Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Feb. 27, 2022 | May 02, 2022 | Aug. 27, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000076267 | ||
Entity Registrant Name | PARK Aerospace CORP | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --02-27 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Feb. 27, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 1-4415 | ||
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 | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 306,026,570 | ||
Entity Common Stock, Shares Outstanding | 20,458,210 | ||
Auditor Name | CohnReznick LLP | ||
Auditor Location | Parsippany, New Jersey | ||
Auditor Firm ID | 596 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 27, 2022 | Feb. 28, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 12,811 | $ 41,595 |
Marketable securities (Note 2) | 97,550 | 74,947 |
Accounts receivable, less allowance for doubtful accounts of $104 and $89, respectively | 8,339 | 7,633 |
Inventories (Note 3) | 4,657 | 4,794 |
Prepaid expenses and other current assets | 3,082 | 3,372 |
Total current assets | 126,439 | 132,341 |
Property, plant and equipment, net (Note 3) | 24,333 | 21,130 |
Operating right-of-use assets (Note 10) | 203 | 103 |
Goodwill and other intangible assets, net (Note 3) | 9,790 | 9,797 |
Other assets (Note 4) | 122 | 141 |
Total assets | 160,887 | 163,512 |
Current liabilities: | ||
Accounts payable | 2,534 | 3,300 |
Operating lease liabilities (Note 10) | 53 | 33 |
Accrued liabilities (Note 3) | 1,494 | 1,708 |
Income taxes payable | 2,211 | 2,952 |
Total current liabilities | 6,292 | 7,993 |
Long-term operating lease liabilities (Note 10) | 174 | 86 |
Non-current income taxes payable (Note 4) | 12,621 | 14,303 |
Deferred income taxes (Note 4) | 1,671 | 778 |
Other liabilities (Note 4) | 4,497 | 4,411 |
Total liabilities | 25,255 | 27,571 |
Commitments and contingencies (Notes 10 and 11) | ||
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 | 169,665 | 170,038 |
Accumulated deficit | (24,767) | (25,063) |
Accumulated other comprehensive loss | (1,965) | (336) |
Stockholders' Equity, Including Treasury Stock | 145,029 | 146,735 |
Less treasury stock, at cost, 506,934 and 582,268 shares, respectively | 9,397 | 10,794 |
Total shareholders' equity | 135,632 | 135,941 |
Total liabilities and shareholders' equity | $ 160,887 | $ 163,512 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Feb. 27, 2022 | Feb. 28, 2021 |
Accounts receivable, allowance for doubtful accounts | $ 104 | $ 89 |
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) | 506,934 | 582,268 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
Net sales | $ 53,578 | $ 46,276 | $ 60,014 |
Cost of sales | 35,661 | 33,085 | 41,341 |
Gross profit | 17,917 | 13,191 | 18,673 |
Selling, general and administrative expenses | 6,249 | 6,113 | 7,932 |
Restructuring charges (Note 8) | 259 | 1,570 | 0 |
Earnings from continuing operations | 11,409 | 5,508 | 10,741 |
Interest and other income | 375 | 1,777 | 3,330 |
Earnings before income taxes | 11,784 | 7,285 | 14,071 |
Income tax provision (Note 4) | 3,320 | 2,093 | 3,866 |
Net earnings from continuing operations | 8,464 | 5,192 | 10,205 |
Loss from discontinued operations, net of tax (Note 12) | 0 | (328) | (653) |
Net earnings | $ 8,464 | $ 4,864 | $ 9,552 |
Basic: | |||
Continuing operations (in dollars per share) | $ 0.41 | $ 0.25 | $ 0.50 |
Discontinued operations (in dollars per share) | 0 | (0.01) | (0.03) |
Basic earnings per share (in dollars per share) | $ 0.41 | $ 0.24 | $ 0.47 |
Basic weighted average shares (in shares) | 20,422 | 20,387 | 20,507 |
Diluted: | |||
Continuing operations (in dollars per share) | $ 0.41 | $ 0.25 | $ 0.50 |
Discontinued operations (in dollars per share) | 0 | (0.01) | (0.03) |
Diluted earnings per share (in dollars per share) | $ 0.41 | $ 0.24 | $ 0.47 |
Diluted weighted average shares (in shares) | 20,551 | 20,478 | 20,595 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
Net earnings | $ 8,464 | $ 4,864 | $ 9,552 |
Other comprehensive (loss) earnings, net of tax: | |||
Other comprehensive (loss) earnings | (1,629) | (1,004) | 690 |
Total comprehensive earnings | 6,835 | 3,860 | 10,242 |
Gains on Marketable Securities [Member] | |||
Other comprehensive (loss) earnings, net of tax: | |||
Unrealized holding gains (losses) arising during the period | 108 | 421 | 990 |
Less: reclassification adjustment for gains (losses) included in net earnings | (36) | (272) | (49) |
Losses on Marketable Securities [Member] | |||
Other comprehensive (loss) earnings, net of tax: | |||
Unrealized holding gains (losses) arising during the period | (1,713) | (1,176) | (291) |
Less: reclassification adjustment for gains (losses) included in net earnings | $ 12 | $ 23 | $ 40 |
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 Mar. 03, 2019 | 20,965,144 | 479,191 | ||||
Balance at Mar. 03, 2019 | $ 2,096 | $ 169,395 | $ (2,605) | $ (22) | $ (9,853) | |
Net earnings | 0 | 0 | 9,552 | 0 | 0 | $ 9,552 |
Unrealized gain (loss) on marketable securities, net of tax | $ 0 | 0 | 0 | 690 | $ 0 | |
Outstanding options, exercised (in shares) | 0 | (32,870) | (32,873) | |||
Stock options exercised | $ 0 | (259) | 0 | 0 | $ 676 | |
Stock-based compensation | 0 | 726 | 0 | 0 | 0 | |
Cash dividends | $ 0 | 0 | (28,721) | 0 | $ 0 | |
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) | |
Net earnings | 0 | 0 | 4,864 | 0 | 0 | $ 4,864 |
Unrealized gain (loss) on marketable securities, net of tax | $ 0 | 0 | 0 | (1,004) | $ 0 | |
Outstanding options, exercised (in shares) | 0 | (1,450) | (1,450) | |||
Stock options exercised | $ 0 | (15) | 0 | 0 | $ 27 | |
Stock-based compensation | 0 | 191 | 0 | 0 | 0 | |
Cash dividends | $ 0 | 0 | (8,153) | 0 | $ 0 | |
Purchase of treasury stock (in shares) | 0 | 137,397 | ||||
Purchase of treasury stock | $ 0 | 0 | 0 | 0 | $ (1,644) | |
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) | $ 135,941 |
Net earnings | 0 | 0 | 8,464 | 0 | 0 | $ 8,464 |
Unrealized gain (loss) on marketable securities, net of tax | $ 0 | 0 | 0 | (1,629) | $ 0 | |
Outstanding 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 | |
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) | $ 135,632 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
Retained Earnings [Member] | |||
Cash dividends, per share (in dollars per share) | $ 0.40 | $ 0.40 | $ 1.40 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
Cash flows from operating activities: | |||
Net earnings | $ 8,464 | $ 4,864 | $ 9,552 |
Loss from discontinued operations, net of tax | 0 | 328 | 653 |
Net earnings from continuing operations | 8,464 | 5,192 | 10,205 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 1,136 | 1,150 | 1,544 |
Stock-based compensation | 285 | 191 | 726 |
Allowance for bad debt | 16 | 16 | 41 |
Provision for deferred income taxes | 894 | (56) | 849 |
Amortization of bond premium | 956 | 543 | 27 |
Loss (gain) on sale of marketable securities | 10 | (10) | (15) |
Loss on sale of fixed assets | 27 | 0 | 0 |
Non-cash restructuring | 0 | 1,318 | 0 |
Accounts receivable | (722) | 3,276 | (1,614) |
Inventories | 137 | 1,585 | (1,112) |
Prepaid expenses and other current assets | (550) | 157 | 490 |
Other assets and liabilities | 111 | 250 | 3,348 |
Accounts payable | (766) | (1,435) | 1,566 |
Accrued liabilities | (214) | (1) | (1,211) |
Income taxes payable | (1,583) | 1,164 | (8,973) |
Net cash provided by operating activities - continuing operations | 8,201 | 13,340 | 5,871 |
Net cash used in operating activities - discontinued operations | 0 | (328) | (653) |
Net cash provided by operating activities | 8,201 | 13,012 | 5,218 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (4,372) | (7,493) | (6,846) |
Proceeds from sales of property, plant and equipment | 14 | 0 | 0 |
Purchases of marketable securities | (59,422) | (83,941) | (104,600) |
Proceeds from sales and maturities of marketable securities | 34,224 | 124,392 | 68,935 |
Net cash (used in) provided by investing activities - continuing operations | (29,556) | 32,958 | (42,511) |
Net cash provided by investing activities - discontinued operations | 0 | 0 | 0 |
Net cash (used in) provided by investing activities | (29,556) | 32,958 | (42,511) |
Cash flows from financing activities: | |||
Dividends paid | (8,168) | (8,153) | (28,721) |
Proceeds from exercise of stock options | 739 | 12 | 417 |
Purchase of treasury stock | 0 | (1,644) | 0 |
Net cash used in financing activities - continuing operations | (7,429) | (9,785) | (28,304) |
Net cash used in financing activities - discontinued operations | 0 | 0 | 0 |
Net cash used in financing activities | (7,429) | (9,785) | (28,304) |
(Decrease) increase in cash and cash equivalents before effect of exchange rate changes - continuing operations | (28,784) | 36,513 | (64,944) |
(Decrease) in cash and cash equivalents before effect of exchange rate changes - discontinued operations | 0 | (328) | (653) |
(Decrease) increase in cash and cash equivalents before effect of exchange rate changes | (28,784) | 36,185 | (65,597) |
(Decrease) increase in cash and cash equivalents | (28,784) | 36,185 | (65,597) |
Cash and cash equivalents, beginning of year | 41,595 | 5,410 | 71,007 |
Cash and cash equivalents, end of year | $ 12,811 | $ 41,595 | $ 5,410 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 27, 2022 | |
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. Basis of Presentation July 25, 2018, December 4, 2018. ( 12 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 and Consolidated Statements of Cash Flows, in accordance with Accounting Standards Codification (“ASC”) 205 20, Discontinued Operations. 12 c. Use of Estimates may d. Accounting Period 52 53 February. 2022, 2021 2020 February 27, 2022, February 28, 2021 March 1, 2020, 2022, 2021 2020 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. Certain assets and liabilities of the Company are required to be recorded at fair value on either a recurring or non-recurring basis. On a recurring basis, the Company records its marketable securities at fair value using Level 1 2 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 2022, 2021 2020 f. Cash and Cash Equivalents 90 February 27, 2022 February 28, 2021, 2 February 27, 2022 one . Supplemental cash flow information: Fiscal Year 2022 2021 2020 Cash paid during the year for: Income taxes, net of refunds $ 3,924 $ 782 $ 8,296 At February 27, 2022 February 28, 2021, g. Marketable Securities h . Inventories first first i . Revenue Recognition 1 2 3 4 5 j . Sales Allowances and Product Warranties may no may three k. Accounts Receivable not may l . Valuation of Long-Lived Assets may not not 2021 2022 2020 m. Goodwill and Other Intangible Assets not may not first not not one first fourth 2022 2021 n . Shipping Costs third o . Property, Plant and Equipment 2022, 2021 2020 p . Income Taxes 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. Leases one ten 2068 not |
Note 2 - Marketable Securities
Note 2 - Marketable Securities | 12 Months Ended |
Feb. 27, 2022 | |
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: February 27, 2022 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 62,612 $ 62,612 $ - $ - U.S. corporate debt securities 34,938 34,938 - - Total marketable securities $ 97,550 $ 97,550 $ - $ - February 28, 2021 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 56,906 $ 56,906 $ - $ - U.S. corporate debt securities 18,041 18,041 - - Total marketable securities $ 74,947 $ 74,947 $ - $ - 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 February 27, 2022: U.S. Treasury and other government securities $ 65,177 $ 5 $ 2,570 U.S. corporate debt securities 35,064 5 131 Total marketable securities $ 100,241 $ 10 $ 2,701 February 28, 2021: U.S. Treasury and other government securities $ 57,400 $ 153 $ 647 U.S. corporate debt securities 18,008 52 19 Total marketable securities $ 75,408 $ 205 $ 666 Fiscal Year 2022 2021 2020 Gross realized gains on sale $ 26 $ 155 $ 90 Gross realized losses on sale $ 36 $ 145 $ 75 The estimated fair values of such securities at February 27, 2022, Due in one year or less $ 58,582 Due after one year through five years 38,968 $ 97,550 |
Note 3 - Other Consolidated Bal
Note 3 - Other Consolidated Balance Sheet Data | 12 Months Ended |
Feb. 27, 2022 | |
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: February 27, February 28, 2022 2021 Inventories: Raw materials $ 4,026 $ 3,490 Work-in-process 253 147 Finished goods 378 1,157 $ 4,657 $ 4,794 Property, plant and equipment: Land, buildings and improvements $ 16,054 $ 14,236 Machinery, equipment, furniture and fixtures 33,581 37,446 49,635 51,682 Less: accumulated depreciation and amortization 25,302 30,552 $ 24,333 $ 21,130 Goodwill and other intangible assets: Goodwill $ 9,776 $ 9,776 Other intangibles 14 21 $ 9,790 $ 9,797 Accrued liabilities: Payroll and payroll related $ 688 $ 596 Employee benefits 3 2 Workers' compensation 96 138 Professional fees 512 451 Restructuring (Notes 8 and 12) 8 260 Other 187 261 $ 1,494 $ 1,708 |
Note 4 - Income Taxes
Note 4 - Income Taxes | 12 Months Ended |
Feb. 27, 2022 | |
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 2022 2021 2020 Current: Federal $ 1,912 $ 1,662 $ 2,556 State and local 484 447 40 Foreign 4 10 383 2,400 2,119 2,979 Deferred: Federal 565 132 899 State and local 88 109 (12 ) Foreign 267 (267 ) - 920 (26 ) 887 $ 3,320 $ 2,093 $ 3,866 The income tax provision (benefit) for discontinued operations includes the following: Fiscal Year 2022 2021 2020 Current: Federal $ - $ (84 ) $ (183 ) State and local - (23 ) (15 ) Foreign - - - - (107 ) (198 ) Deferred: Federal - - - State and local - - (38 ) Foreign - - - - - (38 ) $ - $ (107 ) $ (236 ) State income tax benefits from loss carryforwards to future years were recognized as deferred tax assets in the 2022, 2021 2020 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 2022, 2021 2020 The Company’s pre-tax earnings (loss) from continuing operations in the United States and foreign locations are as follows: Fiscal Year 2022 2021 2020 United States $ 11,987 $ 8,732 $ 11,676 Foreign (203 ) (1,447 ) 2,395 Earnings before income taxes $ 11,784 $ 7,285 $ 14,071 The Company’s pre-tax earnings (loss) from discontinued operations in the United States and foreign locations are as follows: Fiscal Year 2022 2021 2020 United States $ - $ (435 ) $ (887 ) Foreign - - - (Loss) earnings before income taxes $ - $ (435 ) $ (887 ) 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 2022 2021 2020 Statutory U.S. Federal tax rate 21.0 % 21.0 % 21.0 % State and local taxes, net of 4.3 % 5.9 % 0.1 % Federal benefit Foreign tax rate differentials 2.7 % 0.7 % (0.6 %) Valuation allowance on deferred tax assets 0.0 % 0.0 % (0.1 %) Adjustment on tax accruals (0.3 %) 0.0 % (17.6 %) ASC 740-10 change 0.5 % 0.9 % 23.5 % Foreign tax credits 0.0 % (0.1 %) (2.7 %) Subpart F (1.0 %) 1.1 % 4.0 % Permanent differences and other 1.0 % (0.8 %) (0.1 %) 28.2 % 28.7 % (27.5 %) The Company had state net operating loss carryforwards of approximately $2,030 and $2,160 in the 2022 2021 2022 2021 2020 2039. The Company had available Kansas tax credits of $0 at the end of both the 2022 2021 2020 2022 2021 no The deferred tax asset valuation allowance of $3,587 as of February 27, 2022 not 2022 not Significant components of the Company's deferred tax assets and liabilities from continuing operations as of February 27, 2022 February 28, 2021 February 27, February 28, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 2,598 $ 2,602 Tax credits carryforward 991 991 Stock options 977 1,235 Other, net 174 774 4,740 5,602 Valuation allowance on deferred tax assets (3,587 ) (3,587 ) Total deferred tax assets, net of valuation allowance 1,153 2,015 Deferred tax liabilities: Depreciation (2,492 ) (2,045 ) Undistributed earnings (2 ) (4 ) Other (556 ) (702 ) Total deferred tax liabilities (3,050 ) (2,751 ) Net deferred tax asset (liability) $ (1,897 ) $ (736 ) At February 27, 2022 February 28, 2021, February 27, 2022 A reconciliation of the beginning and ending amounts of unrecognized tax benefits for continuing operations is as follows: Unrecognized Tax Benefits February 27, February 28, March 1, 2022 2021 2020 Balance, beginning of year $ 4,117 $ 4,164 $ 937 Tax positions - Discontinued Ops in prior period - (47 ) - Gross decreases - tax positions in prior period (39 ) - (32 ) Gross increases - current period tax positions - - 3,259 Audit settlements - - - Balance, end of year $ 4,078 $ 4,117 $ 4,164 The amount of unrecognized tax benefits may none 12 A list of open tax years by major jurisdiction follows: U.S. Federal 2020 - 2022 California 2018 - 2022 New York 2020 - 2022 Kansas 2018 - 2022 France 2018 - 2022 Singapore 2017 - 2022 The Company had approximately $460 and $335 of accrued interest and penalties as of February 27, 2022 February 28, 2021, The Company has no 2018 2019 |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 12 Months Ended |
Feb. 27, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 5. STOCK-BASED COMPENSATION As of February 27, 2022, 2018 “2018 no 2018 May 8, 2018 July 24, 2018. 2018 2002 “2002 2018 2002 one 2018 February 27, 2022, 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 February 27, 2022 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 2022, 2021 2020 Fiscal Year 2022 2021 2020 Weighted average fair value per share of option grants $2.76 $2.12 $3.97 Risk-free interest rates 0.74% - 1.85% 0.23% - 0.42% 2.24% - 2.26% Expected stock price volatility 27.8% - 29.2% 26.9% - 30.0% 30.4% - 31.5% Expected dividend yields 2.73% - 3.07% 3.18% - 3.49% 2.43% Estimated option terms (in years) 4.4 - 7.6 4.3 - 7.6 4.3 - 5.8 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 February 2020. 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, March 3, 2019 540,709 $ 13.49 $ 70 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 $ 597 Granted 132,100 12.55 Exercised (1,450 ) 8.02 Terminated or expired (6,750 ) 13.01 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 5.38 $ 428 Vested and exercisable, February 27, 2022 391,275 $ 12.47 3.32 $ 450 Expected to vest, February 27, 2022 609,402 $ 12.47 5.38 $ 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 2022, 2021 2020 A summary of the status of the Company’s non-vested options at February 27, 2022, Shares Subject to Options Weighted Average Grant Date Fair Value Non-vested, beginning of year 208,375 $ 2.80 Granted 147,750 2.78 Vested (60,400 ) 2.91 Terminated or expired (38,700 ) 2.86 Non-vested, end of year 257,025 $ 2.75 |
Note 6 - Shareholders' Equity
Note 6 - Shareholders' Equity | 12 Months Ended |
Feb. 27, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. SHAREHOLDERS EQUITY Treasury Stock January 8, 2015, January 7, 2015. On March 10, 2016, January 8, 2015. 2016 2021, February 27, 2022. Reserved Common Shares February 27, 2022, Accumulated Other Comprehensive Earnings (Loss) February 27, 2022 February 28, 2021 Unrealized losses on investments, net of taxes of $1,629 and $1,004, respectively $ (1,965 ) $ (336 ) Accumulated balance $ (1,965 ) $ (336 ) |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 12 Months Ended |
Feb. 27, 2022 | |
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) 2022 2021 2020 Net earnings - continuing operations $ 8,464 $ 5,192 $ 10,205 Net (loss) earnings - discontinued operations - (328 ) (653 ) Net earnings $ 8,464 $ 4,864 $ 9,552 Weighted average common shares 20,422 20,387 20,507 outstanding for basic EPS Net effect of dilutive options 129 91 88 Weighted average shares outstanding for diluted EPS 20,551 20,478 20,595 Basic earnings per share - continuing operations $ 0.41 $ 0.25 $ 0.50 Basic (loss) earnings per share - discontinued operations - (0.01 ) (0.03 ) Basic earnings per share $ 0.41 $ 0.24 $ 0.47 Diluted earnings per share - continuing operations $ 0.41 $ 0.25 $ 0.50 Diluted (loss) earnings per share - discontinued operations - (0.01 ) (0.03 ) Diluted earnings per share $ 0.41 $ 0.24 $ 0.47 Potentially dilutive stock options, which were not 132,000 2022, 2021 2020 |
Note 8 - Restructuring Charges
Note 8 - Restructuring Charges | 12 Months Ended |
Feb. 27, 2022 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 8. RESTRUCTURING CHARGES The Company recorded restructuring charges of $259, $1,570 and $0 in the 2022, 2021 2020 The following table sets forth the charges and accruals related to the restructuring: Accrual February 28, 2021 Current Period Charges Cash Payments Non-Cash Charges Accrual February 27, 2022 Total Expense Accrued to Date Facility lease costs $ 252 $ (194 ) $ (82 ) $ 24 $ - $ 252 Asset impairment - - - - - 1,318 Asset removal - 381 (381 ) - - 154 Other - 72 (72 ) - - 43 Total restructuring charges $ 252 $ 259 $ (535 ) $ 24 $ - $ 1,767 |
Note 9 - Employee Benefit Plans
Note 9 - Employee Benefit Plans | 12 Months Ended |
Feb. 27, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 9. EMPLOYEE BENEFIT PLANS Profit Sharing Plan may no may 2021 2020, 2022 not may not Savings Plan 401 no |
Note 10 - Leases and Commitment
Note 10 - Leases and Commitments | 12 Months Ended |
Feb. 27, 2022 | |
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 February 27, 2022, one 10 2068 not Future minimum lease payments under non-cancellable operating leases as of February 27, 2022 Fiscal Year: 2023 $ 53 2024 53 2025 36 2026 - 2027 - Thereafter 162 Total undiscounted operating lease payments 304 Less imputed interest (77 ) Present value of operating lease payments $ 227 The above payment schedule includes renewal options that the Company is reasonably likely to exercise. Leases with an initial term of 12 not not February 27, 2022. During the 2022 The following table sets forth the right-of-use assets and operating lease liabilities as of February 27, 2022: Operating right-of-use assets $ 203 Operating lease liabilities $ 53 Long-term operating lease liabilities 174 Total operating lease liabilities $ 227 The Company’s weighted average remaining lease term for its operating leases is 7.22 These non-cancelable leases have the following payment schedule: Fiscal Year Amount 2023 $ 36 2024 - 2025 - 2026 - 2027 - Thereafter - $ 36 The above payment schedule does not not 2023 2025 Rental expenses, inclusive of real estate taxes and other costs, were $267, $328 and $368 for the 2022, 2021 2020 In December 2018, five three eight second 2022 February 27, 2022, |
Note 11 - Contingencies
Note 11 - Contingencies | 12 Months Ended |
Feb. 27, 2022 | |
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 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% of their legal defense and remediation costs associated with two of these sites. The Company does not two 100% two Included in selling, general and administrative expenses are charges for actual expenditures and accruals, based on estimates, for certain environmental matters described above. The Company accrues estimated costs associated with known environmental matters, when such costs can be reasonably estimated and when the outcome appears probable. The Company believes that the ultimate disposition of known environmental matters will not |
Note 12 - Discontinued Operatio
Note 12 - Discontinued Operations | 12 Months Ended |
Feb. 27, 2022 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 12. DISCONTINUED OPERATIONS On July 25, 2018, 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 2021 2020 2022 The following table shows the summary operating results of the discontinued operations: Fiscal Year Ended February 27, February 28, March 1, 2022 2021 2020 Net sales $ - $ - $ - Cost of sales - - - Gross profit - - - Selling, general and administrative expenses - 8 234 Restructuring charges - 427 941 (Loss) earnings from discontinued operations - (435 ) (1,175 ) Other income - - 288 (Loss) earnings from discontinued operations before income taxes - (435 ) (887 ) Income tax (benefit) provision - (107 ) (234 ) Net (loss) earnings from discontinued operations $ - $ (328 ) $ (653 ) |
Note 13 - Geographic Regions
Note 13 - Geographic Regions | 12 Months Ended |
Feb. 27, 2022 | |
Notes to Financial Statements | |
Geographic Regions [Text Block] | 13. 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 2022 2021 2020 Sales: North America $ 51,307 $ 43,874 $ 56,264 Asia 700 625 1,378 Europe 1,571 1,777 2,372 Total sales $ 53,578 $ 46,276 $ 60,014 Long-lived assets: North America $ 34,448 $ 31,170 $ 24,942 Asia - 1 1,650 Europe - - - Total long-lived assets $ 34,448 $ 31,171 $ 26,592 |
Note 14 - Customer and Supplier
Note 14 - Customer and Supplier Concentrations | 12 Months Ended |
Feb. 27, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 14. 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 2022, 2021 2020 2021 While no 10% 2022, 2021 2020 Sources of Supply not not |
Note 15 - Accounting Pronouncem
Note 15 - Accounting Pronouncements | 12 Months Ended |
Feb. 27, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 15. ACCOUNTING PRONOUNCEMENTS Recently Adopted In December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12 December 15, 2020, December 15, 2021 December 15, 2022. 1 not 2 not first 2022 2019 12 not |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Feb. 27, 2022 | |
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 2022: Net sales $ 13,594 $ 13,618 $ 13,864 $ 12,502 Gross profit 5,472 4,411 3,836 4,198 Net earnings from continuing operations 2,745 2,022 1,741 1,956 Net loss from discontinued operations - - - - Net earnings 2,745 2,022 1,741 1,956 Basic earnings (loss) per share: Basic net earnings per share from continuing operations $ 0.13 $ 0.10 $ 0.09 $ 0.10 Basic net loss per share from discontinued operations - - - - Basic earnings per share 0.13 0.10 0.09 0.10 Diluted earnings (loss) per share: Diluted net earnings per share from continuing operations $ 0.13 $ 0.10 $ 0.08 $ 0.10 Diluted net loss per share from discontinued operations - - - - Diluted earnings per share 0.13 0.10 0.08 0.10 Weighted average common shares outstanding: Basic 20,383 20,397 20,450 20,458 Diluted 20,710 20,485 20,503 20,508 Fiscal 2021: Net sales $ 12,213 $ 9,250 $ 10,372 $ 14,441 Gross profit 3,674 2,638 2,553 4,326 Net earnings from continuing operations 1,972 1,151 1,037 1,032 Net (loss) earnings from discontinued operations (15 ) (197 ) (116 ) - Net earnings 1,957 954 921 1,032 Basic earnings (loss) per share: Basic net earnings per share from continuing operations $ 0.10 $ 0.06 $ 0.05 $ 0.05 Basic net (loss) earnings per share from discontinued operations - (0.01 ) - - Basic earnings per share 0.10 0.05 0.05 0.05 Diluted earnings (loss) per share: Diluted net earnings per share from continuing operations $ 0.10 $ 0.06 $ 0.05 $ 0.05 Diluted net (loss) earnings per share from discontinued operations - (0.01 ) - - Diluted earnings per share 0.10 0.05 0.05 0.05 Weighted average common shares outstanding: Basic 20,402 20,381 20,381 20,382 Diluted 20,460 20,433 20,434 20,587 Earnings per share are computed separately for each quarter. There‐fore, the sum of such quarterly per share amounts may |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Feb. 27, 2022 | |
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 February 27, 2022 $ 3,587,000 $ - $ - $ - $ 3,587,000 52 weeks ended February 28, 2021 $ 3,175,000 $ 412,000 $ - $ - $ 3,587,000 52 weeks ended March 1, 2020 $ 2,755,000 $ 420,000 $ - $ - $ 3,175,000 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 February 27, 2022 $ 89,000 $ 15,000 $ - $ - $ 104,000 52 weeks ended February 28, 2021 $ 73,000 $ 16,000 $ - $ - $ 89,000 52 weeks ended March 1, 2020 $ 32,000 $ 41,000 $ - $ - $ 73,000 (A) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 27, 2022 | |
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, December 4, 2018. ( 12 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 and Consolidated Statements of Cash Flows, in accordance with Accounting Standards Codification (“ASC”) 205 20, Discontinued Operations. 12 |
Use of Estimates, Policy [Policy Text Block] | c. Use of Estimates may |
Fiscal Period, Policy [Policy Text Block] | d. Accounting Period 52 53 February. 2022, 2021 2020 February 27, 2022, February 28, 2021 March 1, 2020, 2022, 2021 2020 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. Certain assets and liabilities of the Company are required to be recorded at fair value on either a recurring or non-recurring basis. On a recurring basis, the Company records its marketable securities at fair value using Level 1 2 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 2022, 2021 2020 |
Cash and Cash Equivalents, Policy [Policy Text Block] | f. Cash and Cash Equivalents 90 February 27, 2022 February 28, 2021, 2 February 27, 2022 one . Supplemental cash flow information: Fiscal Year 2022 2021 2020 Cash paid during the year for: Income taxes, net of refunds $ 3,924 $ 782 $ 8,296 At February 27, 2022 February 28, 2021, |
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 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 2021 2022 2020 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | m. Goodwill and Other Intangible Assets not may not first not not one first fourth 2022 2021 |
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 2022, 2021 2020 |
Income Tax, Policy [Policy Text Block] | p . Income Taxes 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 |
Lessee, Leases [Policy Text Block] | t. Leases one ten 2068 not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 27, 2022 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Fiscal Year 2022 2021 2020 Cash paid during the year for: Income taxes, net of refunds $ 3,924 $ 782 $ 8,296 |
Note 2 - Marketable Securities
Note 2 - Marketable Securities (Tables) | 12 Months Ended |
Feb. 27, 2022 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | February 27, 2022 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 62,612 $ 62,612 $ - $ - U.S. corporate debt securities 34,938 34,938 - - Total marketable securities $ 97,550 $ 97,550 $ - $ - February 28, 2021 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 56,906 $ 56,906 $ - $ - U.S. corporate debt securities 18,041 18,041 - - Total marketable securities $ 74,947 $ 74,947 $ - $ - |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses February 27, 2022: U.S. Treasury and other government securities $ 65,177 $ 5 $ 2,570 U.S. corporate debt securities 35,064 5 131 Total marketable securities $ 100,241 $ 10 $ 2,701 February 28, 2021: U.S. Treasury and other government securities $ 57,400 $ 153 $ 647 U.S. corporate debt securities 18,008 52 19 Total marketable securities $ 75,408 $ 205 $ 666 |
Realized Gain (Loss) on Investments [Table Text Block] | Fiscal Year 2022 2021 2020 Gross realized gains on sale $ 26 $ 155 $ 90 Gross realized losses on sale $ 36 $ 145 $ 75 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Due in one year or less $ 58,582 Due after one year through five years 38,968 $ 97,550 |
Note 3 - Other Consolidated B_2
Note 3 - Other Consolidated Balance Sheet Data (Tables) | 12 Months Ended |
Feb. 27, 2022 | |
Notes Tables | |
Schedule of Other Balance Sheet Data [Table Text Block] | February 27, February 28, 2022 2021 Inventories: Raw materials $ 4,026 $ 3,490 Work-in-process 253 147 Finished goods 378 1,157 $ 4,657 $ 4,794 Property, plant and equipment: Land, buildings and improvements $ 16,054 $ 14,236 Machinery, equipment, furniture and fixtures 33,581 37,446 49,635 51,682 Less: accumulated depreciation and amortization 25,302 30,552 $ 24,333 $ 21,130 Goodwill and other intangible assets: Goodwill $ 9,776 $ 9,776 Other intangibles 14 21 $ 9,790 $ 9,797 Accrued liabilities: Payroll and payroll related $ 688 $ 596 Employee benefits 3 2 Workers' compensation 96 138 Professional fees 512 451 Restructuring (Notes 8 and 12) 8 260 Other 187 261 $ 1,494 $ 1,708 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 12 Months Ended |
Feb. 27, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal Year 2022 2021 2020 Current: Federal $ 1,912 $ 1,662 $ 2,556 State and local 484 447 40 Foreign 4 10 383 2,400 2,119 2,979 Deferred: Federal 565 132 899 State and local 88 109 (12 ) Foreign 267 (267 ) - 920 (26 ) 887 $ 3,320 $ 2,093 $ 3,866 |
Schedule of Components of Income Tax Expense (Benefit), Discontinued Operation [Table Text Block] | Fiscal Year 2022 2021 2020 Current: Federal $ - $ (84 ) $ (183 ) State and local - (23 ) (15 ) Foreign - - - - (107 ) (198 ) Deferred: Federal - - - State and local - - (38 ) Foreign - - - - - (38 ) $ - $ (107 ) $ (236 ) |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Fiscal Year 2022 2021 2020 United States $ 11,987 $ 8,732 $ 11,676 Foreign (203 ) (1,447 ) 2,395 Earnings before income taxes $ 11,784 $ 7,285 $ 14,071 Fiscal Year 2022 2021 2020 United States $ - $ (435 ) $ (887 ) Foreign - - - (Loss) earnings before income taxes $ - $ (435 ) $ (887 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal Year 2022 2021 2020 Statutory U.S. Federal tax rate 21.0 % 21.0 % 21.0 % State and local taxes, net of 4.3 % 5.9 % 0.1 % Federal benefit Foreign tax rate differentials 2.7 % 0.7 % (0.6 %) Valuation allowance on deferred tax assets 0.0 % 0.0 % (0.1 %) Adjustment on tax accruals (0.3 %) 0.0 % (17.6 %) ASC 740-10 change 0.5 % 0.9 % 23.5 % Foreign tax credits 0.0 % (0.1 %) (2.7 %) Subpart F (1.0 %) 1.1 % 4.0 % Permanent differences and other 1.0 % (0.8 %) (0.1 %) 28.2 % 28.7 % (27.5 %) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | February 27, February 28, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 2,598 $ 2,602 Tax credits carryforward 991 991 Stock options 977 1,235 Other, net 174 774 4,740 5,602 Valuation allowance on deferred tax assets (3,587 ) (3,587 ) Total deferred tax assets, net of valuation allowance 1,153 2,015 Deferred tax liabilities: Depreciation (2,492 ) (2,045 ) Undistributed earnings (2 ) (4 ) Other (556 ) (702 ) Total deferred tax liabilities (3,050 ) (2,751 ) Net deferred tax asset (liability) $ (1,897 ) $ (736 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Unrecognized Tax Benefits February 27, February 28, March 1, 2022 2021 2020 Balance, beginning of year $ 4,117 $ 4,164 $ 937 Tax positions - Discontinued Ops in prior period - (47 ) - Gross decreases - tax positions in prior period (39 ) - (32 ) Gross increases - current period tax positions - - 3,259 Audit settlements - - - Balance, end of year $ 4,078 $ 4,117 $ 4,164 |
Summary of Income Tax Examinations [Table Text Block] | U.S. Federal 2020 - 2022 California 2018 - 2022 New York 2020 - 2022 Kansas 2018 - 2022 France 2018 - 2022 Singapore 2017 - 2022 |
Note 5 - Stock-based Compensa_2
Note 5 - Stock-based Compensation (Tables) | 12 Months Ended |
Feb. 27, 2022 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Fiscal Year 2022 2021 2020 Weighted average fair value per share of option grants $2.76 $2.12 $3.97 Risk-free interest rates 0.74% - 1.85% 0.23% - 0.42% 2.24% - 2.26% Expected stock price volatility 27.8% - 29.2% 26.9% - 30.0% 30.4% - 31.5% Expected dividend yields 2.73% - 3.07% 3.18% - 3.49% 2.43% Estimated option terms (in years) 4.4 - 7.6 4.3 - 7.6 4.3 - 5.8 |
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, March 3, 2019 540,709 $ 13.49 $ 70 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 $ 597 Granted 132,100 12.55 Exercised (1,450 ) 8.02 Terminated or expired (6,750 ) 13.01 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 5.38 $ 428 Vested and exercisable, February 27, 2022 391,275 $ 12.47 3.32 $ 450 Expected to vest, February 27, 2022 609,402 $ 12.47 5.38 $ 701 |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Subject to Options Weighted Average Grant Date Fair Value Non-vested, beginning of year 208,375 $ 2.80 Granted 147,750 2.78 Vested (60,400 ) 2.91 Terminated or expired (38,700 ) 2.86 Non-vested, end of year 257,025 $ 2.75 |
Note 6 - Shareholders' Equity (
Note 6 - Shareholders' Equity (Tables) | 12 Months Ended |
Feb. 27, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | February 27, 2022 February 28, 2021 Unrealized losses on investments, net of taxes of $1,629 and $1,004, respectively $ (1,965 ) $ (336 ) Accumulated balance $ (1,965 ) $ (336 ) |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 12 Months Ended |
Feb. 27, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year (Amounts in thousands, except per share amounts) 2022 2021 2020 Net earnings - continuing operations $ 8,464 $ 5,192 $ 10,205 Net (loss) earnings - discontinued operations - (328 ) (653 ) Net earnings $ 8,464 $ 4,864 $ 9,552 Weighted average common shares 20,422 20,387 20,507 outstanding for basic EPS Net effect of dilutive options 129 91 88 Weighted average shares outstanding for diluted EPS 20,551 20,478 20,595 Basic earnings per share - continuing operations $ 0.41 $ 0.25 $ 0.50 Basic (loss) earnings per share - discontinued operations - (0.01 ) (0.03 ) Basic earnings per share $ 0.41 $ 0.24 $ 0.47 Diluted earnings per share - continuing operations $ 0.41 $ 0.25 $ 0.50 Diluted (loss) earnings per share - discontinued operations - (0.01 ) (0.03 ) Diluted earnings per share $ 0.41 $ 0.24 $ 0.47 |
Note 8 - Restructuring Charges
Note 8 - Restructuring Charges (Tables) | 12 Months Ended |
Feb. 27, 2022 | |
Closure of Park Aerospace Technologies Asia PTE, LTD facility located in Singapore [Member] | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Accrual February 28, 2021 Current Period Charges Cash Payments Non-Cash Charges Accrual February 27, 2022 Total Expense Accrued to Date Facility lease costs $ 252 $ (194 ) $ (82 ) $ 24 $ - $ 252 Asset impairment - - - - - 1,318 Asset removal - 381 (381 ) - - 154 Other - 72 (72 ) - - 43 Total restructuring charges $ 252 $ 259 $ (535 ) $ 24 $ - $ 1,767 |
Note 10 - Leases and Commitme_2
Note 10 - Leases and Commitments (Tables) | 12 Months Ended |
Feb. 27, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal Year: 2023 $ 53 2024 53 2025 36 2026 - 2027 - Thereafter 162 Total undiscounted operating lease payments 304 Less imputed interest (77 ) Present value of operating lease payments $ 227 Fiscal Year Amount 2023 $ 36 2024 - 2025 - 2026 - 2027 - Thereafter - $ 36 |
Schedule of Right-of-use Assets and Operating Lease Liabilities [Table Text Block] | Operating right-of-use assets $ 203 Operating lease liabilities $ 53 Long-term operating lease liabilities 174 Total operating lease liabilities $ 227 |
Note 12 - Discontinued Operat_2
Note 12 - Discontinued Operations (Tables) | 12 Months Ended |
Feb. 27, 2022 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Fiscal Year Ended February 27, February 28, March 1, 2022 2021 2020 Net sales $ - $ - $ - Cost of sales - - - Gross profit - - - Selling, general and administrative expenses - 8 234 Restructuring charges - 427 941 (Loss) earnings from discontinued operations - (435 ) (1,175 ) Other income - - 288 (Loss) earnings from discontinued operations before income taxes - (435 ) (887 ) Income tax (benefit) provision - (107 ) (234 ) Net (loss) earnings from discontinued operations $ - $ (328 ) $ (653 ) |
Note 13 - Geographic Regions (T
Note 13 - Geographic Regions (Tables) | 12 Months Ended |
Feb. 27, 2022 | |
Notes Tables | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Fiscal Year 2022 2021 2020 Sales: North America $ 51,307 $ 43,874 $ 56,264 Asia 700 625 1,378 Europe 1,571 1,777 2,372 Total sales $ 53,578 $ 46,276 $ 60,014 Long-lived assets: North America $ 34,448 $ 31,170 $ 24,942 Asia - 1 1,650 Europe - - - Total long-lived assets $ 34,448 $ 31,171 $ 26,592 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Feb. 27, 2022 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter First Second Third Fourth Fiscal 2022: Net sales $ 13,594 $ 13,618 $ 13,864 $ 12,502 Gross profit 5,472 4,411 3,836 4,198 Net earnings from continuing operations 2,745 2,022 1,741 1,956 Net loss from discontinued operations - - - - Net earnings 2,745 2,022 1,741 1,956 Basic earnings (loss) per share: Basic net earnings per share from continuing operations $ 0.13 $ 0.10 $ 0.09 $ 0.10 Basic net loss per share from discontinued operations - - - - Basic earnings per share 0.13 0.10 0.09 0.10 Diluted earnings (loss) per share: Diluted net earnings per share from continuing operations $ 0.13 $ 0.10 $ 0.08 $ 0.10 Diluted net loss per share from discontinued operations - - - - Diluted earnings per share 0.13 0.10 0.08 0.10 Weighted average common shares outstanding: Basic 20,383 20,397 20,450 20,458 Diluted 20,710 20,485 20,503 20,508 Fiscal 2021: Net sales $ 12,213 $ 9,250 $ 10,372 $ 14,441 Gross profit 3,674 2,638 2,553 4,326 Net earnings from continuing operations 1,972 1,151 1,037 1,032 Net (loss) earnings from discontinued operations (15 ) (197 ) (116 ) - Net earnings 1,957 954 921 1,032 Basic earnings (loss) per share: Basic net earnings per share from continuing operations $ 0.10 $ 0.06 $ 0.05 $ 0.05 Basic net (loss) earnings per share from discontinued operations - (0.01 ) - - Basic earnings per share 0.10 0.05 0.05 0.05 Diluted earnings (loss) per share: Diluted net earnings per share from continuing operations $ 0.10 $ 0.06 $ 0.05 $ 0.05 Diluted net (loss) earnings per share from discontinued operations - (0.01 ) - - Diluted earnings per share 0.10 0.05 0.05 0.05 Weighted average common shares outstanding: Basic 20,402 20,381 20,381 20,382 Diluted 20,460 20,433 20,434 20,587 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Feb. 27, 2022 | |
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 February 27, 2022 $ 3,587,000 $ - $ - $ - $ 3,587,000 52 weeks ended February 28, 2021 $ 3,175,000 $ 412,000 $ - $ - $ 3,587,000 52 weeks ended March 1, 2020 $ 2,755,000 $ 420,000 $ - $ - $ 3,175,000 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 February 27, 2022 $ 89,000 $ 15,000 $ - $ - $ 104,000 52 weeks ended February 28, 2021 $ 73,000 $ 16,000 $ - $ - $ 89,000 52 weeks ended March 1, 2020 $ 32,000 $ 41,000 $ - $ - $ 73,000 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | Jul. 25, 2018 | |
Cash and Marketable Securities | $ 110,360 | |||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 12,811 | $ 41,595 | ||
Sales Returns and Allowance as Percentage of Sales | 1.00% | |||
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 1,318 | $ 0 | |
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||
Goodwill, Impairment Loss | $ 0 | 0 | ||
Depreciation, Depletion and Amortization, Total | $ 1,136 | 1,150 | $ 1,544 | |
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, Including Discontinued Operations, Total | $ 2,929 | |||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 12,446 | |||
Company’s Wholly Owned Foreign Subsidiaries [Member] | ||||
Cash and Marketable Securities | 29,595 | |||
Debt Securities [Member] | ||||
Cash and Cash Equivalents, at Carrying Value, Including Discontinued Operations, Total | $ 5,998 | $ 29,492 | ||
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 | ||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
Income taxes, net of refunds | $ 3,924 | $ 782 | $ 8,296 |
Note 2 - Marketable Securitie_2
Note 2 - Marketable Securities - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Feb. 27, 2022 | Feb. 28, 2021 |
Available-for-sale securities | $ 97,550 | $ 74,947 |
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 97,550 | 74,947 |
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 | 62,612 | 56,906 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 62,612 | 56,906 |
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 | 34,938 | 18,041 |
Debt Security, Corporate, US [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 34,938 | 18,041 |
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 | Feb. 27, 2022 | Feb. 28, 2021 |
Amortized cost basis | $ 100,241 | $ 75,408 |
Gross unrealized gains | 10 | 205 |
Gross unrealized losses | 2,701 | 666 |
US Treasury and Government [Member] | ||
Amortized cost basis | 65,177 | 57,400 |
Gross unrealized gains | 5 | 153 |
Gross unrealized losses | 2,570 | 647 |
Debt Security, Corporate, US [Member] | ||
Amortized cost basis | 35,064 | 18,008 |
Gross unrealized gains | 5 | 52 |
Gross unrealized losses | $ 131 | $ 19 |
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 | ||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
Gross realized gains on sale | $ 26 | $ 155 | $ 90 |
Gross realized losses on sale | $ 36 | $ 145 | $ 75 |
Note 2 - Marketable Securitie_5
Note 2 - Marketable Securities - Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Feb. 27, 2022 | Feb. 28, 2021 |
Due in one year or less | $ 58,582 | |
Due after one year through five years | 38,968 | |
Debt Securities, Available-for-Sale, Total | $ 97,550 | $ 74,947 |
Note 3 - Other Consolidated B_3
Note 3 - Other Consolidated Balance Sheet Data - Other Consolidated Balance Sheet Data (Details) - USD ($) $ in Thousands | Feb. 27, 2022 | Feb. 28, 2021 |
Raw materials | $ 4,026 | $ 3,490 |
Work-in-process | 253 | 147 |
Finished goods | 378 | 1,157 |
Inventory, Net, Total | 4,657 | 4,794 |
Property, Plant and Equipment, Gross | 49,635 | 51,682 |
Less: accumulated depreciation and amortization | 25,302 | 30,552 |
Property, Plant and Equipment, Net | 24,333 | 21,130 |
Goodwill | 9,776 | 9,776 |
Other intangibles | 14 | 21 |
Intangible Assets, Net (Including Goodwill), Total | 9,790 | 9,797 |
Payroll and payroll related | 688 | 596 |
Employee benefits | 3 | 2 |
Workers' compensation | 96 | 138 |
Professional fees | 512 | 451 |
Restructuring (Notes 8 and 12) | 8 | 260 |
Other | 187 | 261 |
Accrued Liabilities, Current, Total | 1,494 | 1,708 |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment, Gross | 16,054 | 14,236 |
Machinery, Equipment, Furniture and Fixtures [Member] | ||
Property, Plant and Equipment, Gross | $ 33,581 | $ 37,446 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | Mar. 03, 2019 | |
Undistributed Earnings, Basic, Total | $ 25,000 | |||
Foreign Earnings Repatriated | 0 | $ 0 | $ 100,216 | |
Effective Income Tax Rate Reconciliation, Operating Loss Carryforwards, Amount | 64 | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | 191 | |||
Deferred Tax Assets, Valuation Allowance, Total | 3,587 | 3,587 | ||
Unrecognized Tax Benefits, Ending Balance | 4,078 | 4,117 | 4,164 | $ 937 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 460 | 335 | ||
Other Noncurrent Liabilities [Member] | ||||
Unrecognized Tax Benefits, Ending Balance | 4,537 | 4,452 | ||
Research Tax Credit Carryforward [Member] | ||||
Tax Credit Carryforward, Amount | 0 | 0 | ||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards | 2,030 | 2,160 | ||
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, Total | 3,587 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 0 | |||
State and Local Jurisdiction [Member] | Minimum [Member] | ||||
Operating Loss Carryforwards Expiration Year | 2023 | |||
State and Local Jurisdiction [Member] | Maximum [Member] | ||||
Operating Loss Carryforwards Expiration Year | 2039 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards | $ 7,790 | $ 7,798 |
Note 4 - Income Taxes - Provisi
Note 4 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
Federal | $ 1,912 | $ 1,662 | $ 2,556 |
State and local | 484 | 447 | 40 |
Foreign | 4 | 10 | 383 |
Current Income Tax Expense (Benefit), Total | 2,400 | 2,119 | 2,979 |
Federal | 565 | 132 | 899 |
State and local | 88 | 109 | (12) |
Foreign | 267 | (267) | 0 |
Deferred Income Tax Expense (Benefit), Total | 920 | (26) | 887 |
Income Tax Expense (Benefit), Total | $ 3,320 | $ 2,093 | $ 3,866 |
Note 4 - Income Taxes - Income
Note 4 - Income Taxes - Income Tax (Benefit) Provision for Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
Federal | $ 0 | $ (84) | $ (183) |
State and local | 0 | (23) | (15) |
Foreign | 0 | 0 | 0 |
Discontinued Operation, Current Income Tax Expense (Benefit) | 0 | (107) | (198) |
Federal | 0 | 0 | 0 |
State and local | 0 | 0 | (38) |
Foreign | 0 | 0 | 0 |
Discontinued Operation, Deferred Income Tax Expense (Benefit) | 0 | 0 | (38) |
Discontinued Operation, Tax Effect of Discontinued Operation | $ 0 | $ (107) | $ (236) |
Note 4 - Income Taxes - Compone
Note 4 - Income Taxes - Components of Earnings Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
United States | $ 11,987 | $ 8,732 | $ 11,676 |
Foreign | (203) | (1,447) | 2,395 |
Earnings before income taxes | 11,784 | 7,285 | 14,071 |
Discontinued operations, United States | 0 | (435) | (887) |
Discontinued operations, foreign | 0 | 0 | 0 |
(Loss) earnings before income taxes | $ 0 | $ (435) | $ (887) |
Note 4 - Income Taxes - Effecti
Note 4 - Income Taxes - Effective Income Tax Reconciliation (Details) | 12 Months Ended | ||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
Statutory U.S. Federal tax rate | 21.00% | 21.00% | 21.00% |
State and local taxes, net of federal benefit | 4.30% | 5.90% | 0.10% |
Foreign tax rate differentials | 2.70% | 0.70% | (0.60%) |
Valuation allowance on deferred tax assets | 0.00% | 0.00% | (0.10%) |
Adjustment on tax accruals | (0.30%) | 0.00% | (17.60%) |
ASC 740-10 change | 0.50% | 0.90% | 23.50% |
Foreign tax credits | 0.00% | (0.10%) | (2.70%) |
Subpart F | (1.00%) | 1.10% | 4.00% |
Permanent differences and other | 1.00% | (0.80%) | (0.10%) |
Effective Income Tax Rate Reconciliation, Percent, Total | 28.20% | 28.70% | (27.50%) |
Note 4 - Income Taxes - Compo_2
Note 4 - Income Taxes - Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands | Feb. 27, 2022 | Feb. 28, 2021 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 2,598 | $ 2,602 |
Tax credits carryforward | 991 | 991 |
Stock options | 977 | 1,235 |
Other, net | 174 | 774 |
Deferred Tax Assets, Gross, Total | 4,740 | 5,602 |
Valuation allowance on deferred tax assets | (3,587) | (3,587) |
Total deferred tax assets, net of valuation allowance | 1,153 | 2,015 |
Deferred tax liabilities: | ||
Depreciation | (2,492) | (2,045) |
Undistributed earnings | (2) | (4) |
Other | (556) | (702) |
Total deferred tax liabilities | (3,050) | (2,751) |
Net deferred tax liability | $ (1,897) | $ (736) |
Note 4 - Income Taxes - Unrecog
Note 4 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
Balance, beginning of year | $ 4,117 | $ 4,164 | $ 937 |
Tax positions - Discontinued Ops in prior period | 0 | (47) | 0 |
Gross decreases - tax positions in prior period | (39) | 0 | (32) |
Gross increases - current period tax positions | 0 | 0 | 3,259 |
Audit settlements | $ 0 | $ 0 | $ 0 |
Note 4 - Income Taxes - Open Ta
Note 4 - Income Taxes - Open Tax Years by Major Jurisdiction (Details) | 12 Months Ended |
Feb. 27, 2022 | |
Earliest Tax Year [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Open tax year | 2020 |
Earliest Tax Year [Member] | State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | |
Open tax year | 2018 |
Earliest Tax Year [Member] | State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | |
Open tax year | 2020 |
Earliest Tax Year [Member] | State and Local Jurisdiction [Member] | Kansas Department of Revenue [Member] | |
Open tax year | 2018 |
Earliest Tax Year [Member] | Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member] | |
Open tax year | 2018 |
Earliest Tax Year [Member] | Foreign Tax Authority [Member] | Inland Revenue, Singapore (IRAS) [Member] | |
Open tax year | 2017 |
Latest Tax Year [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Open tax year | 2022 |
Latest Tax Year [Member] | State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | |
Open tax year | 2022 |
Latest Tax Year [Member] | State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | |
Open tax year | 2022 |
Latest Tax Year [Member] | State and Local Jurisdiction [Member] | Kansas Department of Revenue [Member] | |
Open tax year | 2022 |
Latest Tax Year [Member] | Foreign Tax Authority [Member] | Ministry of the Economy, Finance and Industry, France [Member] | |
Open tax year | 2022 |
Latest Tax Year [Member] | Foreign Tax Authority [Member] | Inland Revenue, Singapore (IRAS) [Member] | |
Open tax year | 2022 |
Note 5 - Stock-based Compensa_3
Note 5 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jul. 24, 2018 | Feb. 27, 2022 | Mar. 01, 2020 | Mar. 03, 2019 |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,123,450 | |||
Share-Based Payment Arrangement, Plan Modification, Incremental Cost | $ 208 | |||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 1 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 358 | $ 8 | $ 124 | |
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) | 475,150 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 607 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 7 months 6 days |
Note 5 - Stock-based Compensa_4
Note 5 - Stock-based Compensation - Fair Value Assumptions (Details) - $ / shares | 12 Months Ended | ||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
Weighted average fair value per share of option grants (in dollars per share) | $ 2.76 | $ 2.12 | $ 3.97 |
Expected dividend yields | 2.43% | ||
Minimum [Member] | |||
Risk-free interest rates | 0.74% | 0.23% | 2.24% |
Expected stock price volatility | 27.80% | 26.90% | 30.40% |
Expected dividend yields | 2.73% | 3.18% | |
Estimated option terms (in years) (Year) | 4 years 4 months 24 days | 4 years 3 months 18 days | 4 years 3 months 18 days |
Maximum [Member] | |||
Risk-free interest rates | 1.85% | 0.42% | 2.26% |
Expected stock price volatility | 29.20% | 30.00% | 31.50% |
Expected dividend yields | 3.07% | 3.49% | |
Estimated option terms (in years) (Year) | 7 years 7 months 6 days | 7 years 7 months 6 days | 5 years 9 months 18 days |
Note 5 - Stock-based Compensa_5
Note 5 - Stock-based Compensation - Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | Mar. 03, 2019 | |
Outstanding options (in shares) | 634,534 | 510,634 | 540,709 | |
Balance, weighted average exercise price (in dollars per share) | $ 12.47 | $ 12.45 | $ 13.49 | |
Outstanding aggregate intrinsic value | $ 428 | $ 730 | $ 597 | $ 70 |
Outstanding options, granted (in shares) | 147,750 | 132,100 | 114,450 | |
Granted, weighted average exercise price (in dollars per share) | $ 13.82 | $ 12.55 | $ 15.44 | |
Outstanding options, exercised (in shares) | (75,334) | (1,450) | (32,873) | |
Exercised, weighted average exercise price (in dollars per share) | $ 9.81 | $ 8.02 | $ 11.64 | |
Outstanding options, terminated or expired (in shares) | (58,650) | (6,750) | (111,652) | |
Terminated or expired, weighted average exercise price (in dollars per share) | $ 13.96 | $ 13.01 | $ 15.95 | |
Outstanding options (in shares) | 648,300 | 634,534 | 510,634 | |
Balance, weighted average exercise price (in dollars per share) | $ 12.96 | $ 12.47 | $ 12.45 | |
Balance, weighted average remaining contractual term (Year) | 5 years 4 months 17 days | |||
Vested and exercisable (in shares) | 391,275 | |||
Vested and exercisable, weighted average exercise price (in dollars per share) | $ 12.47 | |||
Vested and exercisable, weighted average remaining contractual term (Year) | 3 years 3 months 25 days | |||
Vested and exercisable, aggregate intrinsic value | $ 450 | |||
Expected to vest (in shares) | 609,402 | |||
Expected to vest, weighted average exercise price (in dollars per share) | $ 12.47 | |||
Expected to vest, weighted average remaining contractual term (Year) | 5 years 4 months 17 days | |||
Expected to vest, aggregate intrinsic value | $ 701 |
Note 5 - Stock-based Compensa_6
Note 5 - Stock-based Compensation - Non-vested Options (Details) - $ / shares | 12 Months Ended | ||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
Non-vested, balance (in shares) | 208,375 | ||
Non-vested, balance, weighted average grant date fair value (in dollars per share) | $ 2.80 | ||
Granted (in shares) | 147,750 | 132,100 | 114,450 |
Granted, weighted average grant date fair value (in dollars per share) | $ 2.78 | ||
Vested (in shares) | (60,400) | ||
Vested, weighted average grant date fair value (in dollars per share) | $ 2.91 | ||
Terminated or expired (in shares) | (38,700) | ||
Terminated or expired, weighted average grant date fair value (in dollars per share) | $ 2.86 | ||
Non-vested, balance (in shares) | 257,025 | 208,375 | |
Non-vested, balance, weighted average grant date fair value (in dollars per share) | $ 2.75 | $ 2.80 |
Note 6 - Shareholders' Equity_2
Note 6 - Shareholders' Equity (Details Textual) - USD ($) $ in Thousands | Mar. 10, 2016 | Feb. 28, 2021 | Feb. 28, 2016 | Feb. 27, 2022 | 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 | 6.80% | 6.00% | ||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 20,458,210 | 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) | 137,397 | 599,832 | ||||
Stock Repurchased and Retired During Period, Value | $ 1,644 | $ 12,187 | ||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 1,394,015 | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 1,123,450 |
Note 6 - Shareholders' Equity -
Note 6 - Shareholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Feb. 27, 2022 | Feb. 28, 2021 |
Unrealized losses on investments, net of taxes of $1,629 and $1,004, respectively | $ (1,965) | $ (336) |
Accumulated balance | $ (1,965) | $ (336) |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
Share-Based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 263,744 | 387,975 | 132,000 |
Note 7 - Earnings Per Share - B
Note 7 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Feb. 27, 2022 | Nov. 28, 2021 | Nov. 28, 2021 | Aug. 29, 2021 | May 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | May 31, 2020 | Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
Net earnings - continuing operations | $ 1,956 | $ 1,741 | $ 2,022 | $ 2,745 | $ 1,032 | $ 1,037 | $ 1,151 | $ 1,972 | $ 8,464 | $ 5,192 | $ 10,205 | |
Net (loss) earnings - discontinued operations | 0 | 0 | 0 | 0 | 0 | (116) | (197) | (15) | 0 | (328) | (653) | |
Net earnings | $ 1,956 | $ 1,741 | $ 2,022 | $ 2,745 | $ 1,032 | $ 921 | $ 954 | $ 1,957 | $ 8,464 | $ 4,864 | $ 9,552 | |
Weighted average common shares (in shares) | 20,458 | 20,450 | 20,397 | 20,383 | 20,382 | 20,381 | 20,381 | 20,402 | 20,422 | 20,387 | 20,507 | |
Net effect of dilutive options (in shares) | 129 | 91 | 88 | |||||||||
Weighted average shares outstanding for diluted EPS (in shares) | 20,508 | 20,503 | 20,485 | 20,710 | 20,587 | 20,434 | 20,433 | 20,460 | 20,551 | 20,478 | 20,595 | |
Basic earnings per share - continuing operations (in dollars per share) | $ 0.10 | $ 0.09 | $ 0.10 | $ 0.13 | $ 0.05 | $ 0.05 | $ 0.06 | $ 0.10 | $ 0.41 | $ 0.25 | $ 0.50 | |
Basic (loss) earnings per share - discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | (0.01) | 0 | 0 | (0.01) | (0.03) | |
Basic earnings per share (in dollars per share) | 0.10 | 0.09 | 0.10 | 0.13 | 0.05 | 0.05 | 0.05 | 0.10 | 0.41 | 0.24 | 0.47 | |
Diluted earnings per share - continuing operations (in dollars per share) | 0.10 | 0.08 | 0.10 | 0.13 | 0.05 | 0.05 | 0.06 | 0.10 | 0.41 | 0.25 | 0.50 | |
Diluted (loss) earnings per share - discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | (0.01) | 0 | 0 | (0.01) | (0.03) | |
Diluted earnings per share (in dollars per share) | $ 0.10 | $ 0.08 | $ 0.10 | $ 0.13 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.10 | $ 0.41 | $ 0.24 | $ 0.47 |
Note 8 - Restructuring Charge_2
Note 8 - Restructuring Charges (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
Restructuring Charges, Total | $ 259 | $ 1,570 | $ 0 |
Facility Closing [Member] | |||
Restructuring Charges, Total | $ 259 | $ 1,570 | $ 0 |
Note 8 - Restructuring Charge_3
Note 8 - Restructuring Charges - Restructuring Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
Current Period Charges | $ 259 | $ 1,570 | $ 0 |
Closure of Park Aerospace Technologies Asia PTE, LTD [Member] | |||
Accrued, Beginning Balance | 252 | ||
Current Period Charges | 259 | ||
Cash Payments | (535) | ||
Non-Cash Charges | 24 | ||
Accrued, Ending Balance | 0 | 252 | |
Total Costs Accrued to Date | 1,767 | ||
Facility Lease Costs [Member] | Closure of Park Aerospace Technologies Asia PTE, LTD [Member] | |||
Accrued, Beginning Balance | 252 | ||
Current Period Charges | 194 | ||
Cash Payments | (82) | ||
Non-Cash Charges | 24 | ||
Accrued, Ending Balance | 0 | 252 | |
Total Costs Accrued to Date | 252 | ||
Asset Impairment [Member] | Closure of Park Aerospace Technologies Asia PTE, LTD [Member] | |||
Accrued, Beginning Balance | 0 | ||
Current Period Charges | 0 | ||
Cash Payments | 0 | ||
Non-Cash Charges | 0 | ||
Accrued, Ending Balance | 0 | 0 | |
Total Costs Accrued to Date | 1,318 | ||
Asset Removal [Member] | Closure of Park Aerospace Technologies Asia PTE, LTD [Member] | |||
Accrued, Beginning Balance | 0 | ||
Current Period Charges | 381 | ||
Cash Payments | (381) | ||
Non-Cash Charges | 0 | ||
Accrued, Ending Balance | 0 | 0 | |
Total Costs Accrued to Date | 154 | ||
Other Restructuring [Member] | Closure of Park Aerospace Technologies Asia PTE, LTD [Member] | |||
Accrued, Beginning Balance | 0 | ||
Current Period Charges | 72 | ||
Cash Payments | (72) | ||
Non-Cash Charges | 0 | ||
Accrued, Ending Balance | 0 | $ 0 | |
Total Costs Accrued to Date | $ 43 |
Note 9 - Employee Benefit Pla_2
Note 9 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 28, 2021 | Mar. 01, 2020 | |
Deferred Profit Sharing [Member] | ||
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 170 | $ 168 |
Note 10 - Leases and Commitme_3
Note 10 - Leases and Commitments (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2018USD ($)ft²a | Feb. 27, 2022USD ($) | Feb. 28, 2021USD ($) | Mar. 01, 2020USD ($) | |
Operating Lease, Liability, Current | $ 53 | $ 33 | ||
Operating Lease, Expense | 62 | |||
Operating Lease, Payments | 51 | |||
Operating Lease, Expense, Including Real Estate Taxes and Other Costs | 267 | $ 328 | $ 368 | |
Additional Manufacturing Facility [Member] | ||||
Area of Land (Square Foot) | ft² | 90,000 | |||
Construction in Progress Estimated Cost | $ 19,500 | |||
Purchase Obligation, Total | 635,000 | |||
Construction in Progress, Gross | 18,700 | |||
Additional Lease Liability, Dependent on Committed Renewal Options [Member] | ||||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 112 | |||
Additional Lease Agreement with City and County for Land at Newton, Kansas Airport [Member] | ||||
Area of Land (Square Foot) | a | 3 | |||
Lease Agreement with City and County for Land at Newton, Kansas Airport [Member] | ||||
Area of Land (Square Foot) | a | 8 | |||
Accrued Liabilities [Member] | Idle Facility in Singapore [Member] | ||||
Operating Lease, Liability, Current | $ 119 | |||
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 | Feb. 27, 2022USD ($) |
Present value of operating lease payments | $ 227 |
Leases with Renewal Options [Member] | |
2023 | 53 |
2024 | 53 |
2025 | 36 |
2026 | 0 |
2027 | 0 |
Thereafter | 162 |
Total undiscounted operating lease payments | 304 |
Less imputed interest | (77) |
Present value of operating lease payments | 227 |
2023 | 53 |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 53 |
2025 | 36 |
2026 | 0 |
2027 | 0 |
Thereafter | 162 |
Leases without Renewal Options [Member] | |
2023 | 36 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Total undiscounted operating lease payments | 36 |
2023 | 36 |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 0 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | $ 0 |
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 | Feb. 27, 2022 | Feb. 28, 2021 |
Operating right-of-use assets | $ 203 | $ 103 |
Operating Lease, Liability, Current | 53 | 33 |
Long-term operating lease liabilities | 174 | $ 86 |
Total operating lease liabilities | $ 227 |
Note 11 - Contingencies (Detail
Note 11 - Contingencies (Details Textual) $ in Thousands | 12 Months Ended |
Feb. 27, 2022USD ($) | |
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 12 - Discontinued Operat_3
Note 12 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands | Dec. 04, 2018 | Feb. 27, 2022 | Nov. 28, 2021 | Aug. 29, 2021 | May 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | May 31, 2020 | Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent, Total | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (116) | $ (197) | $ (15) | $ 0 | $ (328) | $ (653) | |
Electronics Business [Member] | ||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent, Total | 0 | $ (328) | $ (653) | |||||||||
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, Consideration Allocation, Percent | 2.00% | |||||||||||
Disposal Group, Including Discontinued Operation, Blended Tax Rate, Percent | 24.70% | (26.40%) | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent, Total | $ 0 | |||||||||||
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] | FRANCE | ||||||||||||
Disposal Group, Including Discontinued Operation, Consideration Allocation, Percent | 16.00% |
Note 12 - Discontinued Operat_4
Note 12 - Discontinued Operations - Summary of Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 27, 2022 | Nov. 28, 2021 | Aug. 29, 2021 | May 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | May 31, 2020 | Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
(Loss) earnings before income taxes | $ 0 | $ (435) | $ (887) | ||||||||
Income tax (benefit) provision | 0 | (107) | (236) | ||||||||
Net (loss) earnings from discontinued operations | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (116) | $ (197) | $ (15) | 0 | (328) | (653) |
Electronics Business [Member] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Cost of sales | 0 | 0 | 0 | ||||||||
Gross profit | 0 | 0 | 0 | ||||||||
Selling, general and administrative expenses | 0 | 8 | 234 | ||||||||
Restructuring charges | 0 | 427 | 941 | ||||||||
(Loss) earnings from discontinued operations | 0 | (435) | (1,175) | ||||||||
Other income | 0 | 0 | 288 | ||||||||
(Loss) earnings before income taxes | 0 | (435) | (887) | ||||||||
Income tax (benefit) provision | 0 | (107) | (234) | ||||||||
Net (loss) earnings from discontinued operations | $ 0 | $ (328) | $ (653) |
Note 13 - Geographic Regions -
Note 13 - Geographic Regions - Financial Information by Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
Net sales | $ 53,578 | $ 46,276 | $ 60,014 |
Long-lived assets | 34,448 | 31,171 | 26,592 |
North America [Member] | |||
Net sales | 51,307 | 43,874 | 56,264 |
Long-lived assets | 34,448 | 31,170 | 24,942 |
Asia [Member] | |||
Net sales | 700 | 625 | 1,378 |
Long-lived assets | 0 | 1 | 1,650 |
Europe [Member] | |||
Net sales | 1,571 | 1,777 | 2,372 |
Long-lived assets | $ 0 | $ 0 | $ 0 |
Note 14 - Customer and Suppli_2
Note 14 - Customer and Supplier Concentrations (Details Textual) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 12 Months Ended | ||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
General Electric [Member] | |||
Concentration Risk, Percentage | 49.50% | 27.90% | 48.20% |
Aerospace [Member] | |||
Concentration Risk, Percentage | 20.70% |
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 | ||||||||||
Feb. 27, 2022 | Nov. 28, 2021 | Nov. 28, 2021 | Aug. 29, 2021 | May 30, 2021 | Feb. 28, 2021 | Nov. 29, 2020 | Aug. 30, 2020 | May 31, 2020 | Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |
Net sales | $ 12,502 | $ 13,864 | $ 13,618 | $ 13,594 | $ 14,441 | $ 10,372 | $ 9,250 | $ 12,213 | ||||
Gross profit | 4,198 | 3,836 | 4,411 | 5,472 | 4,326 | 2,553 | 2,638 | 3,674 | $ 17,917 | $ 13,191 | $ 18,673 | |
Net earnings - continuing operations | 1,956 | 1,741 | 2,022 | 2,745 | 1,032 | 1,037 | 1,151 | 1,972 | 8,464 | 5,192 | 10,205 | |
Net (loss) earnings - discontinued operations | 0 | 0 | 0 | 0 | 0 | (116) | (197) | (15) | 0 | (328) | (653) | |
Net earnings | $ 1,956 | $ 1,741 | $ 2,022 | $ 2,745 | $ 1,032 | $ 921 | $ 954 | $ 1,957 | $ 8,464 | $ 4,864 | $ 9,552 | |
Basic earnings per share - continuing operations (in dollars per share) | $ 0.10 | $ 0.09 | $ 0.10 | $ 0.13 | $ 0.05 | $ 0.05 | $ 0.06 | $ 0.10 | $ 0.41 | $ 0.25 | $ 0.50 | |
Basic (loss) earnings per share - discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | (0.01) | 0 | 0 | (0.01) | (0.03) | |
Basic earnings per share (in dollars per share) | 0.10 | 0.09 | 0.10 | 0.13 | 0.05 | 0.05 | 0.05 | 0.10 | 0.41 | 0.24 | 0.47 | |
Diluted earnings per share - continuing operations (in dollars per share) | 0.10 | 0.08 | 0.10 | 0.13 | 0.05 | 0.05 | 0.06 | 0.10 | 0.41 | 0.25 | 0.50 | |
Diluted (loss) earnings per share - discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | (0.01) | 0 | 0 | (0.01) | (0.03) | |
Diluted earnings per share (in dollars per share) | $ 0.10 | $ 0.08 | $ 0.10 | $ 0.13 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.10 | $ 0.41 | $ 0.24 | $ 0.47 | |
Weighted average common shares (in shares) | 20,458 | 20,450 | 20,397 | 20,383 | 20,382 | 20,381 | 20,381 | 20,402 | 20,422 | 20,387 | 20,507 | |
Weighted average shares outstanding for diluted EPS (in shares) | 20,508 | 20,503 | 20,485 | 20,710 | 20,587 | 20,434 | 20,433 | 20,460 | 20,551 | 20,478 | 20,595 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | ||||
Feb. 27, 2022 | Feb. 28, 2021 | Mar. 01, 2020 | |||
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||||
Balance | $ 3,587,000 | $ 3,175,000 | $ 2,755,000 | ||
Costs and expenses | 0 | 412,000 | 420,000 | ||
Other | 0 | 0 | 0 | ||
Reductions | 0 | 0 | 0 | ||
Balance | 3,587,000 | 3,587,000 | 3,175,000 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||||
Balance | 89,000 | 73,000 | 32,000 | ||
Costs and expenses | 15,000 | 16,000 | 41,000 | ||
Balance | 104,000 | 89,000 | 73,000 | ||
Accounts written off | 0 | [1] | 0 | 0 | [1] |
Translation adjustment | $ 0 | $ 0 | $ 0 | ||
[1] | Uncollectible amounts, net of recoveries |