ) $ 14,683 $ (1,303 ) |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Fiscal Year 2020 2019 2018 United States $ 11,676 $ 6,661 $ (652 ) Foreign 2,395 1,436 962 Earnings before income taxes $ 14,071 $ 8,097 $ 310 Fiscal Year 2020 2019 2018 United States $ (887 ) $ 7,485 $ (7,512 ) Foreign - 114,437 8,332 (Loss) earnings before income taxes $ (887 ) $ 121,922 $ 820 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Year 2020 2019 2018 Statutory U.S. Federal tax rate 21.0 % 21.0 % 32.9 % State and local taxes, net of 0.1 % 1.6 % (41.4 %) Federal benefit Foreign tax rate differentials (0.6 %) (0.8 %) (117.6 %) Valuation allowance on deferred tax assets (0.1 %) (2.8 %) - Adjustment on tax accruals (17.6 %) 2.9 % 56.8 % ASC 740-10 change 23.5 % 0.4 % 104.7 % Foreign tax credits (2.7 %) (3.2 %) (118.0 %) U.S. Tax Reform - - (5,944.2 %) Subpart F 4.0 % 4.0 % 281.1 % Permanent differences and other (0.1 %) (1.0 %) (104.0 %) 27.5 % 22.1 % (5,849.7 %) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 3, February 25, 2020 2019 Deferred tax assets: Net operating loss carryforwards $ 2,608 $ 2,709 Tax credits carryforward 621 135 Stock options 1,120 1,206 Other, net 478 574 4,827 4,624 Valuation allowance on deferred tax assets (3,175 ) (2,755 ) Total deferred tax assets, net of valuation allowance 1,652 1,869 Deferred tax liabilities: Depreciation (1,743 ) (1,368 ) Undistributed earnings (2 ) (333 ) Other (699 ) (154 ) Total deferred tax liabilities (2,444 ) (1,855 ) Net deferred tax asset (liability) $ (792 ) $ 14 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Unrecognized Tax Benefits March 1, March 3, February 25, 2020 2019 2018 Balance, beginning of year $ 937 $ 314 $ - Tax positions - Discontinued Ops in prior period - 187 - Gross decreases - tax positions in prior period (32 ) (256 ) - Gross increases - current period tax positions 3,259 784 314 Audit settlements - (92 ) - Balance, end of year $ 4,164 $ 937 $ 314 Unrecognized Tax Benefits March 1, March 3, February 25, 2020 2019 2018 Balance, beginning of year $ - $ 187 $ 1,024 Tax positions - Discontinued Ops in prior period - (187 ) - Gross decreases - tax positions in prior period - - (688 ) Gross increases - current period tax positions - - 6 Lapse of statute of limitations - - (155 ) Balance, end of year $ - $ - $ 187 |
Summary of Income Tax Examinations [Table Text Block] | U.S. Federal 2018 - 2020 California 2017 - 2020 New York 2018 - 2020 France 2017 - 2020 Singapore 2016 - 2020 |
Note 5 - Stock-based Compensa_2
Note 5 - Stock-based Compensation (Tables) | 12 Months Ended |
Mar. 01, 2020 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Fiscal Year 2020 2019 2018 Weighted average fair value per share of option grants $3.75 - $4.03 $3.66 - Risk-free interest rates 2.24% - 2.26% 2.83% - Expected stock price volatility 30.4% - 31.5% 24.7% - Expected dividend yields 2.43% 2.32% - Estimated option terms (Years) 4.3 - 5.8 5.2 - |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Outstanding Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance, February 26, 2017 1,070,529 $ 21.08 Granted - - Exercised (6,900 ) 13.36 Terminated or expired (178,075 ) 22.55 Balance, February 25, 2018 885,554 $ 17.55 Granted 2,650 13.50 Exercised (244,382 ) 12.18 Terminated or expired (103,113 ) 18.75 Balance, March 3, 2019 540,709 $ 13.49 $ 227 Granted 114,450 15.44 Exercised (32,873 ) 11.64 Terminated or expired (111,652 ) 15.95 Balance, March 1, 2020 510,634 $ 12.45 5.21 $ 746 Vested and exercisable, March 1, 2020 400,659 $ 12.64 4.12 $ 509 Expected to vest, March 1, 2020 479,996 $ 12.45 5.21 $ 701 |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Subject to Options Weighted Average Grant Date Fair Value Non-vested, beginning of year 25,600 $ 3.50 Granted 114,450 3.97 Vested (22,960 ) 3.48 Terminated or expired (7,114 ) 3.92 Non-vested, end of year 109,976 $ 3.96 |
Note 6 - Shareholders' Equity (
Note 6 - Shareholders' Equity (Tables) | 12 Months Ended |
Mar. 01, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | March 1, 2020 March 3, 2019 Unrealized gains (losses) on investments, net of taxes of $690 and $1,157, respectively $ 668 $ (22 ) Accumulated balance $ 668 $ (22 ) |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 12 Months Ended |
Mar. 01, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year (Amounts in thousands, except per share amounts) 2020 2019 2018 Net earnings - continuing operations $ 10,205 $ 6,306 $ 18,472 Net (loss) earnings - discontinued operations (653 ) 107,239 2,123 Net earnings $ 9,552 $ 113,545 $ 20,595 Weighted average common shares outstanding for basic EPS 20,507 20,288 20,237 Net effect of dilutive options 88 97 30 Weighted average shares outstanding for diluted EPS 20,595 20,385 20,267 Basic earnings per share - continuing operations $ 0.50 $ 0.31 $ 0.91 Basic (loss) earnings per share - discontinued operations (0.03 ) 5.29 0.11 Basic earnings per share $ 0.47 $ 5.60 $ 1.02 Diluted earnings per share - continuing operations $ 0.50 $ 0.31 $ 0.91 Diluted (loss) earnings per share - discontinued operations (0.03 ) 5.26 0.11 Diluted earnings per share $ 0.47 $ 5.57 $ 1.02 |
Note 11 - Leases and Commitme_2
Note 11 - Leases and Commitments (Tables) | 12 Months Ended |
Mar. 01, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal Year: 2021 $ 152 2022 90 2023 61 2024 61 2025 - Thereafter 161 Total undiscounted operating lease payments 525 Less imputed interest (105 ) Present value of operating lease payments $ 420 Fiscal Year Amount 2021 $ 152 2022 90 2023 61 2024 61 2025 - Thereafter - $ 364 |
Schedule of Right-of-use Assets and Operating Lease Liabilities [Table Text Block] | Operating right-of-use assets $ 420 Operating lease liabilities $ 152 Long-term operating lease liabilities 268 Total operating lease liabilities $ 420 |
Note 13 - Discontinued Operat_2
Note 13 - Discontinued Operations (Tables) | 12 Months Ended |
Mar. 01, 2020 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Fiscal Year Ended March 1, March 3, February 25, 2020 2019 2018 Net sales $ - $ 57,492 $ 70,966 Cost of sales - 44,361 55,794 Gross profit - 13,131 15,172 Selling, general and administrative expenses 234 8,826 9,510 Restructuring charges 941 636 4,876 (Loss) earnings from discontinued operations (1,175 ) 3,669 786 Other income 288 118,253 34 (Loss) earnings from discontinued operations before income taxes (887 ) 121,922 820 Income tax (benefit) provision (234 ) 14,683 (1,303 ) Net (loss) earnings from discontinued operations $ (653 ) $ 107,239 $ 2,123 |
Restructuring and Related Costs [Table Text Block] | Accrual March 3, 2019 Current Period Charges Cash Payments Non-Cash Charges Accrual March 1, 2020 Total Expense Accrued to Date Total Expected Costs Facility Lease Costs $ 1,324 $ 99 $ (991 ) $ - $ 432 $ 2,929 $ 3,000 Severance Costs - - - - - 1,081 1,081 Equipment Removal - 586 (586 ) - - 586 586 Other - 148 (148 ) - - 927 950 Total Restructuring Charges $ 1,324 $ 833 $ (1,725 ) $ - $ 432 $ 5,523 $ 5,617 |
Note 14 - Geographic Regions (T
Note 14 - Geographic Regions (Tables) | 12 Months Ended |
Mar. 01, 2020 | |
Notes Tables | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Fiscal Year 2020 2019 2018 Sales: North America $ 56,264 $ 47,505 $ 38,641 Asia 1,378 1,070 563 Europe 2,372 2,541 1,026 Total sales $ 60,014 $ 51,116 $ 40,230 Long-lived assets: North America $ 24,942 $ 19,372 $ 18,313 Asia 1,650 1,546 1,680 Europe - - - Total long-lived assets $ 26,592 $ 20,918 $ 19,993 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Mar. 01, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter First Second Third Fourth Fiscal 2020: Net sales $ 14,950 $ 13,723 $ 15,847 $ 15,494 Gross profit 4,804 3,813 5,022 5,034 Net earnings from continuing operations 2,714 2,052 2,806 2,633 Net (loss) earnings from discontinued operations (127 ) 83 (360 ) (249 ) Net earnings 2,587 2,135 2,446 2,384 Basic earnings (loss) per share: Basic net earnings per share from continuing operations $ 0.13 $ 0.10 $ 0.14 $ 0.13 Basic net earnings (loss) per share from discontinued operations - - (0.02 ) (0.01 ) Basic earnings per share 0.13 0.10 0.12 0.12 Diluted earnings (loss) per share: Diluted net earnings per share from continuing operations $ 0.13 $ 0.10 $ 0.14 $ 0.13 Diluted net earnings (loss) per share from discontinued operations - - (0.02 ) (0.01 ) Diluted earnings per share 0.13 0.10 0.12 0.12 Weighted average common shares outstanding: Basic 20,492 20,499 20,518 20,519 Diluted 20,586 20,601 20,617 20,578 Fiscal 2019: Net sales $ 10,393 $ 11,211 $ 12,853 $ 16,659 Gross profit 2,852 3,145 4,284 5,903 Net earnings from continuing operations 816 1,824 2,078 1,588 Net earnings from discontinued operations 2,352 876 1,613 102,398 Net earnings 3,168 2,700 3,691 103,986 Basic Earnings per share: Basic net earnings per share from continuing operations $ 0.04 $ 0.09 $ 0.10 $ 0.08 Basic net earnings per share from discontinued operations 0.12 0.04 0.08 5.02 Basic earnings per share 0.16 0.13 0.18 5.10 Diluted Earnings per share: Diluted net earnings per share from continuing operations $ 0.04 $ 0.09 $ 0.10 $ 0.08 Diluted net earnings per share from discontinued operations 0.12 0.04 0.08 4.99 Diluted earnings per share 0.16 0.13 0.18 5.07 Weighted average common shares outstanding: Basic 20,242 20,253 20,278 20,370 Diluted 20,296 20,382 20,352 20,501 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Mar. 01, 2020 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Column C Column A Column B Additions Column D Column E Description Balance at Beginning of Period Costs and Expenses Other Reductions Balance at End of Period DEFERRED INCOME TAX ASSET VALUATION ALLOWANCE: 52 weeks ended March 1, 2020 $ 2,755,000 $ 420,000 $ - $ - $ 3,175,000 53 weeks ended March 3, 2019 $ 2,981,000 $ - $ - $ (226,000 ) $ 2,755,000 52 weeks ended February 25, 2018 $ 2,982,000 $ - $ - $ (1,000 ) $ 2,981,000 Column D Column A Column B Column C Other Column E Description Balance at Beginning of Period Charged to Cost and Expenses Accounts Written Off (A) Translation Adjustment Balance at End of Period ALLOWANCE FOR DOUBTFUL ACCOUNTS: 52 weeks ended March 1, 2020 $ 32,000 $ 41,000 $ - $ - $ 73,000 53 weeks ended March 3, 2019 $ 32,000 $ - $ - $ - $ 32,000 52 weeks ended February 25, 2018 $ 32,000 $ - $ - $ - $ 32,000 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | Jul. 25, 2018 | |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 5,410 | $ 71,007 | ||
Cash and Marketable Securities | $ 126,196 | |||
Sales Returns and Allowance as Percentage of Sales | 1.00% | 1.00% | 1.00% | |
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 0 | $ 67 | |
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||
Goodwill, Impairment Loss | $ 0 | 0 | ||
Depreciation, Depletion and Amortization, Total | $ 1,544 | 1,784 | $ 1,833 | |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||
Minimum [Member] | ||||
Lessee, Operating Lease, Renewal Term (Year) | 1 year | |||
Maximum [Member] | ||||
Lessee, Operating Lease, Renewal Term (Year) | 10 years | |||
Machinery, Equipment, Furniture and Fixtures [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |||
Land, Buildings and Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 25 years | |||
Land, Buildings and Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 30 years | |||
Cash and Cash Equivalents, Foreign Financial Institutions [Member] | ||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 21 | 65,144 | ||
Company’s Wholly Owned Foreign Subsidiaries [Member] | ||||
Cash and Marketable Securities | 29,265 | |||
Debt Securities [Member] | ||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 2,496 | $ 49,707 | ||
Electronics Business [Member] | Electronics Business [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 145,000 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Income taxes, net of refunds | $ 8,296 | $ 14,451 | $ 2,040 |
Interest | $ 2,127 |
Note 2 - Marketable Securitie_2
Note 2 - Marketable Securities (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 28, 2019 | Feb. 25, 2018 | |
Loss on Sale of Investments | $ 1,498 | $ 1,342 | ||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 1 | $ 4.25 | $ 4.25 | $ 3 |
Repayments of Long-term Debt, Total | $ 72,000 | |||
HSBC Bank USA [Member] | ||||
Repayments of Long-term Debt, Total | $ 68,500 |
Note 2 - Marketable Securitie_3
Note 2 - Marketable Securities - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 01, 2020 | Mar. 03, 2019 |
Available-for-sale securities | $ 116,945 | $ 80,617 |
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 116,945 | 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 | 101,390 | 68,718 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 101,390 | 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 | 15,555 | 11,899 |
Debt Security, Corporate, US [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 15,555 | 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 2 - Marketable Securitie_4
Note 2 - Marketable Securities - Summary of Unrealized Gains and Losses on Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 01, 2020 | Mar. 03, 2019 |
Amortized cost basis | $ 116,099 | $ 80,651 |
Gross unrealized gains | 846 | 51 |
Gross unrealized losses | 85 | |
US Treasury and Government [Member] | ||
Amortized cost basis | 100,626 | 68,727 |
Gross unrealized gains | 764 | 44 |
Gross unrealized losses | 53 | |
Debt Security, Corporate, US [Member] | ||
Amortized cost basis | 15,473 | 11,924 |
Gross unrealized gains | 82 | 7 |
Gross unrealized losses | $ 32 |
Note 2 - Marketable Securitie_5
Note 2 - Marketable Securities - Summary of Realized Gains/Losses on Available-for-Sale Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Gross realized gains on sale | $ 90 | ||
Gross realized losses on sale | $ 75 | $ 1,498 | $ 1,342 |
Note 2 - Marketable Securitie_6
Note 2 - Marketable Securities - Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 01, 2020 | Mar. 03, 2019 |
Due in one year or less | $ 43,498 | |
Due after one year through five years | 73,447 | |
Debt Securities, Available-for-sale, Total | $ 116,945 | $ 80,617 |
Note 3 - Other Consolidated B_3
Note 3 - Other Consolidated Balance Sheet Data - Other Consolidated Balance Sheet Data (Details) - USD ($) $ in Thousands | Mar. 01, 2020 | Mar. 03, 2019 |
Raw materials | $ 5,319 | $ 4,556 |
Work-in-process | 254 | 232 |
Finished goods | 806 | 479 |
Inventory, Net, Total | 6,379 | 5,267 |
Land, buildings and improvements | 48,824 | 70,148 |
Less: accumulated depreciation and amortization | 32,724 | 59,357 |
Property, Plant and Equipment, Net, Ending Balance | 16,100 | 10,791 |
Goodwill | 9,776 | 9,776 |
Other intangibles | 28 | 35 |
Intangible Assets, Net (Including Goodwill), Total | 9,804 | 9,811 |
Payroll and payroll related | 578 | 823 |
Employee benefits | 1 | 6 |
Workers' compensation | 111 | 122 |
Professional fees | 467 | 451 |
Restructuring (Notes 8 and 14) | 432 | 1,324 |
Other | 120 | 194 |
Accrued Liabilities, Current, Total | 1,709 | 2,920 |
Land, Buildings and Improvements [Member] | ||
Land, buildings and improvements | 13,642 | 13,187 |
Machinery, Equipment, Furniture and Fixtures [Member] | ||
Land, buildings and improvements | $ 35,182 | $ 56,961 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | ||||||
Mar. 01, 2020 | Mar. 01, 2020 | Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | Mar. 03, 2020 | Feb. 25, 2019 | Feb. 26, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 32.90% | |||||
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Income Tax Expense | $ 23,139 | |||||||
One-time Transition Tax Provision, Current Income Tax Expense on Untaxed Foreign Earnings, Payment Period (Year) | 8 years | |||||||
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability, Total | $ 21,887 | |||||||
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability, Current | 1,751 | |||||||
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability, Noncurrent | 20,136 | |||||||
Deferred Tax Liability Reversed | 44,309 | |||||||
Income Tax Benefit, Reversal of Deferred Tax Liability | 18,456 | |||||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 1,963 | |||||||
Undistributed Earnings, Basic, Total | $ 25,000 | |||||||
Foreign Earnings Repatriated | 100,216 | $ 113,600 | 135,300 | |||||
Effective Income Tax Rate Reconciliation, Operating Loss Carryforwards, Amount | $ 64 | 64 | $ 64 | |||||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | 191 | |||||||
Deferred Tax Assets, Valuation Allowance, Total | $ 3,175 | $ 2,755 | ||||||
Unrecognized Tax Benefits, Ending Balance | 4,164 | 4,164 | 4,164 | 937 | $ 314 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 193 | 193 | 193 | 79 | ||||
Other Noncurrent Liabilities [Member] | ||||||||
Unrecognized Tax Benefits, Ending Balance | 4,356 | 4,356 | 4,356 | 1,016 | ||||
Research Tax Credit Carryforward [Member] | ||||||||
Tax Credit Carryforward, Amount | 45 | 45 | 45 | 236 | ||||
State and Local Jurisdiction [Member] | ||||||||
Operating Loss Carryforwards, Total | 2,515 | 2,515 | 2,515 | 3,161 | ||||
State and Local Jurisdiction [Member] | Arizona Department of Revenue [Member] | ||||||||
Tax Credit Carryforward, Amount | 576 | 576 | 576 | 135 | ||||
State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | Nelco Technology Zhuhai FTZ Ltd [Member] | ||||||||
Deferred Tax Assets, Valuation Allowance, Total | 3,175 | 3,175 | $ 3,175 | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 420 | |||||||
State and Local Jurisdiction [Member] | Minimum [Member] | ||||||||
Operating Loss Carryforwards Expiration Year | 2021 | |||||||
State and Local Jurisdiction [Member] | Maximum [Member] | ||||||||
Operating Loss Carryforwards Expiration Year | 2039 | |||||||
Foreign Tax Authority [Member] | ||||||||
Operating Loss Carryforwards, Total | $ 7,798 | $ 7,798 | $ 7,798 | $ 7,862 |
Note 4 - Income Taxes - Provisi
Note 4 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Federal | $ 2,556 | $ 1,776 | $ 22,968 |
State and local | 40 | 164 | 51 |
Foreign | 383 | 258 | 481 |
Current Income Tax Expense (Benefit), Total | 2,979 | 2,198 | 23,500 |
Federal | 899 | (71) | (41,624) |
State and local | (12) | (362) | (21) |
Foreign | 26 | (17) | |
Deferred Income Tax Expense (Benefit), Total | 887 | (407) | (41,662) |
Income Tax Expense (Benefit), Total | $ 3,866 | $ 1,791 | $ (18,162) |
Note 4 - Income Taxes - Income
Note 4 - Income Taxes - Income Tax (Benefit) Provision for Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Federal | $ (183) | $ 11,198 | $ (1,400) |
State and local | (15) | 1,455 | 168 |
Foreign | 1,397 | 327 | |
Discontinued Operation, Current Income Tax Expense (Benefit) | (198) | 14,050 | (905) |
Federal | 686 | (430) | |
State and local | (38) | 564 | (31) |
Foreign | (617) | 63 | |
Discontinued Operation, Deferred Income Tax Expense (Benefit) | (38) | 633 | (398) |
Discontinued Operation, Tax Effect of Discontinued Operation, Total | $ (236) | $ 14,683 | $ (1,303) |
Note 4 - Income Taxes - Compone
Note 4 - Income Taxes - Components of Earnings Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
United States | $ 11,676 | $ 6,661 | $ (652) |
Foreign | 2,395 | 1,436 | 962 |
Earnings before income taxes | 14,071 | 8,097 | 310 |
Discontinued operations, United States | (887) | 7,485 | (7,512) |
Discontinued operations, foreign | 114,437 | 8,332 | |
(Loss) earnings before income taxes | $ (887) | $ 121,922 | $ 820 |
Note 4 - Income Taxes - Effecti
Note 4 - Income Taxes - Effective Income Tax Reconciliation (Details) | 12 Months Ended | ||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 32.90% |
State and local taxes, net of | 0.10% | 1.60% | (41.40%) |
Foreign tax rate differentials | (0.60%) | (0.80%) | (117.60%) |
Valuation allowance on deferred tax assets | (0.10%) | (2.80%) | |
Adjustment on tax accruals | (17.60%) | 2.90% | 56.80% |
ASC 740-10 change | 23.50% | 0.40% | 104.70% |
Foreign tax credits | (2.70%) | (3.20%) | (118.00%) |
U.S. Tax Reform | (5944.20%) | ||
Subpart F | 4.00% | 4.00% | 281.10% |
Permanent differences and other | (0.10%) | (1.00%) | (104.00%) |
Effective Income Tax Rate Reconciliation, Percent, Total | 27.50% | 22.10% | (5849.70%) |
Note 4 - Income Taxes - Compo_2
Note 4 - Income Taxes - Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands | Mar. 03, 2020 | Feb. 25, 2019 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 2,608 | $ 2,709 |
Tax credits carryforward | 621 | 135 |
Stock options | 1,120 | 1,206 |
Other, net | 478 | 574 |
Deferred Tax Assets, Gross, Total | 4,827 | 4,624 |
Valuation allowance on deferred tax assets | (3,175) | (2,755) |
Total deferred tax assets, net of valuation allowance | 1,652 | 1,869 |
Deferred tax liabilities: | ||
Depreciation | (1,743) | (1,368) |
Undistributed earnings | (2) | (333) |
Other | (699) | (154) |
Total deferred tax liabilities | (2,444) | (1,855) |
Net deferred tax liability | $ (792) | |
Net deferred tax asset | $ 14 |
Note 4 - Income Taxes - Unrecog
Note 4 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Balance, beginning of year | $ 937 | $ 314 | |
Tax positions - Discontinued Ops in prior period | 187 | ||
Gross decreases - tax positions in prior period | (32) | (256) | |
Gross increases - current period tax positions | 3,259 | 784 | 314 |
Audit settlements | (92) | ||
Balance, end of year | 4,164 | 937 | 314 |
Electronics Business [Member] | |||
Balance, beginning of year | 187 | 1,024 | |
Gross decreases - tax positions in prior period | (688) | ||
Gross increases - current period tax positions | 6 | ||
Tax positions - Discontinued Ops in prior period | (187) | ||
Lapse of statute of limitations | (155) | ||
Balance, end of year | $ 187 |
Note 4 - Income Taxes - Open Ta
Note 4 - Income Taxes - Open Tax Years by Major Jurisdiction (Details) - Earliest Tax Year [Member] | 12 Months Ended |
Mar. 01, 2020 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Open tax year | 2018 2019 2020 |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | |
Open tax year | 2017 2018 2019 2020 |
State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | |
Open tax year | 2018 2019 2020 |
Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member] | |
Open tax year | 2017 2018 2019 2020 |
Foreign Tax Authority [Member] | Inland Revenue, Singapore (IRAS) [Member] | |
Open tax year | 2016 2017 2018 2019 2020 |
Note 5 - Stock-based Compensa_3
Note 5 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jul. 24, 2018 | Mar. 01, 2020 | Mar. 03, 2019 | Feb. 28, 2019 | Feb. 25, 2018 |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 692,100 | ||||
Share-based Payment Arrangement, Plan Modification, Incremental Cost | $ 208 | $ 528 | |||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 1 | $ 4.25 | $ 4.25 | $ 3 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 124 | $ 1,157 | $ 44 | ||
Selling, General and Administrative Expenses [Member] | |||||
Share-based Payment Arrangement, Expense | $ 726 | $ 1,249 | |||
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 408 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 54 days | ||||
The 2018 Stock Option Plan [Member] | |||||
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 (Year) | 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 (Year) | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 800,000 | ||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 692,100 |
Note 5 - Stock-based Compensa_4
Note 5 - Stock-based Compensation - Fair Value Assumptions (Details) - $ / shares | 12 Months Ended | ||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Weighted average fair value per share of option grants (in dollars per share) | $ 3.97 | $ 3.66 | |
Risk-free interest rates | 2.83% | ||
Expected stock price volatility | 24.70% | ||
Expected dividend yields | 2.43% | 2.32% | |
Estimated option terms (Years) (Year) | 5 years 73 days | ||
Minimum [Member] | |||
Weighted average fair value per share of option grants (in dollars per share) | $ 3.75 | ||
Risk-free interest rates | 2.24% | ||
Expected stock price volatility | 30.40% | ||
Estimated option terms (Years) (Year) | 4 years 109 days | ||
Maximum [Member] | |||
Weighted average fair value per share of option grants (in dollars per share) | $ 4.03 | ||
Risk-free interest rates | 2.26% | ||
Expected stock price volatility | 31.50% | ||
Estimated option terms (Years) (Year) | 5 years 292 days |
Note 5 - Stock-based Compensa_5
Note 5 - Stock-based Compensation - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Outstanding options (in shares) | 540,709 | 885,554 | 1,070,529 |
Balance, weighted average exercise price (in dollars per share) | $ 13.49 | $ 17.55 | $ 21.08 |
Outstanding options, granted (in shares) | 114,450 | 2,650 | |
Granted, weighted average exercise price (in dollars per share) | $ 15.44 | $ 13.50 | |
Outstanding options, exercised (in shares) | (32,873) | (244,382) | (6,900) |
Exercised, weighted average exercise price (in dollars per share) | $ 11.64 | $ 12.18 | $ 13.36 |
Outstanding options, terminated or expired (in shares) | (111,652) | (103,113) | (178,075) |
Terminated or expired, weighted average exercise price (in dollars per share) | $ 15.95 | $ 18.75 | $ 22.55 |
Outstanding aggregate intrinsic value | $ 746 | $ 227 | |
Outstanding options (in shares) | 510,634 | 540,709 | 885,554 |
Balance, weighted average exercise price (in dollars per share) | $ 12.45 | $ 13.49 | $ 17.55 |
Balance, weighted average remaining contractual term (Year) | 5 years 76 days | ||
Vested and exercisable, March 1, 2020 (in shares) | 400,659 | ||
Vested and exercisable, March 1, 2020 (in dollars per share) | $ 12.64 | ||
Vested and exercisable, March 1, 2020 (Year) | 4 years 43 days | ||
Vested and exercisable, March 1, 2020 | $ 509 | ||
Expected to vest, March 1, 2020 (in shares) | 479,996 | ||
Expected to vest, March 1, 2020 (in dollars per share) | $ 12.45 | ||
Expected to vest, March 1, 2020 (Year) | 5 years 76 days | ||
Expected to vest, March 1, 2020 | $ 701 |
Note 5 - Stock-based Compensa_6
Note 5 - Stock-based Compensation - Non-vested Options (Details) - $ / shares | 12 Months Ended | ||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Non-vested, beginning of year (in shares) | 25,600 | ||
Non-vested, beginning of year (in dollars per share) | $ 3.50 | ||
Granted (in shares) | 114,450 | 2,650 | |
Granted (in dollars per share) | $ 3.97 | $ 3.66 | |
Vested (in shares) | (22,960) | ||
Vested (in dollars per share) | $ 3.48 | ||
Terminated or expired (in shares) | (7,114) | ||
Terminated or expired (in dollars per share) | $ 3.92 | ||
Non-vested, end of year (in shares) | 109,976 | 25,600 | |
Non-vested, end of year (in dollars per share) | $ 3.96 | $ 3.50 |
Note 6 - Shareholders' Equity_2
Note 6 - Shareholders' Equity (Details Textual) - USD ($) $ in Thousands | Mar. 10, 2016 | Feb. 28, 2016 | May 10, 2020 | Mar. 01, 2020 | Jan. 08, 2015 | Jan. 07, 2015 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,250,000 | |||||
Stock Repurchase Program, Percentage of Outstanding Shares Authorized to be Repurchased | 6.00% | |||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 20,518,823 | 20,945,634 | ||||
Stock Repurchase Program, Number of Additional Shares Authorized to be Repurchased (in shares) | 1,000,000 | |||||
Stock Repurchased During Period, Shares (in shares) | 599,832 | |||||
Stock Repurchased and Retired During Period, Value | $ 12,187 | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 692,100 | |||||
Subsequent Event [Member] | ||||||
Stock Repurchase Program, Percentage of Outstanding Shares Authorized to be Repurchased | 7.50% | |||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 1,531,412 |
Note 6 - Shareholders' Equity -
Note 6 - Shareholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Mar. 01, 2020 | Mar. 03, 2019 |
Unrealized gains (losses) on investments, net of taxes of $690 and $1,157, respectively | $ 668 | $ (22) |
Accumulated balance | $ 668 | $ (22) |
Note 6 - Shareholders' Equity_3
Note 6 - Shareholders' Equity - Accumulated Other Comprehensive Income (Details) (Parentheticals) - USD ($) $ in Thousands | Mar. 01, 2020 | Mar. 03, 2019 |
Unrealized gains on investments, tax | $ 690 | $ 1,157 |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 132,000 | 213,893 | 606,357 |
Note 7 - Earnings Per Share - B
Note 7 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 01, 2020 | Dec. 01, 2019 | Sep. 01, 2019 | Jun. 02, 2019 | Mar. 03, 2019 | Nov. 25, 2018 | Aug. 26, 2018 | May 27, 2018 | Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Net earnings - continuing operations | $ 2,633 | $ 2,806 | $ 2,052 | $ 2,714 | $ 1,588 | $ 2,078 | $ 1,824 | $ 816 | $ 10,205 | $ 6,306 | $ 18,472 |
Net (loss) earnings - discontinued operations | (249) | (360) | 83 | (127) | 102,398 | 1,613 | 876 | 2,352 | (653) | 107,239 | 2,123 |
Net earnings | $ 2,384 | $ 2,446 | $ 2,135 | $ 2,587 | $ 103,986 | $ 3,691 | $ 2,700 | $ 3,168 | $ 9,552 | $ 113,545 | $ 20,595 |
Weighted average common shares outstanding for basic EPS (in shares) | 20,519 | 20,518 | 20,499 | 20,492 | 20,370 | 20,278 | 20,253 | 20,242 | 20,507 | 20,288 | 20,237 |
Net effect of dilutive options (in shares) | 88 | 97 | 30 | ||||||||
Weighted average shares outstanding for diluted EPS (in shares) | 20,578 | 20,617 | 20,601 | 20,586 | 20,501 | 20,352 | 20,382 | 20,296 | 20,595 | 20,385 | 20,267 |
Basic earnings per share - continuing operations (in dollars per share) | $ 0.13 | $ 0.14 | $ 0.10 | $ 0.13 | $ 0.08 | $ 0.10 | $ 0.09 | $ 0.04 | $ 0.50 | $ 0.31 | $ 0.91 |
Basic (loss) earnings per share - discontinued operations (in dollars per share) | (0.01) | (0.02) | 5.02 | 0.08 | 0.04 | 0.12 | (0.03) | 5.29 | 0.11 | ||
Basic earnings per share (in dollars per share) | 0.12 | 0.12 | 0.10 | 0.13 | 5.10 | 0.18 | 0.13 | 0.16 | 0.47 | 5.60 | 1.02 |
Diluted earnings per share - continuing operations (in dollars per share) | 0.13 | 0.14 | 0.10 | 0.13 | 0.08 | 0.10 | 0.09 | 0.04 | 0.50 | 0.31 | 0.91 |
Diluted (loss) earnings per share - discontinued operations (in dollars per share) | (0.01) | (0.02) | 4.99 | 0.08 | 0.04 | 0.12 | (0.03) | 5.26 | 0.11 | ||
Diluted earnings per share (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.10 | $ 0.13 | $ 5.07 | $ 0.18 | $ 0.13 | $ 0.16 | $ 0.47 | $ 5.57 | $ 1.02 |
Note 8 - Restructuring Charges
Note 8 - Restructuring Charges (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Restructuring Charges, Total | $ 146 | ||
Facility Closing [Member] | Closure of Park Advanced Composite Materials, Inc. Business Unit [Member] | |||
Restructuring Charges, Total | $ 0 | $ 0 | $ 146 |
Note 9 - Employee Benefit Pla_2
Note 9 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 03, 2019 | Feb. 25, 2018 | |
Deferred Profit Sharing [Member] | ||
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 160 | $ 73 |
Note 10 - Long-Term Debt (Detai
Note 10 - Long-Term Debt (Details Textual) - USD ($) $ in Thousands | Jan. 15, 2016 | Feb. 25, 2018 | Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 |
Amortization of Debt Issuance Costs | $ 144 | ||||
Interest Expense, Total | $ 0 | $ 0 | $ 2,269 | ||
HSBC Bank USA [Member] | Letter of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000 | ||||
HSBC Bank USA [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument, Term (Year) | 3 years | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 |
Note 11 - Leases and Commitme_3
Note 11 - Leases and Commitments (Details Textual) $ in Thousands | 12 Months Ended | 15 Months Ended | |||
Mar. 01, 2020USD ($) | Mar. 03, 2019USD ($) | Feb. 25, 2018USD ($) | Mar. 01, 2020USD ($) | Dec. 31, 2018ft² | |
Operating Lease, Expense | $ 318 | ||||
Operating Lease, Payments | $ 309 | ||||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years 317 days | 5 years 317 days | |||
Operating Lease, Expense, Including Real Estate Taxes and Other Costs | $ 368 | $ 346 | $ 432 | ||
Additional Manufacturing Facility [Member] | |||||
Area of Land (Square Foot) | ft² | 90,000 | ||||
Construction in Progress Expenditures Incurred but Not yet Paid | $ 21,000 | ||||
Purchase Obligation, Total | 997 | 997 | |||
Construction in Progress Expenditures Incurred but Not yet Paid | 7,647 | ||||
Accrued Liabilities, Current [Member] | |||||
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 334 | $ 334 | |||
Minimum [Member] | |||||
Lessee, Operating Lease, Renewal Term (Year) | 1 year | 1 year | |||
Maximum [Member] | |||||
Lessee, Operating Lease, Renewal Term (Year) | 10 years | 10 years |
Note 11 - Leases and Commitme_4
Note 11 - Leases and Commitments - Future Minimum Lease Payments (Details) $ in Thousands | Mar. 01, 2020USD ($) |
Present value of operating lease payments | $ 420 |
Leases with Renewal Options [Member] | |
2021 | 152 |
2022 | 90 |
2023 | 61 |
2024 | 61 |
2025 | |
Thereafter | 161 |
Total undiscounted operating lease payments | 525 |
Less imputed interest | (105) |
Present value of operating lease payments | 420 |
Leases without Renewal Options [Member] | |
2021 | 152 |
2022 | 90 |
2023 | 61 |
2024 | 61 |
2025 | |
Thereafter | |
Operating Leases, Future Minimum Payments Due, Total | $ 364 |
Note 11 - Leases - Schedule of
Note 11 - Leases - Schedule of Right-of-use Assets and Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 01, 2020 | Mar. 03, 2019 |
Operating right-of-use assets | $ 420 | |
Operating lease liabilities | 152 | |
Long-term operating lease liabilities | 268 | |
Total operating lease liabilities | $ 420 |
Note 12 - Contingencies (Detail
Note 12 - Contingencies (Details Textual) $ in Thousands | 12 Months Ended |
Mar. 01, 2020USD ($) | |
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 - Discontinued Operat_3
Note 13 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands | Dec. 04, 2018 | Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 |
Restructuring Charges, Total | $ 146 | |||
Restructuring Reserve, Ending Balance | 432 | |||
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] | ||||
Restructuring Charges, Total | 108 | 262 | $ 4,876 | |
Restructuring Reserve, Ending Balance | 432 | 1,324 | ||
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] | Facility Closing [Member] | ||||
Restructuring Charges, Total | $ 833 | $ 374 | ||
Electronics Business [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 145,000 | |||
Proceeds from Divestiture of Businesses | 124,156 | |||
Disposal Group, Including Discontinued Operation, Transaction Costs and Taxes | 7,657 | |||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 13,187 | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | $ 102,145 | |||
Disposal Group, Including Discontinued Operation, Blended Tax Rate, Percent | 26.40% | 12.00% | (158.90%) | |
Electronics Business [Member] | Discontinued Operations, Disposed of by Sale [Member] | SINGAPORE | ||||
Disposal Group, Including Discontinued Operation, Consideration Allocation, Percent | 82.00% | |||
Electronics Business [Member] | Discontinued Operations, Disposed of by Sale [Member] | UNITED STATES | ||||
Disposal Group, Including Discontinued Operation, Consideration Allocation, Percent | 16.00% | |||
Electronics Business [Member] | Discontinued Operations, Disposed of by Sale [Member] | FRANCE | ||||
Disposal Group, Including Discontinued Operation, Consideration Allocation, Percent | 2.00% |
Note 13 - Discontinued Operat_4
Note 13 - Discontinued Operations - Summary of Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 01, 2020 | Dec. 01, 2019 | Sep. 01, 2019 | Jun. 02, 2019 | Mar. 03, 2019 | Nov. 25, 2018 | Aug. 26, 2018 | May 27, 2018 | Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Net sales | $ 57,492 | $ 70,966 | |||||||||
Cost of sales | 44,361 | 55,794 | |||||||||
Gross profit | 13,131 | 15,172 | |||||||||
Selling, general and administrative expenses | 234 | 8,826 | 9,510 | ||||||||
Restructuring charges | 941 | 636 | 4,876 | ||||||||
(Loss) earnings from discontinued operations | (1,175) | 3,669 | 786 | ||||||||
Other income | 288 | 118,253 | 34 | ||||||||
(Loss) earnings before income taxes | (887) | 121,922 | 820 | ||||||||
Income tax (benefit) provision | (236) | 14,683 | (1,303) | ||||||||
Net (loss) earnings from discontinued operations | $ (249) | $ (360) | $ 83 | $ (127) | $ 102,398 | $ 1,613 | $ 876 | $ 2,352 | $ (653) | $ 107,239 | $ 2,123 |
Note 13 - Discontinued Operat_5
Note 13 - Discontinued Operations - Restructuring Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Current Period Charges | $ 146 | ||
Accrued, Ending Balance | 432 | ||
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] | |||
Accrued, Beginning Balance | 1,324 | ||
Current Period Charges | 108 | 262 | $ 4,876 |
Cash Payments | (1,725) | ||
Non-Cash Charges | |||
Accrued, Ending Balance | 432 | 1,324 | |
Total Costs Accrued to Date | 5,523 | ||
Total Expected Costs | 5,617 | ||
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] | Facility Lease Costs [Member] | |||
Accrued, Beginning Balance | 1,324 | ||
Current Period Charges | 99 | ||
Cash Payments | (991) | ||
Non-Cash Charges | |||
Accrued, Ending Balance | 432 | 1,324 | |
Total Costs Accrued to Date | 2,929 | ||
Total Expected Costs | 3,000 | ||
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] | 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 | ||
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] | Equipment Removal [Member] | |||
Accrued, Beginning Balance | |||
Current Period Charges | 586 | ||
Cash Payments | (586) | ||
Non-Cash Charges | |||
Accrued, Ending Balance | |||
Total Costs Accrued to Date | 586 | ||
Total Expected Costs | 586 | ||
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] | Other Restructuring [Member] | |||
Accrued, Beginning Balance | |||
Current Period Charges | 148 | ||
Cash Payments | (148) | ||
Non-Cash Charges | |||
Accrued, Ending Balance | |||
Total Costs Accrued to Date | 927 | ||
Total Expected Costs | $ 950 |
Note 14 - Geographic Regions -
Note 14 - Geographic Regions - Financial Information by Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Net sales | $ 60,014 | $ 51,116 | $ 40,230 |
Long-lived assets | 26,592 | 20,918 | 19,993 |
North America [Member] | |||
Net sales | 56,264 | 47,505 | 38,641 |
Long-lived assets | 24,942 | 19,372 | 18,313 |
Asia [Member] | |||
Net sales | 1,378 | 1,070 | 563 |
Long-lived assets | 1,650 | 1,546 | 1,680 |
Europe [Member] | |||
Net sales | 2,372 | 2,541 | 1,026 |
Long-lived assets |
Note 15 - Customer and Suppli_2
Note 15 - Customer and Supplier Concentrations (Details Textual) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 12 Months Ended | ||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
General Electric [Member] | |||
Concentration Risk, Percentage | 48.20% | 42.80% | 30.50% |
Aerospace [Member] | |||
Concentration Risk, Percentage | 10.60% |
Note 16 - Accounting Pronounc_2
Note 16 - Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Mar. 01, 2020 | Mar. 03, 2019 |
Assets, Total | $ 171,786 | $ 188,851 |
Liabilities, Total | 30,111 | $ 29,840 |
Accounting Standards Update 2016-02 [Member] | ||
Assets, Total | 551 | |
Liabilities, Total | $ 551 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) - Quarterly Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 01, 2020 | Dec. 01, 2019 | Sep. 01, 2019 | Jun. 02, 2019 | Mar. 03, 2019 | Nov. 25, 2018 | Aug. 26, 2018 | May 27, 2018 | Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |
Net sales | $ 15,494 | $ 15,847 | $ 13,723 | $ 14,950 | $ 16,659 | $ 12,853 | $ 11,211 | $ 10,393 | |||
Gross profit | 5,034 | 5,022 | 3,813 | 4,804 | 5,903 | 4,284 | 3,145 | 2,852 | $ 18,673 | $ 16,184 | $ 11,288 |
Net earnings from continuing operations | 2,633 | 2,806 | 2,052 | 2,714 | 1,588 | 2,078 | 1,824 | 816 | 10,205 | 6,306 | 18,472 |
Net (loss) earnings from discontinued operations | (249) | (360) | 83 | (127) | 102,398 | 1,613 | 876 | 2,352 | (653) | 107,239 | 2,123 |
Net earnings | $ 2,384 | $ 2,446 | $ 2,135 | $ 2,587 | $ 103,986 | $ 3,691 | $ 2,700 | $ 3,168 | $ 9,552 | $ 113,545 | $ 20,595 |
Basic net earnings per share from continuing operations (in dollars per share) | $ 0.13 | $ 0.14 | $ 0.10 | $ 0.13 | $ 0.08 | $ 0.10 | $ 0.09 | $ 0.04 | $ 0.50 | $ 0.31 | $ 0.91 |
Basic net earnings (loss) per share from discontinued operations (in dollars per share) | (0.01) | (0.02) | 5.02 | 0.08 | 0.04 | 0.12 | (0.03) | 5.29 | 0.11 | ||
Basic earnings per share (in dollars per share) | 0.12 | 0.12 | 0.10 | 0.13 | 5.10 | 0.18 | 0.13 | 0.16 | 0.47 | 5.60 | 1.02 |
Diluted net earnings per share from continuing operations (in dollars per share) | 0.13 | 0.14 | 0.10 | 0.13 | 0.08 | 0.10 | 0.09 | 0.04 | 0.50 | 0.31 | 0.91 |
Diluted net earnings (loss) per share from discontinued operations (in dollars per share) | (0.01) | (0.02) | 4.99 | 0.08 | 0.04 | 0.12 | (0.03) | 5.26 | 0.11 | ||
Diluted earnings per share (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.10 | $ 0.13 | $ 5.07 | $ 0.18 | $ 0.13 | $ 0.16 | $ 0.47 | $ 5.57 | $ 1.02 |
Basic (in shares) | 20,519 | 20,518 | 20,499 | 20,492 | 20,370 | 20,278 | 20,253 | 20,242 | 20,507 | 20,288 | 20,237 |
Diluted (in shares) | 20,578 | 20,617 | 20,601 | 20,586 | 20,501 | 20,352 | 20,382 | 20,296 | 20,595 | 20,385 | 20,267 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | ||||
Mar. 01, 2020 | Mar. 03, 2019 | Feb. 25, 2018 | |||
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||||
Balance | $ 2,755,000 | $ 2,981,000 | $ 2,982,000 | ||
Costs and expenses | 420,000 | ||||
Other | |||||
Reductions | (226,000) | (1,000) | |||
Balance | 3,175,000 | 2,755,000 | 2,981,000 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||||
Balance | 32,000 | 32,000 | 32,000 | ||
Costs and expenses | 41,000 | ||||
Balance | 73,000 | 32,000 | 32,000 | ||
Accounts written off | [1] | [1] | |||
Translation adjustment | |||||
[1] | Uncollectible amounts, net of recoveries |