Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 03, 2024 | May 31, 2024 | Aug. 27, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 03, 2024 | ||
Document Transition Report | false | ||
Entity File Number | 1-4415 | ||
Entity Registrant Name | PARK AEROSPACE CORP., | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 11-1734643 | ||
Entity Address, Address Line One | 1400 Old Country Road | ||
Entity Address, City or Town | Westbury | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11590 | ||
City Area Code | 631 | ||
Local Phone Number | 465-3600 | ||
Title of 12(b) Security | Common Stock, par value $.10 per share | ||
Trading Symbol | PKE | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 257,598,800 | ||
Entity Common Stock, Shares Outstanding (in shares) | 20,253,361 | ||
Auditor Name | CohnReznick LLP | ||
Auditor Firm ID | 2014 | ||
Auditor Location | Parsippany, New Jersey | ||
Entity Central Index Key | 0000076267 | ||
Current Fiscal Year End Date | --03-03 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 03, 2024 | Feb. 26, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 6,567 | $ 4,237 |
Marketable securities (Note 2) | 70,644 | 101,203 |
Accounts receivable, less allowance for doubtful accounts of $128 and $120, respectively | 12,381 | 9,989 |
Inventories (Note 3) | 6,404 | 6,768 |
Prepaid expenses and other current assets | 2,849 | 2,844 |
Total current assets | 98,845 | 125,041 |
Property, plant and equipment, net (Note 3) | 23,499 | 24,251 |
Operating right-of-use assets (Note 10) | 95 | 150 |
Goodwill and other intangible assets, net (Note 3) | 9,776 | 9,783 |
Other assets | 94 | 108 |
Total assets | 132,309 | 159,333 |
Current liabilities: | ||
Accounts payable | 3,514 | 4,545 |
Operating lease liabilities (Note 10) | 53 | 53 |
Accrued liabilities (Note 3) | 1,986 | 1,346 |
Dividend Payable | 0 | 20,471 |
Income taxes payable | 4,105 | 2,171 |
Total current liabilities | 9,658 | 28,586 |
Long-term operating lease liabilities (Note 10) | 82 | 129 |
Non-current income taxes payable (Note 4) | 5,259 | 10,938 |
Deferred income taxes (Note 4) | 3,222 | 1,995 |
Other liabilities (Note 4) | 1,174 | 1,751 |
Total liabilities | 19,395 | 43,399 |
Commitments and contingencies | ||
Shareholders' equity (Note 6): | ||
Preferred stock, $1 par value per shares-authorized, 500,000 shares; issued, none | 0 | 0 |
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 | 170,445 | 169,932 |
Accumulated deficit | (45,374) | (42,694) |
Accumulated other comprehensive loss | (2,271) | (4,244) |
Stockholders' Equity, Including Treasury Stock | 124,896 | 125,090 |
Less treasury stock, at cost, 711,783 and 493,934 shares, respectively | 11,982 | 9,156 |
Total shareholders' equity | 112,914 | 115,934 |
Total liabilities and shareholders' equity | $ 132,309 | $ 159,333 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 03, 2024 | Feb. 26, 2023 |
Accounts receivable, allowance for doubtful accounts | $ 128 | $ 120 |
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 or Stated Value Per Share (in dollars per share) | $ 0.1 | $ 0.1 |
Common Stock, Shares Authorized (in shares) | 60,000,000 | 60,000,000 |
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, Common, Shares (in shares) | 711,783 | 493,934 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | |
Net sales | $ 56,004 | $ 54,055 | $ 53,578 |
Cost of sales | 39,470 | 37,582 | 35,661 |
Gross profit | 16,534 | 16,473 | 17,917 |
Selling, general and administrative expenses | 8,154 | 6,519 | 6,249 |
Restructuring charges (Note 8) | 0 | 0 | 259 |
Earnings from operations | 8,380 | 9,954 | 11,409 |
Interest and other income | 1,053 | 1,078 | 375 |
Earnings from operations before income taxes | 9,433 | 11,032 | 11,784 |
Income tax provision (Note 4) | 1,960 | 301 | 3,320 |
Net earnings | $ 7,473 | $ 10,731 | $ 8,464 |
Basic: | |||
Basic earnings per share (in dollars per share) | $ 0.37 | $ 0.52 | $ 0.41 |
Basic weighted average shares (in shares) | 20,304,000 | 20,465,000 | 20,422,000 |
Diluted: | |||
Diluted earnings per share (in dollars per share) | $ 0.37 | $ 0.52 | $ 0.41 |
Diluted weighted average shares (in shares) | 20,393,000 | 20,509,000 | 20,551,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | |
Net earnings | $ 7,473 | $ 10,731 | $ 8,464 |
Other comprehensive earnings (loss), net of tax: | |||
Other comprehensive earnings (loss) | 1,973 | (2,279) | (1,629) |
Total comprehensive earnings | 9,446 | 8,452 | 6,835 |
Gains on Marketable Securities [Member] | |||
Other comprehensive earnings (loss), net of tax: | |||
Unrealized holding gains arising during the period | 1,844 | 240 | 108 |
Less: reclassification adjustment for gains included in net earnings | 0 | (7) | (36) |
Losses on Marketable Securities [Member] | |||
Other comprehensive earnings (loss), net of tax: | |||
Unrealized holding gains arising during the period | (110) | (2,567) | (1,713) |
Less: reclassification adjustment for gains included in net earnings | $ 239 | $ 55 | $ 12 |
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, Common [Member] | Total |
Balance (in shares) at Feb. 28, 2021 | 20,965,144 | 582,268 | ||||
Balance at Feb. 28, 2021 | $ 2,096 | $ 170,038 | $ (25,063) | $ (336) | $ (10,794) | |
Net earnings | 0 | 0 | 8,464 | 0 | $ 8,464 | |
Net earnings | 0 | 0 | 8,464 | 0 | $ 8,464 | |
Unrealized loss on marketable securities, net of tax | $ 0 | 0 | 0 | (1,629) | $ 0 | |
Stock options exercised (in shares) | 0 | (75,334) | (75,334) | |||
Stock options exercised | $ 0 | (658) | 0 | 0 | $ 1,397 | |
Stock-based compensation | 0 | 285 | 0 | 0 | 0 | |
Cash dividends | 0 | 0 | (8,168) | 0 | 0 | |
Cash dividends | $ 0 | 0 | 8,168 | 0 | $ 0 | |
Stock options exercised (in shares) | 0 | 75,334 | 75,334 | |||
Balance (in shares) at Feb. 27, 2022 | 20,965,144 | 506,934 | ||||
Balance at Feb. 27, 2022 | $ 2,096 | 169,665 | (24,767) | (1,965) | $ (9,397) | |
Net earnings | 0 | 0 | 10,731 | 0 | 0 | $ 10,731 |
Net earnings | 0 | 0 | 10,731 | 0 | 0 | $ 10,731 |
Unrealized loss on marketable securities, net of tax | $ 0 | 0 | 0 | (2,279) | $ 0 | |
Stock options exercised (in shares) | 0 | 13,000 | (13,000) | |||
Stock options exercised | $ 0 | (102) | 0 | 0 | $ 241 | |
Stock-based compensation | 0 | 369 | 0 | 0 | 0 | |
Cash dividends | 0 | 0 | (28,658) | 0 | 0 | |
Cash dividends | $ 0 | 0 | 28,658 | 0 | $ 0 | |
Stock options exercised (in shares) | 0 | (13,000) | 13,000 | |||
Balance (in shares) at Feb. 26, 2023 | 20,965,144 | 493,934 | ||||
Balance at Feb. 26, 2023 | $ 2,096 | 169,932 | (42,694) | (4,244) | $ (9,156) | $ 115,934 |
Net earnings | 0 | 0 | 7,473 | 0 | 7,473 | |
Net earnings | 0 | 0 | 7,473 | 0 | $ 7,473 | |
Unrealized loss on marketable securities, net of tax | $ 0 | 0 | 0 | 1,973 | $ 0 | |
Stock options exercised (in shares) | 0 | (3,250) | (3,250) | |||
Stock options exercised | $ 0 | (16) | 0 | 0 | $ 54 | |
Stock-based compensation | 0 | 529 | 0 | 0 | 0 | |
Cash dividends | 0 | 0 | (10,153) | 0 | 0 | |
Cash dividends | $ 0 | 0 | 10,153 | 0 | $ 0 | |
Stock options exercised (in shares) | 0 | 3,250 | 3,250 | |||
Repurchase of treasury shares (in shares) | 0 | 221,099 | ||||
Repurchase of treasury shares | $ 0 | 0 | 0 | 0 | $ (2,880) | |
Balance (in shares) at Mar. 03, 2024 | 20,965,144 | 711,783 | ||||
Balance at Mar. 03, 2024 | $ 2,096 | $ 170,445 | $ (45,374) | $ (2,271) | $ (11,982) | $ 112,914 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |||
Feb. 09, 2023 | Mar. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | |
Cash dividends, per share (in dollars per share) | $ 1 | $ 0.5 | $ 1.4 | $ 0.4 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Mar. 03, 2024 USD ($) | Feb. 26, 2023 USD ($) | Feb. 27, 2022 USD ($) | |
Cash flows from operating activities: | |||
Net earnings | $ 7,473 | $ 10,731 | $ 8,464 |
Depreciation and amortization | 1,402 | 1,136 | 1,136 |
Stock-based compensation | 529 | 369 | 285 |
Allowance for bad debt | 16 | 16 | 16 |
Provision for deferred income taxes | 1,228 | 322 | 894 |
Amortization of bond premium | 315 | 42 | 956 |
Loss on sale of marketable securities | 184 | 5 | 10 |
(Gain) loss on sale of fixed assets | 0 | (8) | 27 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (2,408) | (1,665) | (722) |
Inventories | 364 | (2,112) | 137 |
Prepaid expenses and other current assets | (5) | 238 | (550) |
Other assets and liabilities | (554) | (2,723) | 111 |
Accounts payable | 1,031 | (2,011) | 766 |
Accrued liabilities | 640 | (148) | (214) |
Income taxes payable | (3,745) | (1,723) | (1,583) |
Net cash provided by operating activities | 4,408 | 6,491 | 8,201 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (645) | (1,047) | (4,372) |
Proceeds from sales of property, plant and equipment | 0 | 8 | 14 |
Purchases of marketable securities | (7,690) | (63,275) | (59,422) |
Proceeds from sales and maturities of marketable securities | 39,723 | 57,296 | 34,224 |
Net cash provided by (used in) investing activities | 31,388 | (7,018) | (29,556) |
Cash flows from financing activities: | |||
Dividends paid | (30,624) | (8,186) | (8,168) |
Proceeds from exercise of stock options | 38 | 139 | 739 |
Purchase of treasury stock | (2,880) | 0 | 0 |
Net cash used in financing activities | (33,466) | (8,047) | (7,429) |
Increase (decrease) in cash and cash equivalents | 2,330 | (8,574) | (28,784) |
Cash and cash equivalents, beginning of year | 4,237 | 12,811 | 41,595 |
Cash and cash equivalents, end of year | 6,567 | 4,237 | 12,811 |
Supplemental disclosure of non-cash activities: | |||
Dividend payable included in current liabilities | $ 0 | $ 20,471 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 03, 2024 | |
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”) 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. a. Principles of Consolidation b. Use of Estimates c. Accounting Period d. Fair Value Measurements (i.e. Fair value measurements are broken down into three levels based on the reliability of inputs as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability ( e.g. Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. 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. Certain assets and liabilities of the Company are required to be recorded at fair value on either a recurring or non-recurring basis. On a recurring basis, the Company records its marketable securities at fair value using Level 1 or Level 2 inputs. (See Note 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 inputs consisting of techniques including an income approach and a market approach. The income approach is based on a discounted cash flow analysis and calculates the fair value by estimating the after-tax cash flows attributable to a reporting unit and then discounting the after-tax cash flows to a present value using a risk-adjusted discount rate. Assumptions used in the discounted cash flow analysis require the exercise of significant judgment, including judgment about appropriate discount rates, terminal values, growth rates and the amount and timing of expected future cash flows. There were no transfers between levels within the fair value hierarchy during the 2024, 2023 or 2022 fiscal years. e. Cash and Cash Equivalents Supplemental cash flow information: Fiscal Year 2024 2023 2022 Cash paid during the year for income taxes, net of refunds $ 6,017 $ 3,235 $ 3,924 On February 9, 2023, the Company’s Board of Directors declared a special dividend of $1.00 per share payable April 6, 2023 to shareholders of record at the close of business on March 9, 2023. The total amount of this special dividend was approximately $20.5 million. f. Marketable Securities g . Inventories h . Revenue Recognition i . Sales Allowances and Product Warranties j. Accounts Receivable k . Valuation of Long-Lived Assets No l. Goodwill and Other Intangible Assets no m . Shipping Costs n . Property, Plant and Equipment o . Income Taxes Tax benefits are recognized for an uncertain tax position when, in the Company’s judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the tax benefit is measured as the largest amount that is judged to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances and when new information becomes available. Such adjustments are recognized entirely in the period in which they are identified. The effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by the Company. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, the Company believes its liability for unrecognized tax benefits is adequate. Interest and penalties, if any, recognized on the liability for unrecognized tax benefits are recorded as income tax expense. p. Stock-Based Compensation four-year q. Treasury Stock r. Leases one ten |
Note 2 - Marketable Securities
Note 2 - Marketable Securities | 12 Months Ended |
Mar. 03, 2024 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. MARKETABLE SECURITIES The following is a summary of available-for-sale securities: March 3, 2024 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 67,210 $ 67,210 $ - $ - U.S. corporate debt securities 3,434 3,434 - - Total marketable securities $ 70,644 $ 70,644 $ - $ - February 26, 2023 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 83,859 $ 83,859 $ - $ - U.S. corporate debt securities 17,344 17,344 - - Total marketable securities $ 101,203 $ 101,203 $ - $ - 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 3, 2024: U.S. Treasury and other government securities $ 70,320 $ - $ 3,110 U.S. corporate debt securities 3,435 - 1 Total marketable securities $ 73,755 $ - $ 3,111 February 26, 2023: U.S. Treasury and other government securities $ 89,603 $ - $ 5,744 U.S. corporate debt securities 17,414 - 70 Total marketable securities $ 107,017 $ - $ 5,814 Fiscal Year 2024 2023 2022 Gross realized gains on sale $ - $ - $ 26 Gross realized losses on sale $ 184 $ 5 $ 36 The estimated fair values of such securities at March 3, 2024, by contractual maturity, are shown below: Due in one year or less $ 32,638 Due after one year through five years 38,006 $ 70,644 |
Note 3 - Other Consolidated Bal
Note 3 - Other Consolidated Balance Sheet Data | 12 Months Ended |
Mar. 03, 2024 | |
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 3, February 26, 2024 2023 Inventories: Raw materials $ 5,047 $ 5,376 Work-in-process 397 536 Finished goods 960 856 $ 6,404 $ 6,768 Property, plant and equipment: Land, buildings and improvements $ 16,271 $ 15,889 Machinery, equipment, furniture and fixtures 33,003 32,741 49,274 48,630 Less: accumulated depreciation and amortization 25,775 24,379 $ 23,499 $ 24,251 Goodwill and other intangible assets: Goodwill $ 9,776 $ 9,776 Other intangibles - 7 $ 9,776 $ 9,783 Accrued liabilities: Payroll and payroll related $ 698 $ 591 Workers' compensation 90 92 Professional fees 431 428 Property taxes 591 198 Other 176 37 $ 1,986 $ 1,346 |
Note 4 - Income Taxes
Note 4 - Income Taxes | 12 Months Ended |
Mar. 03, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 4. INCOME TAXES The income tax provision (benefit) for continuing operations includes the following: Fiscal Year 2024 2023 2022 Current: Federal $ 310 $ (875 ) $ 1,912 State and local 310 822 484 Foreign 113 30 4 733 (23 ) 2,400 Deferred: Federal 974 435 565 State and local 253 (111 ) 88 Foreign - - 267 1,227 324 920 $ 1,960 $ 301 $ 3,320 State income tax benefits from loss carryforwards to future years were recognized as deferred tax assets in the 2024, 2023 and 2022 fiscal years. 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 million of undistributed earnings outside of the U.S. If these future earnings are repatriated to the U.S., or if the Company determines that such earnings will be remitted in the foreseeable future, the Company may be required to accrue U.S. deferred taxes. The Company’s pre-tax earnings (loss) from continuing operations in the United States and foreign locations are as follows: Fiscal Year 2024 2023 2022 United States $ 8,693 $ 10,669 $ 11,987 Foreign 740 363 (203 ) Earnings before income taxes $ 9,433 $ 11,032 $ 11,784 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 2024 2023 2022 Statutory U.S. Federal tax rate 21.0 % 21.0 % 21.0 % State and local taxes, net of Federal benefit 5.8 % 3.8 % 4.3 % Foreign tax rate differentials (0.4 %) (0.4 %) 2.7 % NQSO Expirations and Cancellations 1.8 % 2.1 % 0.0 % Adjustment on tax accruals (1.0 %) 0.9 % (0.3 %) Change in unrecognized tax benefits (6.1 %) (24.8 %) 0.5 % Subpart F 0.0 % 0.5 % (1.0 %) Permanent differences and other (0.3 %) (0.4 %) 1.0 % 20.8 % 2.7 % 28.2 % The Company had state net operating loss carryforwards of $1,775 and $1,725 at March 3, 2024 and February 26, 2023, respectively, and total net foreign operating loss carryforwards of $7,791 at both March 3, 2024 and February 26, 2023. The Company had a valuation allowances against the remaining carryforwards at March 3, 2024 and February 26, 2023. The state net operating loss carryforwards will expire in 2024 through 2040. The Company had Arizona tax credits of $991 in both the 2024 and 2023 fiscal years for which there were valuation allowances at March 3, 2024 and February 26, 2023. The deferred tax asset valuation allowance of $2,938 as of March 3, 2024 relates to the above foreign net operating losses and state tax credit carryforwards from continuing operations for which the Company does not expect to realize any tax benefit. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of the Company's deferred tax assets and liabilities from continuing operations as of March 3, 2024 and February 26, 2023 were as follows: March 3, February 26, 2024 2023 Deferred tax assets: Net operating loss carryforwards $ 1,949 $ 1,949 Tax credits carryforward 991 991 Stock options 693 784 Other, net 906 590 4,539 4,314 Valuation allowance on deferred tax assets (2,938 ) (2,938 ) Total deferred tax assets, net of valuation allowance 1,601 1,376 Deferred tax liabilities: Depreciation (4,291 ) (2,841 ) Undistributed earnings (1 ) (2 ) Other (531 ) (528 ) Total deferred tax liabilities (4,823 ) (3,371 ) Net deferred tax liability $ (3,222 ) $ (1,995 ) At March 3, 2024 and February 26, 2023, the Company had gross unrecognized tax benefits and related interest of $1,174 and $1,751, respectively, included in other liabilities. If any portion of the unrecognized tax benefits at March 3, 2024 were recognized, the Company’s effective tax rate would decrease. The change as of March 3, 2024 was due to a reduction in uncertain tax positions of $535 from the reduction of uncertain tax positions related to expiring statutes of limitations on tax positions taken in prior years regarding the taxability of funds repatriated from the Company’s subsidiary in Singapore and certain state tax related items. A reconciliation of the beginning and ending amounts of unrecognized tax benefits for continuing operations is as follows: Unrecognized Tax Benefits March 3, February 26, February 27, 2024 2023 2022 Balance, beginning of year $ 1,424 $ 4,078 $ 4,117 Gross decreases - tax positions in prior period (535 ) (2,980 ) (39 ) Gross increases - current period tax positions 29 326 - Balance, end of year $ 918 $ 1,424 $ 4,078 The amount of unrecognized tax benefits may increase or decrease in the future for various reasons, including adding or subtracting amounts for current year tax positions, expiration of statutes of limitations on open income tax years, changes in the Company’s judgment about the level of uncertainty, status of tax examinations, and legislative changes. Changes in prior period tax positions are the result of a re-evaluation of the probability of realizing the benefit of a particular tax position based on new information. It is reasonably possible that none of the unrecognized tax benefits will be recognized within the next 12 months. A list of open tax years by major jurisdiction follows: U.S. Federal 2022 - 2024 California 2021 - 2024 New York 2022 - 2024 Kansas 2022 - 2024 France 2022 - 2024 Singapore 2021 - 2024 The Company had $256 and $327 of accrued interest and penalties as of March 3, 2024 and February 26, 2023, respectively. The Company’s policy is to include applicable interest and penalties related to unrecognized tax benefits as a component of current income tax expense. On December 22, 2017, the U.S. government enacted comprehensive tax reform commonly referred to as the Tax Cuts and Jobs Act (“TCJA” or “Tax Act”) and significantly revised U.S. corporate income tax by, among other things, lowering corporate income tax rates, imposing a one-time transition tax on deemed repatriated earnings of non-U.S. subsidiaries, and implementing a territorial tax system. As a result of the Tax Act, the Company recorded taxes payable to be paid in installments over eight years. The remaining balance of these installment payments, as of March 3, 2024, was approximately $9,500 to be paid over the next two On August 16, 2022, the Inflation Reduction Act was signed into law. The Inflation Reduction Act includes various tax provisions, which are effective for tax years beginning on or after January 1, 2023. For tax years beginning after December 31, 2021, the Tax Cuts & Jobs Act of 2017 eliminated the option to deduct research and development expenditures as incurred and instead required taxpayers to capitalize and amortize them over five or 15 years beginning in 2022. The Company incurs research and development expenses in the U.S., as such, the research and development expense addback is in the U.S. tax return. The Company will continue to monitor the possible future impact of changes in tax legislation. The Company has no ongoing examinations of its Federal returns. |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 12 Months Ended |
Mar. 03, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 5. STOCK-BASED COMPENSATION As of March 3, 2024, the Company had a 2018 Stock Option Plan (the “2018 Plan”) and no other stock-based compensation plan. The 2018 Plan was adopted by the Board of Directors of the Company on May 8, 2018 and approved by the shareholders of the Company at the Annual Meeting of Shareholders of the Company on July 24, 2018. Prior to the 2018 Plan, the Company had the 2002 Stock Option Plan (the “2002 Plan”) which had been approved by the Company’s shareholders and provided for the grant of stock options to directors and key employees of the Company. All options granted under the 2018 Plan and 2002 Plan have exercise prices equal to the fair market value of the underlying Common Stock of the Company at the time of grant, which, pursuant to the terms of such Plans, is the reported closing price of the Common Stock on the New York Stock Exchange on the date preceding the date an option is granted. Options granted under the Plans become exercisable 25% one 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 3, 2024 was $668, which is expected to be recognized ratably over a weighted average vesting period of 1.32 years. 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 2024, 2023 and 2022 fiscal years: Fiscal Year 2024 2023 2022 Weighted average fair value per share of option grants $3.01 $2.66 $2.76 Risk-free interest rates 3.61% - 3.85% 2.69% - 3.64% 0.74% - 1.85% Expected stock price volatility 28.5% - 29.6% 27.9% - 28.3% 27.8% - 29.2% Expected dividend yields 3.82% 3.17% - 3.32% 2.73% - 3.07% Estimated option terms (in years) 4.9 - 8.3 5.4 - 8.1 4.4 - 7.6 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 2024 fiscal year. The estimated terms of the options are based on evaluations of the historical and expected future employee exercise behavior. During the 2024 fiscal year, the Company recorded non-cash charges of $109,000 related to the modification of previously granted employee stock options resulting from the $1.00 per share special cash dividend paid by the Company in April 2023. 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 28, 2021 634,534 $ 12.47 $ 730 Granted 147,750 13.82 Exercised (75,334 ) 9.81 Terminated or expired (58,650 ) 13.96 Balance, February 27, 2022 648,300 $ 12.96 $ 428 Granted 134,100 12.08 Exercised (13,000 ) 10.67 Terminated or expired (98,975 ) 13.13 Balance, February 26, 2023 670,425 $ 12.80 $ 2,159 Granted 133,300 13.08 Exercised (3,250 ) 11.83 Terminated or expired (92,150 ) 15.69 Balance, March 3, 2024 708,325 $ 11.53 5.99 $ 2,420 Vested and exercisable, March 3, 2024 404,688 $ 10.95 4.35 $ 1,620 Expected to vest, March 3, 2024 673,263 $ 11.53 5.99 $ 2,300 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 2024, 2023 and 2022 fiscal years were $11, $23, and $358, respectively. A summary of the status of the Company’s non-vested options at March 3, 2024, and changes during the fiscal year then ended, is presented below: Shares Subject to Options Weighted Average Grant Date Fair Value Non-vested, beginning of year 293,813 $ 2.65 Granted 133,300 2.91 Vested (106,995 ) 2.77 Terminated or expired (17,231 ) 2.79 Non-vested, end of year 302,887 $ 2.72 |
Note 6 - Shareholders' Equity
Note 6 - Shareholders' Equity | 12 Months Ended |
Mar. 03, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | 6. SHAREHOLDERS EQUITY Treasury Stock Reserved Common Shares Accumulated Other Comprehensive Earnings (Loss) March 3, 2024 February 26, 2023 Unrealized losses on investments, net of taxes of $840 and $2,279, respectively $ (2,271 ) $ (4,244 ) Accumulated balance $ (2,271 ) $ (4,244 ) |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 12 Months Ended |
Mar. 03, 2024 | |
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) 2024 2023 2022 Net earnings $ 7,473 $ 10,731 $ 8,464 Weighted average common shares outstanding for basic EPS 20,304 20,465 20,422 Net effect of dilutive options 89 44 129 Weighted average shares outstanding for diluted EPS 20,393 20,509 20,551 Basic earnings per share $ 0.37 $ 0.52 $ 0.41 Diluted earnings per share $ 0.37 $ 0.52 $ 0.41 Potentially dilutive stock options, which were not included in the computation of diluted earnings per share because either the effect would have been antidilutive or the options’ exercise prices were greater than the average market price of the Common Stock, were 94,263, 441,781 and 263,744 for the 2024, 2023 and 2022 fiscal years, respectively. |
Note 8 - Restructuring Charges
Note 8 - Restructuring Charges | 12 Months Ended |
Mar. 03, 2024 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 8. RESTRUCTURING CHARGES The Company recorded restructuring charges of $259in the 2022 fiscal year, related to the closure of the Company’s Park Aerospace Technologies Asia Pte. Ltd. Facility located in Singapore. No |
Note 9 - Employee Benefit Plans
Note 9 - Employee Benefit Plans | 12 Months Ended |
Mar. 03, 2024 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 9. EMPLOYEE BENEFIT PLANS Profit Sharing Plan Savings Plan |
Note 10 - Leases and Commitment
Note 10 - Leases and Commitments | 12 Months Ended |
Mar. 03, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 10. 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 3, 2024, pertaining to the right-of-use assets and lease liabilities, are measured on our current expectations of exercising our available renewal options. The incremental borrowing rate represents the Company’s ability to borrow on a collateralized basis over a term similar to the lease term. The leases typically contain renewal options for periods ranging from one Future minimum lease payments under non-cancellable operating leases as of March 3, 2024 are as follows: Fiscal Year: 2025 $ 53 2026 - 2027 - 2028 - 2029 3 Thereafter 155 Total undiscounted operating lease payments 211 Less imputed interest (76 ) Present value of operating lease payments $ 135 The above payment schedule includes renewal options that the Company is reasonably likely to exercise. Leases with an initial term of 12 months or less are not recorded on the Company’s consolidated balance sheets. The Company recognizes lease expense for leases on a straight-line basis over the terms of the leases. During both the 2024 and 2023 fiscal years, the Company’s operating lease expense was $62. Cash payments of $53 in both the 2024 and 2023 fiscal years pertaining to operating leases, are reflected in the consolidated statements of cash flow under cash flows from operating activities. The following table sets forth the right-of-use assets and operating lease liabilities as of March 3, 2024: Operating right-of-use assets $ 95 Operating lease liabilities $ 53 Long-term operating lease liabilities 82 Total operating lease liabilities $ 135 The Company’s weighted average remaining lease term for its operating leases is 9.47 years. The Company’s weighted average borrowing rate for its operating leases is 4.75%. Rental expenses, inclusive of real estate taxes and other costs, were $464, $242 and $267 for the 2024, 2023 and 2022 fiscal years, respectively. In December 2018, the Company entered into a Development Agreement with the City of Newton, Kansas and the Board of County Commissioners of Harvey County, Kansas. Pursuant to this agreement, the Company agreed to construct and operate a redundant manufacturing facility of approximately 90,000 square feet for the design, development and manufacture of advanced composite materials and parts, structures and assemblies for aerospace. The Company further agreed to equip the facility through the purchase of machinery, equipment and furnishings and to create additional new full-time employment of specified levels during a five-year period. In exchange for these agreements, the City and the County agreed to lease to the Company three eight |
Note 11 - Contingencies
Note 11 - Contingencies | 12 Months Ended |
Mar. 03, 2024 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 11. 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 accrual required, if any, for these contingencies is made after careful analysis of each individual issue. The required reserves may change in the future due to new developments in each matter or changes in approach, such as a change in settlement strategy in dealing with these matters. The Company believes that the ultimate disposition of such proceedings, lawsuits and claims will not have a material adverse effect on the liquidity, capital resources, business or consolidated results of operations or financial position of the Company. 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 sites. Under the Superfund Act and similar state laws, all parties who may have contributed any waste to a hazardous waste disposal site or contaminated area identified by the EPA or comparable state agency may be jointly and severally liable for the cost of cleanup. Generally, these sites are locations at which numerous persons disposed of hazardous waste. In the case of the Company’s subsidiaries, generally the waste was removed from their manufacturing facilities and disposed at waste sites by various companies which contracted with the subsidiaries to provide waste disposal services. Neither the Company nor any of its subsidiaries have been accused of or charged with any wrongdoing or illegal acts in connection with any such sites. The Company believes it maintains an effective and comprehensive environmental compliance program. The insurance carriers which provided general liability insurance coverage to the Company and its subsidiaries for the years dur‐ing which the Company’s subsidiaries’ waste was disposed at these sites have in the past reimbursed the Company and its subsidiaries for 100% of their legal defense and remediation costs associated with two of these sites. The Company does not two three 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 have a material adverse effect on the Company’s consolidated results of operations, cash flows or financial position. |
Note 12 - Geographic Regions
Note 12 - Geographic Regions | 12 Months Ended |
Mar. 03, 2024 | |
Notes to Financial Statements | |
Geographic Regions [Text Block] | 12. 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 significant. Financial information regarding the Company’s continuing operations by geographic region is as follows: Fiscal Year 2024 2023 2022 Sales: North America $ 50,295 $ 50,044 $ 51,307 Asia 1,330 786 700 Europe 4,379 3,225 1,571 Total sales $ 56,004 $ 54,055 $ 53,578 Long-lived assets: North America $ 33,464 $ 34,292 $ 34,448 Asia - - - Europe - - - Total long-lived assets $ 33,464 $ 34,292 $ 34,448 |
Note 13 - Customer and Supplier
Note 13 - Customer and Supplier Concentrations | 12 Months Ended |
Mar. 03, 2024 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 13. 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 longer provided. Customers While no other customer accounted for 10% or more of the Company’s total worldwide net sales in the 2024, 2023 or 2022 fiscal years, the loss of a major customer or of a group of customers could have a material adverse effect on the Company’s business or consolidated results of operations or financial position. Suppliers Sources of Supply |
Note 14 - Accounting Pronouncem
Note 14 - Accounting Pronouncements | 12 Months Ended |
Mar. 03, 2024 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 14. ACCOUNTING PRONOUNCEMENTS Recently Adopted In March 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2023-01, Leases (Topic 842): Common Control Arrangements. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Mar. 03, 2024 | |
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 2024: Net sales $ 15,551 $ 12,481 $ 11,639 $ 16,333 Gross profit 4,833 4,079 3,169 4,453 Net earnings 1,854 1,746 1,203 2,670 Basic earnings per share $ 0.09 $ 0.09 $ 0.06 $ 0.13 Diluted earnings per share $ 0.09 $ 0.09 $ 0.06 $ 0.13 Weighted average common shares outstanding: Basic 20,461 20,256 20,250 20,253 Diluted 20,526 20,338 20,355 20,357 Fiscal 2023: Net sales $ 12,783 $ 13,875 $ 13,867 $ 13,530 Gross profit 4,092 4,086 4,444 3,851 Net earnings 1,910 1,885 2,230 4,706 Basic earnings per share $ 0.09 $ 0.09 $ 0.11 $ 0.23 Diluted earnings per share $ 0.09 $ 0.09 $ 0.11 $ 0.23 Weighted average common shares outstanding: Basic 20,458 20,461 20,471 20,471 Diluted 20,504 20,503 20,510 20,518 Earnings per share are computed separately for each quarter. There‐fore, the sum of such quarterly per share amounts may differ from the total for each year. |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Mar. 03, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | ITEM 9B. OTHER INFORMATION. None. |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 03, 2024 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | a. Principles of Consolidation |
Use of Estimates, Policy [Policy Text Block] | b. Use of Estimates |
Fiscal Period, Policy [Policy Text Block] | c. Accounting Period |
Fair Value Measurement, Policy [Policy Text Block] | d. Fair Value Measurements (i.e. Fair value measurements are broken down into three levels based on the reliability of inputs as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability ( e.g. Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. 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. Certain assets and liabilities of the Company are required to be recorded at fair value on either a recurring or non-recurring basis. On a recurring basis, the Company records its marketable securities at fair value using Level 1 or Level 2 inputs. (See Note 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 inputs consisting of techniques including an income approach and a market approach. The income approach is based on a discounted cash flow analysis and calculates the fair value by estimating the after-tax cash flows attributable to a reporting unit and then discounting the after-tax cash flows to a present value using a risk-adjusted discount rate. Assumptions used in the discounted cash flow analysis require the exercise of significant judgment, including judgment about appropriate discount rates, terminal values, growth rates and the amount and timing of expected future cash flows. There were no transfers between levels within the fair value hierarchy during the 2024, 2023 or 2022 fiscal years. |
Cash and Cash Equivalents, Policy [Policy Text Block] | e. Cash and Cash Equivalents Supplemental cash flow information: Fiscal Year 2024 2023 2022 Cash paid during the year for income taxes, net of refunds $ 6,017 $ 3,235 $ 3,924 On February 9, 2023, the Company’s Board of Directors declared a special dividend of $1.00 per share payable April 6, 2023 to shareholders of record at the close of business on March 9, 2023. The total amount of this special dividend was approximately $20.5 million. |
Marketable Securities, Policy [Policy Text Block] | f. Marketable Securities |
Inventory, Policy [Policy Text Block] | g . Inventories |
Revenue [Policy Text Block] | h . Revenue Recognition |
Contract with Customer, Sales Allowances and Product Warranties [Policy Text Block] | i . Sales Allowances and Product Warranties |
Accounts Receivable [Policy Text Block] | j. Accounts Receivable |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | k . Valuation of Long-Lived Assets No |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | l. Goodwill and Other Intangible Assets no |
Contract with Customer, Shipping and Handling Cost, Policy [Policy Text Block] | m . Shipping Costs |
Property, Plant and Equipment, Policy [Policy Text Block] | n . Property, Plant and Equipment |
Income Tax, Policy [Policy Text Block] | o . Income Taxes Tax benefits are recognized for an uncertain tax position when, in the Company’s judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the tax benefit is measured as the largest amount that is judged to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances and when new information becomes available. Such adjustments are recognized entirely in the period in which they are identified. The effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by the Company. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, the Company believes its liability for unrecognized tax benefits is adequate. Interest and penalties, if any, recognized on the liability for unrecognized tax benefits are recorded as income tax expense. |
Share-Based Payment Arrangement [Policy Text Block] | p. Stock-Based Compensation four-year |
Treasury Stock Policy [Policy Text Block] | q. Treasury Stock |
Lessee, Leases [Policy Text Block] | r. Leases one ten |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 03, 2024 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Fiscal Year 2024 2023 2022 Cash paid during the year for income taxes, net of refunds $ 6,017 $ 3,235 $ 3,924 |
Note 2 - Marketable Securities
Note 2 - Marketable Securities (Tables) | 12 Months Ended |
Mar. 03, 2024 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | March 3, 2024 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 67,210 $ 67,210 $ - $ - U.S. corporate debt securities 3,434 3,434 - - Total marketable securities $ 70,644 $ 70,644 $ - $ - February 26, 2023 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 83,859 $ 83,859 $ - $ - U.S. corporate debt securities 17,344 17,344 - - Total marketable securities $ 101,203 $ 101,203 $ - $ - |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses March 3, 2024: U.S. Treasury and other government securities $ 70,320 $ - $ 3,110 U.S. corporate debt securities 3,435 - 1 Total marketable securities $ 73,755 $ - $ 3,111 February 26, 2023: U.S. Treasury and other government securities $ 89,603 $ - $ 5,744 U.S. corporate debt securities 17,414 - 70 Total marketable securities $ 107,017 $ - $ 5,814 |
Realized Gain (Loss) on Investments [Table Text Block] | Fiscal Year 2024 2023 2022 Gross realized gains on sale $ - $ - $ 26 Gross realized losses on sale $ 184 $ 5 $ 36 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Due in one year or less $ 32,638 Due after one year through five years 38,006 $ 70,644 |
Note 3 - Other Consolidated B_2
Note 3 - Other Consolidated Balance Sheet Data (Tables) | 12 Months Ended |
Mar. 03, 2024 | |
Notes Tables | |
Schedule of Other Balance Sheet Data [Table Text Block] | March 3, February 26, 2024 2023 Inventories: Raw materials $ 5,047 $ 5,376 Work-in-process 397 536 Finished goods 960 856 $ 6,404 $ 6,768 Property, plant and equipment: Land, buildings and improvements $ 16,271 $ 15,889 Machinery, equipment, furniture and fixtures 33,003 32,741 49,274 48,630 Less: accumulated depreciation and amortization 25,775 24,379 $ 23,499 $ 24,251 Goodwill and other intangible assets: Goodwill $ 9,776 $ 9,776 Other intangibles - 7 $ 9,776 $ 9,783 Accrued liabilities: Payroll and payroll related $ 698 $ 591 Workers' compensation 90 92 Professional fees 431 428 Property taxes 591 198 Other 176 37 $ 1,986 $ 1,346 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 12 Months Ended |
Mar. 03, 2024 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal Year 2024 2023 2022 Current: Federal $ 310 $ (875 ) $ 1,912 State and local 310 822 484 Foreign 113 30 4 733 (23 ) 2,400 Deferred: Federal 974 435 565 State and local 253 (111 ) 88 Foreign - - 267 1,227 324 920 $ 1,960 $ 301 $ 3,320 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Fiscal Year 2024 2023 2022 United States $ 8,693 $ 10,669 $ 11,987 Foreign 740 363 (203 ) Earnings before income taxes $ 9,433 $ 11,032 $ 11,784 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Year 2024 2023 2022 Statutory U.S. Federal tax rate 21.0 % 21.0 % 21.0 % State and local taxes, net of Federal benefit 5.8 % 3.8 % 4.3 % Foreign tax rate differentials (0.4 %) (0.4 %) 2.7 % NQSO Expirations and Cancellations 1.8 % 2.1 % 0.0 % Adjustment on tax accruals (1.0 %) 0.9 % (0.3 %) Change in unrecognized tax benefits (6.1 %) (24.8 %) 0.5 % Subpart F 0.0 % 0.5 % (1.0 %) Permanent differences and other (0.3 %) (0.4 %) 1.0 % 20.8 % 2.7 % 28.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 3, February 26, 2024 2023 Deferred tax assets: Net operating loss carryforwards $ 1,949 $ 1,949 Tax credits carryforward 991 991 Stock options 693 784 Other, net 906 590 4,539 4,314 Valuation allowance on deferred tax assets (2,938 ) (2,938 ) Total deferred tax assets, net of valuation allowance 1,601 1,376 Deferred tax liabilities: Depreciation (4,291 ) (2,841 ) Undistributed earnings (1 ) (2 ) Other (531 ) (528 ) Total deferred tax liabilities (4,823 ) (3,371 ) Net deferred tax liability $ (3,222 ) $ (1,995 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Unrecognized Tax Benefits March 3, February 26, February 27, 2024 2023 2022 Balance, beginning of year $ 1,424 $ 4,078 $ 4,117 Gross decreases - tax positions in prior period (535 ) (2,980 ) (39 ) Gross increases - current period tax positions 29 326 - Balance, end of year $ 918 $ 1,424 $ 4,078 |
Summary of Income Tax Examinations [Table Text Block] | U.S. Federal 2022 - 2024 California 2021 - 2024 New York 2022 - 2024 Kansas 2022 - 2024 France 2022 - 2024 Singapore 2021 - 2024 |
Note 5 - Stock-based Compensa_2
Note 5 - Stock-based Compensation (Tables) | 12 Months Ended |
Mar. 03, 2024 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Fiscal Year 2024 2023 2022 Weighted average fair value per share of option grants $3.01 $2.66 $2.76 Risk-free interest rates 3.61% - 3.85% 2.69% - 3.64% 0.74% - 1.85% Expected stock price volatility 28.5% - 29.6% 27.9% - 28.3% 27.8% - 29.2% Expected dividend yields 3.82% 3.17% - 3.32% 2.73% - 3.07% Estimated option terms (in years) 4.9 - 8.3 5.4 - 8.1 4.4 - 7.6 |
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 28, 2021 634,534 $ 12.47 $ 730 Granted 147,750 13.82 Exercised (75,334 ) 9.81 Terminated or expired (58,650 ) 13.96 Balance, February 27, 2022 648,300 $ 12.96 $ 428 Granted 134,100 12.08 Exercised (13,000 ) 10.67 Terminated or expired (98,975 ) 13.13 Balance, February 26, 2023 670,425 $ 12.80 $ 2,159 Granted 133,300 13.08 Exercised (3,250 ) 11.83 Terminated or expired (92,150 ) 15.69 Balance, March 3, 2024 708,325 $ 11.53 5.99 $ 2,420 Vested and exercisable, March 3, 2024 404,688 $ 10.95 4.35 $ 1,620 Expected to vest, March 3, 2024 673,263 $ 11.53 5.99 $ 2,300 |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Subject to Options Weighted Average Grant Date Fair Value Non-vested, beginning of year 293,813 $ 2.65 Granted 133,300 2.91 Vested (106,995 ) 2.77 Terminated or expired (17,231 ) 2.79 Non-vested, end of year 302,887 $ 2.72 |
Note 6 - Shareholders' Equity (
Note 6 - Shareholders' Equity (Tables) | 12 Months Ended |
Mar. 03, 2024 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | March 3, 2024 February 26, 2023 Unrealized losses on investments, net of taxes of $840 and $2,279, respectively $ (2,271 ) $ (4,244 ) Accumulated balance $ (2,271 ) $ (4,244 ) |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 12 Months Ended |
Mar. 03, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year (Amounts in thousands, except per share amounts) 2024 2023 2022 Net earnings $ 7,473 $ 10,731 $ 8,464 Weighted average common shares outstanding for basic EPS 20,304 20,465 20,422 Net effect of dilutive options 89 44 129 Weighted average shares outstanding for diluted EPS 20,393 20,509 20,551 Basic earnings per share $ 0.37 $ 0.52 $ 0.41 Diluted earnings per share $ 0.37 $ 0.52 $ 0.41 |
Note 10 - Leases and Commitme_2
Note 10 - Leases and Commitments (Tables) | 12 Months Ended |
Mar. 03, 2024 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Fiscal Year: 2025 $ 53 2026 - 2027 - 2028 - 2029 3 Thereafter 155 Total undiscounted operating lease payments 211 Less imputed interest (76 ) Present value of operating lease payments $ 135 |
Schedule of Right-of-use Assets and Operating Lease Liabilities [Table Text Block] | Operating right-of-use assets $ 95 Operating lease liabilities $ 53 Long-term operating lease liabilities 82 Total operating lease liabilities $ 135 |
Note 12 - Geographic Regions (T
Note 12 - Geographic Regions (Tables) | 12 Months Ended |
Mar. 03, 2024 | |
Notes Tables | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Fiscal Year 2024 2023 2022 Sales: North America $ 50,295 $ 50,044 $ 51,307 Asia 1,330 786 700 Europe 4,379 3,225 1,571 Total sales $ 56,004 $ 54,055 $ 53,578 Long-lived assets: North America $ 33,464 $ 34,292 $ 34,448 Asia - - - Europe - - - Total long-lived assets $ 33,464 $ 34,292 $ 34,448 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Mar. 03, 2024 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter First Second Third Fourth Fiscal 2024: Net sales $ 15,551 $ 12,481 $ 11,639 $ 16,333 Gross profit 4,833 4,079 3,169 4,453 Net earnings 1,854 1,746 1,203 2,670 Basic earnings per share $ 0.09 $ 0.09 $ 0.06 $ 0.13 Diluted earnings per share $ 0.09 $ 0.09 $ 0.06 $ 0.13 Weighted average common shares outstanding: Basic 20,461 20,256 20,250 20,253 Diluted 20,526 20,338 20,355 20,357 Fiscal 2023: Net sales $ 12,783 $ 13,875 $ 13,867 $ 13,530 Gross profit 4,092 4,086 4,444 3,851 Net earnings 1,910 1,885 2,230 4,706 Basic earnings per share $ 0.09 $ 0.09 $ 0.11 $ 0.23 Diluted earnings per share $ 0.09 $ 0.09 $ 0.11 $ 0.23 Weighted average common shares outstanding: Basic 20,458 20,461 20,471 20,471 Diluted 20,504 20,503 20,510 20,518 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Feb. 09, 2023 | Mar. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | |
Cash dividends, per share (in dollars per share) | $ 1 | $ 0.5 | $ 1.4 | $ 0.4 |
Dividends Payable | $ 20,500 | $ 0 | $ 20,471 | $ 0 |
Sales Returns and Allowance as Percentage of Sales | 1% | 1% | 1% | |
Impairment, Long-Lived Asset, Held-for-Use | $ 0 | $ 0 | $ 0 | |
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||
Goodwill, Impairment Loss | $ 0 | 0 | ||
Depreciation | $ 1,396 | $ 1,129 | $ 1,136 | |
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 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 | 10 years | |||
Land, Buildings and Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 25 years | |||
Land, Buildings and Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 30 years | |||
Company’s Wholly Owned Foreign Subsidiaries [Member] | ||||
Cash, Cash Equivalents, and Short-Term Investments | $ 29,589 | $ 28,194 |
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. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | |
Cash paid during the year for: Income taxes, net of refunds | $ 6,017 | $ 3,235 | $ 3,924 |
Note 2 - Marketable Securitie_2
Note 2 - Marketable Securities - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 03, 2024 | Feb. 26, 2023 |
Available-for-sale securities | $ 70,644 | $ 101,203 |
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 70,644 | 101,203 |
Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | 0 | 0 |
US Treasury and Government [Member] | ||
Available-for-sale securities | 67,210 | 83,859 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 67,210 | 83,859 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | 0 | 0 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | 0 | 0 |
Debt Security, Corporate, US [Member] | ||
Available-for-sale securities | 3,434 | 17,344 |
Debt Security, Corporate, US [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 3,434 | 17,344 |
Debt Security, Corporate, US [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | 0 | 0 |
Debt Security, Corporate, US [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | $ 0 | $ 0 |
Note 2 - Marketable Securitie_3
Note 2 - Marketable Securities - Summary of Unrealized Gains and Losses on Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 03, 2024 | Feb. 26, 2023 |
Amortized cost basis | $ 73,755 | $ 107,017 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 3,111 | 5,814 |
US Treasury and Government [Member] | ||
Amortized cost basis | 70,320 | 89,603 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 3,110 | 5,744 |
Debt Security, Corporate, US [Member] | ||
Amortized cost basis | 3,435 | 17,414 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | $ 1 | $ 70 |
Note 2 - Marketable Securitie_4
Note 2 - Marketable Securities - Summary of Realized Gains (Losses) on Available-for-Sale Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | |
Gross realized gains on sale | $ 0 | $ 0 | $ 26 |
Gross realized losses on sale | $ 184 | $ 5 | $ 36 |
Note 2 - Marketable Securitie_5
Note 2 - Marketable Securities - Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 03, 2024 | Feb. 26, 2023 |
Due in one year or less | $ 32,638 | |
Due after one year through five years | 38,006 | |
Debt Securities, Available-for-Sale | $ 70,644 | $ 101,203 |
Note 3 - Other Consolidated B_3
Note 3 - Other Consolidated Balance Sheet Data - Other Consolidated Balance Sheet Data (Details) - USD ($) $ in Thousands | Mar. 03, 2024 | Feb. 26, 2023 |
Raw materials | $ 5,047 | $ 5,376 |
Work-in-process | 397 | 536 |
Finished goods | 960 | 856 |
Inventory, Net | 6,404 | 6,768 |
Property, plant, and equipment, gross | 49,274 | 48,630 |
Less: accumulated depreciation and amortization | 25,775 | 24,379 |
Property, Plant and Equipment, Net | 23,499 | 24,251 |
Goodwill | 9,776 | 9,776 |
Other intangibles | 0 | 7 |
Intangible Assets, Net (Including Goodwill) | 9,776 | 9,783 |
Payroll and payroll related | 698 | 591 |
Workers' compensation | 90 | 92 |
Professional fees | 431 | 428 |
Property Taxes | 591 | 198 |
Other | 176 | 37 |
Accrued Liabilities, Current | 1,986 | 1,346 |
Land, Buildings and Improvements [Member] | ||
Property, plant, and equipment, gross | 16,271 | 15,889 |
Machinery, Equipment, Furniture and Fixtures [Member] | ||
Property, plant, and equipment, gross | $ 33,003 | $ 32,741 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | Feb. 28, 2021 | |
Undistributed Earnings, Basic | $ 25,000 | |||
Deferred Tax Assets, Valuation Allowance | 2,938 | $ 2,938 | ||
Unrecognized Tax Benefits | 918 | 1,424 | $ 4,078 | $ 4,117 |
Unrecognized Tax Benefits, Decrease Resulting From Uncertain Tax Positions | 535 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 256 | 327 | ||
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability | $ 9,500 | |||
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability, Remaining Payment Period (Year) | 2 years | |||
Other Liabilities [Member] | ||||
Unrecognized Tax Benefits | $ 1,174 | 1,751 | ||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards | 1,775 | 1,725 | ||
State and Local Jurisdiction [Member] | Arizona Department of Revenue [Member] | ||||
Tax Credit Carryforward, Amount | 991 | 991 | ||
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 | 2,938 | |||
Foreign Tax Jurisdiction [Member] | ||||
Operating Loss Carryforwards | $ 7,791 | $ 7,791 |
Note 4 - Income Taxes - Provisi
Note 4 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | |
Federal | $ 310 | $ (875) | $ 1,912 |
State and local | 310 | 822 | 484 |
Foreign | 113 | 30 | 4 |
Current Income Tax Expense (Benefit) | 733 | (23) | 2,400 |
Federal | 974 | 435 | 565 |
State and local | 253 | (111) | 88 |
Foreign | 0 | 0 | 267 |
Deferred Income Tax Expense (Benefit) | 1,227 | 324 | 920 |
Income Tax Expense (Benefit) | $ 1,960 | $ 301 | $ 3,320 |
Note 4 - Income Taxes - Compone
Note 4 - Income Taxes - Components of Earnings Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | |
United States | $ 8,693 | $ 10,669 | $ 11,987 |
Foreign | 740 | 363 | (203) |
Earnings from operations before income taxes | $ 9,433 | $ 11,032 | $ 11,784 |
Note 4 - Income Taxes - Effecti
Note 4 - Income Taxes - Effective Income Tax Reconciliation (Details) | 12 Months Ended | ||
Mar. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | |
Statutory U.S. Federal tax rate | 21% | 21% | 21% |
State and local taxes, net of Federal benefit | 5.80% | 3.80% | 4.30% |
Foreign tax rate differentials | (0.40%) | (0.40%) | 2.70% |
NQSO Expirations and Cancellations | 1.80% | 2.10% | 0% |
Adjustment on tax accruals | (1.00%) | 0.90% | (0.30%) |
Change in unrecognized tax benefits | (6.10%) | (24.80%) | 0.50% |
Subpart F | 0% | 0.50% | (1.00%) |
Permanent differences and other | (0.30%) | (0.40%) | 1% |
Effective Income Tax Rate Reconciliation, Percent | 20.80% | 2.70% | 28.20% |
Note 4 - Income Taxes - Compo_2
Note 4 - Income Taxes - Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands | Mar. 03, 2024 | Feb. 26, 2023 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 1,949 | $ 1,949 |
Tax credits carryforward | 991 | 991 |
Stock options | 693 | 784 |
Other, net | 906 | 590 |
Deferred Tax Assets, Gross | 4,539 | 4,314 |
Valuation allowance on deferred tax assets | (2,938) | (2,938) |
Total deferred tax assets, net of valuation allowance | 1,601 | 1,376 |
Deferred tax liabilities: | ||
Depreciation | (4,291) | (2,841) |
Undistributed earnings | (1) | (2) |
Other | (531) | (528) |
Total deferred tax liabilities | (4,823) | (3,371) |
Net deferred tax liability | $ (3,222) | $ (1,995) |
Note 4 - Income Taxes - Unrecog
Note 4 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | |
Balance, beginning of year | $ 1,424 | $ 4,078 | $ 4,117 |
Gross decreases - tax positions in prior period | (535) | (2,980) | (39) |
Gross increases - current period tax positions | 29 | 326 | 0 |
Balance, end of year | $ 918 | $ 1,424 | $ 4,078 |
Note 4 - Income Taxes - Open Ta
Note 4 - Income Taxes - Open Tax Years by Major Jurisdiction (Details) | 12 Months Ended |
Mar. 03, 2024 | |
Domestic Tax Jurisdiction [Member] | Internal Revenue Service (IRS) [Member] | |
Open tax year | 2022 2023 2024 |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | |
Open tax year | 2021 2022 2023 2024 |
State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | |
Open tax year | 2022 2023 2024 |
State and Local Jurisdiction [Member] | Kansas Department of Revenue [Member] | |
Open tax year | 2022 2023 2024 |
Foreign Tax Jurisdiction [Member] | Ministry of the Economy, Finance and Industry, France [Member] | |
Open tax year | 2022 2023 2024 |
Foreign Tax Jurisdiction [Member] | Inland Revenue, Singapore (IRAS) [Member] | |
Open tax year | 2021 2022 2023 2024 |
Note 5 - Stock-based Compensa_3
Note 5 - Stock-based Compensation (Details Textual) - USD ($) | 12 Months Ended | |||
Jul. 24, 2018 | Mar. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | |
Common Stock, Capital Shares Reserved for Future Issuance | 960,375 | |||
Share-Based Payment Arrangement, Plan Modification, Incremental Cost | $ 109,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 11,000 | $ 23,000 | $ 358,000 | |
Special Dividend [Member] | ||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 1 | |||
The 2018 Stock Option Plan [Member] | ||||
Percentage of Stock Options, Exercisable One Year From Date of Grant | 25% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 1 year | |||
Percentage of Stock Options Exercisable On Each Succeeding Year from Date of Grant | 25% | |||
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 | 800,000 | 252,050 | ||
Common Stock, Capital Shares Reserved for Future Issuance | 542,700 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 668,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 3 months 25 days |
Note 5 - Stock-based Compensa_4
Note 5 - Stock-based Compensation - Fair Value Assumptions (Details) - $ / shares | 12 Months Ended | ||
Mar. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | |
Weighted average fair value per share of option grants (in dollars per share) | $ 3.01 | $ 2.66 | $ 2.76 |
Minimum [Member] | |||
Risk-free interest rates | 3.61% | 2.69% | 0.74% |
Expected stock price volatility | 28.50% | 27.90% | 27.80% |
Expected dividend yields | 3.82% | 3.32% | 3.07% |
Estimated option terms (in years) (Year) | 4 years 10 months 24 days | 5 years 4 months 24 days | 4 years 4 months 24 days |
Maximum [Member] | |||
Risk-free interest rates | 3.85% | 3.64% | 1.85% |
Expected stock price volatility | 29.60% | 28.30% | 29.20% |
Expected dividend yields | 0% | 0% | |
Estimated option terms (in years) (Year) | 8 years 3 months 18 days | 8 years 1 month 6 days | 7 years 7 months 6 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. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | Feb. 28, 2021 | |
Outstanding options (in shares) | 670,425 | 648,300 | 634,534 | |
Balance, weighted average exercise price (in dollars per share) | $ 12.8 | $ 12.96 | $ 12.47 | |
Outstanding aggregate intrinsic value | $ 2,420 | $ 2,159 | $ 428 | $ 730 |
Outstanding options, granted (in shares) | 133,300 | 134,100 | 147,750 | |
Granted, weighted average exercise price (in dollars per share) | $ 13.08 | $ 12.08 | $ 13.82 | |
Stock options exercised (in shares) | (3,250) | (13,000) | (75,334) | |
Exercised, weighted average exercise price (in dollars per share) | $ 11.83 | $ 10.67 | $ 9.81 | |
Outstanding options, terminated or expired (in shares) | (92,150) | (98,975) | (58,650) | |
Terminated or expired, weighted average exercise price (in dollars per share) | $ 15.69 | $ 13.13 | $ 13.96 | |
Outstanding options (in shares) | 708,325 | 670,425 | 648,300 | |
Balance, weighted average exercise price (in dollars per share) | $ 11.53 | $ 12.8 | $ 12.96 | |
Balance, weighted average remaining contractual term (Year) | 5 years 11 months 26 days | |||
Vested and exercisable (in shares) | 404,688 | |||
Vested and exercisable, weighted average exercise price (in dollars per share) | $ 10.95 | |||
Vested and exercisable, weighted average remaining contractual term (Year) | 4 years 4 months 6 days | |||
Vested and exercisable, aggregate intrinsic value | $ 1,620 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expected to Vest, Outstanding, Number (in shares) | 673,263 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expected to Vest, Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 11.53 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term (Year) | 5 years 11 months 26 days | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 2,300 |
Note 5 - Stock-based Compensa_6
Note 5 - Stock-based Compensation - Non-vested Options (Details) - $ / shares | 12 Months Ended | ||
Mar. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | |
Non-vested, balance (in shares) | 293,813 | ||
Non-vested, balance, weighted average grant date fair value (in dollars per share) | $ 2.65 | ||
Granted (in shares) | 133,300 | 134,100 | 147,750 |
Granted, weighted average grant date fair value (in dollars per share) | $ 2.91 | ||
Vested (in shares) | (106,995) | ||
Vested, weighted average grant date fair value (in dollars per share) | $ 2.77 | ||
Terminated or expired (in shares) | (17,231) | ||
Terminated or expired, weighted average grant date fair value (in dollars per share) | $ 2.79 | ||
Non-vested, balance (in shares) | 302,887 | 293,813 | |
Non-vested, balance, weighted average grant date fair value (in dollars per share) | $ 2.72 | $ 2.65 |
Note 6 - Shareholders' Equity_2
Note 6 - Shareholders' Equity (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 03, 2024 | May 31, 2024 | May 18, 2022 | |
Share Repurchase Program, Authorized, Number of Shares (in shares) | 1,500,000 | ||
Stock Repurchase Program, Percentage of Outstanding Shares Authorized to be Repurchased | 7% | ||
Common Stock, Shares, Outstanding | 20,458,210 | ||
Stock Repurchased During Period, Shares (in shares) | 221,099 | ||
Stock Repurchased During Period, Value | $ 2,880 | ||
Common Stock, Capital Shares Reserved for Future Issuance | 960,375 | ||
Subsequent Event [Member] | |||
Stock Repurchase Program, Percentage of Outstanding Shares Authorized to be Repurchased | 6% | ||
Common Stock, Shares, Outstanding | 20,253,361 | ||
Share Repurchase Program, Remaining Authorized, Number of Shares (in shares) | 1,278,901 |
Note 6 - Shareholders' Equity -
Note 6 - Shareholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Mar. 03, 2024 | Feb. 26, 2023 |
Unrealized losses on investments, net of taxes of $840 and $2,279, respectively | $ (2,271) | $ (4,244) |
Accumulated balance | $ (2,271) | $ (4,244) |
Note 6 - Shareholders' Equity_3
Note 6 - Shareholders' Equity - Accumulated Other Comprehensive Income (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 03, 2024 | Feb. 26, 2023 | |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | $ 840 | $ 2,279 |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Mar. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | |
Share-Based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 94,263 | 441,781 | 263,744 |
Note 7 - Earnings Per Share - B
Note 7 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 03, 2024 | Nov. 26, 2023 | Aug. 27, 2023 | May 28, 2023 | Feb. 26, 2023 | Nov. 27, 2022 | Aug. 28, 2022 | May 29, 2022 | Mar. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | |
Net earnings | $ 2,670 | $ 1,203 | $ 1,746 | $ 1,854 | $ 4,706 | $ 2,230 | $ 1,885 | $ 1,910 | $ 7,473 | $ 10,731 | $ 8,464 |
Weighted average common shares outstanding for basic EPS (in shares) | 20,253 | 20,250 | 20,256 | 20,461 | 20,471 | 20,471 | 20,461 | 20,458 | 20,304,000 | 20,465,000 | 20,422,000 |
Net effect of dilutive options (in shares) | 89,000 | 44,000 | 129,000 | ||||||||
Weighted average shares outstanding for diluted EPS (in shares) | 20,357 | 20,355 | 20,338 | 20,526 | 20,518 | 20,510 | 20,503 | 20,504 | 20,393,000 | 20,509,000 | 20,551,000 |
Basic earnings per share (in dollars per share) | $ 0.13 | $ 0.06 | $ 0.09 | $ 0.09 | $ 0.23 | $ 0.11 | $ 0.09 | $ 0.09 | $ 0.37 | $ 0.52 | $ 0.41 |
Diluted earnings per share (in dollars per share) | $ 0.13 | $ 0.06 | $ 0.09 | $ 0.09 | $ 0.23 | $ 0.11 | $ 0.09 | $ 0.09 | $ 0.37 | $ 0.52 | $ 0.41 |
Note 8 - Restructuring Charges
Note 8 - Restructuring Charges (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | |
Restructuring Charges | $ 0 | $ 0 | $ 259 |
Facility Closing [Member] | |||
Restructuring Charges | $ 259 |
Note 9 - Employee Benefit Pla_2
Note 9 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 26, 2023 | Feb. 27, 2022 | |
Deferred Profit Sharing [Member] | ||
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 150 | $ 157 |
Note 10 - Leases and Commitme_3
Note 10 - Leases and Commitments (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 USD ($) a ft² | Mar. 03, 2024 USD ($) | Feb. 26, 2023 USD ($) | Feb. 27, 2022 USD ($) | |
Operating Lease, Expense | $ 62 | $ 62 | ||
Operating Lease, Payments | $ 53 | 53 | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 9 years 5 months 19 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 4.75% | |||
Operating Lease, Expense, Including Real Estate Taxes and Other Costs | $ 464 | $ 242 | $ 267 | |
Additional Lease Agreement with City and County for Land at Newton, Kansas Airport [Member] | ||||
Area of Land | a | 3 | |||
Lease Agreement with City and County for Land at Newton, Kansas Airport [Member] | ||||
Area of Land | a | 8 | |||
Additional Manufacturing Facility [Member] | ||||
Area of Land | ft² | 90,000 | |||
Construction in Progress Estimated Cost | $ 19,800 | |||
Minimum [Member] | ||||
Lessee, Operating Lease, Renewal Term (Year) | 1 year | |||
Maximum [Member] | ||||
Lessee, Operating Lease, Renewal Term (Year) | 10 years |
Note 10 - Leases and Commitme_4
Note 10 - Leases and Commitments- Future Minimum Lease Payments (Details) $ in Thousands | Mar. 03, 2024 USD ($) |
Present value of operating lease payments | $ 135 |
Leases with Renewal Options [Member] | |
2025 | 53 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
2029 | 3 |
Thereafter | 155 |
Total undiscounted operating lease payments | 211 |
Less imputed interest | (76) |
Present value of operating lease payments | $ 135 |
Note 10 - Leases and Commitme_5
Note 10 - Leases and Commitments - Schedule of Right-of-use Assets and Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 03, 2024 | Feb. 26, 2023 |
Operating right-of-use assets | $ 95 | $ 150 |
Operating lease liabilities | 53 | 53 |
Long-term operating lease liabilities | 82 | $ 129 |
Total operating lease liabilities | $ 135 |
Note 11 - Contingencies (Detail
Note 11 - Contingencies (Details Textual) $ in Thousands | 12 Months Ended |
Mar. 03, 2024 USD ($) | |
Percentage of Legal Defense and Remediation Costs Associated with Sites Reimbursed by Insurance Carriers | 100% |
Accrual for Environmental Loss Contingencies | $ 0 |
Number of Units Covered Under General Liability Insurance Coverage | 2 |
Number of Insurance Carriers | 3 |
Note 13 - Geographic Regions -
Note 13 - Geographic Regions - Financial Information by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 03, 2024 | Nov. 26, 2023 | Aug. 27, 2023 | May 28, 2023 | Feb. 26, 2023 | Nov. 27, 2022 | Aug. 28, 2022 | May 29, 2022 | Mar. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | |
Sales | $ 16,333 | $ 11,639 | $ 12,481 | $ 15,551 | $ 13,530 | $ 13,867 | $ 13,875 | $ 12,783 | $ 56,004 | $ 54,055 | $ 53,578 |
Long-lived assets | 33,464 | 34,292 | 33,464 | 34,292 | 34,448 | ||||||
North America [Member] | |||||||||||
Sales | 50,295 | 50,044 | 51,307 | ||||||||
Long-lived assets | 33,464 | 34,292 | 33,464 | 34,292 | 34,448 | ||||||
Asia [Member] | |||||||||||
Sales | 1,330 | 786 | 700 | ||||||||
Long-lived assets | 0 | 0 | 0 | 0 | 0 | ||||||
Europe [Member] | |||||||||||
Sales | 4,379 | 3,225 | 1,571 | ||||||||
Long-lived assets | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Note 13 - Customer and Suppli_2
Note 13 - Customer and Supplier Concentrations (Details Textual) | 12 Months Ended | ||
Mar. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | General Electric [Member] | |||
Concentration Risk, Percentage | 37.70% | 41.20% | 49.50% |
Supplier Concentration Risk [Member] | Accounts Payable [Member] | Huntsman Advanced Materials [Member] | |||
Concentration Risk, Percentage | 14.20% | 10.90% | |
Supplier Concentration Risk [Member] | Accounts Payable [Member] | ArianeGroup [Member] | |||
Concentration Risk, Percentage | 12.10% | 20.20% |
Selected Quarterly Financial _3
Selected Quarterly Financial Data - Quarterly Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 03, 2024 | Nov. 26, 2023 | Aug. 27, 2023 | May 28, 2023 | Feb. 26, 2023 | Nov. 27, 2022 | Aug. 28, 2022 | May 29, 2022 | Mar. 03, 2024 | Feb. 26, 2023 | Feb. 27, 2022 | |
Net sales | $ 16,333 | $ 11,639 | $ 12,481 | $ 15,551 | $ 13,530 | $ 13,867 | $ 13,875 | $ 12,783 | $ 56,004 | $ 54,055 | $ 53,578 |
Gross profit | 4,453 | 3,169 | 4,079 | 4,833 | 3,851 | 4,444 | 4,086 | 4,092 | 16,534 | 16,473 | 17,917 |
Net earnings | $ 2,670 | $ 1,203 | $ 1,746 | $ 1,854 | $ 4,706 | $ 2,230 | $ 1,885 | $ 1,910 | $ 7,473 | $ 10,731 | $ 8,464 |
Basic earnings per share (in dollars per share) | $ 0.13 | $ 0.06 | $ 0.09 | $ 0.09 | $ 0.23 | $ 0.11 | $ 0.09 | $ 0.09 | $ 0.37 | $ 0.52 | $ 0.41 |
Diluted earnings per share (in dollars per share) | $ 0.13 | $ 0.06 | $ 0.09 | $ 0.09 | $ 0.23 | $ 0.11 | $ 0.09 | $ 0.09 | $ 0.37 | $ 0.52 | $ 0.41 |
Basic weighted average shares (in shares) | 20,253 | 20,250 | 20,256 | 20,461 | 20,471 | 20,471 | 20,461 | 20,458 | 20,304,000 | 20,465,000 | 20,422,000 |
Diluted (in shares) | 20,357 | 20,355 | 20,338 | 20,526 | 20,518 | 20,510 | 20,503 | 20,504 | 20,393,000 | 20,509,000 | 20,551,000 |