Note 4 - Marketable Securities

6 Months Ended

Sep. 29, 2013

Table Text Block [Abstract]

Marketable Securities [Table Text Block]

NOTE D – MARKETABLE SECURITIES          

The Company determines the appropriate classification of securities at the time of purchase and reassesses the appropriateness of the classification at each reporting date. At September 29, 2013 and March 31, 2013, all marketable securities held by the Company have been classified as available-for-sale and, as a result, are stated at fair value, based upon quoted market prices for similar assets as determined in active markets or model-derived valuations in which all significant inputs are observable for substantially the full-term of the asset, with unrealized gains and losses included as a component of accumulated other comprehensive income. Realized gains and losses on the sale of securities are determined on a specific identification basis. Interest income is recorded when it is earned and deemed realizable by the Company.

The cost, gross unrealized gains, gross unrealized losses and fair market value for marketable securities, which consist entirely of municipal bonds that are classified as available-for-sale securities, are as follows (in thousands):

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
September 29, 2013	$	10,694	$	361	$	-	$	11,055
March 31, 2013	$	11,768	$	539	$	1	$	12,307

The municipal bonds held at September 29, 2013, mature at various dates between November 2013 and October 2019. The following represents the bond maturities by period (in thousands):      

Fair value of Municipal Bonds	Total		Less than 1 Year		1 – 5 Years		5 – 10 Years		After 10 Years
September 29, 2013	$	11,055	$	4,459	$	5,394	$	1,202	$	-

The net unrealized losses on available-for-sale securities for the thirteen-week periods ended September 29, 2013 and September 23, 2012 of $30,000 and $35,000, respectively, net of deferred income tax benefit, of $21,000 and $20,000, respectively, have been included as a component of comprehensive income. The net unrealized losses on available-for-sale securities for the twenty-six week periods ended September 29, 2013 and September 23, 2012 of $107,000 and $64,000, respectively, net of deferred income tax benefit, of $71,000 and $40,000, respectively, have been included as a component of comprehensive income. Accumulated other comprehensive income is comprised entirely of the net unrealized gains on available-for-sales securities as of September 29, 2013 and March 31, 2013.