10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended March 1, 2015

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to _______

Commission file number 1-4415

PARK ELECTROCHEMICAL CORP.

(Exact Name of Registrant as Specified in Its Charter)

New York	11-1734643
(State or Other Jurisdiction of Incorporation of Organization)	(I.R.S. Employer Identification No.)
48 South Service Road, Melville, New York (Address of Principal Executive Offices)	11747 (Zip Code)

Registrant’s telephone number, including area code (631) 465-3600

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Name of Each Exchange on Which Registered
Common Stock, par value $.10 per share	New York Stock Exchange
Preferred Stock Purchase Rights	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐     No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐    No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒    No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 Large Accelerated Filer ☐  Accelerated Filer ☒  Non-Accelerated Filer ☐  Smaller Reporting Company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐     No ☒

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was sold, or the average bid and asked prices of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.

Title of Class	Aggregate Market Value	As of Close of Business On
Common Stock, par value $.10 per share	$577,826,253	August 29, 2014

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Title of Class	Shares Outstanding	As of Close of Business On
Common Stock, par value $.10 per share	20,387,169	May 8, 2015

DOCUMENTS INCORPORATED BY REFERENCE

Proxy Statement for Annual Meeting of Shareholders to be held July 21, 2015 incorporated by reference into Part III of this Report.

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	TABLE OF CONTENTS
		Page
PART I
Item 1.	Business	4
Item 1A.	Risk Factors	15
Item 1B.	Unresolved Staff Comments	19
Item 2.	Properties	19
Item 3.	Legal Proceedings	19
Item 4.	Mine Safety Disclosures	19
	Executive Officers of the Registrant	20
PART II
Item 5.	Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	22
Item 6.	Selected Financial Data	24
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
	Factors That May Affect Future Results	39
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 8.	Financial Statements and Supplementary Data	40
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	70
Item 9A.	Controls and Procedures	70
Item 9B.	Other Information	72
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	72
Item 11.	Executive Compensation	72
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	72
Item 13.	Certain Relationships and Related Transactions, and Director Independence	72
Item 14.	Principal Accountant Fees and Services	72
PART IV
Item 15.	Exhibits and Financial Statement Schedules	73
SIGNATURES		74
FINANCIAL STATEMENT SCHEDULES
Schedule II – Valuation and Qualifying Accounts		75
EXHIBIT INDEX		76

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PART I

ITEM 1.       BUSINESS.

General

Park Electrochemical Corp. (“Park”), through its subsidiaries (unless the context otherwise requires, Park and its subsidiaries are hereinafter called the “Company”), is a global advanced materials company which develops, manufactures, markets and sells high-technology digital and radio frequency (“RF”)/microwave printed circuit materials products principally for the telecommunications and internet infrastructure and high-end computing markets and advanced composite materials, parts and assemblies and low-volume tooling products for the aerospace markets. Park’s core capabilities are in the areas of polymer chemistry formulation and coating technology.

Park operates through fully integrated business units in Asia, Europe and North America. The Company's manufacturing facilities are located in Singapore, France, Kansas, Arizona and California. The Company also maintains research and development facilities in Arizona, Kansas and Singapore.

Sales of Park’s printed circuit materials products were 78%, 82% and 85% of the Company’s total net sales worldwide in the 2015, 2014 and 2013 fiscal years, respectively, and sales of Park’s advanced composite materials, parts and assemblies products were 22%, 18% and 15% of the Company’s total net sales worldwide in the 2015, 2014 and 2013 fiscal years, respectively.

Park was founded in 1954 by Jerry Shore, who was the Company’s Chairman of the Board until July 14, 2004.

The sales and long-lived assets of the Company’s operations by geographic area for the last three fiscal years are set forth in Note 14 of the Notes to Consolidated Financial Statements in Item 8 of Part II of this Report. The Company’s foreign operations are conducted principally by the Company’s subsidiaries in Singapore and France. The Company’s foreign operations are subject to the impact of foreign currency fluctuations. See Note 1 of the Notes to Consolidated Financial Statements in Item 8 of Part II of this Report.

The Company makes available free of charge on its Internet website, www.parkelectro.com, its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports as soon as reasonably practicable after such material is electronically filed with or furnished to the Securities and Exchange Commission. None of the information on the Company's website shall be deemed to be a part of this Report.

AEROGLIDE®, COREFIX®, EASYCURE E-710®, EF®, LD®, MERCURYWAVE®, METEORWAVE®, NELCO®, RTFOIL®, SI® and TIN CITY AIRCRAFT WORKS® are registered trademarks of Park Electrochemical Corp., and ALPHASTRUT™, ELECTROGLIDE™, ELECTROVUE™, EP™, PEELCOTE™, POWERBOND™ and SIGMASTRUT™ are common law trademarks of Park Electrochemical Corp.

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Printed Circuit Materials

Printed Circuit Materials - Operations

The Company is a leading global designer and manufacturer of advanced printed circuit materials used to fabricate complex multilayer printed circuit boards and other electronic interconnection systems, such as multilayer back-planes, wireless packages, high-speed/low-loss multilayers and high density interconnects (“HDIs”). The Company’s multilayer printed circuit materials consist of copper-clad laminates and prepregs, which is an acronym for pre-impregnated material. The Company has long-term relationships with its major customers, which include leading independent printed circuit board fabricators, electronic manufacturing service companies, electronic contract manufacturers and major electronic original equipment manufacturers ("OEMs"). Multilayer printed circuit boards and interconnect systems are used in virtually all advanced electronic equipment to direct, sequence and control electronic signals between semiconductor devices (such as microprocessors and memory and logic devices), passive components (such as resistors and capacitors) and connection devices (such as infra-red couplings, fiber optics, compliant pin and surface mount connectors). Examples of end uses of the Company’s digital printed circuit materials include high speed routers and servers, telecommunications switches, storage area networks, supercomputers, satellite switching equipment, and wireless local area networks ("LANs"). The Company's RF/microwave printed circuit materials are used primarily for military avionics, antennas for cellular telephone base stations, automotive adaptive cruise control systems and avionic communications equipment. The Company has developed long-term relationships with major customers as a result of its leading edge products, extensive technical and engineering service support and responsive manufacturing capabilities.

Park believes it founded the modern day printed circuit industry in 1957 by inventing a composite material consisting of an epoxy resin substrate reinforced with fiberglass cloth which was laminated together with sheets of thin copper foil. This epoxy-glass copper-clad laminate system is still used to construct the large majority of today’s advanced printed circuit products. The Company also believes that in 1962 it invented the first multilayer printed circuit materials system used to construct multilayer printed circuit boards. The Company also pioneered vacuum lamination and many other manufacturing technologies used in the industry today. The Company believes it is one of the industry’s technological leaders.

The Company believes that it is one of the world’s largest manufacturers of advanced multilayer printed circuit materials. It also believes that it is one of only a few significant independent manufacturers of high performance multilayer printed circuit materials in the world. The Company was the first manufacturer in the printed circuit materials industry to establish manufacturing presences in the three major global markets of North America, Europe and Asia, with facilities established in Europe in 1969 and Asia in 1986.

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Printed Circuit Materials – Industry Background

The printed circuit materials manufactured by the Company and its competitors are used primarily to construct and fabricate complex multilayer printed circuit boards and other advanced electronic interconnection systems. Multilayer printed circuit materials consist of prepregs and copper-clad laminates. Prepregs are chemically and electrically engineered thermosetting or thermoplastic resin systems which are impregnated into and reinforced by a specially manufactured fiberglass cloth product or other woven or non-woven reinforcing fiber. This insulating dielectric substrate generally is 0.030 inch to 0.002 inch in thickness or less in some cases. While these resin systems historically have been based on epoxy resin chemistry, in recent years, increasingly demanding OEM requirements have driven the industry to utilize proprietary enhanced epoxies as well as other higher performance resins, such as phenolic, bismalimide triazine ("BT"), cyanate ester, enhanced polyimide, non-Methylene Dianiline (“MDA”) polyimide, allylated polyphenylene ether (“APPE”) or polytetrafluoroethylene ("PTFE"). One or more plies of prepreg are laminated together to form an insulating dielectric substrate to support the copper circuitry patterns of a multilayer printed circuit board. Copper-clad laminates consist of one or more plies of prepreg with each ply laminated on the top and bottom with specialty thin copper foil. Copper foil is specially formed in thin sheets which may vary from 0.0056 inch to 0.0002 inch in thickness and normally have a thickness of 0.0014 inch or 0.0007 inch. The Company supplies both copper-clad laminates and prepregs to its customers, which use these products as a system to construct multilayer printed circuit boards.

The printed circuit board fabricator processes copper-clad laminates to form the inner layers of a multilayer printed circuit board. The fabricator photo images these laminates with a dry film or liquid photoresist. After development of the photoresist, the copper surfaces of the laminate are etched to form the circuit pattern. The fabricator then assembles these etched laminates by inserting one or more plies of dielectric prepreg between each of the inner layer etched laminates and also between an inner layer etched laminate and the outer layer copper plane, and then laminating the entire assembly in a press. Prepreg serves as the insulator and bond between the multiple layers of copper circuitry patterns found in the multilayer circuit board. When the multilayer configuration is laminated, these plies of prepreg form an insulating dielectric substrate supporting and separating the multiple inner and outer planes of copper circuitry. The fabricator drills vertical through-holes or vias in the multilayer assembly and then plates the through-holes or vias to form vertical conductors between the multiple layers of circuitry patterns. These through-holes or vias combine with the conductor paths on the horizontal circuitry planes to create a three-dimensional electronic interconnect system. In specialized applications, an additional set of microvia layers (2 or 4, typically) may be added through a secondary lamination process to provide increased density and functionality to the design. The outer two layers of copper foil are then imaged and etched to form the finished multilayer printed circuit board. The completed multilayer board is a three-dimensional interconnect system with electronic signals traveling in the horizontal planes of multiple layers of copper circuitry patterns, as well as in the vertical planes through the plated holes or vias.

Semiconductor manufacturers have introduced successive generations of more powerful microprocessors and memory and logic devices. Electronic equipment manufacturers have designed these advanced semiconductors into more compact products. High performance computing devices in these smaller platforms require greater reliability, faster signal speeds, closer tolerances, higher component and circuit density and increased overall complexity. As a result, the interconnect industry has developed smaller, lighter, faster and more cost-effective interconnect systems, including advanced multilayer printed circuit boards.

Advanced interconnect systems require higher technology printed circuit materials to ensure the performance and reliability of the electronic system and to improve the manufacturability of the interconnect platform. Printed circuit board fabricators and electronic equipment manufacturers require advanced printed circuit materials that have increasingly higher temperature tolerances and more advanced and stable electrical properties in order to support high-speed computing in a miniaturized and often portable environment. Temperature tolerance has been further emphasized by the advent of lead-free assemblies.

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With the very high density circuit demands of miniaturized high performance interconnect systems, the uniformity, purity, consistency, performance predictability, dimensional stability and production tolerances of printed circuit materials have become successively more critical. High density printed circuit boards and interconnect systems often involve higher layer count multilayer circuit boards where the multiple planes of circuitry and dielectric insulating substrates are very thin (dielectric insulating substrate layers may be 0.002 inch or less) and the circuit line and space geometries in the circuitry plane are very narrow (0.002 inch or less). In addition, advanced surface mount interconnect systems are typically designed with very small pad sizes and very small plated through-holes or vias which electrically connect the multiple layers of circuitry planes, and these interconnect systems frequently make use of multiple lamination cycles and/or laser drilled vias. High density interconnect systems must utilize printed circuit materials whose dimensional characteristics and purity are consistently manufactured to very high tolerance levels in order for the printed circuit board fabricator to attain and sustain acceptable product yields.

Shorter product life cycles and competitive pressures have induced electronic equipment manufacturers to bring new products to market and increase production volume to commercial levels more quickly. These trends have highlighted the importance of front-end engineering of electronic products and have increased the level of collaboration among system designers, fabricators and printed circuit materials suppliers. As the complexity of electronic products increases, materials suppliers must provide greater technical support to interconnect systems fabricators on a timely basis regarding manufacturability and performance of new materials systems.

Printed Circuit Materials – Products and Services

The Company produces a broad line of advanced printed circuit materials used to fabricate complex multilayer printed circuit boards and other electronic interconnect systems, including backplanes, high speed/low loss multilayers and high density interconnects (“HDIs”). The Company’s diverse advanced printed circuit materials product line is designed to address a wide array of end-use applications and performance requirements.

The Company’s printed circuit materials products have been developed internally and through long-term development projects with its principal suppliers and, to a lesser extent, through licensing arrangements. The Company focuses its research and development efforts on developing industry leading product technology to meet the most demanding product requirements and has designed its product line with a focus on the higher performance, higher technology end of the materials spectrum.

The Company’s products utilize, among other things, high-speed, low-loss, engineered formulations, high-temperature modified epoxies, phenolics, BT epoxies, MDA polyimides, enhanced polyimides, APPE, SI® (Signal Integrity) products, cyanate esters and PTFE formulations for RF/microwave applications.

The Company’s high performance printed circuit materials consist of high-speed, low-loss Cathodic Anodic Filament (“CAF”) resistant materials for digital and RF/microwave applications requiring lead-free compatibility and high bandwidth signal integrity, BT materials, polyimides for applications that demand extremely high thermal performance, cyanate esters, quartz reinforced materials, and PTFE and modified epoxy materials for RF/microwave systems that operate at frequencies up to at least 79 GHz.

The Company has developed long-term relationships with select customers through broad-based technical support and service, as well as manufacturing proximity and responsiveness at multiple levels of the customer’s organization. The Company focuses on developing a thorough understanding of its customer’s business, product lines, processes and technological challenges. The Company seeks customers which are industry leaders committed to maintaining and improving their industry leadership positions and which are committed to long-term relationships with their suppliers. The Company also seeks business opportunities with the more advanced printed circuit fabricators and electronic equipment manufacturers who are interested in maximizing the full value of the products and services provided by their suppliers. The Company believes its proactive and timely support in assisting its customers with the integration of advanced materials technology into new product designs further strengthens its relationships with its customers.

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The Company’s emphasis on service and close relationships with its customers is reflected in its short lead times. The Company has developed its manufacturing processes and customer service organizations to provide its customers with printed circuit materials products on a just-in-time basis. The Company believes that its ability to meet its customers' customized manufacturing and quick-turn-around ("QTA") requirements is one of its unique strengths.

Printed Circuit Materials – Customers and End Markets

The Company’s customers for its advanced printed circuit materials include the leading independent printed circuit board fabricators, electronic manufacturing service (“EMS”) companies, electronic contract manufacturers (“ECMs”) and major electronic original equipment manufacturers ("OEMs") in the computer, networking, telecommunications, wireless communications, aerospace, military, instrumentation and automotive industries located throughout North America, Europe and Asia. The Company seeks to align itself with the larger, more technologically-advanced and better capitalized independent printed circuit board fabricators and major electronic equipment manufacturers which are industry leaders committed to maintaining and improving their industry leadership positions and to building long-term relationships with their suppliers. The Company’s selling effort typically involves several stages and relies on the talents of Company personnel at different levels, from management to sales personnel and quality engineers. In recent years, the Company has augmented its traditional sales personnel with an OEM marketing team and process and product technology specialists.

During the Company’s 2015 fiscal year, the Company did not have sales to any customer that equaled or exceeded 10% of the Company’s total worldwide sales. During the Company’s 2014 fiscal year, approximately 15.8% of the Company's total worldwide sales were to TTM Technologies, Inc., a leading manufacturer of printed circuit boards. During the Company’s 2013 fiscal year, approximately 16.1% of the Company’s total worldwide sales were to TTM Technologies, Inc. and approximately 10.1% of the Company’s total worldwide sales were to Sanmina-SCI Corporation, a leading electronics contract manufacturer and manufacturer of printed circuit boards. During the Company’s 2014 and 2013 fiscal years, sales to no other customer of the Company equaled or exceeded 10% of the Company’s total worldwide sales.

Although the Company’s printed circuit materials business is not dependent on any single customer, the loss of a major customer or of a group of customers could have a material adverse effect on the Company’s business or its consolidated results of operations or financial position.

The Company’s printed circuit materials products are marketed primarily by sales personnel and, to a lesser extent, by independent distributors and independent sales representatives in industrial centers in Europe and Asia. 

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Printed Circuit Materials – Manufacturing

The process for manufacturing multilayer printed circuit materials is capital intensive and requires sophisticated equipment as well as clean-room environments. The key steps in the Company’s manufacturing process include: the impregnation of specially designed fiberglass cloth with a specially designed resin system and the partial curing of that resin system; the assembling of laminates consisting of single or multiple plies of prepreg and copper foil in a clean-room environment; the vacuum lamination of the copper-clad assemblies under simultaneous exposure to heat, pressure and vacuum; and the finishing of the laminates to customer specifications.

Prepreg is manufactured in a treater. A treater is a roll-to-roll continuous machine which sequences specially designed fiberglass cloth or other reinforcement fabric into a resin tank and then sequences the resin-coated cloth through a series of ovens which partially cure the resin system into the cloth. This partially cured product or prepreg is then sheeted or paneled and packaged by the Company for sale to customers, or used by the Company to construct its copper-clad laminates.

The Company manufactures copper-clad laminates by first setting up in a clean room an assembly of one or more plies of prepreg stacked together with a sheet of specially manufactured copper foil on the top and bottom of the assembly. This assembly, together with a large quantity of other laminate assemblies, is then inserted into a large, multiple opening vacuum lamination press. The laminate assemblies are then laminated under simultaneous exposure to heat, pressure and vacuum. After the press cycle is complete, the laminates are removed from the press and sheeted, sheared and finished to customer specifications. The product is then inspected and packaged for shipment to the customer.

The Company manufactures multilayer printed circuit materials at four fully integrated facilities located in the United States, Europe and Southeast Asia. The Company opened its California facility in 1965, its Arizona facility in 1984, its Singapore facility in 1986 and its France facility in 1992. The Company services the North American market principally through its United States manufacturing facilities, the European market principally through its manufacturing facilities in the United States and in France, and the Asian market principally through its Singapore manufacturing facility. During the 2014 fiscal year, the Company modified certain of the equipment in its printed circuit materials facility in Singapore to support the production of PTFE laminates and other laminates requiring elevated process temperatures. By maintaining technical and engineering staffs at each of its manufacturing facilities, the Company is able to deliver fully-integrated products and services on a timely basis.

Printed Circuit Materials – Materials and Sources of Supply

The principal materials used in the manufacture of the Company’s printed circuit materials products are specially manufactured copper foil, fiberglass and quartz cloth and synthetic reinforcements, and specially formulated resins and chemicals. The Company develops and maintains close working relationships with suppliers of these materials who have dedicated themselves to complying with the Company’s stringent specifications and technical requirements. While the Company’s philosophy is to work with a limited number of suppliers, the Company has identified alternate sources of supply for many, but not all, of these materials. However, there are a limited number of qualified suppliers of these materials, in some cases substitutes for these materials are not always readily available, and, in the past, the industry has experienced shortages in the market for certain of these materials. While the Company considers its relationships with its suppliers to be strong, a shortage of these materials or a disruption of the supply of materials caused by a natural disaster, such as the temporary disruption caused by the earthquake and tsunami in Japan in March 2011, or otherwise, could materially increase the Company’s cost of operations and could materially adversely affect the business and results of operations of the Company.

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Significant increases in the cost of materials purchased by the Company could also have a material adverse effect on the Company’s business and results of operations if the Company were unable to pass such increases through to its customers. During the 2015, 2014 and 2013 fiscal years, the Company experienced significant volatility in the cost of copper foil, one of the Company’s primary raw materials. The Company generally passes changes in the costs of its raw materials through to its customers.

Printed Circuit Materials – Competition

The multilayer printed circuit materials industry is characterized by intense competition and ongoing consolidation. The Company’s competitors are primarily divisions or subsidiaries of very large, diversified multinational manufacturers which are substantially larger and have greater financial resources than the Company and, to a lesser degree, smaller regional producers. Because the Company focuses on the higher technology segment of the printed circuit materials market, technological innovation, quality and service, as well as price, are significant competitive factors.

The Company believes that there are several significant multilayer printed circuit materials manufacturers in the world and many of these competitors have significant presences in the three major global markets of North America, Europe and Asia. The Company believes that it is currently one of the world’s largest advanced multilayer printed circuit materials manufacturers. The Company further believes it is one of only a few significant independent manufacturers of multilayer printed circuit materials in the world today.

The markets in which the Company’s printed circuit materials operations compete are characterized by rapid technological advances, and the Company’s position in these markets depends largely on its continued ability to develop technologically advanced and highly specialized products. Although the Company believes it is an industry technology leader and directs a significant amount of its time and resources toward maintaining its technological competitive advantage, there is no assurance that the Company will be technologically competitive in the future, or that the Company will continue to develop new products that are technologically competitive.

Advanced Composite Materials, Parts and Assemblies

Advanced Composite Materials, Parts and Assemblies - Operations

The Company also develops and manufactures engineered, advanced composite materials and advanced composite parts and assemblies and low-volume tooling for the aerospace markets and prototype tooling for such parts and assemblies.

The Company’s advanced composite materials are developed and manufactured by the Company’s Park Aerospace Technologies Corp. (“PATC”) business unit located at the Newton, Kansas Airport and by the Company’s Nelco Products Pte. Ltd. business unit in Singapore. The Company’s advanced composite parts and assemblies and low-volume tooling are also developed and manufactured by the Company’s PATC business unit.

PATC offers a full range of advanced composite materials manufacturing capability, as well as composite parts design, assembly and production capability, all in its Newton facility. PATC offers composite aircraft and space vehicle parts design and assembly services, in addition to “build-to-print” services. The Company believes that the ability of its PATC facility to offer such a wide and comprehensive array of composite materials and parts manufacturing and development technology and capability to the aircraft and space vehicle industries provides attractive benefits and advantages to those industries.

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Advanced Composite Materials, Parts and Assemblies – Industry Background

The advanced composite materials manufactured by the Company and its competitors are used primarily to fabricate light-weight, high-strength structures with specifically designed performance characteristics. Composite materials are typically highly specified combinations of resin formulations and reinforcements. Reinforcements can be unidirectional fibers, woven fabrics, or non-woven goods such as mats or felts. Reinforcement materials are constructed of E-glass (fiberglass), carbon fiber, S2 glass, aramids, such as Kevlar® ("Kevlar" is a registered trademark of E.I. du Pont de Nemours & Co.) and Twaron® (“Twaron” is a registered trademark of Teijin Twaron B.V. LLC), quartz, polyester and other synthetic materials. Resin formulations are typically highly proprietary, and include various chemical and physical mixtures. The Company produces resin formulations using various epoxies, polyesters, phenolics, cyanate esters, polyimides and other complex matrices. The reinforcement combined with the resin is referred to as a “prepreg”. Advanced composite materials can be broadly categorized as either a thermoset or a thermoplastic. While both material types require the addition of heat to form a consolidated laminate, thermoplastics can be reformed using additional heat. Once fully cured, thermoset materials cannot be further reshaped. The Company believes that the demand for thermoset advanced materials is greater than that for thermoplastics due to the fact that fabrication processes for thermoplastics require much higher temperatures and pressures and are, therefore, typically more capital intensive than the fabrication processes for thermoset materials.

The Company works with aerospace original equipment manufacturers (“OEMs”), such as general aviation aircraft manufacturers, and certain tier I suppliers to qualify its advanced composite materials or parts and assemblies for use on current and upcoming programs. The Company’s customers typically design and specify a material specifically to meet the needs of the part’s end use and the customers’ processing methods. Such customers sometimes work with a supplier to develop the specific resin system and reinforcement combination to match the application. The Company’s customers’ processing, or the Company’s processing, may include hand lay-up, resin infusion or more advanced automated lay-up processes. Automated lay-up processes include automated tape lay-up, automated fiber placement and filament winding. These fabrication processes significantly alter the material form purchased. After the lay-up process is completed, the material is cured by the addition of heat and pressure. Cure processes typically include vacuum bag oven curing, high pressure autoclave, press forming and before-press curing. After the part has been cured, final finishing and trimming, and assembly of the structure, is performed by the fabricator or the Company.

Advanced Composite Materials, Parts and Assemblies – Products

The advanced composite materials products manufactured by the Company are primarily thermoset curing prepregs. The Company has developed proprietary resin formulations to suit the needs of the markets in which it participates by analyzing the needs of the markets and working with its customers. The complex process of developing resin formulations and selecting the proper reinforcement is accomplished through a collaborative effort of the Company’s research and development and technical sales and marketing resources working with the customers’ technical staff. The Company focuses on developing a thorough understanding of its customers’ businesses, product lines, processes and technical challenges. The Company develops innovative solutions which utilize technologically advanced materials and concepts for its customers.

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The Company’s advanced composite materials products include prepregs manufactured from proprietary formulations using modified epoxies, phenolics, polyesters, cyanate esters and polyimides combined with woven, non-woven and unidirectional reinforcements. Reinforcement materials used to produce the Company’s products include polyacrylonitrile (“PAN”) based carbons, E-glass, S2 glass, polyester, quartz, carbonized rayon, carbon fiber, aramids, such as Kevlar® (“Kevlar” is a registered trademark of E.I. du Pont de Nemours & Co.), Twaron® (“Twaron” is a registered trademark of Teijin Twaron B.V. LLC), polyester and other synthetic materials. The Company also sells certain specialty fabrics, such as Raycarb C2, a carbonized rayon fabric produced by Airbus Safran Launchers SAS (formerly Herakles, formerly Snecma Propulsion Solide) and used mainly in the rocket motor industry.

The Company’s composite parts and assemblies are manufactured with carbon, fiberglass and other reinforcements impregnated with formulated resins. Certain of these impregnated reinforcements, or prepregs, are also manufactured by PATC.

Advanced Composite Materials, Parts and Assemblies – Customers and End Markets

The Company’s advanced composite materials, parts and assemblies customers include manufacturers in the aerospace, fixed and rotary wing aircraft, rocket motor, electronics, RF and specialty industrial markets. The Company’s materials are marketed primarily by sales personnel and, to a lesser extent, by independent distributors and independent sales representatives.

While no single advanced composite materials, parts and assemblies customer accounted for 10% or more of the Company’s total sales during either of the last two fiscal years, the loss of a major customer or of a group of some of the largest customers of the Company’s advanced composite materials, parts and assemblies product line could have a material adverse effect on such product line.

The Company’s aerospace customers include fabricators of aircraft composite parts and assemblies. The Company’s advanced composite materials are used by such fabricators and by the Company to produce primary and secondary structures, aircraft interiors and various other aircraft components. The Company’s customers for aerospace materials, and the Company itself, produce parts and assemblies for commercial aircraft and for the general aviation and business aviation, kit aircraft and military markets. Many of the Company’s composite materials are used in the manufacture of aircraft certified by the Federal Aviation Administration (the “FAA”).

Customers for the Company’s rocket motor materials include United States defense prime contractors and subcontractors. These customers fabricate rocket motors for heavy lift space launchers, strategic defense weapons, tactical motors and various other applications. The Company’s materials are used to produce heat shields, exhaust gas management devices and insulative and ablative nozzle components. Rocket motors are primarily used for commercial and military space launch, and for tactical and strategic weapons. The Company also has customers for these materials outside of the United States.

The Company also sells composite materials for use in RF electrical applications. Customers buying these materials typically fabricate antennas and radomes engineered to preserve electrical signal integrity. A radome is a protective cover over an electrical antenna or signal generator. The radome is designed to minimize signal loss and distortion.

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Advanced Composite Materials, Parts and Assemblies – Manufacturing

The Company’s manufacturing facilities for advanced composite materials are currently located in Newton, Kansas and in Singapore, and its manufacturing facility for composite parts and assemblies is also located in Newton, Kansas. See “Advanced Composite Materials, Parts and Assemblies - Operations” elsewhere in this Report.

The process for manufacturing composite materials, parts and assemblies is capital intensive and requires sophisticated equipment, significant technical know-how and very tight process controls. The key steps used in the manufacturing process include resin mixing, reinforcement impregnation, resin film casting and solvent drying processes.

Prepreg is manufactured by the Company using either solvent (solution) coating methods on a treater or by hot melt impregnation. A solution treater is a roll-to-roll continuous process machine which sequences reinforcement through tension controllers and combines solvated resin with the reinforcement. The reinforcement is dipped in resin, passed through a drying oven which removes the solvent and advances (or partially cures) the resin. The prepreg material is interleafed with a carrier and cut to the roll lengths desired by the customer. The Company also manufactures prepreg using hot melt impregnation methods which use no solvent. Hot melt prepreg manufacturing is achieved by mixing a resin formulation in a heated resin vessel, casting a thin film on a carrier paper, and laminating the reinforcement with the resin film.

The Company also completes additional processing services, such as slitting, sheeting, biasing, sewing and cutting, if needed by the customer. Many of the products manufactured by the Company also undergo extensive testing of the chemical, physical and mechanical properties of the product. These testing requirements are completed in the laboratories and facilities located at the Company’s manufacturing facilities. The Company’s laboratories have been approved by several aerospace OEMs, and the Company has achieved certification pursuant to the National Aerospace and Defense Contractors Accreditation Program (“NADCAP”) for both non-metallic materials manufacturing and testing and composites fabrication. After all the processing has been completed, the product is inspected and packaged for shipment to the customer. The Company typically supplies final product to the customer in roll or sheet form. The Company’s PATC facility has received accreditation by NADCAP for composite parts manufacturing and for composite materials manufacturing, and the Company believes that the PATC facility is one of the few facilities in the world with NADCAP accreditation for manufacturing both composite materials and composite parts.

Advanced Composite Materials, Parts and Assemblies – Materials and Sources of Supply

The Company designs and manufactures its advanced composite materials to its own specifications and to the specifications of its customers. Product development efforts are focused on developing prepreg materials that meet the specifications of the customers. The materials used in the manufacture of these engineered materials include graphite and carbon fibers and fabrics, aramids, such as Kevlar® ("Kevlar" is a registered trademark of E.I. du Pont de Nemours & Co.) and Twaron® (“Twaron” is a registered trademark of Teijin Twaron B.V. LLC), quartz, fiberglass, polyester, specialty chemicals, resins, films, plastics, adhesives and certain other synthetic materials. The Company purchases these materials from several suppliers. Substitutes for many of these materials are not readily available. The qualification and certification of advanced composite materials for certain FAA certified aircraft typically include specific requirements for raw material supply and may restrict the Company’s flexibility in qualifying alternative sources of supply for certain key raw materials. The Company continues to work to determine acceptable alternatives for several raw materials.

13

The Company manufactures composite parts and assemblies primarily to its customers’ specifications using its own composite materials or composite materials supplied by third parties, based on the specific requirements of the Company’s customers.

Advanced Composite Materials, Parts and Assemblies – Competition

The Company has many competitors in the advanced composite materials, parts and assemblies markets, ranging in size from large international corporations to small regional producers. Several of the Company’s largest competitors are vertically integrated, producing raw materials, such as carbon fiber and cloth, as well as composite parts and assemblies. Some of the Company’s competitors may also serve as a supplier to the Company. The Company competes for business primarily on the basis of responsiveness, product performance, product qualification, FAA data base design allowables and innovative new product development.

Backlog

The Company considers an item as backlog when it receives a purchase order specifying the number of units to be purchased, the purchase price, specifications and other customary terms and conditions. At April 26, 2015, the unfilled portion of all purchase orders received by the Company and believed by it to be firm was approximately $28,147,000, compared to $33,755,000 at April 27, 2014. A major portion of the Company’s backlog consists of composite materials.

Various factors contribute to the size of the Company’s backlog. Accordingly, the foregoing information may not be indicative of the Company’s results of operations for any period subsequent to the fiscal year ended March 1, 2015.

Patents and Trademarks

The Company holds several patents and trademarks or licenses thereto. In the Company’s opinion, some of these patents and trademarks are important to its products. Generally, however, the Company does not believe that an inability to obtain new; or to defend existing, patents and trademarks would have a material adverse effect on the Company.

Employees

At March 1, 2015, the Company had 461 employees. Of these employees, 395 were engaged in the Company’s manufacturing operations, and 66 consisted of executive, sales and marketing and research and development personnel and general administrative staff.

Environmental Matters

The Company is subject to stringent environmental regulation of its use, storage, treatment and disposal of hazardous materials and the release of emissions into the environment. The Company believes that it currently is in substantial compliance with the applicable Federal, state and local and foreign environmental laws and regulations to which it is subject and that continuing compliance therewith will not have a material effect on its capital expenditures, earnings or competitive position. The Company does not currently anticipate making material capital expenditures for environmental control facilities for its existing manufacturing operations during the remainder of its current fiscal year or its succeeding fiscal year. However, developments, such as the enactment or adoption of even more stringent environmental laws and regulations, could conceivably result in substantial additional costs to the Company.

14

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 four sites.

Under the Superfund Act and similar state laws, all parties who may have contributed any waste to a hazardous waste disposal site or contaminated area identified by the EPA or comparable state agency may be jointly and severally liable for the cost of cleanup. Generally, these sites are locations at which numerous persons disposed of hazardous waste. In the case of the Company’s subsidiaries, generally the waste was removed from their manufacturing facilities and disposed at the waste sites by various companies which contracted with the subsidiaries to provide waste disposal services. Neither the Company nor any of its subsidiaries has been accused of or charged with any wrongdoing or illegal acts in connection with any such sites. The Company believes it maintains an effective and comprehensive environmental compliance program. Management believes the ultimate disposition of known environmental matters will not have a material adverse effect on the liquidity, capital resources, business, consolidated results of operations or financial position of the Company.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Environmental Matters” included in Item 7 of Part II of this Report and Note 13 of the Notes to Consolidated Financial Statements included in Item 8 of Part II of this Report.

ITEM 1A.    RISK FACTORS.

The business of the Company faces numerous risks, including those set forth below or those described elsewhere in this Form 10-K Annual Report or in the Company's other filings with the Securities and Exchange Commission. The risks described below are not the only risks that the Company faces, nor are they necessarily listed in order of significance. Other risks and uncertainties may also affect the Company’s business. Any of these risks may have a material adverse effect on the Company's business, financial condition, results of operations or cash flow.

The industries in which the Company operates are undergoing technological changes, and the Company's business could suffer if the Company is unable to adjust to these changes.

The Company's operating results could be negatively affected if the Company were unable to maintain and increase its technological and manufacturing capability and expertise. Rapid technological advances in semiconductors and electronic equipment have placed rigorous demands on the printed circuit materials manufactured by the Company and used in printed circuit board production.

The industries in which the Company operates are very competitive.

Certain of the Company's principal competitors are substantially larger and have greater financial resources than the Company, and the Company's operating results will be affected by its ability to maintain its competitive positions in these industries. The printed circuit materials, advanced composite materials and composite parts and assemblies industries are intensely competitive and the Company competes worldwide in the markets for such products.

15

The Company is vulnerable to an increase in the cost of gas or electricity.

Changes in the cost or availability of gas or electricity could materially increase the Company's cost of operations. The Company's production processes require the use of substantial amounts of gas and electricity, the cost and available supply of which are beyond the control of the Company.

The Company is vulnerable to disruptions and shortages in the supply of, and increases in the prices of, certain raw materials.

There are a limited number of qualified suppliers of the principal materials used by the Company in its manufacture of printed circuit materials, advanced composite materials and composite parts and assemblies. The Company has qualified alternate sources of supply for many, but not all, of its raw materials, but certain raw materials are produced by only one supplier. In some cases, substitutes for certain raw materials are not always readily available, and in the past there have been shortages in the market for certain of these materials. Raw material substitutions for certain aircraft related products may require governmental (such as Federal Aviation Administration) approval. While the Company considers its relationships with its suppliers to be strong, a shortage of these materials or a disruption of the supply of these materials caused by a natural disaster, such as the earthquake and tsunami in Japan in March 2011, or otherwise could materially increase the Company’s cost of operations and could materially adversely affect the business and results of operations of the Company. Likewise, significant increases in the cost of materials purchased by the Company could also materially increase the Company’s cost of operations and could have a material adverse effect on the Company’s business and results of operations if the Company were unable to pass such increases through to its customers. The Company experienced a supply chain issue as a result of the earthquake and tsunami in Japan in March 2011. Such issue was resolved during the 2012 fiscal year third quarter.

During the 2013, 2014 and 2015 fiscal years, the Company experienced significant volatility in the cost of copper foil, one of the Company’s primary raw materials. The Company generally passes changes in the costs of its raw materials through to its customers. See “Business—Printed Circuit Materials—Materials and Sources of Supply” in Item 1 of Part I of this Report and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 of Part II of this Report.

The Company's customer base is highly concentrated, and the loss of one or more customers could adversely affect the Company's business.

A loss of one or more key customers could adversely affect the Company's profitability. The Company's customer base is concentrated, in part, because the Company's business strategy has been to develop long-term relationships with a select group of customers. During the Company's fiscal years ended March 1, 2015, March 2, 2014 and March 3, 2013, the Company's ten largest customers accounted for approximately 53%, 59% and 63%, respectively, of net sales. The Company expects that sales to a relatively small number of customers will continue to account for a significant portion of its net sales for the foreseeable future. See "Business—Printed Circuit Materials—Customers and End Markets” and “Business—Advanced Composite Materials, Parts and Assemblies—Customers and End Markets” in Item 1 of Part I of this Report.

16

The Company's business is dependent on the electronics and aerospace industries, which are cyclical in nature.

The electronics and aerospace industries are cyclical and have experienced recurring cycles. The downturns, such as occurred in the electronics industry during the first quarter of the Company's fiscal year ended March 3, 2002 and in the general aviation industry in the fourth quarter of the Company’s 2009 fiscal year, can be unexpected and have often reduced demand for, and prices of, printed circuit materials and advanced composite materials, parts and assemblies. This potential reduction in demand and prices could have a negative impact on the Company’s business.

In addition, the Company is subject to the effects of general regional and global economic and financial conditions, such as the worldwide economic and financial crises that commenced in the second half of the Company’s fiscal year ended March 1, 2009.

The Company relies on short-term orders from its customers.

A variety of conditions, both specific to the individual customer and generally affecting the customer’s industry, can cause a customer to reduce or delay orders previously anticipated by the Company, which could negatively impact the Company’s business. In the printed circuit materials market, the Company typically does not obtain long-term purchase orders or commitments. Instead, it relies primarily on continual communication with its customers to anticipate the future volume of purchase orders.

The Company’s customers may require the Company to undergo a lengthy and expensive qualification process with respect to its products, with no assurance of sales. Any delay or failure in such qualification process could negatively affect the Company’s business and operating results.

The Company’s customers frequently require that the Company’s products undergo an extensive qualification process, which may include testing for performance, structural integrity and reliability. This qualification process may be lengthy and does not assure any sales of the product to that customer. The Company devotes substantial resources, including design, engineering, sales, marketing and management efforts, and often substantial expense, to qualifying the Company’s products with customers in anticipation of sales. Any delay or failure in qualifying any of its products with a customer may preclude or delay sales of those products to the customer, which may impede the Company’s growth and cause its business to suffer.

In addition, the Company engages in product development efforts with OEMs. The Company will not recover the cost of this product development directly even if the Company actually produces and sells any resulting product. There can be no guarantee that such efforts will result in any sales.

Consolidation among the Company’s customers could negatively impact the Company’s business.

A number of the Company’s customers have combined in recent years and consolidation of other customers may occur. If an existing customer is not the controlling entity following a combination, the Company may not be retained as a supplier. While there is potential for increasing the Company’s position with the combined customer, the Company’s revenues may decrease if the Company is not retained as a supplier.

17

The Company faces extensive capital expenditure costs.

The Company’s business is capital intensive and, in addition, the introduction of new technologies could substantially increase the Company’s capital expenditures. In order to remain competitive the Company must continue to make significant investments in capital equipment and expansion of operations, which could adversely affect the Company’s results of operations.

The Company’s international operations are subject to different and additional risks than the Company’s domestic operations.

The Company’s international operations are subject to various risks, including unexpected changes in regulatory requirements, foreign currency exchange rates, tariffs and other barriers, political and economic instability, potentially adverse tax consequences, and any impact on economic and financial conditions around the world resulting from geopolitical conflicts or acts of terrorism, all of which could negatively impact the Company’s business. A portion of the sales and costs of the Company’s international operations are denominated in currencies other than the U.S. dollar and may be affected by fluctuations in currency exchange rates.

The Company is subject to a variety of environmental regulations.

The Company’s production processes require the use, storage, treatment and disposal of certain materials which are considered hazardous under applicable environmental laws, and the Company is subject to a variety of regulatory requirements relating to the handling of such materials and the release of emissions and effluents into the environment, non-compliance with which could have a negative impact on the Company’s business or consolidated results of operations. Other possible developments, such as the enactment or adoption of additional environmental laws, could result in substantial costs to the Company.

If the Company’s efforts to protect its trade secrets are not sufficient, the Company may be adversely affected.

The Company’s business relies upon proprietary information, trade secrets and know-how in its product formulations and its manufacturing and research and development activities. The Company takes steps to protect its proprietary rights and information, including the use of confidentiality and other agreements with employees and consultants and in commercial relationships, including with distributors and customers. If these steps prove to be inadequate or are violated, the Company’s competitors might gain access to the Company’s trade secrets, and there may be no adequate remedy available to the Company

The Company depends upon the experience and expertise of its senior management team and key technical employees, and the loss of any key employee may impair the Company’s ability to operate effectively.

The Company’s success depends, to a certain extent, on the continued availability of its senior management team and key technical employees. Each of the Company’s executive officers, key technical personnel and other employees could terminate his or her employment at any time. The loss of any member of the Company’s senior management team might significantly delay or prevent the achievement of the Company’s business objectives and could materially harm the Company’s business and customer relationships. In addition, because of the highly technical nature of the Company’s business, the loss of any significant number of the Company’s key technical personnel could have a material adverse effect on the Company.

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ITEM 1B.    UNRESOLVED STAFF COMMENTS.

None.

ITEM 2.       PROPERTIES.

Set forth below are the locations of the significant properties owned and leased by the Company, the businesses which use the properties and the size of each such property. All of such properties, except for the Melville, New York property, are used principally as manufacturing and warehouse facilities.

Location	Owned or Leased	Use	Size (Square Footage)
Melville, NY	Leased	Administrative Offices		8,000
Fullerton, CA	Leased	Printed Circuit Materials		95,000
Anaheim, CA	Leased	Printed Circuit Materials		26,000
Tempe, AZ	Leased	Printed Circuit Materials		81,000
Lannemezan, France	Owned	Printed Circuit Materials		29,000
Singapore	Leased	Printed Circuit Materials		88,000
Newton, KS	Leased	Advanced Composite Materials, Parts and Assemblies		89,000
Singapore	Leased	Advanced Composite Materials		21,000

The Company believes its facilities and equipment to be in good condition and reasonably suited and adequate for its current needs. Most of the Company’s manufacturing facilities have the capacity to substantially increase their production levels.

In the 2013 fiscal year third quarter, the Company closed its Park Advanced Composite Materials, Inc. (“PACM”) facility, located in Waterbury, Connecticut, after the completion of the transfer of PACM’s aerospace composite materials manufacturing activities to PATC. In the 2013 fiscal year second quarter, the Company closed its Nelco Technology (Zhuhai FTZ) Ltd. facility located in the Free Trade Zone in Zhuhai, China and transferred the manufacturing activities conducted by such business unit to the Company’s Nelco Products Pte. Ltd. business unit located in Singapore.

ITEM 3.       LEGAL PROCEEDINGS.

None.     

ITEM 4.       MINE SAFETY DISCLOSURES.

None.

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Executive Officers of the Registrant.

Name	Title	Age
Brian E. Shore	Chief Executive Officer, and a Director		63
Christopher T. Mastrogiacomo	President and Chief Operating Officer		57
Stephen E. Gilhuley	Executive Vice President-Administration and Secretary		70
P. Matthew Farabaugh	Vice President and Chief Financial Officer		54
Constantine Petropoulos	Vice President and General Counsel		37
Mark A. Esquivel	Vice President- Aerospace		42

Mr. Shore has served as a Director of the Company since 1983 and as Chairman of the Board of Directors since July 2004. He was elected a Vice President of the Company in January 1993, Executive Vice President in May 1994, President in March 1996, and Chief Executive Officer in November 1996. He was President until July 28, 2014, when he was succeeded by Mr. Mastrogiacomo. Mr. Shore also served as General Counsel of the Company from April 1988 until April 1994.

Mr. Mastrogiacomo was elected President and Chief Operating Officer on July 28, 2014 after having served as Executive Vice President and Chief Operating Officer since June 1, 2011 and as Senior Vice President of Strategic Marketing since December 8, 2010. Prior to joining the Company as Vice President of Strategic Marketing in September 2010, Mr. Mastrogiacomo held senior management positions with Sanmina-SCI Corporation, a leading electronics contract manufacturing services company, and its predecessor, Hadco Corporation, a major manufacturer of advanced electronic interconnect systems. Since 2008, Mr. Mastrogiacomo was Senior Vice President, Printed Wiring Board (USA) of Sanmina-SCI Corporation; from 2004 to 2008, he was Senior Vice President of Operations, the Americas Enclosures Systems of Sanmina-SCI; and from 2000 to 2004, he was Senior Vice President, Printed Wiring Board Operations of Sanmina-SCI. During the twelve years prior to 1997, he held several management positions with Hadco Corporation.

Mr. Gilhuley was elected Executive Vice President – Administration on April 5, 2012, and he has been Secretary of the Company since July 1996. Prior to April 5, 2012, he had been Executive Vice President of the Company since October 2006 and Senior Vice President from March 2001 to October 2006. He also was General Counsel of the Company from April 1994 to October 2011, when he was succeeded by Stephen M. Banker, who was Vice President and General Counsel from October 2011 to May 2014 and who was succeeded by Mr. Petropoulos.

Mr. Farabaugh was elected Vice President and Chief Financial Officer on April 9, 2012. He had been Vice President and Controller of the Company since October 2007. Prior to joining the Company, Mr. Farabaugh was Corporate Controller of American Technical Ceramics, a publicly traded international company and a manufacturer of electronic components, located in Huntington Station, New York, from 2004 to September 2007 and Assistant Controller from 2000 to 2004. Prior thereto, Mr. Farabaugh was Assistant Controller of Park Electrochemical Corp. from 1989 to 2000. Prior to joining Park in 1989, Mr. Farabaugh had been a senior accountant with KPMG.

20

Mr. Petropoulos was elected Vice President and General Counsel on September 4, 2014. Prior to joining the Company, Mr. Petropoulos had been Managing Attorney at Scientific Games Corporation in New York City since November 2011. From September 2007 to October 2011, he was Senior Corporate Counsel, Finance & Strategic Development, at Coca-Cola HBC SA in Attica, Greece; and from October 2002 to September 2007 he was an attorney at Latham & Watkins LLP in New York City.

Mr. Esquivel was appointed Vice President- Aerospace of the Company in April 2015. Mr. Esquivel was also appointed as President of the Company’s PATC business unit in Newton, Kansas. Mr. Esquivel has been employed by the Company and its subsidiaries in various positions since 1994. He was Vice President of Aerospace Composite Parts of PATC from March 2012 to April 2015 and President of PATC from June 2010 to March 2012. Prior to June 2010, Mr. Esquivel was Vice President and General Manager of Neltec, Inc., the Company’s high-technology circuitry materials business unit located in Tempe, Arizona, and responsible for the day-to-day operations of Neltec, Inc., since his appointment to that position in September 2008. He served as Manufacturing Manager of Neltec, Inc. from August 2004 to September 2008 and as Materials Manager from February 2001 to August 2004, and he held various positions since he originally joined Neltec, Inc. in 1994.

There are no family relationships between the directors or executive officers of the Company.

Each executive officer of the Company serves at the pleasure of the Board of Directors of the Company.

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PART II

ITEM 5.       MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

The Company’s Common Stock is listed and trades on the New York Stock Exchange (trading symbol PKE). (The Common Stock also trades on the Chicago Stock Exchange.) The following table sets forth, for each of the quarterly periods indicated, the high and low sales prices for the Common Stock as reported on the New York Stock Exchange Composite Tape and dividends declared on the Common Stock.

For the Fiscal Year Ended	Stock Price				Dividends
March 1, 2015	High		Low		Declared
First Quarter	$	30.60	$	24.03	$	0.10
Second Quarter		32.46		25.59		0.10
Third Quarter		28.34		19.31		0.10
Fourth Quarter		25.87		20.50		1.60	(a)

For the Fiscal Year Ended	Stock Price				Dividends
March 2, 2014	High		Low		Declared
First Quarter	$	26.41	$	22.31	$	0.10
Second Quarter		28.43		23.08		0.10
Third Quarter		30.18		26.32		0.10
Fourth Quarter		30.64		24.88		2.60	(b)

(a)    During the 2015 fiscal year fourth quarter, the Company declared its regular quarterly cash dividend of $0.10 per share in December 2014, payable February 2, 2015 to shareholders of record on January 5, 2015, and declared a special cash dividend of $1.50 per share in January 2015, payable February 24, 2015 to shareholders of record on February 10, 2015.

(b)    During the 2014 fiscal year fourth quarter, the Company declared its regular quarterly cash dividend of $0.10 per share in December 2013, payable February 3, 2014 to shareholders of record on January 3, 2014, and  declared a special cash dividend of $2.50 per share in January 2014, payable February 25, 2014 to shareholders of record on February 11, 2014.

 As of May 8, 2015, there were 618 holders of record of Common Stock.

The Company expects, for the immediate future, to continue to pay regular cash dividends.

The following table provides information with respect to shares of the Company’s Common Stock acquired by the Company during each month included in the Company’s 2015 fiscal year fourth quarter ended March 1, 2015.

22

Period	Total Number of Shares (or Units) Purchased		Average Price Paid Per Share (or Unit)		Total Number of Shares (or Units) Purchased As Part of Publicly Announced Plans or Programs		Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
December 1 - January 1		-	$	-		0
January 2 - February 1		95,334		21.52		95,334
February 2 - March 1		23,422		21.78		23,422
Total		118,756	$	21.58		118,756	1,131,244 (a)

(a)       Aggregate number of shares available to be purchased by the Company pursuant to a share purchase authorization announced on January 8, 2015. Pursuant to such authorization, the Company is authorized to purchase its shares from time to time on the open market or in privately negotiated transactions.

In addition to the shares shown in the table above, the Company purchased an aggregate of 444,834 shares during the period March 9, 2015 through April 24, 2015 at an average price paid per share of $21.32, leaving an aggregate total of 686,410 shares available to be purchased by the Company pursuant to the aforementioned share purchase authorization announced on January 8, 2015. All of such 444,834 shares were purchased by the Company pursuant to a Rule 10b5-1 Stock Purchase Plan established by the Company on February 13, 2015 and terminated by the Company on April 24, 2015. Additional purchases by the Company pursuant to the aforementioned share purchase authorization may occur from time to time in the future. As previously announced by the Company, shares purchased by the Company will be retained as treasury stock and will be available for use under the Company’s stock option plan and for other corporate purposes.

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ITEM 6.        SELECTED FINANCIAL DATA.

The following selected consolidated financial data of Park and its subsidiaries is qualified by reference to, and should be read in conjunction with, the Consolidated Financial Statements, related Notes, and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained elsewhere herein. Insofar as such consolidated financial information relates to the five fiscal years ended March 1, 2015 and is as of the end of such periods, it is derived from the Consolidated Financial Statements for the five fiscal years ended March 1, 2015 and as of such dates audited by the Company’s independent registered public accounting firms. The Consolidated Financial Statements as of March 1, 2015 and March 2, 2014, and for each of the three years ended March 1, 2015, March 2, 2014 and March 3, 2013, together with the report of the independent registered public accounting firm for the year ended March 1, 2015 and the report of the independent registered public accounting firm for the years ended March 2, 2014 and March 3, 2013, appear in Item 8 of Part II of this Report.

	Fiscal Year Ended
	(Amounts in thousands, except per share amounts)
	March 1,		March 2,			March 3,		February 26,		February 27,
	2015		2014			2013		2012		2011
STATEMENT OF EARNINGS INFORMATION
Net sales	$	162,086	$	165,764		$	176,416	$	193,254	$	211,652
Cost of sales		113,133		117,664			125,866		138,512		141,751
Gross profit		48,953		48,100			50,550		54,742		69,901
Selling, general and administative expenses		24,373		25,168			26,595		28,247		27,917
Restructuring charges		1,179		546			3,703		1,250		1,312
Earnings from operations		23,401		22,386			20,252		25,245		40,672
Interest expense		1,438		764			14		-		-
Interest and other income		827		460			647		808		645
Litigation and insurance settlements		-		-			-		1,598		-
Earnings before income taxes		22,790		22,082			20,885		27,651		41,317
Income tax provision		2,747		64,411			3,924		4,209		8,696
Net earnings (loss)	$	20,043	$	(42,329	)	$	16,961	$	23,442	$	32,621
Earnings per share:
Basic earnings (loss) per share	$	0.96	$	(2.03	)	$	0.82	$	1.13	$	1.58
Diluted earnings (loss) per share	$	0.96	$	(2.03	)	$	0.81	$	1.13	$	1.58
Cash dividends per common share	$	1.90	$	2.90		$	2.90	$	0.40	$	1.40
Weighted average number of common shares outstanding:
Basic		20,912		20,849			20,801		20,746		20,628
Diluted		20,986		20,849			20,823		20,792		20,675
BALANCE SHEET INFORMATION
Working capital	$	283,535	$	286,997		$	303,996	$	290,149	$	271,706
Total assets		350,682		377,093			369,658		365,988		353,808
Long-term debt		84,000		94,000			52,000		-		-
Shareholders' equity		181,599		200,543			299,922		343,211		325,308

See notes to Consolidated Financial Statements in Item 8 of Part II of this Report.

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ITEM 7.        MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

General:

Park Electrochemical Corp. (“Park” or the “Company”) is a global advanced materials company which develops, manufactures, markets and sells high-technology digital and RF/microwave printed circuit materials products principally for the telecommunications and internet infrastructure and high-end computing markets and advanced composite materials, parts and assemblies products and low-volume tooling for the aerospace markets. Park’s core capabilities are in the areas of polymer chemistry formulation and coating technology. The Company’s manufacturing facilities are located in Singapore, France, Kansas, Arizona and California. The Company also maintains research and development facilities in Arizona, Kansas and Singapore.

The Company’s fiscal year is the 52 or 53 week period ending the Sunday nearest to the last day of February. The 2015, 2014 and 2013 fiscal years ended on March 1, 2015, March 2, 2014 and March 3, 2013, respectively. The 2015, 2014 and 2013 fiscal years consisted of 52, 52 and 53 weeks, respectively. Unless otherwise indicated in this Discussion and Analysis, all references to years in this Discussion and Analysis are to the Company’s fiscal years and all annual information in this Discussion and Analysis is for such fiscal years.

The comparison of the Company's results of operations for 2014 to the Company's results of operations for 2013 are impacted by the facts that the 2014 fiscal year consisted of 52 weeks and the 2013 fiscal year consisted of 53 weeks.

2015 Financial Overview

The Company's total net sales worldwide in 2015 were 2% lower than in 2014 primarily due to lower sales of the Company’s printed circuit materials products in North America and Europe, partially offset by higher sales of the Company’s printed circuit materials products in Asia and higher sales of the Company’s aerospace composite materials, parts and assemblies and low-volume tooling.

Despite the decline in total net sales and the fixed nature of certain overhead costs, the Company’s gross profit increased in 2015 compared to 2014. The Company’s gross profit margin, measured as a percentage of sales, improved to 30.2% in 2015 from 29.0% in 2014 due primarily to reductions in utility rates, cost reduction initiatives in the United States, a decrease in repairs and maintenance expenses and the improved operating performance of the Company’s Park Aerospace Technologies Corp. (“PATC”) business unit in Newton, Kansas. The gross profit in 2015 also benefited from the higher percentage of sales of higher margin, high performance printed circuit materials products than in 2014 and the growing percentage of sales of the Company’s more technically advanced high performance products.

The Company’s earnings from operations in 2015 were 5% higher than in 2014 primarily as a result of the favorable impact of the items mentioned in the preceding paragraph and the reduction in selling, general and administrative expenses partially offset by an increase in restructuring charges.

The Company’s net earnings in 2015 were higher than in 2014 primarily as a result of a non-cash charge of $64.0 million recorded in the 2014 fourth quarter for the accrual of U.S. deferred income taxes on the undistributed earnings of the Company’s subsidiary in Singapore. The charge was partially offset by a tax benefit of $2.2 million recorded in the 2014 second quarter in connection with a tax refund related to amended federal income tax returns.

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The global markets for the Company’s products continue to be very difficult to forecast, and it is not clear to the Company what the demand for the Company’s products will be in 2016 or beyond. However, the Company is currently in the process of qualifying its aerospace composite materials, parts and assemblies products for use in certain aerospace manufacturing programs and expects sales of these products to continue to increase in the future.

Results of Operations:

Fiscal Year 2015 Compared to Fiscal Year 2014

	Fiscal Year Ended
	March 1,		March 2,
(amounts in thousands, except per share amounts)	2015		2014			Increase / (Decrease)
Net sales	$	162,086	$	165,764		$	(3,678	)	-2	%
Cost of sales		113,133		117,664			(4,531	)	-4	%
Gross profit		48,953		48,100			853		2	%
Selling, general and administrative expenses		24,373		25,168			(795	)	-3	%
Restructuring charges		1,179		546			633		116	%
Earnings from operations		23,401		22,386			1,015		5	%
Interest expense		1,438		764			674		88	%
Interest and other income		827		460			367		80	%
Earnings before income taxes		22,790		22,082			708		3	%
Income tax provision		2,747		64,411			(61,664	)	-96	%
Net earnings (loss)	$	20,043	$	(42,329	)	$	62,372		147	%
Earnings per share:
Basic earnings (loss) per share	$	0.96	$	(2.03	)	$	2.99		147	%
Diluted earnings (loss) per share	$	0.96	$	(2.03	)	$	2.99		147	%

Net Sales

The Company’s total net sales worldwide in 2015 decreased 2% from 2014 as a result of lower unit volumes of printed circuit materials products shipped to the Company’s customers in North America and Europe, which were partially offset by higher unit volumes of printed circuit materials products shipped to the Company’s customers in Asia and higher volumes of aerospace composite materials, parts and assemblies. The decrease in sales of the Company’s printed circuit materials products in North America was primarily driven by a general slowdown in demand for certain legacy products, and the increase in sales of the Company’s printed circuit materials products in Asia was primarily driven by an increase in demand for the Company’s products as a result of the telecommunications infrastructure build-out in developing countries. The higher sales of the Company’s aerospace composite materials, parts and assemblies products was primarily due to the qualification of its aerospace composite materials on a long-term jet engine manufacturing program. The Company’s total net sales of its printed circuit materials products were $126.4 million in 2015 and $135.4 million in 2014 and comprised 78% and 82% of the Company’s total net sales worldwide in 2015 and 2014, respectively. The Company’s total net sales of its aerospace composite materials, parts and assemblies and low-volume tooling products were $35.6 million in 2015 and $30.4 million in 2014 and comprised 22% and 18% of the Company’s total net sales worldwide in 2015 and 2014, respectively.

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The Company's foreign sales were $86.7 million, or 53% of the Company's total net sales worldwide, during 2015 compared to $83.6 million of sales, or 50% of total net sales worldwide during 2014. The Company's foreign sales during 2015 increased 4% from 2014 as a result of higher sales in Asia.

The Company’s sales in North America, Asia and Europe were 46%, 47% and 7%, respectively, of the Company’s total net sales worldwide in 2015 compared to 50%, 43% and 7%, respectively, in 2014. The Company’s sales in North America decreased 8%, its sales in Asia increased 6% and its sales in Europe decreased 9% in 2015 compared to 2014.

During 2015, 92% of the Company’s total net sales worldwide of printed circuit materials consisted of high performance printed circuit materials, compared to 88% during 2014.

The Company’s high performance printed circuit materials (non-FR4 printed circuit materials) include high-speed, low-loss materials for digital and radio frequency (“RF”)/microwave applications requiring lead-free compatibility and high bandwidth signal integrity, bismalimide triazine (“BT”) materials, polyimides for applications that demand extremely high thermal performance and reliability, cyanate esters, quartz reinforced materials, and polytetrafluoroethylene (“PTFE”) and modified epoxy materials for RF/microwave systems that operate at frequencies up to at least 79GHz.

Gross Profit

Despite the reduction in the Company’s total net sales and the fixed nature of certain overhead costs, the Company’s gross profit in 2015 was 2% higher than its gross profit in the prior fiscal year and the overall gross profit as a percentage of net sales increased to 30.2% in 2015 compared to 29.0% in 2014. The increase in the gross profit margin was primarily due to reductions in utility rates, cost reduction initiatives in the United States, a decrease in repairs and maintenance expenses and the improved operating performance of the Company’s PATC business unit as a result of the increase in sales and efficiencies from larger production volumes. The gross profit in 2015 also benefited from the higher percentage of sales of higher margin, high performance printed circuit materials products than in 2014 and the growing percentage of sales of the more technically advanced high performance products.

Selling, General and Administrative Expenses

Selling, general and administrative expenses decreased by $0.8 million, or 3%, during 2015 compared to 2014. Such expenses measured as percentages of sales were 15.0% during 2015 compared to 15.2% during 2014. The decrease in such expenses in 2015 was primarily the result of lower freight expenses commensurate with lower sales in 2015 than in 2014, and lower travel and entertainment costs, legal fees and stock option expenses, which were partially offset by unfavorable changes in foreign exchange rates.

During 2015 and 2014, the Company recorded non-cash charges of $0.2 million and $0.7 million, respectively, resulting from the modification of previously issued employee stock options resulting from the $1.50 per share special cash dividend paid by the Company in February 2015 and the $2.50 per share special cash dividend paid by the Company in February 2014. Selling, general and administrative expenses in 2015 included $1.4 million of stock option expenses compared to $1.7 million of such expenses in 2014.

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Restructuring Charges

During 2015, the Company recorded pre-tax restructuring charges of $1.2 million in connection with cost reduction initiatives in the United States and the closures in prior years of its facilities located in Zhuhai, China and Newburgh, New York, compared to pre-tax restructuring charges of $0.5 million in 2014 related to the closure of the facility in Zhuhai, China.

Earnings from Operations

For the reasons set forth above, the Company’s earnings from operations were $23.4 million for 2015, including the non-cash pre-tax charges of $0.2 million associated with the modification of previously issued employee stock options, pre-tax restructuring charges of $1.2 million related to cost reduction initiatives in the United States and the closures in prior years of facilities in Zhuhai, China and Newburgh, New York and a pre-tax charge of $0.3 million for additional fees incurred in connection with the 2014 fiscal year-end audit, compared to $22.4 million for 2014, including the non-cash pre-tax charges of $0.7 million associated with the modification of previously issued employee stock options, $0.5 million related to the closure of the facility in Zhuhai, China and $0.3 million for a financial advisory services retention fee.

Interest Expense

Interest expense in 2015 related to the Company’s outstanding borrowings under the four-year amended and restated revolving credit facility agreement that the Company entered into with PNC Bank, National Association in the fourth quarter of the 2014. The increase in interest expense of $0.7 million in 2015 was due to the increase in outstanding borrowings in 2015 compared to 2014. The amended and restated agreement provides for an interest rate on the outstanding loan balance of LIBOR plus 1.10%. Other interest rate options are available to the Company under the agreement. See “Liquidity and Capital Resources” and “Results of Operation - Fiscal Year 2014 Compared to Fiscal Year 2013 – Interest Expense” elsewhere in this Item 7 and Note 11 of the Notes to Consolidated Financial Statements included elsewhere in this Report for additional information.

Interest and Other Income

Interest and other income was $0.8 million and $0.5 million for 2015 and 2014, respectively. Interest income increased 80% in 2015 as a result of higher weighted average interest rates based on a larger average balances of marketable securities held by the Company in 2015 compared to last year's comparable period. During 2015 and 2014, the Company earned interest income principally from its investments, which were primarily in short-term instruments and money market funds.

Income Tax Provision

The Company’s effective income tax rate of 12.1% for 2015 was lower than the statutory U.S. Federal income tax rate because portions of the Company's taxable income in 2015 were derived in foreign jurisdictions with lower effective income tax rates. The Company’s effective income tax rate was 291.7% for 2014, which was adversely affected by a non-cash charge of $64.0 million for the accrual of U.S. deferred income taxes on the undistributed earnings of the Company’s subsidiary in Singapore. The aforementioned charge was partially offset by a tax benefit of $2.2 million recorded by the Company in the 2014 second quarter in connection with a tax refund related to amended federal income tax returns. The effect of the aforementioned items was to increase the Company’s income tax provision from $2.6 million to $64.4 million for 2014. See “Results of Operations – Fiscal Year 2014 Compared to Fiscal Year 2013 – Income Tax Provision” elsewhere in this Item 7.

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Net Earnings

The Company’s net earnings for 2015 were $20.0 million, including the pre-tax charges of $1.6 million related to a modification of previously issued employee stock options, cost reduction initiatives in the United States and the facility closures and additional 2014 fiscal year-end audit fees mentioned above, compared to a net loss of $42.3 million for 2014, including $64.0 million related to the U.S. income tax on the undistributed earnings of the Company’s subsidiary in Singapore, a tax benefit of $2.2 million in connection with a tax refund related to amended federal income tax returns and pre-tax charges of $1.5 million related to the modification of previously issued employee stock options, the closure of the Company’s facility in Zhuhai, China and the financial advisory services fee mentioned above. The net impact of the items described above was to reduce net earnings by $1.0 million in 2015 and to reduce net earnings by $62.5 million in 2014.

Basic and Diluted Earnings Per Share

Basic and diluted earnings per share for 2015 were $0.96, including the additional non-cash charges related to the modification of previously issued employee stock options, cost reduction initiatives in the United States and the facility closures and the additional 2014 fiscal year-end audit fees mentioned above, compared to a basic and diluted loss per share of $2.03, including the non-cash charge for the accrual of U.S. income tax on undistributed earnings, the tax benefit in connection with the tax refund related to amended federal income tax returns, the additional non-cash charges resulting from the modification of previously issued employee stock options, the pre-tax charges in connection with the closure of the Zhuhai facility and the financial advisory services retention fee mentioned above. The net impact of the items described above was to reduce basic and diluted earnings per share by $0.04 and $3.00 in 2015 and 2014, respectively.

Fiscal Year 2014 Compared to Fiscal Year 2013

The comparison of the Company’s results of operations for 2014 to the Company’s results of operations for 2013 are impacted by the fact that the 2013 fiscal year consisted of 53 weeks and the 2014 fiscal year consisted of 52 weeks.

	Fiscal Year Ended
	March 2,			March 3,
(amounts in thousands, except per share amounts)	2014			2013		Increase / (Decrease)
Net sales	$	165,764		$	176,416	$	(10,652	)	-6	%
Cost of sales		117,664			125,866		(8,202	)	-7	%
Gross profit		48,100			50,550		(2,450	)	-5	%
Selling, general and administrative expenses		25,168			26,595		(1,427	)	-5	%
Restructuring charges		546			3,703		(3,157	)	-85	%
Earnings from operations		22,386			20,252		2,134		11	%
Interest expense		764			14		750		5357	%
Interest and other income		460			647		(187	)	-29	%
Earnings before income taxes		22,082			20,885		1,197		6	%
Income tax provision		64,411			3,924		60,487		1541	%
Net (loss) earnings	$	(42,329	)	$	16,961	$	(59,290	)	-350	%
Earnings per share:
Basic (loss) earnings per share	$	(2.03	)	$	0.82	$	(2.85	)	-348	%
Diluted (loss) earnings per share	$	(2.03	)	$	0.81	$	(2.84	)	-351	%

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Net Sales

The Company’s total net sales worldwide in 2014 decreased 6% from 2013 as a result of lower unit volumes of printed circuit materials products shipped to the Company’s customers in North America, Asia and Europe. The lower sales of printed circuit materials products sold by the Company in 2014 was partially offset by higher sales of aerospace composite materials, parts and assemblies products by the Company’s operations in North America, Asia and Europe. The Company’s total net sales of its printed circuit materials products were $135.4 million in 2014 and $150.6 million in 2013 and comprised 82% and 85% of the Company’s total net sales worldwide in 2014 and 2013, respectively. The Company’s total net sales of its aerospace composite materials, parts and assemblies products were $30.4 million in 2014 and $25.9 million in 2013 and comprised 18% and 15% of the Company’s total net sales worldwide in 2014 and 2013, respectively.

The Company's foreign sales were $83.6 million, or 50% of the Company's total net sales worldwide, during 2014 compared to $95.4 million of sales, or 54% of total net sales worldwide during 2013. The Company's foreign sales during 2014 declined 12% from 2013 as a result of lower sales in Asia and Europe.

The Company’s sales in North America, Asia and Europe were 50%, 43% and 7%, respectively, of the Company’s total net sales worldwide in 2014 compared to 46%, 45% and 9%, respectively, in 2013. The Company’s sales in North America increased 2%, its sales in Asia decreased 9% and its sales in Europe decreased 31% in 2014 compared to 2013.

During 2014, 88% of the Company’s total net sales worldwide of printed circuit materials consisted of high performance printed circuit materials, compared to 82% for 2013.

Cost of Sales

The Company’s cost of sales decreased by 7% in 2014 from 2013 primarily as a result of lower sales and lower production volumes in 2014 than in 2013, and cost of sales as a percentage of sales decreased to 71.0% in 2014 from 71.3% in 2013. The decrease in costs of sales as a percentage of sales was due primarily to the improved operating performance of the Company’s PATC business unit, the elimination of the additional, and in some instances duplicative, costs associated with transferring aerospace composite materials manufacturing from the Company’s Park Advanced Composite Materials, Inc. (“PACM”) facility to the Company’s PATC facility in 2013, the cost reductions resulting from the closures of the Company’s PACM facility and Nelco Zhuhai facility in 2013 and lower depreciation expense in 2014 than in 2013.

Gross Profit

The Company’s gross profit in 2014 was lower than its gross profit in the prior fiscal year, but the overall gross profit as a percentage of net sales for the Company’s worldwide operations increased to 29.0% in 2014 compared to 28.7% in 2013 despite significantly lower sales and the partially fixed nature of overhead costs. The gross profit margin in 2014 benefitted from the higher percentage of sales of higher margin, high performance printed circuit materials products in 2014 than in 2013, cost reductions as a result of the aforementioned facility closures, the improved operating performance of the Company’s PATC business unit and the lower depreciation expense in 2014 than in 2013.

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Selling, General and Administrative Expenses

Selling, general and administrative expenses decreased by $1.4 million, or 5%, during 2014 compared to 2013. Such expenses measured as percentages of sales were 15.2% during 2014 compared to 15.1% during 2013. The increase as a percentage of sales was the result of lower revenues combined with the partially fixed nature of such expenses. Such expenses in 2013 were impacted by additional, and in some instances duplicative, expenses associated with the consolidation of all of the Company’s North American aerospace composite materials, parts and assemblies manufacturing, development and design activities at its PATC business unit. The decrease in such expenses in 2014 was primarily the result of lower legal fees and expenses, lower selling and freight expenses commensurate with lower sales in 2014 than in 2013 and the elimination of the additional, and in some instances duplicative, expenses associated with operating two facilities during the consolidation of the Company’s aerospace activities at its PATC business unit in the 2013 fiscal year. Although such expenses declined in 2014, they were partially offset by increases in stock option expenses in 2014 compared to 2013 due to additional non-cash charges resulting from the modification of previously issued employee stock options resulting from the special cash dividend paid by the Company in February 2014 and a financial advisory services retention fee. Selling, general and administrative expenses in 2014 included $1.7 million of stock option expenses compared to $0.9 million in 2013.

Restructuring Charges

The Company recorded pre-tax restructuring charges of $0.5 million during 2014 in connection with the closure of its Nelco Zhuhai facility located in the Free Trade Zone in Zhuhai, China in the 2013 fiscal year second quarter, and the Company recorded pre-tax restructuring charges of $3.7 million in 2013 in connection with the closure of the Nelco Zhuhai facility and the closure of the PACM facility in Waterbury, Connecticut in the 2013 fiscal year third quarter.

Earnings from Operations

For the reasons set forth above, the Company’s earnings from operations were $22.4 million for 2014, including the non-cash pre-tax charges of $0.7 million associated with the modification of previously issued employee stock options, $0.3 million for the financial advisory services retention fee and $0.5 million related to the closure of the Nelco Zhuhai facility described above, compared to $20.3 million for 2013, including the pre-tax restructuring charges of $3.7 million related to the closures of the Nelco Zhuhai facility and the PACM facility described above.

Interest Expense

The interest expense in 2014 related to the Company’s borrowings under the four-year amended and restated revolving credit facility agreement that the Company entered into with PNC Bank, National Association in the fourth quarter of 2014. The amended and restated agreement provides for loans up to $104 million to the Company and letters of credit up to $2 million for the account of the Company and, subject to the terms and conditions of the agreement, an interest rate on the outstanding loan balance of LIBOR plus 1.10%. Other interest rate options are available to the Company under the agreement. At the end of 2014, the Company borrowed $104 million under this credit facility and used all of such borrowed funds to finance the payment of a special cash dividend of $2.50 per share, totaling $52 million, paid to its shareholders on February 25, 2014 and to continue the $52 million loan that was provided under the credit facility agreement that the Company entered into with PNC Bank in January 2013 to finance the payment of a special cash dividend of $2.50 per share, totaling $52 million, paid to the Company’s shareholders on February 26, 2013. The credit facility agreement entered into in 2014 replaced the credit facility agreement entered into in 2013. See “Liquidity and Capital Resources” elsewhere in this Item 7 and Note 11 of the Notes to Consolidated Financial Statements included elsewhere in this Report for additional information.

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Interest Income

Interest income decreased $187,000, or 29%, during 2014 compared to 2013 primarily as a result of lower prevailing interest rates and shorter average maturities of the Company’s investments during 2014 than 2013. During 2014 and 2013, the Company earned interest income principally from its investments, which were primarily in short-term instruments and money market funds.

Income Tax Provision

The Company's effective income tax rate was 291.7% for 2014 compared to 18.8% for 2013. The effective income tax rate for 2014 was adversely affected by a non-cash charge of $64.0 million for the accrual of U.S. deferred income taxes on the undistributed earnings of the Company’s subsidiary in Singapore. The charge included $34.4 million related to the U.S. income tax that would be payable if the Company were to repatriate funds in an after-tax amount necessary to repay the Company’s existing $104.0 million principal amount bank loan from PNC Bank and $29.6 million relating to the remainder of the undistributed earnings of the Company’s subsidiary in Singapore. The Company has no current plan to repatriate the undistributed earnings of its subsidiary in Singapore. The aforementioned charge was partially offset by a tax benefit of $2.2 million recorded by the Company in the 2014 second quarter in connection with a tax refund related to amended federal income tax returns. The effect of the aforementioned items was to increase the Company’s income tax provision from $2.6 million to $64.4 million for 2014.

Net Earnings

The Company’s net loss for 2014 was $42.3 million, including the $64.0 million non-cash charge for the accrual of U.S. income tax on undistributed earnings, the tax benefit of $2.2 million in connection with the tax refund related to amended federal income tax returns, the $0.7 million non-cash pre-tax charges associated with the modification of previously issued employee stock options and the pre-tax charges of $0.5 million in connection with the closure of the Nelco Zhuhai facility and $0.3 million financial advisory services retention fee described above, compared to net earnings for 2013 of $17.0 million, including the $3.7 million pre-tax charges related primarily to the closures of PACM and Nelco Zhuhai, described above. The net impact of the items described above was to reduce net earnings by $62.5 million in 2014 and to reduce net earnings by $3.4 million in 2013.

Basic and Diluted Earnings Per Share

Basic and diluted losses per share for 2014 were $2.03, including the non-cash charge for the accrual of U.S. income tax on undistributed earnings, the tax benefit in connection with the tax refund related to amended federal income tax returns, the additional non-cash charges related to the modification of previously issued employee stock options, the pre-tax charges in connection with the closure of the Nelco Zhuhai facility and the financial advisory services retention fee described above, compared to basic and diluted earnings per share of $0.82 and $0.81, respectively for 2013, including the charges related to the closures of PACM and Nelco Zhuhai described above. The net impact of the items described above was to reduce basic and diluted earnings per share by $3.00 in 2014 and to reduce basic and diluted earnings per share by $0.16 and $0.17, respectively, in 2013.

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Liquidity and Capital Resources:

(amounts in thousands)	March 1		March 2		Increase /
	2015		2014		(Decrease)
Cash and marketable securities	$	272,133	$	270,356	$	1,777
Restricted cash		-		25,000		(25,000	)
Working capital		283,535		286,997		(3,462	)

	Fiscal Year Ended
(amounts in thousands)	March 1,			March 2,			March 3,			Increase / (Decrease)
	2015			2014			2013			2015 vs. 2014			2014 vs. 2013
Net cash provided by operating activities	$	29,011		$	30,382		$	19,334		$	(1,371	)	$	11,048
Net cash provided by (used in)investing activities		5,481			(50,675	)		44,947		$	56,156		$	(95,622	)
Net cash used in financing activities		(25,948	)		(32,536	)		(7,774	)	$	6,588		$	(24,762	)

Cash, Marketable Securities and Restricted Cash

Of the $272.1 million of cash and marketable securities at March 1, 2015, approximately $269.0 million was owned by certain of the Company’s wholly owned foreign subsidiaries. In the fourth quarter of 2014, the Company provided a non-cash charge for the accrual of U.S. deferred income taxes in the amount of $64.0 million on undistributed earnings of the Company’s subsidiary in Singapore. The Company believes it has sufficient liquidity to fund its operating activities through the end of 2016 and for the foreseeable future thereafter.

The change in cash, marketable securities and restricted cash at March 1, 2015 compared to March 2, 2014 was the result of cash provided by operating activities and a number of additional factors. The significant changes in cash provided by operating activities were as follows:

● prepaid expenses and other current assets were 27% higher at March 1, 2015 than at March 2, 2014 principally due to an increase in current deferred tax assets, partially offset by the receipt of payment on an income tax recoverable during 2015;

● accounts payable increased 13% at March 1, 2015 compared to March 2, 2014 primarily due to the timing of payments to vendors and raw material purchases from suppliers;

● income taxes payable increased 38% at March 1, 2015 compared to March 2, 2014 primarily as a result of an increase in the Singapore income tax provision in 2015; and

● other liabilities increased 558% at March 1, 2015 than at March 2, 2014 primarily as a result of an increase in the Company’s tax reserves.

In addition, the Company paid $39.6 million and $60.5 million in cash dividends during 2015 and 2014, respectively, including special cash dividends of $31.4 million and $52.2 million paid in the fourth quarter of 2015 and the fourth quarter of 2014, respectively, and the Company made a $10.0 million principal payment on its long-term debt and purchased treasury shares at an aggregate cost of $2.7 million in the fourth quarter of 2015.

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Working Capital

The decrease in working capital at March 1, 2015 compared to March 2, 2014 was due principally to the decreases in accounts receivable and increases in current deferred income taxes, income taxes payable and accounts payable, partially offset by increases in cash and marketable securities, inventories and prepaid expenses and other current assets and a decrease in accrued liabilities.

The Company's current ratio (the ratio of current assets to current liabilities) was 10.5 to 1 at March 1, 2015 compared with 12.8 to 1 at March 2, 2014.

Cash Flows

During 2015, earnings from the Company’s operations, before depreciation and amortization, stock-based compensation, provision for deferred income taxes and amortization of bond premium, of $23.1 million, increased by a net addition in working capital items (as discussed above), resulted in $29.0 million of cash provided by operating activities.

During 2015, the Company expended $0.4 million for the purchase of property, plant and equipment. Such expenditures compare to $1.1 million during 2014 and $1.4 million during 2013 for the purchase of property, plant and equipment, primarily for the purchase of equipment for the Company’s printed circuit materials manufacturing facility in Singapore and for the Company’s aerospace development and manufacturing facility in Kansas. During 2013, the Company also paid $2.2 million as additional payment for the acquisition of substantially all the assets and business of Nova Composites, Inc.

In addition, the Company paid $39.6 million, $60.5 million and $60.4 million in cash dividends during 2015, 2014 and 2013, respectively, including special cash dividends of $31.4 million ($1.50 per share), $52.2 million ($2.50 per share) and $52.1 million ($2.50 per share) paid in the fourth quarter of 2015, the fourth quarter of 2014 and the fourth quarter of 2013, respectively. In addition, the Company made a $10.0 million principal payment on its long-term debt and purchased treasury shares at an aggregate cost of $2.7 million during 2015.

Long-Term Debt

At March 1, 2015 and March 2, 2014, the Company had $94.0 million and $104.0 million of bank debt, respectively. In the fourth quarter of 2014, the Company entered into a four-year amended and restated revolving credit facility agreement (the “Amended Credit Agreement”) with PNC Bank, National Association. The Amended Credit Agreement provides for loans up to $104.0 million to the Company and letters of credit up to $2.0 million for the account of the Company, and subject to the terms and conditions of the Amended Credit Agreement, an interest rate on the outstanding loan balance of LIBOR plus 1.10%. For additional information, see Note 11 of the Notes to Consolidated Financial Statements included elsewhere in this Report.

Other Liquidity Factors

The Company believes its financial resources will be sufficient, through the end of 2016 and for the foreseeable future thereafter, to provide for continued investment in working capital and property, plant and equipment and for general corporate purposes. Such resources would also be available for purchases of the Company's common stock, appropriate acquisitions and other expansions of the Company's business.

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The Company is not aware of any circumstances or events that are reasonably likely to occur that could materially affect its liquidity.

Contractual Obligations:

The Company's contractual obligations and other commercial commitments to make future payments under contracts, such as lease agreements, consist only of (i) operating lease commitments, commitments to purchase raw materials and commitments to purchase equipment, as described in Note 12 of the Notes to Consolidated Financial Statements included elsewhere in this Report, and (ii) the long-term debt described above. The Company has no other long-term debt, capital lease obligations, unconditional purchase obligations or other long-term obligations, standby letters of credit, guarantees, standby repurchase obligations or other commercial commitments or contingent commitments, other than two standby letters of credit in the total amount of $1.1 million to secure the Company's obligations under its workers’ compensation insurance program.

As of March 1, 2015, the Company’s significant contractual obligations, including payments due by fiscal year, were as follows:

Contractual Obligations (Amounts in thousands)	Total		2016			2017-2018		2019-2020	2021 and thereafter
Operating lease obligations	$	10,079	$	1,910	$	2,425	$	2,341	$	3,403
Bank debt		94,000		10,000		84,000		-		-
Inventory purchase obligations		118		118		-		-		-
Total	$	104,197	$	12,028	$	86,425	$	2,341	$	3,403

At March 1, 2015, the Company had unrecognized tax benefits of $1.1 million. A reasonable estimate of the timing of the payment of these liabilities is not possible.

Off-Balance Sheet Arrangements:

The Company's liquidity is not dependent on the use of, and the Company is not engaged in, any off-balance sheet financing arrangements, such as securitization of receivables or obtaining access to assets through special purpose entities.

Environmental Matters:

The Company is subject to various Federal, state and local government and foreign government requirements relating to the protection of the environment. The Company believes that, as a general matter, its policies, practices and procedures are properly designed to prevent unreasonable risk of environmental damage and that its handling, manufacture, use and disposal of hazardous or toxic substances are in accord with environmental laws and regulations. However, mainly because of past operations and operations of predecessor companies, which were generally in compliance with applicable laws at the time of the operations in question, the Company, like other companies engaged in similar businesses, is a party to claims by government agencies and third parties and has incurred remedial response and voluntary cleanup costs associated with environmental matters. Additional claims and costs involving past environmental matters may continue to arise in the future. It is the Company's policy to record appropriate liabilities for such matters when remedial efforts are probable and the costs can be reasonably estimated.

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In 2015, 2014 and 2013, the Company charged approximately $44,000, $27,000 and $70,000, respectively, against pre-tax income for remedial response and voluntary cleanup costs and related legal fees. The Company received, or expects to receive, reimbursement pursuant to general liability insurance coverage for approximately $21,000, $15,000 and $15,000, respectively, of such amounts charged in 2015, 2014 and 2013. While annual environmental remedial response and voluntary cleanup expenditures, including legal fees, have generally been constant from year to year, and may increase over time, the Company expects it will be able to fund such expenditures from cash flow from operations. The timing of expenditures depends on a number of factors, including regulatory approval of cleanup projects, remedial techniques to be utilized and agreements with other parties. At March 1, 2015 and March 2, 2014, there were no amounts recorded in accrued liabilities for environmental matters.

Management does not expect that environmental matters will have a material adverse effect on the liquidity, capital resources, business, consolidated results of operations or consolidated financial position of the Company. See Note 13 of the Notes to Consolidated Financial Statements included in Item 8 of Part II of this Report for a discussion of the Company's contingencies, including those related to environmental matters.

Critical Accounting Policies and Estimates:

The following information is provided regarding critical accounting policies that are important to the Consolidated Financial Statements and that entail, to a significant extent, the use of estimates, assumptions and the application of management's judgment.

General

The Company's discussion and analysis of its financial condition and results of operations are based upon the Company's Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these Financial Statements requires the Company to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosure of contingent liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to sales allowances, allowances for doubtful accounts, inventories, valuation of long-lived assets, income taxes, restructurings, contingencies and litigation, and employee benefit programs. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

The Company believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation of its Consolidated Financial Statements.

Revenue Recognition

The Company recognizes revenues when products are shipped and title has been transferred to a customer, the sales price is fixed and determinable, and collection is reasonably assured. All material sales transactions are for the shipment of the Company’s products.

36

Sales Allowances and Product Warranties

The Company provides for the estimated costs of sales allowances at the time such costs can be reasonably estimated. The Company’s products are made to customer specifications and tested for adherence to such specifications before shipment to customers. Composite parts and assemblies may be subject to “airworthiness” acceptance by customers after receipt at the customers’ locations. There are no future performance requirements other than the products’ meeting the agreed specifications. The Company’s bases for providing sales allowances for returns are known situations in which products may have failed due to manufacturing defects in the products supplied by the Company. The Company is focused on manufacturing the highest quality printed circuit materials and advanced composite materials, parts and assemblies possible and employs stringent manufacturing process controls and works with raw material suppliers who have dedicated themselves to complying with the Company’s specifications and technical requirements. The amounts of returns and allowances resulting from defective or damaged products have been approximately 1.0% of sales for each of the Company’s last three fiscal years.

Accounts Receivable

The Company’s accounts receivable are due from purchasers of the Company’s products. Credit is extended based on evaluation of a customer’s financial condition and, generally, collateral is not required. Accounts receivable are due within established payment terms and are stated at amounts due from customers net of an allowance for doubtful accounts. Accounts outstanding longer than established payment terms are considered past due. The Company determines its allowance by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, and the conditions of the general economy and the electronics and aerospace industries. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The Company writes off accounts receivable when they become uncollectible.

Inventories

Inventories are stated at the lower of cost (first-in, first-out method) or market. The Company writes down its inventory for estimated obsolescence or unmarketability based upon the age of the inventory and assumptions about future demand for the Company's products and market conditions.

Valuation of Long-Lived Assets

The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. In addition, the Company assesses the impairment of goodwill at least annually. Important factors that could trigger an impairment review include, but are not limited to, significant negative industry or economic trends and significant changes in the use of the Company’s assets or strategy of the overall business.

37

Income Taxes

As part of the processes of preparing its consolidated financial statements, the Company is required to estimate the income taxes in each of the jurisdictions in which it operates. This process involves estimating the actual current tax expense together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included in the Company’s Consolidated Balance Sheets. Deferred income taxes are provided for temporary differences in the reporting of certain items, such as depreciation and undistributed earnings of foreign subsidiaries, for income tax purposes compared to financial accounting purposes. In evaluating the Company’s ability to recover the deferred tax assets within the jurisdiction from which they arise, all positive and negative evidence is considered, including the scheduled reversal of deferred tax liabilities, projected future taxable income, tax planning strategies and results of recent acquisitions. If these estimates and assumptions change in the future, the Company may be required to record additional valuation allowances against its deferred tax assets, resulting in additional income tax expense in the Company's Consolidated Statements of Operations, or conversely to further reduce the existing valuation allowance, resulting in less income tax expense. The Company evaluates the realizability of the deferred tax assets and assesses the need for additional valuation allowances quarterly.

Tax benefits are recognized for an uncertain tax position when, in the Company’s judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the tax benefit is measured as the largest amount that is judged to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances and when new information becomes available. Such adjustments are recognized entirely in the period in which they are identified. The effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by the Company. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, the Company believes its liability for unrecognized tax benefits is adequate. Interest and penalties recognized on the liability for unrecognized tax benefits are recorded as income tax expense.

Contingencies and Litigation

The Company is subject to a number of 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 change in the future due to new developments in each matter or changes in approach, such as a change in settlement strategy in dealing with these matters.

Employee Benefit Programs

The Company's obligations for workers' compensation claims are effectively self-insured, although the Company maintains individual and aggregate stop-loss insurance coverage for such claims. The Company accrues its workers compensation liability based on estimates of the total exposure of known claims using historical experience and projected loss development factors less amounts previously paid out.

The Company and certain of its subsidiaries have a non-contributory profit sharing retirement plan covering their regular full-time employees. In addition, the Company's subsidiaries have various bonus and incentive compensation programs, most of which are determined at management's discretion.

38

The Company's reserves associated with these self-insured liabilities and benefit programs are reviewed by management for adequacy at the end of each reporting period.

FACTORS THAT MAY AFFECT FUTURE RESULTS.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements to encourage companies to provide prospective information about their companies without fear of litigation so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in the statement. Certain portions of this Report which do not relate to historical financial information may be deemed to constitute forward-looking statements that are subject to various factors which could cause actual results to differ materially from Park's expectations or from results which might be projected, forecasted, estimated or budgeted by the Company in forward-looking statements.

Generally, forward-looking statements can be identified by the use of words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “goal,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue” and similar expressions or the negative or other variations thereof. Such forward-looking statements are based on current expectations that involve a number of uncertainties and risks that may cause actual events or results to differ materially from Park’s expectations.

The factors described under “Risk Factors” in Item 1A of this Report, as well as the following additional factors, could cause the Company's actual results to differ materially from any such results which might be projected, forecasted, estimated or budgeted by the Company in forward-looking statements.

■ The Company's operating results are affected by a number of factors, including various factors beyond the Company's control. Such factors include economic conditions in the printed circuit materials, advanced composite materials and composite parts and assemblies industries, the timing of customer orders, product prices, process yields, the mix of products sold and maintenance-related shutdowns of facilities. Operating results also can be influenced by development and introduction of new products and the costs associated with the start-up of new facilities.

■ The Company, from time to time, is engaged in the expansion of certain of its manufacturing facilities. The anticipated costs of such expansions cannot be determined with precision and may vary materially from those budgeted. In addition, such expansions will increase the Company's fixed costs. The Company's future profitability depends upon its ability to utilize its manufacturing capacity in an effective manner.

■ The Company may acquire businesses, product lines or technologies that expand or complement those of the Company. The integration and management of an acquired company or business may strain the Company's management resources and technical, financial and operating systems. In addition, implementation of acquisitions can result in large one-time charges and costs. A given acquisition, if consummated, may materially affect the Company's business, financial condition and results of operations.

■ The Company's success is dependent upon its relationships with key suppliers and customers and key management and technical personnel.

39

■ The Company's future success depends in part upon its intellectual property which the Company seeks to protect through a combination of contract provisions, trade secret protections, copyrights and patents.

■ The market price of the Company’s securities can be subject to fluctuations in response to quarter to quarter variations in operating results, changes in analyst earnings estimates, market conditions in the printed circuit materials, advanced composite materials and composite parts and assemblies industries, as well as general economic conditions and other factors external to the Company.

■ The Company's operating results could be affected by changes in the Company's accounting policies and practices or changes in the Company's organization, compensation and benefit plans, or changes in the Company's material agreements or understandings with third parties.

Item 7A.    Quantitative and Qualitative Disclosures About Market Risk.

Foreign Exchange Risk - The Company's primary foreign currency exchange exposure relates to the translation of the financial statements of foreign subsidiaries using currencies other than the U.S. dollar as their functional currencies. The Company does not believe that a hypothetical 10% fluctuation in foreign exchange rates would have had a material impact on its consolidated results of operations or financial position.

Interest Rate Risk - The exposure to market risks for changes in interest rates relates to the Company's short-term investment portfolio and its variable rate borrowings under its long-term debt obligations pursuant to the four-year amended and restated revolving credit facility agreement (the “Amended Credit Agreement”) with PNC Bank, National Association. See Note 11 of the Notes to Consolidated Financial Statements in Item 8 of Part II of this Report. The Company does not use derivative financial instruments in its investment portfolio or its long-term debt obligations. The Company’s short-term investment portfolio is managed in accordance with guidelines issued by the Company. These guidelines are designed to establish a high quality fixed income portfolio of government and highly rated corporate debt securities with a maximum weighted maturity of less than one year. Based on the average anticipated maturity of the investment portfolio at the end of the 2015 fiscal year, the Company does not believe that a hypothetical 10% fluctuation in short-term interest rates would have had a material impact on the consolidated results of operations or financial position of the Company. The Company’s outstanding borrowings of $94.0 million, at March 1, 2015, represent 100% of the Company’s total long-term debt obligations. Outstanding borrowings bear interest at a rate equal to, at the Company’s option, either a (a) LIBOR rate option determined by a fluctuating rate per annum equal to the LIBOR Rate plus 1.10% or (b) base rate option determined by a fluctuating rate per annum equal to the highest of (i) the Federal Funds Open Rate (as defined in the Amended Credit Agreement) plus 0.5%, (ii) the Prime Rate (as defined in the Amended Credit Agreement), and (iii) the Daily LIBOR Rate (as defined in the Amended Credit Agreement) plus 1.0%. The Company does not believe that a hypothetical 10% fluctuation in interest rates would have had a material impact on the consolidated results of operations or financial position of the Company.

Item 8.       Financial Statements and Supplementary Data.

The Company's Financial Statements begin on the next page.

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REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS

The Board of Directors and Shareholders

Park Electrochemical Corp.

We have audited the accompanying consolidated balance sheet of Park Electrochemical Corp. and subsidiaries as of March 1, 2015, and the related consolidated statements of operations, comprehensive earnings (loss), shareholders’ equity and cash flows for the year then ended. Our audit also included the financial statement schedule listed in the index at Item 15. Park Electrochemical Corp.’s management is responsible for these consolidated financial statements and financial statement schedule. Our responsibility is to express an opinion on these consolidated financial statements and financial statement schedule based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Park Electrochemical Corp. and subsidiaries as of March 1, 2015, and the results of their operations and their cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly in all material respects, the information set forth therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Park Electrochemical Corp. and subsidiaries’ internal control over financial reporting as of March 1, 2015, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated May 15, 2015 expressed an unqualified opinion thereon.

/s/ CohnReznick LLP

Jericho, New York

May 15, 2015

41

Board of Directors and Shareholders

Park Electrochemical Corp.

We have audited the accompanying consolidated balance sheets of Park Electrochemical Corp. (a New York corporation) and subsidiaries (the “Company”) as of March 2, 2014 and March 3, 2013 (not presented herein), and the related consolidated statements of operations, comprehensive earnings (loss), shareholders’ equity, and cash flows for each of the two years in the period ended March 2, 2014. Our audits of the basic consolidated financial statements included the financial statement schedule listed in the index appearing under Item 15(a)(2). These financial statements and financial statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and financial statement schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Park Electrochemical Corp. and subsidiaries as of March 2, 2014 and March 3, 2013 (not presented herein), and the results of their operations and their cash flows for each of the two years in the period ended March 2, 2014 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

/s/ Grant Thornton LLP

New York, New York

May 16, 2014

42

PARK ELECTROCHEMICAL CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share and per share amounts)

	March 1, 2015			March 2, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	141,538		$	133,150
Marketable securities (Note 2)		130,595			137,206
Accounts receivable, less allowance for doubtful accounts of $396 and $416, respectively		21,431			22,881
Inventories (Note 3)		14,439			13,871
Prepaid expenses and other current assets		5,256			4,132
Total current assets		313,259			311,240
Property, plant and equipment, net		26,537			29,674
Goodwill and other intangible assets (Note 3)		9,840			9,847
Restricted cash		-			25,000
Other assets (Note 4)		1,046			1,332
Total assets	$	350,682		$	377,093
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt (Note 11)	$	10,000		$	10,000
Accounts payable		6,882			6,109
Accrued liabilities (Note 3)		4,767			5,139
Income taxes payable		4,141			2,995
Current deferred income taxes		3,934			-
Total current liabilities		29,724			24,243
Long-term debt (Note 11)		84,000			94,000
Deferred income taxes (Note 4)		54,155			58,124
Other liabilities (Note 4)		1,204			183
Total liabilities		169,083			176,550
Commitments and contingencies (Notes 12 and 13)
Shareholders' equity (Note 6):
Preferred stock, $1 par value per shares-authorized, 500,000 shares; issued, none		-			-
Common stock, $0.10 par value per shares-authorized, 60,000,000 shares; issued, 20,962,644 and 20,882,844 shares, respectively		2,096			2,088
Additional paid in capital		164,819			161,677
Retained earnings		16,048			35,651
Accumulated other comprehensive earnings		1,468			1,221
		184,431			200,637
Less treasury stock, at cost, 130,641 and 4,074 shares, respectively		(2,832	)		(94	)
Total shareholders' equity		181,599			200,543
Total liabilities and shareholders' equity	$	350,682		$	377,093

See Notes to Consolidated Financial Statements.

43

PARK ELECTROCHEMICAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share amounts)

	Fiscal Year Ended
	March 1,		March 2,			March 3,
	2015		2014			2013
Net sales	$	162,086	$	165,764		$	176,416
Cost of sales		113,133		117,664			125,866
Gross profit		48,953		48,100			50,550
Selling, general and administrative expenses		24,373		25,168			26,595
Restructuring charges (Note 9)		1,179		546			3,703
Earnings from operations		23,401		22,386			20,252
Interest expense (Note 11)		1,438		764			14
Interest and other income		827		460			647
Earnings before income taxes		22,790		22,082			20,885
Income tax provision (Note 4)		2,747		64,411			3,924
Net earnings (loss)	$	20,043	$	(42,329	)	$	16,961
Earnings per share (Note 7):
Basic earnings (loss) per share	$	0.96	$	(2.03	)	$	0.82
Basic weighted average shares		20,912		20,849			20,801
Diluted earnings (loss) per share	$	0.96	$	(2.03	)	$	0.81
Diluted weighted average shares		20,986		20,849			20,823

See Notes to Consolidated Financial Statements.

44

PARK ELECTROCHEMICAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)

(Amounts in thousands)     

	Fiscal Year Ended
	March 1,			March 2,			March 3,
	2015			2014			2013
Net earnings (loss)	$	20,043		$	(42,329	)	$	16,961
Other comprehensive earnings, net of tax:
Foreign currency translation		185			420			75
Less: reclassification adjustment for foreign currency translation gains included in net earnings		-			-			(1,465	)
Unrealized gains on marketable securities:
Unrealized holding gains arising during the period		90			117			41
Less: reclassification adjustment for gains included in net earnings (loss)		(21	)		(20	)		(67	)
Unrealized losses on marketable securities:
Unrealized holding losses arising during the period		(20	)		(83	)		(72	)
Less: reclassification adjustment for losses included in net earnings (loss)		13			158			40
Other comprehensive earnings (loss)		247			592			(1,448	)
Total comprehensive earnings (loss)	$	20,290		$	(41,737	)	$	15,513

See Notes to Consolidated Financial Statements.

45

PARK ELECTROCHEMICAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(Amounts in thousands, except share and per share amounts)

										Accumulated
					Additional					Other
	Common Stock				Paid-in		Retained			Comprehensive			Treasury Stock
	Shares		Amount		Capital		Earnings			Earnings			Shares		Amount
Balance, February 26, 2012		20,795,591	$	2,079	$	157,115	$	181,941		$	2,077			158	$	(1	)
Net earnings		-		-		-		16,961			-			-		-
Foreign currency translation		-		-		-		-			(1,390	)		-		-
Unrealized loss on marketable securities, net of tax		-		-		-		-			(58	)		-		-
Stock options exercised		35,987		4		760		-			-			-		-
Stock-based compensation		-		-		915		-			-			-		-
Repurchase of treasury shares		-		-		-		-			-			3,908		(93	)
Cash dividends ($2.90 per share)		-		-		-		(60,388	)		-			-		-
Balance, March 3, 2013		20,831,578		2,083		158,790		138,514			629			4,066		(94	)
Net loss		-		-		-		(42,329	)		-			-		-
Foreign currency translation		-		-		-		-			420			-		-
Unrealized gain on marketable securities, net of tax		-		-		-		-			172			-		-
Stock options exercised		51,266		5		1,157		-			-			-		-
Stock-based compensation		-		-		1,730		-			-			-		-
Repurchase of treasury shares		-		-		-		-			-			8		-
Cash dividends ($2.90 per share)		-		-		-		(60,534	)		-			-		-
Balance, March 2, 2014		20,882,844		2,088		161,677		35,651			1,221			4,074		(94	)
Net earnings		-		-		-		20,043			-			-		-
Foreign currency translation		-		-		-		-			185			-		-
Unrealized gain on marketable securities, net of tax		-		-		-		-			62			-		-
Stock options exercised		79,800		8		1,724		-			-			-		-
Stock-based compensation		-		-		1,418		-			-			-		-
Repurchase of treasury shares		-		-		-		-			-			126,567		(2,738	)
Cash dividends ($1.90 per share)		-		-		-		(39,646	)		-			-		-
Balance, March 1, 2015		20,962,644	$	2,096	$	164,819	$	16,048		$	1,468			130,641	$	(2,832	)

See Notes to Consolidated Financial Statements.

46

PARK ELECTROCHEMICAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)     

	Fiscal Year Ended
	March 1,			March 2,			March 3,
	2015			2014			2013
Cash flows from operating activities:
Net earnings (loss)	$	20,043		$	(42,329	)	$	16,961
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization		3,559			3,757			4,269
Stock-based compensation		1,418			1,730			915
Recovery of doubtful accounts		-			-			(135	)
(Benefit) provision for deferred income taxes		(2,815	)		63,681			1,137
Amortization of bond premium		796			1,816			1,499
Impairment of fixed assets		-			-			3,620
Gain on sale of fixed assets		-			(75	)		-
Non-cash restructuring		-			-			(1,465	)
Changes in operating assets and liabilities:
Accounts receivable		1,138			3,087			(2,255	)
Inventories		(664	)		(925	)		2,882
Prepaid expenses and other current assets		1,713			2,442			(3,126	)
Other assets and liabilities		1,490			(813	)		(310	)
Accounts payable		322			(240	)		(1,929	)
Accrued liabilities		866			(567	)		(2,708	)
Income taxes payable		1,145			(1,182	)		(21	)
Net cash provided by operating activities		29,011			30,382			19,334
Cash flows from investing activities:
Purchase of property, plant and equipment		(430	)		(1,117	)		(1,447	)
Proceeds from sales of property, plant and eqipment		-			100			-
Purchases of marketable securities		(100,074	)		(210,693	)		(142,134	)
Proceeds from sales and maturities of marketable securities		105,985			161,035			190,728
Business acquisition		-			-			(2,200	)
Net cash provided by (used in) investing activities		5,481			(50,675	)		44,947
Cash flows from financing activities:
Dividends paid		(39,646	)		(60,534	)		(60,388	)
Decrease (increase) in restricted cash		25,000			(25,000	)		-
Proceeds from exercise of stock options		1,732			1,162			760
Proceeds from long-term debt		-			52,000			52,000
Payments of long-term debt		(10,000	)		-			-
Payments for debt issuance costs		(296	)		(164	)		(53	)
Purchase of treasury stock		(2,738	)		-			(93	)
Net cash used in financing activities		(25,948	)		(32,536	)		(7,774	)
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes		8,544			(52,829	)		56,507
Effect of exchange rate changes on cash and cash equivalents		(156	)		(138	)		107
Increase (decrease) in cash and cash equivalents		8,388			(52,967	)		56,614
Cash and cash equivalents, beginning of year		133,150			186,117			129,503
Cash and cash equivalents, end of year	$	141,538		$	133,150		$	186,117

See Notes to Consolidated Financial Statements.

47

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Three years ended March 1, 2015

(Amounts in thousands, except share (unless otherwise stated), per share and option amounts)

1.     Summary of Significant Accounting Policies

Park Electrochemical Corp. (“Park”), through its subsidiaries (collectively, the “Company”), is a global advanced materials company which develops, manufactures, markets and sells high-technology digital and RF/microwave printed circuit materials products principally for the telecommunications and internet infrastructure and high-end computing markets and advanced composite materials, parts and assemblies and low-volume tooling products for the aerospace markets.

a. Principles of Consolidation – The consolidated financial statements include the accounts of Park and its subsidiaries. All significant intercompany balances and transactions have been eliminated.

b. Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates. In addition, certain amounts in the prior years' consolidated statements of stockholders’ equity, consolidated statements of cash flows and Note 3, “Other Balance Sheet Data”, have been reclassified to conform to the current year presentation.

c. Accounting Period – The Company’s fiscal year is the 52 or 53 week period ending the Sunday nearest to the last day of February. The 2015, 2014 and 2013 fiscal years ended on March 1, 2015, March 2, 2014 and March 3, 2013, respectively. Fiscal years 2015, 2014 and 2013 consisted of 52, 52 and 53 weeks, respectively.

d. Fair Value Measurements – Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.

Fair value measurements are broken down into three levels based on the reliability of inputs as follows:

Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves observable at commonly quoted intervals or current market) and contractual prices for the underlying financial instrument, as well as other relevant economic measures.

48

Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

The fair value of the Company’s cash and cash equivalents, accounts receivable, accounts payable and current liabilities approximate their carrying value due to their short-term nature. Due to the variable interest rates periodically adjusting with the current LIBOR, the carrying value of outstanding borrowings under the Company’s long-term debt approximates its fair value. (See Note 11). Certain assets and liabilities of the Company are required to be recorded at fair value on either a recurring or non-recurring basis. On a recurring basis, the Company records its marketable securities at fair value using Level 1 or Level 2 inputs. (See Note 2).

The Company’s non-financial assets measured at fair value on a non-recurring basis include goodwill and any long-lived assets written down to fair value. To measure fair value of such assets, the Company uses Level 3 inputs consisting of techniques including an income approach and a market approach. The income approach is based on a discounted cash flow analysis and calculates the fair value by estimating the after-tax cash flows attributable to a reporting unit and then discounting the after-tax cash flows to a present value using a risk-adjusted discount rate. Assumptions used in the discounted cash flow analysis require the exercise of significant judgment, including judgment about appropriate discount rates, terminal value, growth rates and the amount and timing of expected future cash flows. There were no transfers between levels within the fair value hierarchy during the 2015 and 2014 fiscal years.

During the 2013 fiscal year, the Company impaired the long-lived assets of Nelco Technology (Zhuhai FTZ) Ltd. (See Note 9).

e. Cash and Cash Equivalents – The Company considers all money market securities and investments with contractual maturities at the date of purchase of 90 days or less to be cash equivalents. The Company had $0 and $19,995 in debt securities included in cash equivalents at March 1, 2015 and March 2, 2014, respectively, which were valued based on level 2 inputs. (See Note 2). Certain Company’s cash and cash equivalents are in excess of U.S. government insurance. Approximately $269,000 of the $272,133 of cash and marketable securities at March 1, 2015 was owned by certain of the Company’s wholly owned foreign subsidiaries.

The Company classifies amounts required by the Amended Credit Agreement described in Note 11 to be maintained in cash and marketable securities as restricted cash on the consolidated balance sheets.

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 Supplemental cash flow information:

	Fiscal Year
	2015		2014		2013
Cash paid during the year for:
Income taxes, net of refunds	$	1,707	$	612	$	5,866
Interest		1,380		729		-

At March 1, 2015 and March 2, 2014, the Company help approximately $28,970 and $27,195, respectively, of cash equivalents in foreign financial institutions.

f. Marketable Securities – All marketable securities are classified as available-for-sale and are carried at fair value, with the unrealized gains and losses, net of tax, included in comprehensive earnings (loss). Realized gains and losses, amortization of premiums and discounts, and interest and dividend income are included in interest and other income, net. The cost of securities sold is based on the specific identification method.

g. Inventories – Inventories are stated at the lower of cost (first-in, first-out method) or market. The Company writes down its inventory for estimated obsolescence or unmarketability based upon the age of the inventory and assumptions about future demand for the Company's products and market conditions.

h. Revenue Recognition – The Company recognizes revenues when products are shipped and title has been transferred to a customer, the sales price is fixed and determinable, and collection is reasonably assured. All material sales transactions are for the shipment of the Company’s products.

i. Sales Allowances and Product Warranties – The Company provides for the estimated costs of sales allowances at the time such costs can be reasonably estimated. The Company’s products are made to customer specifications and tested for adherence to specifications before shipment to customers. Composite parts and assemblies may be subject to “airworthiness” acceptance by customers after receipt at the customers’ locations. There are no future performance requirements other than the products’ meeting the agreed specifications. The Company’s bases for providing sales allowances for returns are known situations in which products may have failed due to manufacturing defects in products supplied by the Company. The Company is focused on manufacturing the highest quality products and employs stringent manufacturing process controls and works with raw material suppliers who have dedicated themselves to complying with the Company's specifications and technical requirements. The amounts of returns and allowances resulting from defective or damaged products have been less than 1.0% of sales for each of the Company's last three fiscal years.

j. Accounts Receivable – The Company’s accounts receivable are due from purchasers of the Company’s products. Credit is extended based on evaluation of a customer’s financial condition and, generally, collateral is not required. Accounts receivable are due within established payment terms and are stated at amounts due from customers net of an allowance for doubtful accounts. Accounts outstanding longer than established payment terms are considered past due. The Company determines its allowance by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, and the conditions of the general economy and the electronics and aerospace industries. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The Company writes off accounts receivable when they become uncollectible.

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k. Valuation of Long-Lived Assets – The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Important factors that could trigger an impairment review include, but are not limited to, significant negative industry or economic trends and significant changes in the use of the Company's assets or strategy of the overall business. No impairments of long-lived assets were identified in the 2015, 2014 or 2013 fiscal years other than impairments associated with restructuring activities. (See Note 9).

l. Goodwill and Other Intangible Assets – Goodwill is not amortized. Other intangible assets are amortized over the useful lives, which is 15 years, of the assets on a straight line basis. The Company tests for impairment of intangible assets whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. With respect to goodwill, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value is less than the carrying value. If, based on that assessment, the Company believes it is more likely than not that the fair value is less than the carrying value, a two-step goodwill impairment test is performed. The Company assesses the impairment of goodwill at least annually. The Company conducts its annual goodwill impairment test as of the first day of the fourth quarter. The Company concluded that there was no impairment in the 2015, 2014 or 2013 fiscal years.

m. Shipping Costs – The amounts paid by the Company to third-party shippers for transporting products to customers, which are not reimbursed by customers, are classified as selling expenses. The shipping costs included in selling, general and administrative expenses were approximately $3,398, $3,833 and $4,080 for the 2015, 2014 and 2013 fiscal years, respectively.

n. Property, Plant and Equipment – Property, plant and equipment are stated at cost less accumulated depreciation and amortization. The Company capitalizes additions, improvements and major renewals and expenses maintenance, repairs and minor renewals as incurred. Depreciation and amortization are computed principally by the straight-line method over the estimated useful lives of the assets. Machinery, equipment, furniture and fixtures are generally depreciated over 10 years. Building and leasehold improvements are generally depreciated over 25-30 years or the term of the lease, if shorter. The depreciation and amortization expenses associated with property, plant and equipment were $3,559, $3,757 and $4,269 for the 2015, 2014 and 2013 fiscal years, respectively.

o. Income Taxes – Deferred income taxes are provided for temporary differences in the reporting of certain items, such as depreciation and undistributed earnings of foreign subsidiaries, for income tax purposes compared to financial accounting purposes. In evaluating the Company’s ability to recover the deferred tax assets within the jurisdiction from which they arise, all positive and negative evidence is considered, including the scheduled reversal of deferred tax liabilities, projected future taxable income, tax planning strategies and results of recent acquisitions. If these estimates and assumptions change in the future, the Company may be required to record additional valuation allowances against its deferred tax assets, resulting in additional income tax expense in the Company's Consolidated Statements of Operations, or conversely to further reduce the existing valuation allowance, resulting in less income tax expense. The Company evaluates the realizability of the deferred tax assets and assesses the need for additional valuation allowances quarterly.

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Tax benefits are recognized for an uncertain tax position when, in the Company’s judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the tax benefit is measured as the largest amount that is judged to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances and when new information becomes available. Such adjustments are recognized entirely in the period in which they are identified. The effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by the Company. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, the Company believes its liability for unrecognized tax benefits is adequate. Interest and penalties recognized on the liability for unrecognized tax benefits are recorded as income tax expense.

p. Foreign Currency Translation – Assets and liabilities of foreign subsidiaries using currencies other than the U.S. dollar as their functional currency are translated into U.S. dollars at period-end exchange rates or historical exchange rates, where applicable, and income and expense items are translated at average exchange rates for the period. Gains and losses resulting from translation are recorded as currency translation adjustments in comprehensive (loss) earnings.

q.    Stock-Based Compensation – The Company accounts for employee stock options, the only form of equity compensation issued by the Company, as compensation expense based on the fair value of the options on the date of grant and recognizes such expense on a straight-line basis over the four-year service period during which the options become exercisable. The Company determines the fair value of such options using the Black-Scholes option pricing model. The Black-Scholes option pricing model incorporates certain assumptions relating to risk-free interest rate, expected volatility, expected dividend yield and expected life of options, in order to arrive at a fair value estimate.

r. Treasury Stock – The Company considers all shares of the Company’s common stock purchased by the Company as authorized but unissued shares on the trade date. The aggregate purchase price of such shares is reflected as a reduction to Shareholders’ Equity, and such shares are held in treasury at cost.

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2.          MArketable Securities

The following is a summary of available-for-sale securities:

	March 1, 2015
	Total		Level 1		Level 2		Level 3
U.S. Treasury and other government securities	$	119,493	$	119,493	$	-	$	-
U.S. corporate debt securities		11,102		7,084		4,018		-
Total marketable securities	$	130,595	$	126,577	$	4,018	$	-

	March 2, 2014
	Total		Level 1		Level 2		Level 3
U.S. Treasury and other government securities	$	112,793	$	112,793	$	-	$	-
U.S. corporate debt securities		24,413		17,329		7,084		-
Total marketable securities	$	137,206	$	130,122	$	7,084	$	-

At March 1, 2015 and March 2, 2014, the Company’s level 2 investments consisted of commercial paper which was not traded on a regular basis or in an active market, and the Company was unable to obtain pricing information on an ongoing basis. Therefore, these investments were measured using quoted market prices for similar assets currently trading in an active market or using model-derived valuations in which all significant inputs were observable for substantially the full term of the asset.

The following tables show the amortized cost basis, gross unrealized gains and losses and gross realized gains and losses on the Company’s available-for-sale securities:

	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses
March 1, 2015:
U.S. Treasury and other government securities	$	119,191	$	314	$	12
U.S. corporate debt securities		11,097		5		-
Total marketable securities	$	130,288	$	319	$	12
March 2, 2014:
U.S. Treasury and other government securities	$	112,593	$	200	$	-
U.S. corporate debt securities		24,401		13		1
Total marketable securities	$	136,994	$	213	$	1

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	Fiscal Year
	2015		2014		2013
Gross realized gains on sale	$	17	$	26	$	9
Gross realized losses on sale		44		209		35

The estimated fair values of such securities at March 1, 2015, by contractual maturity, are shown below:

Due in one year or less	$	73,972
Due after one year through five years		56,623
	$	130,595

3.  Other balance sheet data

Other balance sheet data consisted of the following:

	March 1,		March 2,
	2015		2014
Inventories:
Raw materials	$	7,376	$	7,253
Work-in-process		3,114		3,097
Finished goods		3,605		3,223
Manufacturing supplies		344		298
	$	14,439	$	13,871
Property, plant and equipment:
Land, buildings and improvements	$	42,019	$	42,471
Machinery, equipment, furniture and fixtures		130,585		130,353
		172,604		172,824
Less accumulated depreciation and amortization		146,067		143,150
	$	26,537	$	29,674
Goodwill and other intangible assets:
Goodwill	$	9,776	$	9,776
Other intangibles		64		71
	$	9,840	$	9,847
Accrued liabilities:
Payroll and payroll related	$	2,117	$	1,910
Employee benefits		262		274
Workers' compensation		300		354
Professional fees		671		1,116
Restructuring (Note 9)		182		198
Other		1,235		1,287
	$	4,767	$	5,139

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Property, Plant and Equipment – The New England Laminates Co., Inc. building in Newburgh, New York is held for sale. In the 2004 fiscal year, the Company reduced the book value of the building to zero, and the Company intends to sell it during the 2016 fiscal year. The Nelco Technology (Zhuhai FTZ) Ltd. building in Zhuhai, China is held for sale with a carrying value of $2,038. The Company ceased depreciating this building during the second quarter of the 2013 fiscal year, and it intends to sell the building during the 2016 fiscal year.

4. Income Taxes

The income tax provision includes the following:

	Fiscal Year
	2015			2014			2013
Current:
Federal	$	-		$	(2,435	)	$	(2,804	)
State and local		(39	)		(55	)		172
Foreign		5,601			3,220			5,419
		5,562			730			2,787
Deferred:
Federal		(2,238	)		63,105			1,652
State and local		(290	)		69			(314	)
Foreign		(287	)		507			(201	)
		(2,815	)		63,681			1,137
	$	2,747		$	64,411		$	3,924

Current federal income tax benefits of $2,435 and $2,804 in the 2014 and 2013 fiscal years, respectively, were the result of loss carrybacks to the 2011 and 2010 fiscal years, net of the tax impact from the loss of the domestic production activities deductions in those years.

The Company continuously evaluates the liquidity and capital requirements of its operations in the United States and of its foreign subsidiaries. As a result of such evaluation, the Company recorded a non-cash charge for the accrual of U.S. deferred income taxes in the amount of $63,958 on undistributed earnings of the Company’s subsidiary in Singapore during the fourth quarter of the 2014 fiscal year. No such charge was made in the 2015 fiscal year.

State income tax benefits from loss carryforwards to future years are recognized as deferred tax assets in the 2014 and 2013 fiscal years.

The components of earnings before income taxes were as follows:

	Fiscal Year
	2015			2014			2013
United States	$	(6,704	)	$	(2,080	)	$	(4,196	)
Foreign		29,494			24,162			25,081
Earnings before income taxes	$	22,790		$	22,082		$	20,885

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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
	2015			2014			2013
Statutory U.S. Federal tax rate		34.0	%		34.0	%		34.0	%
State and local taxes, net of Federal benefit		(1.1	)		(0.2	)		(0.8	)
Foreign tax rate differentials		(22.2	)		(19.6	)		(22.3	)
Valuation allowance on deferred tax assets		0.6			2.4			0.4
Adjustment on tax accruals and other		1.3			(3.0	)		4.8
Foreign tax credits		(0.5	)		(0.6	)		(0.3	)
Deferred tax liability on undistributed foreign earnings		-			289.6			-
Claim for refund		-			(10.5	)		-
Permanent differences and other		-			(0.4	)		2.9
		12.1	%		291.7	%		18.7	%

The Company had federal net operating loss carryforwards of approximately $8,611 and $2,042 in the 2015 and 2014 fiscal years, respectively, state net operating loss carryforwards of approximately $14,360 and $8,899 in the 2015 and 2014 fiscal years, respectively, and total net foreign operating loss carryforwards of approximately $33,672 and $33,835 in the 2015 and 2014 fiscal years, respectively. The federal net operating loss carryforwards will expire in 2032 through 2035. The China net operating loss carryforwards will expire in 2015 through 2020, while the France net operating loss carryforward has an unlimited carryforward period. The state net operating loss carryforwards will expire in 2017 through 2035.

The Company has foreign tax credit carryforwards of $486 and $424 at March 1, 2015 and March 2, 2014, respectively, which expire in 2021 through 2025. As of March 1, 2015 and March 2, 2014, research and development and other credits of $392 and $352, respectively, expire in 2031 through 2034.

The Company had New York State investment tax credit carryforwards of $709 in both the 2015 and 2014 fiscal years. The New York State Investment tax credits expire in fiscal years 2015 through 2018. The Company has Kansas tax credits of $225 and $211 in fiscal years 2015 and 2014, respectively, for which no benefit has been provided. The Company does not believe that realization of the principal portion of the Kansas tax credit or the investment tax credit carryforward is more likely than not. The Kansas credits will expire in the 2019 and 2020 fiscal years.

The deferred tax asset valuation allowance of $11,887 as of March 1, 2015 relates to foreign net operating losses and state tax credit carryforwards for which the Company does not expect to realize any tax benefit. During the 2015 fiscal year, the valuation allowance decreased by $54 primarily due to the expiration of foreign net operating loss carryforwards for which no tax benefit was recognized. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes.

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Significant components of the Company's deferred tax assets and liabilities as of March 1, 2015 and March 2, 2014 were as follows:

	March 1			March 2
	2015			2014
Deferred tax assets:
Depreciation and amortization	$	3,856		$	4,593
Net operating loss carryforwards		14,686			12,210
Tax credits carryforward		1,811			1,695
Stock options		1,899			1,693
Other, net		531			665
		22,783			20,856
Valuation allowance on deferred tax assets		(11,887	)		(11,941	)
Total deferred tax assets, net of valuation allowance		10,896			8,915
Deferred tax liabilities:
Depreciation		(446	)		(867	)
Undistributed earnings		(63,958	)		(63,958	)
Other		(1,257	)		(1,616	)
Total deferred tax liabilities		(65,661	)		(66,441	)
Net deferred tax liability	$	(54,765	)	$	(57,526	)

On the Consolidated Balance Sheets, the current net deferred tax assets of $3,324 and $598 at March 1, 2015 and March 2, 2014, respectively, were included in prepaid expenses and other current assets.

At March 1, 2015, the Company had gross unrecognized tax benefits of $1,204 included in other liabilities. The prior year unrecognized tax benefit of $2,715 relating to a claim for refund filed to recoup the tax benefit for the Company’s remaining investment in New England Laminates (U.K.) Ltd. was settled with the IRS in 2014 for $1,949 plus interest of $375. If any portion of the unrecognized tax benefits at March 1, 2015 were recognized, the Company’s effective tax rate would change.

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A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

	Unrecognized Tax Benefits
	March 1,			March 2,			March 3,
	2015			2014			2013
Balance, beginning of year	$	276		$	3,053		$	3,999
Gross decreases-tax positions in prior period		(21	)		(2,776	)		(235	)
Gross increases-current period tax positions		880			-			-
Audit settlements		-			-			(711	)
Lapse of statute of limitations		-			(1	)		-
Balance, end of year	$	1,135		$	276		$	3,053

The amount of unrecognized tax benefits may increase or decrease in the future for various reasons, including adding or subtracting amounts for current year tax positions, expiration of statutes of limitation on open income tax years, changes in the Company’s judgment about the level of uncertainty, status of tax examinations, and legislative changes. Changes in prior period tax positions are the result of a re-evaluation of the probability of realizing the benefit of a particular tax position based on new information. It is reasonably possible that none of the unrecognized tax benefits will be recognized in the 2015 fiscal year upon the expiration of statutes of limitations.

A list of open tax years by major jurisdiction follows:

California	2011-2015
New York	2012-2015
France	2013-2015
Singapore	2008-2015

The Company had approximately $70 and $98 of accrued interest and penalties as of March 1, 2015 and March 2, 2014, respectively. The Company’s policy is to include applicable interest and penalties related to unrecognized tax benefits as a component of current income tax expense.

During the 2015 fiscal year, the New York State Department of Taxation closed an examination of the Company’s tax returns for the 2008, 2009, 2010 and 2011 fiscal years without audit adjustments assessed.

5.     STOCK-BASED COMPENSATION

As of March 1, 2015, the Company had a 2002 Stock Option Plan (the “Plan”), and no other stock-based compensation plan. The Plan has been approved by the Company’s shareholders and provides for the grant of stock options to directors and key employees of the Company. All options granted under the Plan have exercise prices equal to the fair market value of the underlying common stock of the Company at the time of grant, which, pursuant to the terms of the Plan, is the reported closing price of the common stock on the New York Stock Exchange on the date preceding the date the option is granted. Options granted under the Plan become exercisable 25% one year after the date of grant, with an additional 25% exercisable each succeeding anniversary of the date of grant, and expire 10 years after the date of grant. Options to purchase a total of 1,800,000 shares of common stock were authorized for grant under the Plan. At March 1, 2015, 1,468,530 shares of common stock of the Company were reserved for issuance upon exercise of stock options under the Plan, and 501,838 options were available for future grant under the Plan.

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The compensation expense for stock options includes an estimate for forfeitures and is recognized on a straight line basis over the requisite service period.

The future compensation expense to be recognized in earnings before income taxes for options outstanding at March 1, 2015 was $2,448, which is expected to be recognized ratably over a weighted average vesting period of 2.24 years.

The Company records its stock-based compensation at fair value. The weighted average fair value for options was estimated at the dates of grants, using the Black-Scholes option pricing model. The following table represents the weighted average fair value and valuation assumptions used for options granted in the 2015, 2014 and 2013 fiscal years:

	Fiscal Year
	2015			2014			2013
Weighted average fair value per share of option grants	$	8.05		$	8.79		$	8.56
Risk-free interest rates		2.03 - 2.18	%		1.64 - 2.15	%		1.50 - 1.80	%
Expected stock price volatility		31.07 - 31.59	%		32.80 - 34.00	%		35.02 - 37.06	%
Expected dividend yields		1.34 - 1.77	%		1.46 - 1.67	%		1.54 - 1.65	%
Estimated option terms (years)		7.8			6.1 - 8.1			5.7 - 6.9

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 the 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 2015 fiscal year. The estimated terms of the options are based on evaluations of the historical and expected future employee exercise behavior.

During the fourth quarter of the 2015 fiscal year, the Company’s Board of Directors approved a reduction of $1.50 per share in the exercise price of all outstanding options as a result of the special cash dividend of $1.50 per share paid by the Company in February 2015. The reduction in the exercise price was treated as a modification of the stock options for accounting purposes. The modification, based on the fair value of the options both immediately before and after the modification, resulted in a total of incremental compensation expense of $205 during the 2015 fiscal year, which was recorded in selling, general and administrative expenses.

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Information with respect to stock option activity follows:

	Outstanding Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Balance, February 26, 2012		915,951		$	25.40
Granted		205,520			25.60
Exercised		(35,987	)		21.16
Terminated or expired		(107,701	)		25.91
Balance, March 3, 2013		977,783		$	25.54
Granted		193,600			27.20
Exercised		(51,266	)		23.44
Terminated or expired		(39,000	)		26.07
Granted under option modification		902,517			23.13
Cancelled under option modification		(902,517	)		25.63
Balance, March 2, 2014		1,081,117		$	23.84
Granted		18,000			25.81
Exercised		(79,800	)		21.49
Terminated or expired		(52,625	)		24.21
Granted under option modification		996,892			22.55
Cancelled under option modification		(996,892	)		24.05
Balance, March 1, 2015		966,692		$	22.55		5.40	$	425
Vested and exercisable, March 1, 2015		694,705		$	22.23		4.27	$	528

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 2015, 2014 and 2013 fiscal years were $688, $249 and $227, respectively.

A summary of the status of the Company’s non-vested options at March 1, 2015, and changes during the fiscal year then ended, is presented below:

	Shares Subject to Options			Weighted Average Grant Date Fair Value
Non-vested, beginning of year		416,788		$	8.41
Granted		18,000			8.05
Vested		(120,476	)		8.14
Terminated or expired		(42,325	)		8.06
Non-vested, end of year		271,987		$	8.27

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6.     SHAREHOLDERS’ EQUITY

Shareholders’ Rights Plan – On July 20, 2005, the Board of Directors renewed the Company’s shareholders’ rights plan on substantially the same terms as its previous rights plan which expired in July 2005. In accordance with the Company’s shareholders’ rights plan, a right (the “Right”) to purchase from the Company a unit consisting of one one-thousandth (1/1,000) of a share (a “Unit”) of Series B Junior Participating Preferred Stock, par value $1.00 per share (the “Series B Preferred Stock”), at a purchase price of $150 (the “Purchase Price”) per Unit, subject to adjustment, is attached to each outstanding share of the Company’s common stock. The Rights expire on July 20, 2015. Subject to certain exceptions, the Rights will become exercisable 10 business days after a person acquires 20 percent or more of the Company’s outstanding common stock or commences a tender offer that would result in such person’s owning 20 percent or more of such stock. If any person acquires 20 percent or more of the Company’s outstanding common stock, the rights of holders, other than the acquiring person, become rights to buy shares of the Company’s common stock (or of the acquiring company if the Company is involved in a merger or other business combination and is not the surviving corporation) having a market value of twice the Purchase Price of each Right. The Company may redeem the Rights for $.01 per Right until 10 business days after the first date of public announcement by the Company that a person acquired 20 percent or more of the Company’s outstanding common stock.

Treasury Stock – On January 8, 2015, the Company announced that its Board of Directors has authorized the Company’s purchase, on the open market and in privately negotiated transactions, of up to 1,250,000 shares of its common stock, representing approximately 6% of the Company’s 20,945,634 total outstanding shares as of the close of business on January 7, 2015. This authorization supersedes all prior Board of Directors’ authorizations to purchase shares of the Company’s common stock.

The Company announced on October 18, 2012 that its Board of Directors had authorized the Company’s purchase, on the open market and in privately negotiated transactions, of up to 1,000,000 shares of its common stock, representing approximately 5% of the Company’s total outstanding shares at that time.

During the 2015 and 2014 fiscal years, the Company purchased 126,564 and 0 shares, respectively, pursuant to the above authorizations at an aggregate purchase price of $2,738 and $0, respectively, leaving 1,131,244 shares that may be purchased pursuant to the January 8, 2015 authorization. In addition, the Company purchased 3 and 8 shares during the 2015 and 2014 fiscal years, respectively, not pursuant to such authorizations.

Reserved Common Shares – At March 1, 2015, 1,468,530 shares of common stock were reserved for issuance upon exercise of stock options.

Accumulated Other Comprehensive Earnings – Accumulated balances related to each component of other comprehensive earnings were as follows:

	March 1, 2015		March 2, 2014
Currency translation adjustment	$	1,268	$	1,083
Unrealized gains on investments, net of tax		200		138
Accumulated balance	$	1,468	$	1,221

7.          EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share are computed by dividing net earnings (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share are computed by dividing net earnings (loss) 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.

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The following table sets forth the calculation of basic and diluted earnings (loss) per share:

	Fiscal Year
(Amounts in thousands, except per share amounts)	2015		2014			2013
Net earnings (loss)	$	20,043	$	(42,329	)	$	16,961
Weighted average common shares outstanding for basic EPS		20,912		20,849			20,801
Net effect of dilutive options		74		-			22
Weighted average shares outstanding for diluted EPS		20,986		20,849			20,823
Basic earnings (loss) per share	$	0.96	$	(2.03	)	$	0.82
Diluted earnings (loss) per share	$	0.96	$	(2.03	)	$	0.81

Potentially dilutive stock options, which were not included in the computation of diluted earnings per share because either the effect would have been antidilutive or the options’ exercise prices were greater than the average market price of the common stock, were approximately 192,063, 1,081,000 and 423,000 for the 2015, 2014 and 2013 fiscal years, respectively.

8. LITIGATION AND INSURANCE SETTLEMENTS

During the 2013 fiscal year, the Company recorded pre-tax other income of $1,000 resulting from the settlement of a business interruption insurance claim at the Company’s Neltec, Inc. (“Neltec”) business unit in Tempe, Arizona and Nelco Products, Inc. (“Nelco”) business unit in Fullerton, California resulting from an interruption of material shipments from one of the Company’s vendors located in Japan to these subsidiaries caused by the March 2011 tsunami in Japan.

During the 2013 fiscal year, the Company settled all pending litigation with Isola USA Corporation (“Isola”) for $1,000. The settlement resulted in the dismissal of the patent infringement lawsuit that Isola filed against Park, Nelco and Neltec. Park, Nelco and Neltec agreed to refrain from challenging the validity or enforceability of any of the applicable patents. In the settlement, neither party admitted any liability or wrongdoing. (See Note 13).

9. restructuring charges

During the 2013 fiscal year, the Company recorded restructuring charges of $2,730 related to the closure of the Company’s Nelco Technology (Zhuhai FTZ) Ltd. business unit located in Zhuhai, China. The charges included a non-cash asset impairment charge of $3,620 related to property, plant and equipment and were net of the recapture of a non-cash cumulative currency translation adjustment of $1,465. The reclassification of the non-cash cumulative currency translation adjustment was included in foreign currency translation charges in the Consolidated Statements of Comprehensive Earnings (Loss). The Company has a building with a carrying value of $2,039 as of March 1, 2015, which is held for sale at its Nelco Technology (Zhuhai FTZ) Ltd. business unit. The Company ceased depreciating this building during the 2013 fiscal year second quarter and expects to sell the building in the 2016 fiscal year. The company paid $218 and $546 of additional pre-tax charges related to such closure during the 2015 and 2014 fiscal years, respectively.

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The Company recorded additional restructuring charges of $485 in the 2015 fiscal year related to the closure of the Company’s New England Laminates Co., Inc. business unit located in Newburgh, New York. The New England Laminates Co., Inc. building in Newburgh, New York is held for sale. In the 2004 fiscal year, the Company reduced the book value of the building to zero, and the Company intends to sell it during the 2016 fiscal year.

In the 2015 fiscal year third quarter, the Company recorded a $496 charge in connection with cost reduction initiatives in the United States. Approximately $346 of such charge were paid in the fiscal 2015 and the remaining balance of $150 is expected to be paid through December 2015.

10. Employee Benefit Plans

Profit Sharing Plan – The Company and certain of its subsidiaries have a non-contributory profit sharing retirement plan covering substantially all full-time employees in the United States. The plan may be modified or terminated at any time, but in no event may any portion of the contributions revert back to the Company. The Company's estimated contributions are accrued at the end of each fiscal year and paid to the plan in the subsequent fiscal year. The Company’s contributions to the plan were $268 and $256 for fiscal years 2014 and 2013, respectively. The contribution for fiscal year 2015 has not been determined or paid. Contributions are discretionary and may not exceed the amount allowable as a tax deduction under the Internal Revenue Code.

Savings Plan – The Company also sponsors a 401(k) savings plan, pursuant to which the contributions of employees of certain subsidiaries were partially matched by the Company in the amounts of $123, $142 and $154 in the 2015, 2014 and 2013 fiscal years, respectively.

11. LONG-TERM DEBT

On January 30, 2013, the Company entered into a five-year revolving credit facility agreement (the “Credit Agreement”) with PNC Bank, National Association (“PNC Bank”). The Credit Agreement provided for loans up to $52,000 (the “Facility”) to the Company and letters of credit up to $2,000 for the account of the Company. The Company borrowed $52,000 to finance a special dividend paid to shareholders of the Company in the 2013 fiscal year fourth quarter.

On February 12, 2014, the Company entered into a four-year amended and restated revolving credit facility agreement (the “Amended Credit Agreement”) with PNC Bank. The Amended Credit Agreement provides for loans up to $104,000 (the “Amended Facility”) to the Company and letters of credit up to $2,000 for the account of the Company. Through March 1, 2015, the Company has borrowed $52,000 to finance a special dividend paid to shareholders of the Company in the 2014 fiscal year fourth quarter and an additional $52,000 to continue the loan that was provided under the Credit Agreement, and PNC Bank has issued two standby letters of credit for the account of the Company in the total amount of $1,100 to secure the Company’s obligations under its workers’ compensation insurance program. During the 2015 fiscal year, the Company made a $10,000 principal payment in accordance with the Amended Credit Agreement. The remaining $94,000 outstanding borrowings under the Amended Credit Agreement are payable in four quarterly installments of $2,500 each, commencing in March 2015, and eight quarterly installments of $3,750 each, commencing in March 2016, with the remaining amount outstanding under the Amended Credit Agreement payable on February 12, 2018 and excludes a pre-payment penalty.

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Borrowings under the Amended Facility bear interest at a rate equal to, at the Company’s option, either a (a) LIBOR rate option determined by a fluctuating rate per annum equal to the LIBOR Rate plus 1.10% or (b) base rate option determined by a fluctuating rate per annum equal to the highest of (i) the Federal Funds Open Rate (as defined in the Amended Credit Agreement) plus 0.5%, (ii) the Prime Rate (as defined in the Amended Credit Agreement), and (iii) the Daily LIBOR Rate (as defined in the Amended Credit Agreement) plus 1.0%. Under the Amended Credit Agreement, the Company also is obligated to pay a nonrefundable commitment fee, accruing from February 12, 2014 until the earlier of February 12, 2018 and the date on which the Amended Credit Agreement is terminated, equal to 0.20% per annum multiplied by the average daily difference between the amount of (a) the revolving credit commitment and (b) the revolving facility usage, payable quarterly in arrears.

The Amended Credit Agreement contains certain customary affirmative and negative covenants and customary financial covenants. On February 24, 2015, the Company and PNC Bank entered into an Amendment to the Amended Credit Agreement that modified certain covenants. The covenants under the Amended Credit Agreement at March 1, 2015, in connection with the February 24, 2015 Amendment to the Amended Credit Agreement, require the Company to (a) maintain a minimum fixed charge coverage ratio of 1.10 to 1.00 at the end of each fiscal quarter, except for the fiscal quarters ending on May 31, 2015 and August 30, 2015 for which the ratio is 1.00 to 1.00, and (b) not exceed a maximum funded debt ratio of (i) 3.75 to 1.00 through March 1, 2015, (ii) 3.85 to 1.00 for the period March 2, 2015 through May 31, 2015, (iii) 3.55 to 1.00 for the period June 1, 2015 through August 30, 2015, (iv) 3.50 to 1.00 for the period August 31, 2015 through February 28, 2016, (v) 3.00 to 1.00 for the period February 29, 2016 through February 26, 2017, and (vi) 2.25 to 1.00 for all periods thereafter. In addition, the Company must maintain minimum domestic liquid assets of $25,000 in cash and marketable securities at all times, except for the period February 24, 2015 through May 30, 2015, and maintain a minimum quick ratio of (i) 6.50 to 1.00 for the period December 1, 2014 through November 27, 2016 and (ii) 3.00 to 1.00 for all periods thereafter. The dividend covenant permits the Company to pay regular quarterly dividends in amounts not exceeding $0.10 per share and an annual special dividend to shareholders in amounts ranging from $1.00 to $2.50 with prior written notification to PNC Bank. The Company’s obligations under the Amended Credit Agreement are guaranteed by its Nelco Products, Inc., Neltec, Inc. and Park Aerospace Technologies Corp. subsidiaries and secured by a pledge of 65% of the capital stock of the Company’s Nelco Products Pte. Ltd. subsidiary in Singapore. The minimum domestic liquid assets of $25,000, for required periods, are reflected as restricted cash on the Consolidated Balance Sheets.

The Amended Facility is available to (a) refinance the Credit Agreement, (b) support working capital and general corporate needs, including the issuance of letters of credit, (c) fund special distributions to the Company’s shareholders permitted under the Amended Facility, and (d) finance ongoing capital expenditures and acquisitions. At March 1, 2015, $94,000 of indebtedness was outstanding under the Amended Credit Agreement with an interest rate of 1.31%. Interest expense recorded under the Facility and Amended Facility was approximately $1,438, $764 and $14 during the 2015, 2014 and 2013 fiscal years, respectively, which is included in interest expense on the Consolidated Statements of Operations.

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At March 1, 2015, scheduled principal maturities of long-term debt were as follows:

Fiscal Year	Amount
2016	$	10,000
2017		15,000
2018		69,000
		94,000
Less current portion		10,000
	$	84,000

12. Commitments

The Company conducts certain of its operations in leased facilities, which include several manufacturing plants, warehouses and offices. The leases of facilities are for terms of up to 10 years, the latest of which expires in 2020. Many of the leases contain renewal options for periods ranging from one to ten years and require the Company to pay real estate taxes and other operating costs. The latest land lease expiration is 2040.

These non-cancelable leases have the following payment schedule:

Fiscal Year	Amount
2016	$	1,910
2017		1,288
2018		1,137
2019		1,159
2020		1,182
Thereafter		3,403
	$	10,079

Rental expenses, inclusive of real estate taxes and other costs, were $2,881, $2,765 and $3,068 for the 2015, 2014 and 2013 fiscal years, respectively. In addition, the Company has commitments to purchase raw materials for $118.

13. CONTINGENCIES

Litigation 

The Company is subject to a number of 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

change in the future due to new developments in each matter or changes in approach, such as a change in settlement strategy in dealing with these matters. The Company believes that the ultimate disposition of such proceedings, lawsuits and claims will not have a material adverse effect on the liquidity, capital resources, business or consolidated results of operations or financial position of the Company.

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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 four sites.

Under the Superfund Act and similar state laws, all parties who may have contributed any waste to a hazardous waste disposal site or contaminated area identified by the EPA or comparable state agency may be jointly and severally liable for the cost of cleanup. Generally, these sites are locations at which numerous persons disposed of hazardous waste. In the case of the Company's subsidiaries, generally the waste was removed from their manufacturing facilities and disposed at waste sites by various companies which contracted with the subsidiaries to provide waste disposal services. Neither the Company nor any of its subsidiaries have been accused of or charged with any wrongdoing or illegal acts in connection with any such sites. The Company believes it maintains an effective and comprehensive environmental compliance program.

The insurance carriers who 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 three of these sites.

The total costs incurred by the Company and its subsidiaries in connection with these sites, including legal fees incurred by the Company and its subsidiaries and their assessed share of remediation costs and excluding amounts expected to be reimbursed by insurance carriers, were approximately $23, $8 and $56 in the 2015, 2014 and 2013 fiscal years, respectively. The Company had no recorded liabilities for environmental matters for the 2015 and 2014 fiscal years.

Such recorded liabilities do not include environmental liabilities and related legal expenses for which the Company believes that it and its subsidiaries have general liability insurance coverage for the years during which the Company's subsidiaries' waste was disposed at three sites for which certain subsidiaries of the Company have been named as potentially responsible parties. Pursuant to such general liability insurance coverage, two insurance carriers have been paying 100% of the legal defense and remediation costs associated with such three sites since 1985. In the 2012 fiscal year fourth quarter, one of such insurance carriers, which had been paying 45% of such legal defense and remediation costs, indicated that it no longer agreed to such percentage. As a result, the Company commenced litigation against such insurance carriers and a third insurance carrier. The three insurance carriers have filed answers to the lawsuit, and one has asserted counterclaims against the Company. The insurance carriers and the Company settled this matter in the 2015 fiscal year third quarter. Pursuant to the settlement agreement, the three insurance carriers reimbursed the Company and its subsidiaries for the legal defense and remediation costs associated with the three sites incurred by the Company and its subsidiaries since the 2012 fiscal year fourth quarter and agreed to reimburse the Company and its subsidiaries for future legal defense and remediation costs associated with the three sites. The settlement does not have a material adverse effect on the Company’s results of operations, cash flows or financial position.

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, including the litigation described above, will not have a material adverse effect on the liquidity, capital resources, business or consolidated results of operations or financial position of the Company.

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14. GEOGRAPHIC REGIONS

The Company is a global advanced materials company which develops, manufactures, markets and sells high technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure and high-end computing markets and advanced composite materials, parts and assemblies and low volume tooling for the aerospace markets. The Company’s products are sold to customers in North America, Asia and Europe. The Company’s manufacturing facilities are located in Singapore, France, Kansas, Arizona and California. The Company operates as a single operating segment, which is advanced materials for the electronics and aerospace markets, with common management and identical or very similar economic characteristics, products, raw materials, manufacturing processes and equipment, customers and markets, marketing, sales and distribution methods and regulatory environments. The chief operating decision maker reviews financial information on a consolidated basis.

Sales are attributed to geographic region based upon the region in which the materials were delivered to the customer. Sales between geographic regions were not significant.

Financial information regarding the Company’s operations by geographic region is as follows:     

	Fiscal Year
	2015		2014		2013
Sales:
North America	$	75,395	$	82,187	$	80,968
Asia		76,000		71,854		78,559
Europe		10,691		11,723		16,889
Total sales	$	162,086	$	165,764	$	176,416
Long-lived assets:
North America	$	23,562	$	26,899	$	34,555
Asia		12,490		13,557		14,102
Europe		325		397		327
Total long-lived assets	$	36,377	$	40,853	$	48,984

15.     Customer and Supplier Concentrations

Customers – Sales to TTM Technologies Inc. were 15.8% and 16.1% of the Company's total worldwide sales for the 2014 and 2013 fiscal years, respectively. Sales to Sanmina-SCI Corporation were 10.1% of the Company's total worldwide sales for the 2013 fiscal year.

While no other customer accounted for 10% or more of the Company's total worldwide sales in the 2015, 2014 or 2013 fiscal years, the loss of a major printed circuit materials customer or of a group of customers could have a material adverse effect on the Company's business or consolidated results of operations or financial position.

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Sources of Supply –      The principal materials used in the manufacture of the Company's high-technology printed circuit materials and advanced composite materials, parts and assemblies are specially manufactured copper foil, fiberglass cloth and synthetic reinforcements, and specially formulated resins and chemicals. Although there is a limited number of qualified suppliers of these materials, the Company has nevertheless identified alternate sources of supply for many of such materials. While the Company has not experienced significant problems in the delivery of these materials and considers its relationships with its suppliers to be strong, a disruption of the supply of material from a principal supplier could adversely affect the Company's business. Furthermore, substitutes for these materials are not readily available, and an inability to obtain essential materials, if prolonged, could materially adversely affect the Company’s business.

16.     ACCOUNTING PRONOUNCEMENTS

Recently Adopted

In March 2013, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance which states that when a parent sells an investment in a foreign entity and ceases to have a controlling interest in that foreign entity, or when a foreign subsidiary disposes of substantially all of its assets, or when a parent acquires control of a foreign entity in which the parent held an equity interest before the acquisition date, the cumulative translation adjustment should be released into net income. The Company adopted this guidance effective March 3, 2014, the first day of the Company’s 2015 fiscal year, and the adoption of this guidance did not impact the Company’s results of operations, cash flows or financial condition.

Recently Issued

In May 2014, the FASB issued authoritative guidance on the recognition of revenue from customers. This guidance clarifies when an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. This guidance also requires more detailed disclosures to enable users of the financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The current effective date of this guidance is for fiscal years (and interim reporting periods within fiscal years) beginning after December 15, 2016. The Company is currently evaluating the impact this guidance will have on its consolidated results of operations, cash flows, financial position and disclosures and is currently unable to estimate the impact of this guidance.

In April 2015, the FASB issued authoritative guidance on the presentation of debt issuance costs. This guidance is intended to simplify the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for fiscal years (and interim reporting periods within fiscal years) beginning after December 15, 2015. The Company does not expect this guidance to have a material impact on its consolidated results of operations, cash flows, financial position and disclosures.

17.     SUBSEQUENT EVENT

Pursuant to the share purchase authorization announced on January 8, 2015, the Company purchased an aggregate of 444,834 shares during the period March 9, 2015 through April 24, 2015 at an average price paid per share of $21.32 and a total cost of $9,493, leaving an aggregate total of 686,410 shares available to be purchased by the Company pursuant to the aforementioned share purchase authorization. All of such 444,834 shares were purchased by the Company pursuant to a Rule 10b5-1 Stock Purchase Plan established by the Company on February 13, 2015 and terminated by the Company on April 24, 2015. Additional purchases by the Company pursuant to the aforementioned share purchase authorization may occur from time to time in the future. As previously announced by the Company, shares purchased by the Company will be retained as treasury stock and will be available for use under the Company’s stock option plan and for other corporate purposes.

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PARK ELECTROCHEMICAL CORP. AND SUBSIDIARIES

Selected Quarterly Financial Data (Unaudited)

(Amounts in thousands, except per share amounts)

	Quarter
	First		Second		Third		Fourth
Fiscal 2015:
Net sales	$	48,817	$	42,349	$	34,679	$	36,241
Gross profit		16,929		12,171		8,598		11,255
Net earnings		8,216		4,955		2,031		4,841
Basic net earnings per share	$	0.39	$	0.24	$	0.10	$	0.23
Diluted net earnings per share	$	0.39	$	0.24	$	0.10	$	0.23
Weighted average common shares outstanding:
Basic		20,880		20,925		20,947		20,896
Diluted		20,988		21,029		20,989		20,937

Fiscal 2014:
Net sales	$	43,438	$	44,497	$	39,678	$	38,151
Gross profit		12,991		13,621		11,038		10,450
Net earnings (loss)		4,929		8,045		4,721		(60,024	)
Basic net earnings (loss) per share	$	0.24	$	0.39	$	0.23	$	(2.88	)
Diluted net earnings (loss) per share	$	0.24	$	0.39	$	0.23	$	(2.88	)
Weighted average common shares outstanding:
Basic		20,828		20,836		20,857		20,873
Diluted		20,844		20,852		20,917		20,873

Earnings (loss) per share are computed separately for each quarter. Therefore, the sum of such quarterly per share amounts may differ from the total for each year.

During the fourth quarter of the 2015 fiscal year, the Company’s Board of Directors approved a reduction of $1.50 per share in the exercise price of all outstanding stock options as a result of the special cash dividend of $1.50 per share paid by the Company in February 2015. The reduction in the exercise price was treated as a modification of the stock options for accounting purposes. The modification, based on the fair value of the options both immediately before and after the modification, resulted in a total incremental compensation expense of $205 during the fourth quarter of the 2015 fiscal year, which was recorded in selling, general and administrative expenses.

During the fourth quarter of the 2014 fiscal year, the Company provided for U.S. deferred income taxes in the amount of $63,958 on the undistributed earnings of the Company’s subsidiary in Singapore. See Note 4 of the Notes to Consolidated Financial Statements in Item 8 of Part II of this Report.

During the fourth quarter of the 2014 fiscal year, the Company’s Board of Directors approved a reduction of $2.50 per share in the exercise price of all outstanding stock options as a result of the special cash dividend of $2.50 per share paid by the Company in February 2014. The reduction in the exercise price was treated as a modification of the stock options for accounting purposes. The modification, based on the fair value of the options both immediately before and after the modification, resulted in a total incremental compensation expense of $731 during the fourth quarter of the 2014 fiscal year, which was recorded in selling, general and administrative expenses.

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ITEM 9.       CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

Not applicable.

ITEM 9A.    CONTROLS AND PROCEDURES.

(a)     Disclosure Controls and Procedures.

The Company's management, with the participation of the Company's Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company's disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of March 1, 2015, the end of the fiscal year covered by this annual report. Based on such evaluation, the Company's Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such fiscal year, the Company's disclosure controls and procedures were effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act and are effective in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

(b)     Management’s Annual Report on Internal Control Over Financial Reporting.

The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States of America. The Company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company, (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company, and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of the Company’s internal control over financial reporting as of March 1, 2015. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control–Integrated Framework (2013). Based on management’s assessment and those criteria, management concluded that the Company maintained effective internal control over financial reporting as of March 1, 2015.

The independent registered public accounting firm that audited the Company’s 2015 fiscal year financial statements included in this Annual Report on Form 10-K has issued an attestation report on the Company’s internal control over financial reporting as of March 1, 2015. That report appears in Item 9A(c) below.

(c)     Attestation Report of the Independent Registered Public Accounting Firm.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders

Park Electrochemical Corp.

We have audited Park Electrochemical Corp. and subsidiaries’ internal control over financial reporting as of March 1, 2015, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Park Electrochemical Corp.’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on Park’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, Park Electrochemical Corp. has maintained, in all material respects, effective internal control over financial reporting as of March 1, 2015, based on the criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements and financial statement schedule of Park Electrochemical Corp. and subsidiaries as of March 1, 2015 and for the year then ended and our report dated May 15, 2015, expressed an unqualified opinion thereon.

/s/ CohnReznick LLP

Jericho, New York

May 15, 2015

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(d)     Changes in Internal Control Over Financial Reporting.

There has not been any change in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth fiscal quarter of the fiscal year to which this report relates that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

ITEM 9B.    OTHER INFORMATION.

None.

PART III

ITEM 10.     DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

The information called for by this item (except for information as to the Company's executive officers, which information appears elsewhere in this Report) is incorporated by reference to the Company's definitive proxy statement for the 2015 Annual Meeting of Shareholders to be filed pursuant to Regulation 14A.

ITEM 11.     EXECUTIVE COMPENSATION.

The information called for by this Item is incorporated by reference to the Company's definitive proxy statement for the 2015 Annual Meeting of Shareholders to be filed pursuant to Regulation 14A.

ITEM 12.     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

The information called for by this Item is incorporated by reference to the Company's definitive proxy statement for the 2015 Annual Meeting of Shareholders to be filed pursuant to Regulation 14A.

ITEM 13.     CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

The information called for by this Item is incorporated by reference to the Company's definitive proxy statement for the 2015 Annual Meeting of Shareholders to be filed pursuant to Regulation 14A.

ITEM 14.     PRINCIPAL ACCOUNTANT FEES AND SERVICES.

This information called for by this Item is incorporated by reference to the Company's definitive proxy statement for the 2015 Annual Meeting of Shareholders to be filed pursuant to Regulation 14A.

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PART IV

ITEM 15.	EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
		Page
	(a) Documents filed as a part of this Report
	(1)       Financial Statements:
	The following Consolidated Financial Statements of the Company are included in Part II, Item 8:
	Reports of Independent Registered Public Accounting Firms	41
	Balance Sheets	43
	Statements of Operations	44
	Statements of Comprehensive Earnings (Loss)	45
	Statements of Shareholders' Equity	46
	Statements of Cash Flows	47
	Notes to Consolidated Financial Statements (1-17)	48
	(2)       Financial Statement Schedules:
	The following additional information should be read in conjunction with the Consolidated Financial Statements of the Registrant described in Item 15(a)(1) above:
	Schedule II – Valuation and Qualifying Accounts	75
	All other schedules have been omitted because they are not applicable or not required, or the information is included elsewhere in the financial statements or notes thereto.
	(3)       Exhibits:
	The information required by this Item relating to Exhibits to this Report is included in the Exhibit Index beginning on page 76 hereof.

73

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 15, 2015              PARK ELECTROCHEMICAL CORP.

                                             By: /s/ Brian E. Shore _______________

                                                  Brian E. Shore,

                                                  Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/s/ Brian E. Shore____ Brian E. Shore	Chairman of the Board, Chief Executive Officer and Director (principal executive officer)	May 15, 2015
/s/ P. Matthew Farabaugh P. Matthew Farabaugh	Vice President and Chief Financial Officer (principal financial officer)	May 15, 2015
/s/ Robert Yaniro_______ Robert Yaniro	Vice President and Corporate Controller (principal accounting officer)	May 15, 2015
/s/ Dale Blanchfield___ Dale Blanchfield	Director	May 15, 2015
/s/ Emily J. Groehl___ Emily J. Groehl	Director	May 15, 2015
/s/ Peter Maurer_ _ Peter Maurer	Director	May 15, 2015
/s/ Steven T. Warshaw_ Steven T. Warshaw	Director	May 15, 2015

74

PARK ELECTROCHEMICAL CORP. AND SUBSIDIARIES

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

			Column C
Column A	Column B		Additions				Column D			Column E
Description	Balance at Beginning of Period		Costs and Expenses		Other		Reductions			Balance at End of Period
DEFERRED INCOME TAX ASSET VALUATION ALLOWANCE:
52 weeks ended March 1, 2015	$	11,941,000	$	123,000	$	-	$	(177,000	)	$	11,887,000
52 weeks ended March 2, 2014	$	12,465,000	$	330,000	$	-	$	(854,000	)	$	11,941,000
53 weeks ended March 3, 2013	$	11,661,000	$	804,000	$	-	$	-		$	12,465,000

						Column D
Column A	Column B		Column C			Other					Column E
Description	Balance at Beginning of Period		Charged to Cost and Expenses			Accounts Written Off (A)			Translation Adjustment		Balance at End of Period
ALLOWANCE FOR DOUBTFUL ACCOUNTS:
52 weeks ended March 1, 2015	$	416,000	$	(5,000	)	$	(15,000	)	$	-	$	396,000
52 weeks ended March 2, 2014	$	423,000	$	(7,000	)	$	-		$	-	$	416,000
53 weeks ended March 3, 2013	$	598,000	$	(135,000	)	$	(40,000	)	$	-	$	423,000

(A) Uncollectible amounts, net of recoveries                    

75

EXHIBIT INDEX

Exhibit Numbers	Description
3.1	Restated Certificate of Incorporation, dated March 28, 1989, filed with the Secretary of State of the State of New York on April 10, 1989, as amended by Certificate of Amendment of the Certificate of Incorporation, increasing the number of authorized shares of Common stock from 15,000,000 to 30,000,000 shares, dated July 12, 1995, filed with the Secretary of State of the State of New York on July 17, 1995, and by Certificate of Amendment of the Certificate of Incorporation, amending certain provisions relating to the rights, preferences and limitations of the shares of a series of Preferred Stock, dated August 7, 1995, filed with the Secretary of State of the State of New York on August 16, 1995 (Reference is made to Exhibit 3.01 of the Company's Annual Report on Form 10-K for the fiscal year ended March 3, 2002, Commission File No. 1-4415, which is incorporated herein by reference.)
3.2	Certificate of Amendment of the Certificate of Incorporation, increasing the number of authorized shares of Common Stock from 30,000,000 to 60,000,000 shares, dated October 10, 2000, filed with the Secretary of State of the State of New York on October 11, 2000 (Reference is made to Exhibit 3.02 of the Company’s Annual Report on Form 10-K for the fiscal year ended March 2, 2003, Commission File No. 1-4415, which is incorporated herein by reference.)
3.3	Certificate of Amendment of the Certificate of Incorporation, canceling Series A Preferred Stock of the Company and authorizing a new Series B Junior Participating Preferred Stock of the Company, dated July 21, 2005, filed with the Secretary of the State of New York on July 21, 2005 (Reference is made to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed on July 21, 2005, Commission File No. 1-4415, which is incorporated herein by reference.)
3.4	By-Laws, as amended July 22, 2014
4.1	Rights Agreement, dated as of July 20, 2005, between the Company and Registrar and Transfer Company, as Rights Agent, relating to the Company’s Preferred Stock Purchase Rights. (Reference is made to Exhibit 1 to Form 8-A filed on July 21, 2005, Commission File No. 1-4415, which is incorporated herein by reference.)
10.1	Lease dated December 12, 1989 between Nelco Products, Inc. and James Emmi regarding real property located at 1100 East Kimberly Avenue, Anaheim, California and letter dated December 29, 1994 from Nelco Products, Inc. to James Emmi exercising its option to extend such Lease (Reference is made to Exhibit 10.01 of the Company's Annual Report on Form 10-K for the fiscal year ended March 3, 2002, Commission File No. 1-4415, which is incorporated herein by reference.)

76

Exhibit Numbers	Description
10.2	Lease dated December 12, 1989 between Nelco Products, Inc. and James Emmi regarding real property located at 1107 East Kimberly Avenue, Anaheim, California and letter dated December 29, 1994 from Nelco Products, Inc. to James Emmi exercising its option to extend such Lease (Reference is made to Exhibit 10.02 of the Company's Annual Report on Form 10-K for the fiscal year ended March 3, 2002, Commission File No. 1-4415, which is incorporated herein by reference.)
10.3	Lease Agreement dated August 16, 1983 and Exhibit C, First Addendum to Lease, between Nelco Products, Inc. and TCLW/Fullerton regarding real property located at 1411 E. Orangethorpe Avenue, Fullerton, California (Reference is made to Exhibit 10.03 of the Company's Annual Report on Form 10-K for the fiscal year ended March 3, 2002, Commission File No. 1-4415, which is incorporated herein by reference.)
10.3(a)	Second Addendum to Lease dated January 26, 1987 to Lease Agreement dated August 16, 1983 (see Exhibit 10.3 hereto) between Nelco Products, Inc. and TCLW/Fullerton regarding real property located at 1421 E. Orangethorpe Avenue, Fullerton, California (Reference is made to Exhibit 10.03(a) of the Company's Annual Report on Form 10-K for the fiscal year ended March 3, 2002, Commission File No. 1-4415, which is incorporated herein by reference.)
10.3(b)	Third Addendum to Lease dated January 7, 1991 and Fourth Addendum to Lease dated January 7, 1991 to Lease Agreement dated August 16, 1983 (see Exhibit 10.3 hereto) between Nelco Products, Inc. and TCLW/Fullerton regarding real property located at 1411, 1421 and 1431 E. Orangethorpe Avenue, Fullerton, California. (Reference is made to Exhibit 10.03(b) of the Company's Annual Report on Form 10-K for the fiscal year ended March 2, 1997, Commission File No. 1-4415, which is incorporated herein by reference.)
10.3(c)	Fifth Addendum to Lease dated July 5, 1995 to Lease dated August 16, 1983 (see Exhibit 10.03 hereto) between Nelco Products, Inc. and TCLW/Fullerton regarding real property located at 1411 E. Orangethorpe Avenue, Fullerton, California (Reference is made to Exhibit 10.3(c) of the Company's Annual Report on Form 10-K for the fiscal year ended March 3, 2002, Commission File No. 1-4415, which is incorporated herein by reference.)
10.4	Lease Agreement dated May 26, 1982 between Nelco Products Pte. Ltd. (lease was originally entered into by Kiln Technique (Private) Limited, which subsequently assigned this lease to Nelco Products Pte. Ltd.) and the Jurong Town Corporation regarding real property located at 4 Gul Crescent, Jurong, Singapore (Reference is made to Exhibit 10.04 of the Company's Annual Report on Form 10-K for the fiscal year ended March 3, 2002, Commission File No. 1-4415, which is incorporated herein by reference.)

77

Exhibit Numbers	Description
10.4(a)	Deed of Assignment, dated April 17, 1986 between Nelco Products Pte. Ltd., Kiln Technique (Private) Limited and Paul Ma, Richard Law, and Michael Ng, all of Peat Marwick & Co., of the Lease Agreement dated May 26, 1982 (see Exhibit 10.4 hereto) between Kiln Technique (Private) Limited and the Jurong Town Corporation regarding real property located at 4 Gul Crescent, Jurong, Singapore (Reference is made to Exhibit 10.04(a) of the Company's Annual Report on Form 10-K for the fiscal year ended March 3, 2002, Commission File No. 1-4415, which is incorporated herein by reference.)
10.5	Lease dated December 12, 1990 between Neltec, Inc. and NZ Properties, Inc. regarding real property located at 1420 W. 12th Place, Tempe, Arizona. (Reference is made to Exhibit 10.13 of the Company's Annual Report on Form 10-K for the fiscal year ended March 2, 1997, Commission File No. 1-4415, which is incorporated herein by reference.)
10.5(a)	Letter dated January 8, 1996 from Neltec, Inc. to NZ Properties, Inc. exercising its option to extend the Lease dated December 12, 1990 (see Exhibit 10.7 hereto) between Neltec, Inc. and NZ Properties, Inc. regarding real property located at 1420 W. 12th Place, Tempe, Arizona. (Reference is made to Exhibit 10.13(a) of the Company's Annual Report on Form 10-K for the fiscal year ended March 2, 1997, Commission File No. 1-4415, which is incorporated herein by reference.)
10.5(b)	Letter dated January 25, 2001 from Neltec, Inc. to NZ Properties, Inc. exercising its option to extend the Lease dated December 12, 1990 (see Exhibit 10.7 hereto) between Neltec, Inc. and NZ Properties, Inc. regarding real estate property located at 1420 W. 12th Place, Tempe, Arizona (Reference is made to Exhibit 10.7(b) of the Company’s Annual Report on Form l0-K for the fiscal year ended February 26, 2006, Commission File No. 1-4415, which is incorporated herein by reference.)
10.5(c)	Letter dated February 14, 2006 from Neltec, Inc. to REB Ltd. Properties, Inc. exercising its option to extend the Lease dated December 12, 1990 (see Exhibit 10.7 hereto) between Neltec, Inc. and NZ Properties, Inc. regarding real property located at 1420 W. 12th Place, Tempe, Arizona (Reference is made to Exhibit 10.7(c) of the Company’s Annual Report on Form 10-K for the fiscal year ended February 26, 2006, Commission File No. 1-4415, which is incorporated herein by reference.)
10.6	2002 Stock Option Plan of the Company (Reference is made to Exhibit 10.01 of the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 1, 2002, Commission File No. 1-4415, which is incorporated herein by reference. This exhibit is a management contract or compensatory plan or arrangement.)

78

Exhibit Numbers	Description
10.7	Forms of Incentive Stock Option Contract for employees, Non-Qualified Stock Option Contract for employees and Non-Qualified Stock Option Contract for directors under the 2002 Stock Option Plan of the Company (Reference is made to Exhibit 10.10 of the Company’s Annual Report on Form 10-K for the fiscal year ended February 27, 2005, Commission File No.1-4415, which is incorporated herein by reference.)
10.8	Amended and Restated Credit Agreement by and among Park Electrochemical Corp., as Borrower, the Guarantors party thereto, and PNC Bank, National Association, as Lender, dated as of February 12, 2014 (Reference is made to Exhibit 10.8 of the Company's Annual Report on Form 10-K for the fiscal year ended March 2, 2014, Commission File No. 1-4415, which is incorporated herein by reference.)
14.1	Code of Ethics for Chief Executive Officer and Senior Financial Officers adopted on May 6, 2004 (Reference is made to Exhibit 14.1 of the Company’s Annual Report on Form 10-K for the fiscal year ended February 29, 2004, Commission File No. 1-4415, which is incorporated herein by reference.)
21.1	Subsidiaries of the Company
23.1	Consent of Independent Registered Public Accounting Firm (CohnReznick LLP
23.2	Consent of Independent Registered Public Accounting Firm (Grant Thornton LLP)
31.1	Certification of principal executive officer pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a)
31.2	Certification of principal financial officer pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a)
32.1	Certification of principal executive officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes–Oxley Act of 2002
32.2	Certification of principal financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	The following materials from the Company’s Annual Report on Form 10-K for the year ended March 1, 2015, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets at March 1, 2015 and March 2, 2014, (ii) Consolidated Statements of Operations for the years ended March 1, 2015, March 2, 2014 and March 3, 2013 (iii) Consolidated Statements of Comprehensive Earnings (Loss) for the years ended March 1, 2015, March 2, 2014 and March 3, 2013, (iv) Consolidated Statements of Shareholders’ Equity for the years ended March 1, 2015, March 2, 2014 and March 3, 2013, and (iv) Consolidated Statements of Cash Flows for the years ended March 1, 2015, March 2, 2014 and March 3, 2013 *+

*     Filed electronically herewith.

+ Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

79

EX-3.4

Exhibit 3.4

BY-LAWS

(As amended as of July 22, 2014)

OF

PARK ELECTROCHEMICAL CORP.

ARTICLE I

OFFICES

Section 1. Principal Office. The principal office of the Corporation shall be in the City and State of New York.

Section 2. Other Offices. The Corporation may also have offices at such other place or places within and without the State of New York as the Board of Directors may from time to time determine or the business of the Corporation may require.

ARTICLE II

STOCKHOLDERS' MEETINGS

Section 1. Annual Meetings. The annual meeting of shareholders of the Corporation shall be held on the fourth Wednesday in June of each year (or if said day be a legal holiday, then on the next succeeding day not a legal holiday), at ten o'clock A.M., at the principal office of the Corporation in the State of New York, or at such other place within or without the State of New York and at such other time and on such other date as may be determined by the Board of Directors and as shall be designated in the notice of said meeting, for the purpose of electing directors and for the transaction of such other business as may properly be brought before the meeting.

Section 2. Special-Meetings. Special Meetings of the stockholders shall be held at the principal office of the Corporation in the State of New York, or at such other place within the State of New York as may be designated in the notice of said meeting, by resolution of the Board of Directors, and shall be called by the Chairman of the Board, the President or the Secretary at the request in writing of stockholders owning of record at least eighty percent (80%) of the issued and outstanding shares of stock of the Corporation entitled to vote thereat.

Section 3. Notice of Purpose of Meetings. Written notice of the purpose or purposes and of the time and place of every meeting of shareholders shall be given by the Chairman of the Board, the President, the Secretary or an Assistant Secretary either personally or by mail or by any other lawful means of communication not less than ten nor more than sixty days before the meeting to each shareholder of record entitled to vote at such meeting. If mailed, such notice shall be directed to each shareholder at his address as it appears on the stock book unless he shall have filed with the Secretary of the Corporation a written request that notices intended for him be mailed to some other address, in which case it shall be mailed or transmitted to the address designated in such request. Except where otherwise required by law, notice of any adjourned meeting of the shareholders of the Corporation shall not be required to be given.

Section 4. Quorum. A quorum at all meetings of stockholders shall consist of the holders of record of a majority of the shares of stock of the Corporation, issued and outstanding, entitled to vote at the meeting, present in person or by proxy, except as otherwise provided by law or by the Certificate of Incorporation. In the absence of a quorum at any meeting or any adjournment thereof, a majority of those present in person or by proxy and entitled to vote may adjourn such meeting from time to time. At any such adjourned meeting at which a quorum is present any business may be transacted which might have been transacted at the meeting as originally called.

Section 5. Organization. Meetings of the stockholders shall be presided over by the Chairman of the Board, or if he is not present, by the President, or if neither the Chairman of the Board nor the President is present, by any Vice President, or in the absence of such officers, by a chairman to be chosen by a majority of the stockholders entitled to vote who are present in person or by proxy at the meeting. The Secretary of the Corporation, or in his absence, an Assistant Secretary, shall act as secretary of every meeting, but if neither the Secretary nor an Assistant Secretary is present, the meeting shall choose any person present to act as secretary of the meeting.

Section 6. Voting. Except as otherwise provided in the Certificate of Incorporation or by law, at every meeting of the stockholders each stockholder of record entitled to vote at such meeting shall have one vote in person or by proxy for each share-of stock having voting rights held by him and registered in his name on the books of the Corporation. Any vote on shares of stock of the Corporation may be given by the stockholder entitled thereto in person or by his proxy appointed by an instrument in, writing, subscribed by such stockholder or by his attorney thereunto authorized and delivered to the secretary of the meeting. Except as otherwise required by law, by the Certificate of Incorporation or these By-Laws, all matters coming before any meeting of the stockholders shall be decided by the vote of the holders of a majority of the shares of stock present in person or by proxy at such meeting, a quorum being present. At all elections of directors the voting may but need not be by ballot.

Section 7. Inspectors of Election. At all elections of directors, or in any other case in which inspectors may act, two inspectors of election shall be appointed by the chairman of the meeting, except as otherwise provided by law. The inspectors of election shall take and subscribe an oath faithfully to execute the duties of inspectors at such meeting with strict impartiality, and according to the best of their ability, and shall take charge of the polls and after the vote shall have been taken shall make a certificate of the result thereof, but no director or candidate for the office of director shall be appointed as such inspector. If there be a failure to appoint inspectors or if any inspector appointed be absent or refuse to act, or if his office become vacant, the stockholders present at the meeting may choose the required number of temporary inspectors.

- 2 -

Section 8. Fixing Record Date. For the purpose of determining the shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or to express consent to or dissent from any proposal without a meeting, or for the purpose of determining the shareholders entitled to receive payment of any dividend or the allotment of any rights, or for the purpose of any other action, the Board of Directors may fix, in advance, a date as the record date for any such determination of shareholders. Such date shall not be more than sixty nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action.

Section 9. Notice of Stockholder Nominees. Only persons who are nominated in accordance with the following procedures set forth in these By-Laws shall be eligible for election as directors of the Corporation. Nominations of persons for election to the Board of Directors may be made at any annual meeting of stockholders (a) by or at the direction of the Board of Directors (or any duly authorized committee thereof) or (b) by any stockholder of the Corporation (i) who is a stockholder of record on the date of the giving of the notice provided for in this Section 9 and on the record date for the determination of stockholders entitled to vote at such annual meeting and (ii) who complies with the notice procedures set forth in this Section 9.

In addition to any other applicable requirements, for a nomination to be made by a stockholder, such stockholder must have given timely notice thereof in proper written form to the Secretary of the Corporation.

To be timely, a stockholder's notice to the Secretary must be delivered to or mailed and received at the principal executive offices of the Corporation not less than ninety (90) days nor more than one hundred twenty (120) days prior to the anniversary date of the immediately preceding annual meeting of stockholders; provided, however, that in the event that the annual meeting is called for a date that is not within thirty (30) days before or after such anniversary date, notice by the stockholder in order to be timely must be so received not later than the close of business on the tenth (10th) day following the day on which notice of the date of the annual meeting was mailed or public disclosure of the date of the annual meeting was made, whichever first occurs.

To be in proper written form, a stockholder's notice to the Secretary must set forth (a) as to each person whom the stockholder proposes to nominate for election as a director (i) the name, age, business address and residence address of the person, (ii) the principal occupation or employment of the person, (iii) the class or series and number of shares of capital stock of the Corporation which are owned beneficially or of record by the person and (iv) any other information relating to the person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors pursuant to Section 14 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules and regulations promulgated thereunder; and (b) as to the stockholder giving the notice (i) the name and record address of such stockholder, (ii) the class or series and number of shares of capital stock of the Corporation which are owned beneficially or of record by such stockholder, (iii) a description of all arrangements or understandings between such stockholder and each proposed nominee and any other person or persons (including their names) pursuant to which the nomination(s) are to be made by such stockholder, (iv) a representation that such stockholder intends to appear in person or by proxy at the annual meeting to nominate the persons named in its notice and (v) any other information relating to such stockholder that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder. Such notice must be accompanied by a written consent of each proposed nominee to be named as a nominee and to serve as a director if elected.

- 3 -

No person shall be eligible for election as a director of the Corporation unless nominated in accordance with the procedures set forth in this Section 9. If the Chairman of the annual meeting determines that a nomination was not made in accordance with the foregoing procedures, the Chairman shall declare to the meeting that the nomination was defective and such defective nomination shall be disregarded.

Section 10. Notice of Stockholder Business. No business may be transacted at an annual meeting of stockholders, other than business that is either (a) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors (or any duly authorized committee thereof), (b) otherwise properly brought before the annual meeting by or at the direction of the Board of Directors (or any duly authorized committee thereof) or (c) otherwise properly brought before the annual meeting by any stockholder of the Corporation (i) who is a stockholder of record on the date of the giving of the notice provided for in this Section 10 and on the record date for the determination of stockholders entitled to vote at such annual meeting and (ii) who complies with the notice procedures set forth in this Section 10.

In addition to any other applicable requirement, for business to be properly brought before an annual meeting by a stockholder, such stockholder must have given timely notice thereof in proper written form to the Secretary of the Corporation.

To be timely, a stockholder's notice to the Secretary must be delivered to or mailed and received at the principal executive offices of the Corporation not less than ninety (90) days nor more than one hundred twenty (120) days prior to the anniversary date of the immediately preceding annual meeting of stockholders; provided, however, that in the event that the annual meeting is called for a date that is not within thirty (30) days before or after such anniversary date, notice by the stockholder in order to be timely must be so received not later than the close of business on the tenth (10th) day following the day on which notice of the date of the annual meeting was mailed or public disclosure of the date of the annual meeting was made, whichever first occurs.

- 4 -

To be in proper written form, a stockholder's notice to the Secretary must set forth as to each matter such stockholder proposes to bring before the annual meeting (i) a brief description of the business desired to be brought before the annual meeting and the reasons for conducting such business at the annual meeting, (ii) the name and record address of such stockholder, (iii) the class or series and number of shares of capital stock of the Corporation which are owned beneficially or of record by such stockholder, (iv) a description of all arrangements or understandings between such stockholder and any other person or persons (including their names) in connection with the proposal of such business by such stockholder and any material interest of such stockholder in such business and (v) a representation that such stockholder intends to appear in person or by proxy at the annual meeting to bring such business before the meeting.

No business shall be conducted at the annual meeting of stockholders except business brought before the annual meeting in accordance with the procedures set forth in this Section 10, provided, however, that, once business has been properly brought before the annual meeting in accordance with such procedures, nothing in this Section 10 shall be deemed to preclude discussion by any stockholder of any such business. If the Chairman of an annual meeting determines that business was not properly brought before the annual meeting in accordance with the foregoing procedures, the Chairman shall declare to the meeting that the business was not properly brought before the meeting and such business shall not be transacted.

ARTICLE III

DIRECTORS

Section 1. Powers, Number, Qualification, Term, Quorum, Vacancies. The property, affairs and business of the Corporation shall be managed by its Board of Directors, consisting of not less than five nor more than fifteen persons. The exact number of directors within the maximum and minimum limitations specified shall be fixed from time to time by resolution of the Board of Directors. Directors need not be stockholders of the Corporation. All directors shall be of full age and at least one shall be a citizen of the United States and a resident of the State of New York. Directors shall be elected at the annual meeting and until their successors, shall be elected and shall qualify.

Section 2. Quorum. A majority of the members of the Board of Directors then in office, acting at a meeting duly assembled, shall constitute a quorum for the transaction of business, but if at any meeting of the Board of Directors there shall be less than a quorum present, a majority of those present may adjourn the meeting without further notice from time to time until a quorum shall have been obtained. Any act of a majority of directors present at a meeting at which there is a quorum shall be the act of the Board of Directors, except as otherwise specifically provided in the By-Laws.

- 5 -

Section 3. Vacancies. In case one or more vacancies shall occur on the Board of Directors by reason of death, resignation, increase in the number of directors or otherwise, except insofar as otherwise provided in these By-Laws, the remaining directors, although less than a quorum, may, by a majority vote, elect successor or additional directors. A person so elected shall serve only until the next annual meeting of stockholders and until his successor shall be elected and shall qualify.

Section 4. Meetings. Meetings of the Board of Directors shall be held at the principal office of the Corporation or at such other place or places within or outside the State of New York as may be specified in the notice of the meeting. Regular meetings of the Board of Directors shall be held at such times as may from time to time be fixed by resolution of the Board of Directors, and special meetings may be held at any time upon the call of the Chairman of the Board or the President or any two directors by oral, telegraphic or written notice duly served on or sent or mailed to each director not less than two days before such meeting. A meeting of the Board of Directors may be held without notice immediately after the annual meeting of stockholders. Notice need not be given of regular meetings of the Board of Directors when fixed by resolution as above set forth. Meetings may be held at any time without notice if all the directors are present, or if at any time before or after the meeting those not present waive notice of the meeting in writing.

Section 5. Removal of Directors. At any special meeting of the stockholders, duly called as provided in these By-Laws, any director or directors may, by the affirmative vote of the holders of a majority of the shares of stock issued and outstanding and entitled to vote for the election of directors, be removed from office for cause, and his successor or their successors may be elected at such meeting; or the remaining directors may, to the extent vacancies are not filled by such election, fill any vacancy or vacancies created by such removal. Stockholders may not remove directors without cause.

Section 6. Executive Committee. An Executive Committee of three or more directors may be designated by resolution passed by a majority of the whole Board of Directors. The act of a majority of the members of said Committee shall be the act of the Committee, and said Committee may meet at stated times or on notice. Whenever the Board of Directors is not in session or whenever a quorum of the Board of Directors fails to attend any regular or special meeting of the Board, said Committee shall advise with and aid the officers of the Corporation in all matters concerning its interests and the management of its business and affairs, and generally perform such duties and exercise such powers as may be performed and exercised by the Board of Directors from time to time, and the Executive Committee shall have the power to authorize the seal of the Corporation to be affixed to all papers which may require it and, insofar as may be permitted by law, exercise the powers and perform the obligations of the Board of Directors. The Board of Directors may also designate one or more committees in addition to the Executive Committee by resolution or resolutions passed by a majority of the whole Board of Directors; such committee or committees to consist of three or more directors of the Corporation, and, to the extent provided in the resolution or resolutions designating them, shall have or may exercise the specific powers of the Board of Directors in the management of the business and affairs of the Corporation. Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board of Directors.

- 6 -

Section 7. Compensation of Directors. Directors may by resolution-of the Board of Directors, be allowed a fixed sum and expenses for attendance at regular or special meetings of the Board of Directors; provided that nothing herein contained shall be construed to preclude any director from serving the Corporation in any other capacity and receiving compensation therefor. Members of special or standing committees and others who attend pursuant to direction, may, by vote of the Board of Directors be allowed a like fixed sum and expenses for attending committee meetings.

Section 8. Action by Written Consent in lieu of Meeting. Any action required or permitted to be taken by the Board of Directors of the Corporation or of any committee thereof may be taken without a meeting if all members of the Board of Directors or of any committee thereof consent in writing to the adoption of a resolution authorizing the action.

Section 9. Action by Conference Call. Any one or more members of the Board of Directors of the Corporation or of any committee thereof may participate in a meeting of said Board or of any such committee by means of a conference telephone or similar communications equipment allowing all persons participating in the meeting to hear each other at the same time.

ARTICLE IV

OFFICERS

Section 1. Election. The Board of Directors at its meeting held immediately after the annual meeting of stockholders shall elect a Chairman of the Board, a President, one or more Vice Presidents, a Secretary and a Treasurer. From time to time the Board of Directors may appoint such Assistant Vice Presidents, Assistant Secretaries, Assistant Treasurers and such other officers, agents and employees as it may deem proper. Any two offices may be held by the same person. The Chairman of the Board shall be chosen from among the directors.

Section 2. Term and Removal. The term of office of all officers shall be one year and until their respective successors are elected and qualify but any officer may be removed from office either with or without cause at any time by the affirmative vote of a majority of the members of the Board of Directors then in office. A vacancy in any office arising from any cause may be filled by the Board of Directors.

- 7 -

Section 3. Chairman of the Board. The Chairman of the Board shall preside at all meetings of the Board of Directors and stockholders.

Section 4. President. The President shall, in the absence of the Chairman of the Board, preside at all meetings of the Board of Directors and stockholders. He shall have such other duties and powers as may be assigned to him from time to time by the Board of Directors.

Section 5. Vice Presidents. The Vice Presidents shall have such powers and discharge such duties as may be assigned to them from time to time by the Board of Directors.

Section 6. Treasurer. The Treasurer shall have the custody of all the funds and securities of the Corporation. When necessary or proper he shall endorse on behalf of the Corporation, for collection, checks, notes and other obligations and shall deposit the same to the credit of the Corporation in such bank or banks, or depositories as may be designated by the Board of Directors, or by any officer acting under authority conferred by the Board of Directors. Whenever required by the Board of Directors, he shall render an account of all his transactions as Treasurer and of the financial condition of the Corporation. He shall give bond for the faithful discharge of his duties if the Board of Directors so requires. He shall do and perform such other duties as may be assigned to him from time to time by the Board of Directors.

Section 7. Secretary. The Secretary shall attend all meetings of the stockholders and all meetings of the Board of Directors, and record all votes and the minutes of all proceedings in a book to be kept for that purpose; and shall perform like duties for other committees when so required. He shall give, or cause to be given, notice of all meetings of stockholders and of the Board of Directors and of committees and shall perform such other duties as may be prescribed by the Board of Directors. He shall keep in safe custody the seal of the Corporation and affix the same to any instrument whose execution has been authorized. He shall do and perform such other duties as may be assigned to him from time to time by the Board of Directors.

Section 8. Assistant Officers. The Assistant Vice Presidents, the Assistant Secretaries and the Assistant Treasurers shall, in the order of their respective seniorities, in the absence or disability of the Vice Presidents, Secretary or Treasurer, respectively, perform the duties of such officer and shall perform such other duties as the Board of Directors may from time to time prescribe.

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ARTICLE V

CAPITAL STOCK

Section 1. Form and Transfers. The interest of each stockholder of the Corporation shall be evidenced by either (a) certificates for shares of stock certifying the number of shares represented thereby and in such form, not inconsistent with the Certificate of Incorporation, as the Board of Directors may from time to time prescribe or (b) registration of uncertificated shares on the books of the Corporation.

The certificates of stock shall be signed by the Chairman of the Board or the President or a Vice President and by the Secretary or an Assistant Secretary or the Treasurer or an Assistant Treasurer, and sealed with the seal of the Corporation. Such seal may be a facsimile, engraved or printed. Where any such certificate is signed by a transfer agent, or by a transfer clerk and registrar, the signature of the Chairman of the Board, President, Vice President, Secretary, Assistant Secretary, Treasurer or Assistant Treasurer upon such certificate may be facsimiles, engraved or printed. In case any such officer who has signed or whose facsimile signature has been placed upon such certificate shall have ceased to be such before such certificate is issued, it may be issued by the Corporation with the same effect as if such officer had not ceased to be such at the time of its issue.

Transfers of shares of stock of the Corporation shall be made only on the books of the Corporation by the registered holder thereof, or by his attorney thereunto authorized by power of attorney duly executed and filed with the Secretary of the Corporation, or with a transfer clerk or a transfer agent appointed as in section 3 of this Article provided, and, (i) if a certificate or certificates have been issued to evidence such shares, on surrender of such certificate or certificates properly endorsed, (ii) in the case of uncertificated shares, upon presentation of proper transfer instructions from the holder of record, and (iii) in either case, upon the payment of all taxes thereon. The person in whose name shares of stock stand on the books of the Corporation shall be deemed the owner thereof for all purposes as regards the Corporation. The Board of Directors may, from time to time, make such additional rules and regulations as it may deem expedient, not inconsistent with these By-Laws, concerning the issue, transfer and registration of shares of stock of the Corporation.

Section 2. Lost, Stolen, Destroyed, or Mutilated Certificates. No certificate for shares of stock of the Corporation and no uncertificated shares shall be issued in place of any certificate alleged to have been lost, destroyed or stolen, except on production of such evidence of such loss, destruction or theft as the Board of Directors may require and on delivery to the Corporation, if the Board of Directors shall so require, of a bond of indemnity in such amount, containing such terms and secured by such surety as the Board of Directors may in its discretion require. The Board of Directors shall have the right from time to time to prescribe such rules and procedures as it shall deem advisable with regard to lost, stolen, destroyed or mutilated certificates and the issuance of new shares, whether certificated or uncertificated, of this Corporation in place thereof.

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Section 3. Transfer Agent and Registrar. The Board of Directors may appoint one or more registrars, and may require all certificates for shares of stock to bear the signature or signatures of any of them.

ARTICLE VI

CORPORATE SEAL

The corporate seal of the Corporation shall consist of two concentric circles, between which shall be the name of the Corporation, and in the center shall be inscribed the year of its incorporation and the words, "Corporate Seal, New York."

ARTICLE VII

AMENDMENTS

These By-Laws may be amended, altered or repealed or additional By-Laws adopted at any meeting of the Board of Directors by the vote of a majority of the directors then in office. These By-Laws, and any amendments thereto and new By-Laws added by the directors may be amended, altered or repealed by the stockholders at any annual or special meeting of the stockholders provided notice of such action shall have been contained in the notice of meeting.

ARTICLE VIII

INDEMNIFICATION

Section 1. Definitions. "Action"' shall mean any threatened, pending or completed legal action, lawsuit or proceeding, whether civil, criminal, administrative or investigative, including without limitation any action by or in the right of the Corporation to procure a judgment in its favor.

"Indemnitee" shall mean a person who was or is a party, or is threatened to be made a party, to an Action by reason of the fact that such person (or such person's testator or intestate, in which case both such person and his testator or intestate shall be deemed the Indemnitee) is or was or has agreed to become a director or officer of the Corporation, or is or was serving or has agreed to serve at the request of the Corporation as a director, officer or trustee of or in a similar capacity with another corporation, partnership, joint venture, trust, plan or other enterprise, or by reason of any action alleged to have been taken or omitted in such capacity.

"Costs" shall mean all amounts actually paid by or on behalf of an Indemnitee (i) on account of judgments, fines and penalties incurred in connection with an Action, or (ii) in settlement of an Action.

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"Expenses" shall mean all expenses actually and reasonably incurred by or on behalf of an Indemnitee in connection with an Action, whether or not the Indemnitee is successful on the merits, including without limitation, expenses of investigation, judicial or administrative proceedings and appeals, attorneys' fees and disbursements, and expenses of establishing or defending a right to indemnification under this Article.

"Act" shall mean Sections 721 through 726 of the Business Corporation Law of the State of New York or any comparable provisions of New York law hereafter enacted applicable to the Corporation.

Section 2. Indemnification and Advances of Expenses. The Corporation shall indemnify each Indemnitee against all Costs and Expenses of each Action, unless such indemnification shall be expressly prohibited by Section 721 of the Act, or unless the Action (other than an Action instituted pursuant to Section 3 of this Article VIII) shall have been initiated by the Indemnitee without the authorization of the Board of Directors of the Corporation. Expenses for which indemnification is sought under this Article shall be paid by the Corporation in advance of any final disposition of the Action at the written request of an Indemnitee, provided that the Indemnitee shall undertake to repay amounts advanced to the extent that a court of competent jurisdiction ultimately determines that the Indemnitee was not entitled to such indemnification. Except to the extent prohibited by law, advances of Expenses shall be paid without reference to the Indemnitee's financial ability to make repayment, no security shall be required therefor, and such advances shall not under any circumstances be claimable against the Indemnitee's spouse, children, estate, heirs, executors or administrators. The Board of Directors may, by a majority vote of a quorum consisting of directors who are not parties to an Action, and upon approval of an Indemnitee, authorize the Corporation's counsel to represent the Indemnitee in an Action.

Section 3. Procedure for Indemnification. Any indemnification or advance of Expenses under Section 2 of this Article shall be made promptly, and in any event within 45 days following the written request of the Indemnitee, unless a determination that the Indemnitee is not entitled to indemnification because he has not met the applicable standard of conduct expressly required by Section 721 of the Act is made (1) by the Board of Directors by a majority vote of a quorum consisting of directors who are not parties to such Action, or (2) if such a quorum is not obtainable, or, even if obtainable, if a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or (3) by the shareholders. The right to indemnification and advances of Expenses under this Article shall be enforceable by the Indemnitee in any court of competent jurisdiction if the Corporation denies such request, in whole or in part, or if no disposition thereof is made within 45 days. It shall be a defense to any such action (other than an action brought to enforce a claim for the advance of Expenses where the required undertaking, if any, has been received by the Corporation) that the Indemnitee has not met the applicable standard of conduct expressly required by the Act, but the burden of proving such defense shall be on the Corporation and neither (i) the termination of any Action by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, nor (ii) any determination pursuant to the first sentence of this Section 2, shall, of itself, create a presumption that the Indemnitee did not act in accordance with such standard of conduct.

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Section 4. Other Rights and Continuation of Right to Indemnification. The indemnification provided by this Article shall not be exclusive of all other rights to which an Indemnitee seeking indemnification is entitled under any law (common or statutory), agreement, resolution of shareholders or directors or otherwise, and nothing contained in this Article shall limit the right to indemnification or advancement of expenses to which any person would be entitled from the Corporation in lieu of, in addition to or in the absence of this Article. The Corporation is hereby expressly authorized to grant other rights of indemnification or advancement of expenses by resolution of shareholders or directors, agreement or otherwise. The indemnification provided by this Article shall continue as to an Indemnitee who has ceased to be a director, officer, trustee, committee member, employee or agent, and shall inure to the benefit of the estate, heirs, executors and administrators of each Indemnitee.

Section 5. Insurance. The Corporation shall purchase and maintain insurance on behalf of any person who is or was or has agreed to become a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director, officer or trustee of or in a similar capacity with another corporation, partnership, joint venture, trust, plan or other enterprise against any liability asserted against such person and incurred by such person or on such person's behalf in any such capacity, or arising out of such person's status as such, whether or not the Corporation would have the power to indemnify such person under the provisions of this Article VIII, provided that such insurance is available on terms acceptable to a majority of the entire Board of Directors of the Corporation.

Section 6. Contractual Rights; Conflicts. The provisions of this Article VIII shall constitute a contract between the Corporation and each Indemnitee, pursuant to which the Corporation and each such Indemnitee intend to be legally bound. No repeal or modification of this Article VIII shall affect any rights or obligations then existing or thereafter arising with respect to any state of facts then or theretofore existing. In the event any rights under this Article VIII are expressly prohibited by any provision of Article XIV of the Corporation's Certificate of Incorporation as in effect on the date this Article VIII is adopted, such provision of the Corporation's Certificate of Incorporation shall be controlling unless subsequently amended to eliminate such prohibition.

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Section 7. Severability. If this Article VIII or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Corporation shall nevertheless indemnify each Indemnitee as to Costs and Expenses and make advancements thereof to the fullest extent permitted by any applicable portion of this Article VIII that shall not have been invalidated and to the fullest extent permitted by the Act.

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EX-21.1

EXHIBIT 21.1

SUBSIDIARIES OF PARK ELECTROCHEMICAL CORP.

The following table lists all Park's directly and indirectly owned subsidiaries and the jurisdiction in which each such subsidiary is organized.

Name	Jurisdiction of Incorporation
Grand Rapids Die Casting Corp.	Michigan
Metclad International Corp.	Delaware
Nelco Products, Inc.	Delaware
Nelco Products Pte. Ltd.	Singapore
Nelco Technology, Inc.	Delaware
Nelco Technology (Zhuhai FTZ) Ltd.	China
Neltec, Inc.	Delaware
Neltec Europe SAS	France
Neltec SA	France
Neluk, Inc.	Delaware
New England Laminates Co., Inc.	New York
Papa Echo Aircraft Corp.	Delaware
Park Advanced Composite Materials, Inc.	Connecticut
Park Advanced Product Development Corp.	Delaware
Park Aerospace Structures Corp.	Washington
Park Aerospace Technologies Corp.	Kansas
ParkNelco SNC	France
Park Sales Corp.	Delaware
Tin City Aircraft Works, Inc.	Kansas
Zin-Plas Corporation	Michigan
Zin-Plas Marketing and Business Development Corporation	Michigan

80

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the Registration Statements on Forms S-8 (No. 33-55383 and No. 333-153264) of our reports dated May 15, 2015 relating to our audits of the consolidated financial statements and financial statement schedule of Park Electrochemical Corp. and subsidiaries as of March 1, 2015 and for the year then ended and the effectiveness of internal control over financial reporting of Park Electrochemical Corp. and subsidiaries as of March 1, 2015, included in this Annual Report on Form 10-K of Park Electrochemical Corp. for the year ended March 1, 2015.

/s/ CohnReznick LLP

Jericho, New York 

May 15, 2015

81

EX-23.2

Exhibit 23.2 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We have issued our report dated May 16, 2014, with respect to the consolidated financial statements and schedule included in the Annual Report of Park Electrochemical Corp. on Form 10-K for the year ended March 1, 2015. We hereby consent to the incorporation by reference of said report in the Registration Statements of Park Electrochemical Corp. on Forms S-8 (File No. 33-55383 and File No. 333-153264).

/s/ Grant Thornton LLP 

New York, New York

May 15, 2015

82

EX-31.1

EXHIBIT 31.1

Certification of Principal Executive Officer

Pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a)

I, Brian E. Shore, as Chief Executive Officer of Park Electrochemical Corp., certify that:

1. I have reviewed this Annual Report on Form 10-K for the fiscal year ended March 1, 2015 of Park Electrochemical Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:     May 15, 2015

/s/ Brian E. Shore

Name: Brian E. Shore

Title: Chief Executive Officer

83

EX-31.2

EXHIBIT 31.2

Certification of Principal Financial Officer

Pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a)

I, P. Matthew Farabaugh, as Vice President and Chief Financial Officer of Park Electrochemical Corp., certify that:

1. I have reviewed this Annual Report on Form 10-K for the fiscal year ended March 1, 2015 of Park Electrochemical Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:     May 15, 2015

/s/ P. Matthew Farabaugh____________________

Name: P. Matthew Farabaugh

Title: Vice President and Chief Financial Officer

84 

EX-32.1

EXHIBIT 32.1

Certification of Principal Executive Officer Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Annual Report on Form 10-K of Park Electrochemical Corp. (the "Company") for the fiscal year ended March 1, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Brian E. Shore, as Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1)     The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)     The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Brian E. Shore___________________ _

Name: Brian E. Shore                    

Title:     Chief Executive Officer

Date: May 15, 2015

 85

EX-32.2

EXHIBIT 32.2

Certification of Principal Financial Officer Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Annual Report on Form 10-K of Park Electrochemical Corp. (the "Company") for the fiscal year ended March 1, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), P. Matthew Farabaugh, as Vice President and Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1)     The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)     The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ P. Matthew Farabaugh___________________

Name: P. Matthew Farabaugh          

Title:    Vice President and Chief Financial Officer

Date: May 15, 2015

86

XML

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Mar. 01, 2015

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]

	Quarter
	First		Second		Third		Fourth
Fiscal 2015:
Net sales	$	48,817	$	42,349	$	34,679	$	36,241
Gross profit		16,929		12,171		8,598		11,255
Net earnings		8,216		4,955		2,031		4,841
Basic net earnings per share	$	0.39	$	0.24	$	0.10	$	0.23
Diluted net earnings per share	$	0.39	$	0.24	$	0.10	$	0.23
Weighted average common shares outstanding:
Basic		20,880		20,925		20,947		20,896
Diluted		20,988		21,029		20,989		20,937

Fiscal 2014:
Net sales	$	43,438	$	44,497	$	39,678	$	38,151
Gross profit		12,991		13,621		11,038		10,450
Net earnings (loss)		4,929		8,045		4,721		(60,024	)
Basic net earnings (loss) per share	$	0.24	$	0.39	$	0.23	$	(2.88	)
Diluted net earnings (loss) per share	$	0.24	$	0.39	$	0.23	$	(2.88	)
Weighted average common shares outstanding:
Basic		20,828		20,836		20,857		20,873
Diluted		20,844		20,852		20,917		20,873

XML

Note 4 - Income Taxes (Details) - Unrecognized Tax Benefits (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013
Unrecognized Tax Benefits [Abstract]
Balance, beginning of year	$ 276	$ 3,053	$ 3,999
Balance, end of year	1,135	276	3,053
Gross decreases-tax positions in prior period	(21)	(2,776)	(235)
Gross increases-current period tax positions	880
Audit settlements			(711)
Lapse of statute of limitations		$ (1)

XML

Note 3 - Other Balance Sheet Data (Details) - Other Balance Sheet Data (USD $) In Thousands, unless otherwise specified	Mar. 01, 2015	Mar. 02, 2014
Inventories:
Raw materials	$ 7,376	$ 7,253
Work-in-process	3,114	3,097
Finished goods	3,605	3,223
Manufacturing supplies	344	298
	14,439	13,871
Property, plant and equipment:
Property, plant and equipment, gross	172,604	172,824
Less accumulated depreciation and amortization	146,067	143,150
	26,537	29,674
Goodwill and other intangible assets:
Goodwill	9,776	9,776
Other intangibles	64	71
	9,840	9,847
Accrued liabilities:
Payroll and payroll related	2,117	1,910
Employee benefits	262	274
Workers' compensation	300	354
Professional fees	671	1,116
Restructuring (Note 9)	182	198
Other	1,235	1,287
	4,767	5,139
Land, Buildings and Improvements [Member]
Property, plant and equipment:
Property, plant and equipment, gross	42,019	42,471
Machinery, Equipment, Furniture and Fixtures [Member]
Property, plant and equipment:
Property, plant and equipment, gross	$ 130,585	$ 130,353

XML

Note 12 - Commitments (Details) - Non-cancelable Lease Schedule (USD $) In Thousands, unless otherwise specified	Mar. 01, 2015
Non-cancelable Lease Schedule [Abstract]
2016	$ 1,910
2017	1,288
2018	1,137
2019	1,159
2020	1,182
Thereafter	3,403
	$ 10,079

XML

Note 4 - Income Taxes (Details) - Open Tax Years by Major Jurisdiction	12 Months Ended
	Mar. 01, 2015
CALIFORNIA | Earliest Tax Year [Member]
Income Tax Examination [Line Items]
Open tax year	2011
CALIFORNIA | Latest Tax Year [Member]
Income Tax Examination [Line Items]
Open tax year	2015
NEW YORK | Earliest Tax Year [Member]
Income Tax Examination [Line Items]
Open tax year	2012
NEW YORK | Latest Tax Year [Member]
Income Tax Examination [Line Items]
Open tax year	2015
FRANCE | Earliest Tax Year [Member]
Income Tax Examination [Line Items]
Open tax year	2013
FRANCE | Latest Tax Year [Member]
Income Tax Examination [Line Items]
Open tax year	2015
SINGAPORE | Earliest Tax Year [Member]
Income Tax Examination [Line Items]
Open tax year	2008
SINGAPORE | Latest Tax Year [Member]
Income Tax Examination [Line Items]
Open tax year	2015

XML

Note 2 - Marketable Securities (Details) - Estimated Fair Value of Securities by Contractual Maturity (USD $) In Thousands, unless otherwise specified	Mar. 01, 2015	Mar. 02, 2014
Estimated Fair Value of Securities by Contractual Maturity [Abstract]
Due in one year or less	$ 73,972
Due after one year through five years	56,623
	$ 130,595	$ 137,206

XML

Note 5 - Stock-based Compensation (Tables)

12 Months Ended

Mar. 01, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	Fiscal Year
	2015			2014			2013
Weighted average fair value per share of option grants	$	8.05		$	8.79		$	8.56
Risk-free interest rates		2.03 - 2.18	%		1.64 - 2.15	%		1.50 - 1.80	%
Expected stock price volatility		31.07 - 31.59	%		32.80 - 34.00	%		35.02 - 37.06	%
Expected dividend yields		1.34 - 1.77	%		1.46 - 1.67	%		1.54 - 1.65	%
Estimated option terms (years)		7.8			6.1 - 8.1			5.7 - 6.9

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

	Outstanding Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Balance, February 26, 2012		915,951		$	25.40
Granted		205,520			25.60
Exercised		(35,987	)		21.16
Terminated or expired		(107,701	)		25.91
Balance, March 3, 2013		977,783		$	25.54
Granted		193,600			27.20
Exercised		(51,266	)		23.44
Terminated or expired		(39,000	)		26.07
Granted under option modification		902,517			23.13
Cancelled under option modification		(902,517	)		25.63
Balance, March 2, 2014		1,081,117		$	23.84
Granted		18,000			25.81
Exercised		(79,800	)		21.49
Terminated or expired		(52,625	)		24.21
Granted under option modification		996,892			22.55
Cancelled under option modification		(996,892	)		24.05
Balance, March 1, 2015		966,692		$	22.55		5.40	$	425
Vested and exercisable, March 1, 2015		694,705		$	22.23		4.27	$	528

Schedule of Nonvested Share Activity [Table Text Block]

	Shares Subject to Options			Weighted Average Grant Date Fair Value
Non-vested, beginning of year		416,788		$	8.41
Granted		18,000			8.05
Vested		(120,476	)		8.14
Terminated or expired		(42,325	)		8.06
Non-vested, end of year		271,987		$	8.27

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Note 15 - Customer and Supplier Concentrations (Details) (Customer Concentration Risk [Member], Sales Revenue, Net [Member])	12 Months Ended
	Mar. 02, 2014	Mar. 03, 2013
TTM Technologies Inc. [Member]
Note 15 - Customer and Supplier Concentrations (Details) [Line Items]
Concentration Risk, Percentage	15.80%	16.10%
Sanmina-SCI Corporation [Member]
Note 15 - Customer and Supplier Concentrations (Details) [Line Items]
Concentration Risk, Percentage		10.10%

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Note 5 - Stock-based Compensation (Details) - Fair Value Assumptions (USD $)	12 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013
Note 5 - Stock-based Compensation (Details) - Fair Value Assumptions [Line Items]
Weighted average fair value per share of option grants (in Dollars per share)	$ 8.05	$ 8.79	$ 8.56
Estimated option terms (years)	7 years 292 days
Minimum [Member]
Note 5 - Stock-based Compensation (Details) - Fair Value Assumptions [Line Items]
Risk-free interest rates	2.03%	1.64%	1.50%
Expected stock price volatility	31.07%	32.80%	35.02%
Expected dividend yields	1.34%	1.46%	1.54%
Estimated option terms (years)		6 years 36 days	5 years 255 days
Maximum [Member]
Note 5 - Stock-based Compensation (Details) - Fair Value Assumptions [Line Items]
Risk-free interest rates	2.18%	2.15%	1.80%
Expected stock price volatility	31.59%	34.00%	37.06%
Expected dividend yields	1.77%	1.67%	1.65%
Estimated option terms (years)		8 years 36 days	6 years 328 days

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Selected Quarterly Financial Data (Unaudited) (Details) - Quarterly Data (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Mar. 01, 2015	Nov. 30, 2014	Aug. 31, 2014	Jun. 01, 2014	Mar. 02, 2014	Dec. 01, 2013	Sep. 01, 2013	Jun. 02, 2013	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013
Fiscal 2015:
Net sales	$ 36,241	$ 34,679	$ 42,349	$ 48,817	$ 38,151	$ 39,678	$ 44,497	$ 43,438	$ 162,086	$ 165,764	$ 176,416
Gross profit	11,255	8,598	12,171	16,929	10,450	11,038	13,621	12,991	48,953	48,100	50,550
Net earnings	$ 4,841	$ 2,031	$ 4,955	$ 8,216	$ (60,024)	$ 4,721	$ 8,045	$ 4,929	$ 20,043	$ (42,329)	$ 16,961
Basic net earnings per share (in Dollars per share)	$ 0.23	$ 0.10	$ 0.24	$ 0.39	$ (2.88)	$ 0.23	$ 0.39	$ 0.24	$ 0.96	$ (2.03)	$ 0.82
Diluted net earnings per share (in Dollars per share)	$ 0.23	$ 0.10	$ 0.24	$ 0.39	$ (2.88)	$ 0.23	$ 0.39	$ 0.24	$ 0.96	$ (2.03)	$ 0.81
Basic (in Shares)	20,896	20,947	20,925	20,880	20,873	20,857	20,836	20,828	20,912	20,849	20,801
Diluted (in Shares)	20,937	20,989	21,029	20,988	20,873	20,917	20,852	20,844	20,986	20,849	20,823

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Schedule II (Details) - Valuation and Qualifying Accounts (USD $)	12 Months Ended
	Mar. 01, 2015		Mar. 02, 2014		Mar. 03, 2013
Valuation Allowance of Deferred Tax Assets [Member]
DEFERRED INCOME TAX ASSET VALUATION ALLOWANCE:
Beginning Balance	$ 11,941,000		$ 12,465,000		$ 11,661,000
Costs and Expenses	123,000		330,000		804,000
Reduction	(177,000)		(854,000)
Ending Balance	11,887,000		11,941,000		12,465,000
Allowance for Doubtful Accounts [Member]
DEFERRED INCOME TAX ASSET VALUATION ALLOWANCE:
Beginning Balance	416,000		423,000		598,000
Costs and Expenses	(5,000)		(7,000)		(135,000)
Accounts Written Off	(15,000)	[1]		[1]	(40,000)	[1]
Ending Balance	$ 396,000		$ 416,000		$ 423,000

[1] Uncollectible amounts, net of recoveries

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Note 13 - Contingencies (Details) (USD $)	12 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013
Note 13 - Contingencies (Details) [Line Items]
Number Of Sites Of Company Or Subsidiaries That Have Been Named For Potential Environmental Remediation Liability	4
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	3
Litigation Settlement, Expense	$ 23,000	$ 8,000	$ 56,000
Accrual for Environmental Loss Contingencies	$ 0	$ 0
Two Insurance Carriers [Member]
Note 13 - Contingencies (Details) [Line Items]
Percentage Of Legal Defense And Remediation Costs Associated With Sites Reimbursed By Insurance Carriers	100.00%
Insurance Carrier One [Member]
Note 13 - Contingencies (Details) [Line Items]
Percentage Of Legal Defense And Remediation Costs Associated With Sites Reimbursed By Insurance Carriers	45.00%

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Note 17 - Subsequent Event

12 Months Ended

Mar. 01, 2015

Subsequent Events [Abstract]

Subsequent Events [Text Block]

17.     SUBSEQUENT EVENT

Pursuant to the share purchase authorization announced on January 8, 2015, the Company purchased an aggregate of 444,834 shares during the period March 9, 2015 through April 24, 2015 at an average price paid per share of $21.32 and a total cost of $9,493, leaving an aggregate total of 686,410 shares available to be purchased by the Company pursuant to the aforementioned share purchase authorization. All of such 444,834 shares were purchased by the Company pursuant to a Rule 10b5-1 Stock Purchase Plan established by the Company on February 13, 2015 and terminated by the Company on April 24, 2015. Additional purchases by the Company pursuant to the aforementioned share purchase authorization may occur from time to time in the future. As previously announced by the Company, shares purchased by the Company will be retained as treasury stock and will be available for use under the Company’s stock option plan and for other corporate purposes.

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Note 4 - Income Taxes (Details) - Provision for Income Taxes (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013
Current:
Federal		$ (2,435)	$ (2,804)
State and local	(39)	(55)	172
Foreign	5,601	3,220	5,419
	5,562	730	2,787
Deferred:
Federal	(2,238)	63,105	1,652
State and local	(290)	69	(314)
Foreign	(287)	507	(201)
	(2,815)	63,681	1,137
	$ 2,747	$ 64,411	$ 3,924

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Note 1 - Summary of Significant Accounting Policies (Details) - Supplemental Cash Flow Information (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013
Supplemental Cash Flow Information [Abstract]
Income taxes, net of refunds	$ 1,707	$ 612	$ 5,866
Interest	$ 1,380	$ 729

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Selected Quarterly Financial Data (Unaudited) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 28, 2015	Mar. 01, 2015	Mar. 02, 2014	Mar. 01, 2015
Selected Quarterly Financial Data (Unaudited) (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Price Reduction		$ 1.50	$ 2.50
Common Stock, Dividends, Per Share, Cash Paid	$ 1.50	$ 1.50	$ 2.50
Selling, General and Administrative Expenses [Member]
Selected Quarterly Financial Data (Unaudited) (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost (in Dollars)		$ 205	$ 731	$ 205
SINGAPORE
Selected Quarterly Financial Data (Unaudited) (Details) [Line Items]
Undistributed Earnings of Foreign Subsidiaries (in Dollars)			$ 63,958

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Note 12 - Commitments (Tables)

12 Months Ended

Mar. 01, 2015

Disclosure Text Block Supplement [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Fiscal Year	Amount
2016	$	1,910
2017		1,288
2018		1,137
2019		1,159
2020		1,182
Thereafter		3,403
	$	10,079

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Note 4 - Income Taxes (Details) - Effective Income Tax Recociliation	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Effective Income Tax Recociliation [Abstract]
Statutory U.S. Federal tax rate	34.00%	34.00%	34.00%
State and local taxes, net of Federal benefit	(1.10%)	(0.20%)	(0.80%)
Foreign tax rate differentials	(22.20%)	(19.60%)	(22.30%)
Valuation allowance on deferred tax assets	0.60%	2.40%	0.40%
Adjustment on tax accruals and other	1.30%	(3.00%)	4.80%
Foreign tax credits	(0.50%)	(0.60%)	(0.30%)
Deferred tax liability on undistributed foreign earnings		289.60%
Claim for refund		(10.50%)
Permanent differences and other		(0.40%)	2.90%
	12.10%	291.70%	18.70%

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Note 11 - Long-term Debt (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended			3 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013	Mar. 02, 2014	Mar. 03, 2013	Feb. 12, 2014	Jan. 30, 2013
Note 11 - Long-term Debt (Details) [Line Items]
Long-term Line of Credit (in Dollars)	$ 94,000
Minimum Interest Coverage Ratio	1.10
Debt Agreement, Minimum Domestic Liquid Assets Required (in Dollars)	25,000
Line of Credit Facility, Interest Rate at Period End	1.31%
Interest Expense (in Dollars)	1,438	764	14
Special Dividend [Member] | Maximum [Member]
Note 11 - Long-term Debt (Details) [Line Items]
Dividend Covenant Maximum Quarterly Dividend (in Dollars per share)	$ 2.50
Special Dividend [Member] | Minimum [Member]
Note 11 - Long-term Debt (Details) [Line Items]
Dividend Covenant Maximum Quarterly Dividend (in Dollars per share)	$ 1.00
Letter of Credit [Member] | PNC Bank, National Association [Member]
Note 11 - Long-term Debt (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars)						2,000	2,000
Long-term Line of Credit (in Dollars)		1,100		1,100
Number Of Stand by Letter Of Credit Issued				2
Debt Instrument, Redemption, Period One [Member] | PNC Bank, National Association [Member]
Note 11 - Long-term Debt (Details) [Line Items]
Number of Quarterly Installments	4
Debt Instrument, Periodic Payment (in Dollars)	2,500
Debt Instrument, Redemption, Period Two [Member] | PNC Bank, National Association [Member]
Note 11 - Long-term Debt (Details) [Line Items]
Number of Quarterly Installments	8
Debt Instrument, Periodic Payment (in Dollars)	3,750
PNC Bank, National Association [Member] | London Interbank Offered Rate (LIBOR) [Member]
Note 11 - Long-term Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.10%
PNC Bank, National Association [Member] | Federal Funds Rate [Member]
Note 11 - Long-term Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%
PNC Bank, National Association [Member] | Daily LIBOR Plus [Member]
Note 11 - Long-term Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%
PNC Bank, National Association [Member]
Note 11 - Long-term Debt (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars)						104,000	52,000
Proceeds from Lines of Credit (in Dollars)				52,000	52,000
Long-term Line of Credit (in Dollars)	94,000	52,000		52,000
Repayments of Long-term Lines of Credit (in Dollars)	$ 10,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.20%
Maximum [Member]
Note 11 - Long-term Debt (Details) [Line Items]
Dividend Covenant Maximum Quarterly Dividend (in Dollars per share)	$ 0.10
Next 12 Months [Member]
Note 11 - Long-term Debt (Details) [Line Items]
Maximum Funded Debt Ratio	3.75
Quick Ratio	6.50
Year Two [Member]
Note 11 - Long-term Debt (Details) [Line Items]
Maximum Funded Debt Ratio	3.85
Quick Ratio	3.00
Year Three [Member]
Note 11 - Long-term Debt (Details) [Line Items]
Maximum Funded Debt Ratio	3.55
Year Four [Member]
Note 11 - Long-term Debt (Details) [Line Items]
Maximum Funded Debt Ratio	3.50
Year Fifth [Member]
Note 11 - Long-term Debt (Details) [Line Items]
Maximum Funded Debt Ratio	3.00
All Periods Thereafter [Member]
Note 11 - Long-term Debt (Details) [Line Items]
Maximum Funded Debt Ratio	2.25
Nelco Products Pte. Ltd. [Member]
Note 11 - Long-term Debt (Details) [Line Items]
Pledge Of Stock Percentage As Guarantee For Credit Agreement	65.00%

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Note 6 - Shareholders' Equity (Details) - Accumulated Other Comprehensive Income (USD $) In Thousands, unless otherwise specified	Mar. 01, 2015	Mar. 02, 2014
Accumulated Other Comprehensive Income [Abstract]
Currency translation adjustment	$ 1,268	$ 1,083
Unrealized gains on investments, net of tax	200	138
Accumulated balance	$ 1,468	$ 1,221

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Note 3 - Other Balance Sheet Data (Details) (USD $)	Mar. 01, 2015
New England Laminates Co., Inc. [Member]
Note 3 - Other Balance Sheet Data (Details) [Line Items]
Real Estate Held-for-sale	$ 0
Nelco Technology (Zhuhai FTZ) Ltd [Member]
Note 3 - Other Balance Sheet Data (Details) [Line Items]
Real Estate Held-for-sale	$ 2,038,000

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Note 1 - Summary of Significant Accounting Policies

12 Months Ended

Mar. 01, 2015

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

1.     Summary of Significant Accounting Policies

Park Electrochemical Corp. (“Park”), through its subsidiaries (collectively, the “Company”), is a global advanced materials company which develops, manufactures, markets and sells high-technology digital and RF/microwave printed circuit materials products principally for the telecommunications and internet infrastructure and high-end computing markets and advanced composite materials, parts and assemblies and low-volume tooling products for the aerospace markets.

a. Principles of Consolidation – The consolidated financial statements include the accounts of Park and its subsidiaries. All significant intercompany balances and transactions have been eliminated.

b. Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates. In addition, certain amounts in the prior years' consolidated statements of stockholders’ equity, consolidated statements of cash flows and Note 3, “Other Balance Sheet Data”, have been reclassified to conform to the current year presentation.

c. Accounting Period – The Company’s fiscal year is the 52 or 53 week period ending the Sunday nearest to the last day of February. The 2015, 2014 and 2013 fiscal years ended on March 1, 2015, March 2, 2014 and March 3, 2013, respectively. Fiscal years 2015, 2014 and 2013 consisted of 52, 52 and 53 weeks, respectively.

d. Fair Value Measurements – Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.

Fair value measurements are broken down into three levels based on the reliability of inputs as follows:

Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves observable at commonly quoted intervals or current market) and contractual prices for the underlying financial instrument, as well as other relevant economic measures.

Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

The fair value of the Company’s cash and cash equivalents, accounts receivable, accounts payable and current liabilities approximate their carrying value due to their short-term nature. Due to the variable interest rates periodically adjusting with the current LIBOR, the carrying value of outstanding borrowings under the Company’s long-term debt approximates its fair value. (See Note 11). Certain assets and liabilities of the Company are required to be recorded at fair value on either a recurring or non-recurring basis. On a recurring basis, the Company records its marketable securities at fair value using Level 1 or Level 2 inputs. (See Note 2).

The Company’s non-financial assets measured at fair value on a non-recurring basis include goodwill and any long-lived assets written down to fair value. To measure fair value of such assets, the Company uses Level 3 inputs consisting of techniques including an income approach and a market approach. The income approach is based on a discounted cash flow analysis and calculates the fair value by estimating the after-tax cash flows attributable to a reporting unit and then discounting the after-tax cash flows to a present value using a risk-adjusted discount rate. Assumptions used in the discounted cash flow analysis require the exercise of significant judgment, including judgment about appropriate discount rates, terminal value, growth rates and the amount and timing of expected future cash flows. There were no transfers between levels within the fair value hierarchy during the 2015 and 2014 fiscal years.

During the 2013 fiscal year, the Company impaired the long-lived assets of Nelco Technology (Zhuhai FTZ) Ltd. (See Note 9).

e. Cash and Cash Equivalents – The Company considers all money market securities and investments with contractual maturities at the date of purchase of 90 days or less to be cash equivalents. The Company had $0 and $19,995 in debt securities included in cash equivalents at March 1, 2015 and March 2, 2014, respectively, which were valued based on level 2 inputs. (See Note 2). Certain Company’s cash and cash equivalents are in excess of U.S. government insurance. Approximately $269,000 of the $272,133 of cash and marketable securities at March 1, 2015 was owned by certain of the Company’s wholly owned foreign subsidiaries.

The Company classifies amounts required by the Amended Credit Agreement described in Note 11 to be maintained in cash and marketable securities as restricted cash on the consolidated balance sheets.

 Supplemental cash flow information:

	Fiscal Year
	2015		2014		2013
Cash paid during the year for:
Income taxes, net of refunds	$	1,707	$	612	$	5,866
Interest		1,380		729		-

At March 1, 2015 and March 2, 2014, the Company help approximately $28,970 and $27,195, respectively, of cash equivalents in foreign financial institutions.

f. Marketable Securities – All marketable securities are classified as available-for-sale and are carried at fair value, with the unrealized gains and losses, net of tax, included in comprehensive earnings (loss). Realized gains and losses, amortization of premiums and discounts, and interest and dividend income are included in interest and other income, net. The cost of securities sold is based on the specific identification method.

g. Inventories – Inventories are stated at the lower of cost (first-in, first-out method) or market. The Company writes down its inventory for estimated obsolescence or unmarketability based upon the age of the inventory and assumptions about future demand for the Company's products and market conditions.

h. Revenue Recognition – The Company recognizes revenues when products are shipped and title has been transferred to a customer, the sales price is fixed and determinable, and collection is reasonably assured. All material sales transactions are for the shipment of the Company’s products.

i. Sales Allowances and Product Warranties – The Company provides for the estimated costs of sales allowances at the time such costs can be reasonably estimated. The Company’s products are made to customer specifications and tested for adherence to specifications before shipment to customers. Composite parts and assemblies may be subject to “airworthiness” acceptance by customers after receipt at the customers’ locations. There are no future performance requirements other than the products’ meeting the agreed specifications. The Company’s bases for providing sales allowances for returns are known situations in which products may have failed due to manufacturing defects in products supplied by the Company. The Company is focused on manufacturing the highest quality products and employs stringent manufacturing process controls and works with raw material suppliers who have dedicated themselves to complying with the Company's specifications and technical requirements. The amounts of returns and allowances resulting from defective or damaged products have been less than 1.0% of sales for each of the Company's last three fiscal years.

j. Accounts Receivable – The Company’s accounts receivable are due from purchasers of the Company’s products. Credit is extended based on evaluation of a customer’s financial condition and, generally, collateral is not required. Accounts receivable are due within established payment terms and are stated at amounts due from customers net of an allowance for doubtful accounts. Accounts outstanding longer than established payment terms are considered past due. The Company determines its allowance by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, and the conditions of the general economy and the electronics and aerospace industries. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The Company writes off accounts receivable when they become uncollectible.

k. Valuation of Long-Lived Assets – The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Important factors that could trigger an impairment review include, but are not limited to, significant negative industry or economic trends and significant changes in the use of the Company's assets or strategy of the overall business. No impairments of long-lived assets were identified in the 2015, 2014 or 2013 fiscal years other than impairments associated with restructuring activities. (See Note 9).

l. Goodwill and Other Intangible Assets – Goodwill is not amortized. Other intangible assets are amortized over the useful lives, which is 15 years, of the assets on a straight line basis. The Company tests for impairment of intangible assets whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. With respect to goodwill, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value is less than the carrying value. If, based on that assessment, the Company believes it is more likely than not that the fair value is less than the carrying value, a two-step goodwill impairment test is performed. The Company assesses the impairment of goodwill at least annually. The Company conducts its annual goodwill impairment test as of the first day of the fourth quarter. The Company concluded that there was no impairment in the 2015, 2014 or 2013 fiscal years.

m. Shipping Costs – The amounts paid by the Company to third-party shippers for transporting products to customers, which are not reimbursed by customers, are classified as selling expenses. The shipping costs included in selling, general and administrative expenses were approximately $3,398, $3,833 and $4,080 for the 2015, 2014 and 2013 fiscal years, respectively.

n. Property, Plant and Equipment – Property, plant and equipment are stated at cost less accumulated depreciation and amortization. The Company capitalizes additions, improvements and major renewals and expenses maintenance, repairs and minor renewals as incurred. Depreciation and amortization are computed principally by the straight-line method over the estimated useful lives of the assets. Machinery, equipment, furniture and fixtures are generally depreciated over 10 years. Building and leasehold improvements are generally depreciated over 25-30 years or the term of the lease, if shorter. The depreciation and amortization expenses associated with property, plant and equipment were $3,559, $3,757 and $4,269 for the 2015, 2014 and 2013 fiscal years, respectively.

o. Income Taxes – Deferred income taxes are provided for temporary differences in the reporting of certain items, such as depreciation and undistributed earnings of foreign subsidiaries, for income tax purposes compared to financial accounting purposes. In evaluating the Company’s ability to recover the deferred tax assets within the jurisdiction from which they arise, all positive and negative evidence is considered, including the scheduled reversal of deferred tax liabilities, projected future taxable income, tax planning strategies and results of recent acquisitions. If these estimates and assumptions change in the future, the Company may be required to record additional valuation allowances against its deferred tax assets, resulting in additional income tax expense in the Company's Consolidated Statements of Operations, or conversely to further reduce the existing valuation allowance, resulting in less income tax expense. The Company evaluates the realizability of the deferred tax assets and assesses the need for additional valuation allowances quarterly.

Tax benefits are recognized for an uncertain tax position when, in the Company’s judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the tax benefit is measured as the largest amount that is judged to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances and when new information becomes available. Such adjustments are recognized entirely in the period in which they are identified. The effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by the Company. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, the Company believes its liability for unrecognized tax benefits is adequate. Interest and penalties recognized on the liability for unrecognized tax benefits are recorded as income tax expense.

p. Foreign Currency Translation – Assets and liabilities of foreign subsidiaries using currencies other than the U.S. dollar as their functional currency are translated into U.S. dollars at period-end exchange rates or historical exchange rates, where applicable, and income and expense items are translated at average exchange rates for the period. Gains and losses resulting from translation are recorded as currency translation adjustments in comprehensive (loss) earnings.

q.    Stock-Based Compensation – The Company accounts for employee stock options, the only form of equity compensation issued by the Company, as compensation expense based on the fair value of the options on the date of grant and recognizes such expense on a straight-line basis over the four-year service period during which the options become exercisable. The Company determines the fair value of such options using the Black-Scholes option pricing model. The Black-Scholes option pricing model incorporates certain assumptions relating to risk-free interest rate, expected volatility, expected dividend yield and expected life of options, in order to arrive at a fair value estimate.

r. Treasury Stock – The Company considers all shares of the Company’s common stock purchased by the Company as authorized but unissued shares on the trade date. The aggregate purchase price of such shares is reflected as a reduction to Shareholders’ Equity, and such shares are held in treasury at cost.

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Note 7 - Earnings (Loss) Per Share (Details)	12 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	192,063	1,081,000	423,000

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Note 2 - Marketable Securities (Details) - Summary of Available-for-Sale Securities (USD $) In Thousands, unless otherwise specified	Mar. 01, 2015	Mar. 02, 2014
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Marketable securities	$ 130,595	$ 137,206
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member]
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Marketable securities	119,493	112,793
US Treasury and Government [Member]
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Marketable securities	119,493	112,793
Domestic Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Marketable securities	7,084	17,329
Domestic Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Marketable securities	4,018	7,084
Domestic Corporate Debt Securities [Member]
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Marketable securities	11,102	24,413
Fair Value, Inputs, Level 1 [Member]
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Marketable securities	126,577	130,122
Fair Value, Inputs, Level 2 [Member]
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
Marketable securities	$ 4,018	$ 7,084

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Note 1 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Mar. 01, 2015

Accounting Policies [Abstract]

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	Fiscal Year
	2015		2014		2013
Cash paid during the year for:
Income taxes, net of refunds	$	1,707	$	612	$	5,866
Interest		1,380		729		-

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Accounting Policies, by Policy (Policies)

12 Months Ended

Mar. 01, 2015

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation – The consolidated financial statements include the accounts of Park and its subsidiaries. All significant intercompany balances and transactions have been eliminated.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates. In addition, certain amounts in the prior years' consolidated statements of stockholders’ equity, consolidated statements of cash flows and Note 3, “Other Balance Sheet Data”, have been reclassified to conform to the current year presentation.

Fiscal Period, Policy [Policy Text Block]

ccounting Period – The Company’s fiscal year is the 52 or 53 week period ending the Sunday nearest to the last day of February. The 2015, 2014 and 2013 fiscal years ended on March 1, 2015, March 2, 2014 and March 3, 2013, respectively. Fiscal years 2015, 2014 and 2013 consisted of 52, 52 and 53 weeks, respectively.

Fair Value Measurement, Policy [Policy Text Block]

Fair Value Measurements – Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.

Fair value measurements are broken down into three levels based on the reliability of inputs as follows:

Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves observable at commonly quoted intervals or current market) and contractual prices for the underlying financial instrument, as well as other relevant economic measures.

Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

The fair value of the Company’s cash and cash equivalents, accounts receivable, accounts payable and current liabilities approximate their carrying value due to their short-term nature. Due to the variable interest rates periodically adjusting with the current LIBOR, the carrying value of outstanding borrowings under the Company’s long-term debt approximates its fair value. (See Note 11). Certain assets and liabilities of the Company are required to be recorded at fair value on either a recurring or non-recurring basis. On a recurring basis, the Company records its marketable securities at fair value using Level 1 or Level 2 inputs. (See Note 2).

The Company’s non-financial assets measured at fair value on a non-recurring basis include goodwill and any long-lived assets written down to fair value. To measure fair value of such assets, the Company uses Level 3 inputs consisting of techniques including an income approach and a market approach. The income approach is based on a discounted cash flow analysis and calculates the fair value by estimating the after-tax cash flows attributable to a reporting unit and then discounting the after-tax cash flows to a present value using a risk-adjusted discount rate. Assumptions used in the discounted cash flow analysis require the exercise of significant judgment, including judgment about appropriate discount rates, terminal value, growth rates and the amount and timing of expected future cash flows. There were no transfers between levels within the fair value hierarchy during the 2015 and 2014 fiscal years.

During the 2013 fiscal year, the Company impaired the long-lived assets of Nelco Technology (Zhuhai FTZ) Ltd. (See Note 9).

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents – The Company considers all money market securities and investments with contractual maturities at the date of purchase of 90 days or less to be cash equivalents. The Company had $0 and $19,995 in debt securities included in cash equivalents at March 1, 2015 and March 2, 2014, respectively, which were valued based on level 2 inputs. (See Note 2). Certain Company’s cash and cash equivalents are in excess of U.S. government insurance. Approximately $269,000 of the $272,133 of cash and marketable securities at March 1, 2015 was owned by certain of the Company’s wholly owned foreign subsidiaries.

The Company classifies amounts required by the Amended Credit Agreement described in Note 11 to be maintained in cash and marketable securities as restricted cash on the consolidated balance sheets.

 Supplemental cash flow information:

	Fiscal Year
	2015		2014		2013
Cash paid during the year for:
Income taxes, net of refunds	$	1,707	$	612	$	5,866
Interest		1,380		729		-

At March 1, 2015 and March 2, 2014, the Company help approximately $28,970 and $27,195, respectively, of cash equivalents in foreign financial institutions.

Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block]

Marketable Securities – All marketable securities are classified as available-for-sale and are carried at fair value, with the unrealized gains and losses, net of tax, included in comprehensive earnings (loss). Realized gains and losses, amortization of premiums and discounts, and interest and dividend income are included in interest and other income, net. The cost of securities sold is based on the specific identification method.

Inventory, Policy [Policy Text Block]

Inventories – Inventories are stated at the lower of cost (first-in, first-out method) or market. The Company writes down its inventory for estimated obsolescence or unmarketability based upon the age of the inventory and assumptions about future demand for the Company's products and market conditions.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition – The Company recognizes revenues when products are shipped and title has been transferred to a customer, the sales price is fixed and determinable, and collection is reasonably assured. All material sales transactions are for the shipment of the Company’s products.

Revenue Recognition, Sales Returns [Policy Text Block]

Sales Allowances and Product Warranties – The Company provides for the estimated costs of sales allowances at the time such costs can be reasonably estimated. The Company’s products are made to customer specifications and tested for adherence to specifications before shipment to customers. Composite parts and assemblies may be subject to “airworthiness” acceptance by customers after receipt at the customers’ locations. There are no future performance requirements other than the products’ meeting the agreed specifications. The Company’s bases for providing sales allowances for returns are known situations in which products may have failed due to manufacturing defects in products supplied by the Company. The Company is focused on manufacturing the highest quality products and employs stringent manufacturing process controls and works with raw material suppliers who have dedicated themselves to complying with the Company's specifications and technical requirements. The amounts of returns and allowances resulting from defective or damaged products have been less than 1.0% of sales for each of the Company's last three fiscal years.

Trade and Other Accounts Receivable, Policy [Policy Text Block]

Accounts Receivable – The Company’s accounts receivable are due from purchasers of the Company’s products. Credit is extended based on evaluation of a customer’s financial condition and, generally, collateral is not required. Accounts receivable are due within established payment terms and are stated at amounts due from customers net of an allowance for doubtful accounts. Accounts outstanding longer than established payment terms are considered past due. The Company determines its allowance by considering a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, and the conditions of the general economy and the electronics and aerospace industries. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The Company writes off accounts receivable when they become uncollectible.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Valuation of Long-Lived Assets – The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Important factors that could trigger an impairment review include, but are not limited to, significant negative industry or economic trends and significant changes in the use of the Company's assets or strategy of the overall business. No impairments of long-lived assets were identified in the 2015, 2014 or 2013 fiscal years other than impairments associated with restructuring activities. (See Note 9).

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill and Other Intangible Assets – Goodwill is not amortized. Other intangible assets are amortized over the useful lives, which is 15 years, of the assets on a straight line basis. The Company tests for impairment of intangible assets whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. With respect to goodwill, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value is less than the carrying value. If, based on that assessment, the Company believes it is more likely than not that the fair value is less than the carrying value, a two-step goodwill impairment test is performed. The Company assesses the impairment of goodwill at least annually. The Company conducts its annual goodwill impairment test as of the first day of the fourth quarter. The Company concluded that there was no impairment in the 2015, 2014 or 2013 fiscal years.

Shipping and Handling Cost, Policy [Policy Text Block]

Shipping Costs – The amounts paid by the Company to third-party shippers for transporting products to customers, which are not reimbursed by customers, are classified as selling expenses. The shipping costs included in selling, general and administrative expenses were approximately $3,398, $3,833 and $4,080 for the 2015, 2014 and 2013 fiscal years, respectively.

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant and Equipment – Property, plant and equipment are stated at cost less accumulated depreciation and amortization. The Company capitalizes additions, improvements and major renewals and expenses maintenance, repairs and minor renewals as incurred. Depreciation and amortization are computed principally by the straight-line method over the estimated useful lives of the assets. Machinery, equipment, furniture and fixtures are generally depreciated over 10 years. Building and leasehold improvements are generally depreciated over 25-30 years or the term of the lease, if shorter. The depreciation and amortization expenses associated with property, plant and equipment were $3,559, $3,757 and $4,269 for the 2015, 2014 and 2013 fiscal years, respectively.

Income Tax, Policy [Policy Text Block]

Income Taxes – Deferred income taxes are provided for temporary differences in the reporting of certain items, such as depreciation and undistributed earnings of foreign subsidiaries, for income tax purposes compared to financial accounting purposes. In evaluating the Company’s ability to recover the deferred tax assets within the jurisdiction from which they arise, all positive and negative evidence is considered, including the scheduled reversal of deferred tax liabilities, projected future taxable income, tax planning strategies and results of recent acquisitions. If these estimates and assumptions change in the future, the Company may be required to record additional valuation allowances against its deferred tax assets, resulting in additional income tax expense in the Company's Consolidated Statements of Operations, or conversely to further reduce the existing valuation allowance, resulting in less income tax expense. The Company evaluates the realizability of the deferred tax assets and assesses the need for additional valuation allowances quarterly.

Tax benefits are recognized for an uncertain tax position when, in the Company’s judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the tax benefit is measured as the largest amount that is judged to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances and when new information becomes available. Such adjustments are recognized entirely in the period in which they are identified. The effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by the Company. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, the Company believes its liability for unrecognized tax benefits is adequate. Interest and penalties recognized on the liability for unrecognized tax benefits are recorded as income tax expense.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Translation – Assets and liabilities of foreign subsidiaries using currencies other than the U.S. dollar as their functional currency are translated into U.S. dollars at period-end exchange rates or historical exchange rates, where applicable, and income and expense items are translated at average exchange rates for the period. Gains and losses resulting from translation are recorded as currency translation adjustments in comprehensive (loss) earnings.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock-Based Compensation – The Company accounts for employee stock options, the only form of equity compensation issued by the Company, as compensation expense based on the fair value of the options on the date of grant and recognizes such expense on a straight-line basis over the four-year service period during which the options become exercisable. The Company determines the fair value of such options using the Black-Scholes option pricing model. The Black-Scholes option pricing model incorporates certain assumptions relating to risk-free interest rate, expected volatility, expected dividend yield and expected life of options, in order to arrive at a fair value estimate.

Treasury Stock Policy [Policy Text Block]

Treasury Stock – The Company considers all shares of the Company’s common stock purchased by the Company as authorized but unissued shares on the trade date. The aggregate purchase price of such shares is reflected as a reduction to Shareholders’ Equity, and such shares are held in treasury at cost.

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Note 5 - Stock-based Compensation (Details) (USD $) In Thousands, except Share data, unless otherwise specified	1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 28, 2015	Mar. 01, 2015	Mar. 02, 2014	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013
Note 5 - Stock-based Compensation (Details) [Line Items]
Percentage of Stock Options Exercisable One Year From Date of Grant				25.00%
Percentage of Stock Options Exercisable on Each Succeeding Year From Date of Grant				25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period				10 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares)		1,800,000		1,800,000
Common Stock, Capital Shares Reserved for Future Issuance (in Shares)		1,468,530		1,468,530
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares)		501,838		501,838
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 2,448		$ 2,448
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				2 years 87 days
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Price Reduction (in Dollars per share)		$ 1.50	$ 2.50
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share)	$ 1.50	$ 1.50	$ 2.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value				688	249	227
Selling, General and Administrative Expenses [Member]
Note 5 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost		$ 205	$ 731	$ 205

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Note 2 - Marketable Securities (Details) - Summary of Unrealized Gains/Losses on Available-for-Sale Securities (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 01, 2015	Mar. 02, 2014
Note 2 - Marketable Securities (Details) - Summary of Unrealized Gains/Losses on Available-for-Sale Securities [Line Items]
Unamortized cost basis	$ 130,288	$ 136,994
Gross unrealized gains	319	213
Gross unrealized losses	12	1
US Treasury and Government [Member]
Note 2 - Marketable Securities (Details) - Summary of Unrealized Gains/Losses on Available-for-Sale Securities [Line Items]
Unamortized cost basis	119,191	112,593
Gross unrealized gains	314	200
Gross unrealized losses	12
Domestic Corporate Debt Securities [Member]
Note 2 - Marketable Securities (Details) - Summary of Unrealized Gains/Losses on Available-for-Sale Securities [Line Items]
Unamortized cost basis	11,097	24,401
Gross unrealized gains	5	13
Gross unrealized losses		$ 1

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Note 2 - Marketable Securities (Tables)

12 Months Ended

Mar. 01, 2015

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Value of Separate Accounts by Major Category of Investment [Table Text Block]

	March 1, 2015
	Total		Level 1		Level 2		Level 3
U.S. Treasury and other government securities	$	119,493	$	119,493	$	-	$	-
U.S. corporate debt securities		11,102		7,084		4,018		-
Total marketable securities	$	130,595	$	126,577	$	4,018	$	-

	March 2, 2014
	Total		Level 1		Level 2		Level 3
U.S. Treasury and other government securities	$	112,793	$	112,793	$	-	$	-
U.S. corporate debt securities		24,413		17,329		7,084		-
Total marketable securities	$	137,206	$	130,122	$	7,084	$	-

Schedule of Unrealized Loss on Investments [Table Text Block]

	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses
March 1, 2015:
U.S. Treasury and other government securities	$	119,191	$	314	$	12
U.S. corporate debt securities		11,097		5		-
Total marketable securities	$	130,288	$	319	$	12
March 2, 2014:
U.S. Treasury and other government securities	$	112,593	$	200	$	-
U.S. corporate debt securities		24,401		13		1
Total marketable securities	$	136,994	$	213	$	1

Realized Gain (Loss) on Investments [Table Text Block]

	Fiscal Year
	2015		2014		2013
Gross realized gains on sale	$	17	$	26	$	9
Gross realized losses on sale		44		209		35

Investments Classified by Contractual Maturity Date [Table Text Block]

Due in one year or less	$	73,972
Due after one year through five years		56,623
	$	130,595

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Note 3 - Other Balance Sheet Data (Tables)

12 Months Ended

Mar. 01, 2015

Disclosure Text Block Supplement [Abstract]

Schedule Of Other Balance Sheet Data [Table Text Block]

	March 1,		March 2,
	2015		2014
Inventories:
Raw materials	$	7,376	$	7,253
Work-in-process		3,114		3,097
Finished goods		3,605		3,223
Manufacturing supplies		344		298
	$	14,439	$	13,871
Property, plant and equipment:
Land, buildings and improvements	$	42,019	$	42,471
Machinery, equipment, furniture and fixtures		130,585		130,353
		172,604		172,824
Less accumulated depreciation and amortization		146,067		143,150
	$	26,537	$	29,674
Goodwill and other intangible assets:
Goodwill	$	9,776	$	9,776
Other intangibles		64		71
	$	9,840	$	9,847
Accrued liabilities:
Payroll and payroll related	$	2,117	$	1,910
Employee benefits		262		274
Workers' compensation		300		354
Professional fees		671		1,116
Restructuring (Note 9)		182		198
Other		1,235		1,287
	$	4,767	$	5,139

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013
Cash flows from operating activities:
Net earnings (loss)	$ 20,043	$ (42,329)	$ 16,961
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	3,559	3,757	4,269
Stock-based compensation	1,418	1,730	915
Recovery of doubtful accounts			(135)
(Benefit) provision for deferred income taxes	(2,815)	63,681	1,137
Amortization of bond premium	796	1,816	1,499
Impairment of fixed assets			3,620
Gain on sale of fixed assets		(75)
Non-cash restructuring			(1,465)
Changes in operating assets and liabilities:
Accounts receivable	1,138	3,087	(2,255)
Inventories	(664)	(925)	2,882
Prepaid expenses and other current assets	1,713	2,442	(3,126)
Other assets and liabilities	1,490	(813)	(310)
Accounts payable	322	(240)	(1,929)
Accrued liabilities	866	(567)	(2,708)
Income taxes payable	1,145	(1,182)	(21)
Net cash provided by operating activities	29,011	30,382	19,334
Cash flows from investing activities:
Purchase of property, plant and equipment	(430)	(1,117)	(1,447)
Proceeds from sales of property, plant and eqipment		100
Purchases of marketable securities	(100,074)	(210,693)	(142,134)
Proceeds from sales and maturities of marketable securities	105,985	161,035	190,728
Business acquisition			(2,200)
Net cash provided by (used in) investing activities	5,481	(50,675)	44,947
Cash flows from financing activities:
Dividends paid	(39,646)	(60,534)	(60,388)
Decrease (increase) in restricted cash	25,000	(25,000)
Proceeds from exercise of stock options	1,732	1,162	760
Proceeds from long-term debt		52,000	52,000
Payments of long-term debt	(10,000)
Payments for debt issuance costs	(296)	(164)	(53)
Purchase of treasury stock	(2,738)		(93)
Net cash used in financing activities	(25,948)	(32,536)	(7,774)
Increase (decrease) in cash and cash equivalents before effect of exchange rate changes	8,544	(52,829)	56,507
Effect of exchange rate changes on cash and cash equivalents	(156)	(138)	107
Increase (decrease) in cash and cash equivalents	8,388	(52,967)	56,614
Cash and cash equivalents, beginning of year	133,150	186,117	129,503
Cash and cash equivalents, end of year	$ 141,538	$ 133,150	$ 186,117

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Note 4 - Income Taxes (Tables)

12 Months Ended

Mar. 01, 2015

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Fiscal Year
	2015			2014			2013
Current:
Federal	$	-		$	(2,435	)	$	(2,804	)
State and local		(39	)		(55	)		172
Foreign		5,601			3,220			5,419
		5,562			730			2,787
Deferred:
Federal		(2,238	)		63,105			1,652
State and local		(290	)		69			(314	)
Foreign		(287	)		507			(201	)
		(2,815	)		63,681			1,137
	$	2,747		$	64,411		$	3,924

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	Fiscal Year
	2015			2014			2013
United States	$	(6,704	)	$	(2,080	)	$	(4,196	)
Foreign		29,494			24,162			25,081
Earnings before income taxes	$	22,790		$	22,082		$	20,885

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Fiscal Year
	2015			2014			2013
Statutory U.S. Federal tax rate		34.0	%		34.0	%		34.0	%
State and local taxes, net of Federal benefit		(1.1	)		(0.2	)		(0.8	)
Foreign tax rate differentials		(22.2	)		(19.6	)		(22.3	)
Valuation allowance on deferred tax assets		0.6			2.4			0.4
Adjustment on tax accruals and other		1.3			(3.0	)		4.8
Foreign tax credits		(0.5	)		(0.6	)		(0.3	)
Deferred tax liability on undistributed foreign earnings		-			289.6			-
Claim for refund		-			(10.5	)		-
Permanent differences and other		-			(0.4	)		2.9
		12.1	%		291.7	%		18.7	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	March 1			March 2
	2015			2014
Deferred tax assets:
Depreciation and amortization	$	3,856		$	4,593
Net operating loss carryforwards		14,686			12,210
Tax credits carryforward		1,811			1,695
Stock options		1,899			1,693
Other, net		531			665
		22,783			20,856
Valuation allowance on deferred tax assets		(11,887	)		(11,941	)
Total deferred tax assets, net of valuation allowance		10,896			8,915
Deferred tax liabilities:
Depreciation		(446	)		(867	)
Undistributed earnings		(63,958	)		(63,958	)
Other		(1,257	)		(1,616	)
Total deferred tax liabilities		(65,661	)		(66,441	)
Net deferred tax liability	$	(54,765	)	$	(57,526	)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	Unrecognized Tax Benefits
	March 1,			March 2,			March 3,
	2015			2014			2013
Balance, beginning of year	$	276		$	3,053		$	3,999
Gross decreases-tax positions in prior period		(21	)		(2,776	)		(235	)
Gross increases-current period tax positions		880			-			-
Audit settlements		-			-			(711	)
Lapse of statute of limitations		-			(1	)		-
Balance, end of year	$	1,135		$	276		$	3,053

Summary of Income Tax Examinations [Table Text Block]

California	2011-2015
New York	2012-2015
France	2013-2015
Singapore	2008-2015

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Schedule II (Tables)

12 Months Ended

Mar. 01, 2015

Valuation and Qualifying Accounts [Abstract]

Summary of Valuation Allowance [Table Text Block]

			Column C
Column A	Column B		Additions				Column D			Column E
Description	Balance at Beginning of Period		Costs and Expenses		Other		Reductions			Balance at End of Period
DEFERRED INCOME TAX ASSET VALUATION ALLOWANCE:
52 weeks ended March 1, 2015	$	11,941,000	$	123,000	$	-	$	(177,000	)	$	11,887,000
52 weeks ended March 2, 2014	$	12,465,000	$	330,000	$	-	$	(854,000	)	$	11,941,000
53 weeks ended March 3, 2013	$	11,661,000	$	804,000	$	-	$	-		$	12,465,000

						Column D
Column A	Column B		Column C			Other					Column E
Description	Balance at Beginning of Period		Charged to Cost and Expenses			Accounts Written Off (A)			Translation Adjustment		Balance at End of Period
ALLOWANCE FOR DOUBTFUL ACCOUNTS:
52 weeks ended March 1, 2015	$	416,000	$	(5,000	)	$	(15,000	)	$	-	$	396,000
52 weeks ended March 2, 2014	$	423,000	$	(7,000	)	$	-		$	-	$	416,000
53 weeks ended March 3, 2013	$	598,000	$	(135,000	)	$	(40,000	)	$	-	$	423,000

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Note 4 - Income Taxes (Details) - Components of Deferred Tax Liabilities and Assets (USD $) In Thousands, unless otherwise specified	Mar. 01, 2015	Mar. 02, 2014
Deferred tax assets:
Depreciation and amortization	$ 3,856	$ 4,593
Net operating loss carryforwards	14,686	12,210
Tax credits carryforward	1,811	1,695
Stock options	1,899	1,693
Other, net	531	665
	22,783	20,856
Valuation allowance on deferred tax assets	(11,887)	(11,941)
Total deferred tax assets, net of valuation allowance	10,896	8,915
Deferred tax liabilities:
Depreciation	(446)	(867)
Undistributed earnings	(63,958)	(63,958)
Other	(1,257)	(1,616)
Total deferred tax liabilities	(65,661)	(66,441)
Net deferred tax liability	$ (54,765)	$ (57,526)

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Note 14 - Geographic Regions (Details) - Financial Information by Geographic Region, Sales (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Mar. 01, 2015	Nov. 30, 2014	Aug. 31, 2014	Jun. 01, 2014	Mar. 02, 2014	Dec. 01, 2013	Sep. 01, 2013	Jun. 02, 2013	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013
Sales:
Sales	$ 36,241	$ 34,679	$ 42,349	$ 48,817	$ 38,151	$ 39,678	$ 44,497	$ 43,438	$ 162,086	$ 165,764	$ 176,416
Long-lived assets:
Long-lived assets	36,377				40,853				36,377	40,853	48,984
North America [Member]
Sales:
Sales									75,395	82,187	80,968
Long-lived assets:
Long-lived assets	23,562				26,899				23,562	26,899	34,555
Asia [Member]
Sales:
Sales									76,000	71,854	78,559
Long-lived assets:
Long-lived assets	12,490				13,557				12,490	13,557	14,102
Europe [Member]
Sales:
Sales									10,691	11,723	16,889
Long-lived assets:
Long-lived assets	$ 325				$ 397				$ 325	$ 397	$ 327

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 01, 2015	Mar. 02, 2014
Current assets:
Cash and cash equivalents	$ 141,538	$ 133,150
Marketable securities (Note 2)	130,595	137,206
Accounts receivable, less allowance for doubtful accounts of $396 and $416, respectively	21,431	22,881
Inventories (Note 3)	14,439	13,871
Prepaid expenses and other current assets	5,256	4,132
Total current assets	313,259	311,240
Property, plant and equipment, net	26,537	29,674
Goodwill and other intangible assets (Note 3)	9,840	9,847
Restricted cash	0	25,000
Other assets (Note 4)	1,046	1,332
Total assets	350,682	377,093
Current liabilities:
Current portion of long-term debt (Note 11)	10,000	10,000
Accounts payable	6,882	6,109
Accrued liabilities (Note 3)	4,767	5,139
Income taxes payable	4,141	2,995
Current deferred income taxes	3,934	0
Total current liabilities	29,724	24,243
Long-term debt (Note 11)	84,000	94,000
Deferred income taxes (Note 4)	54,155	58,124
Other liabilities (Note 4)	1,204	183
Total liabilities	169,083	176,550
Commitments and contingencies (Notes 12 and 13)
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, 20,962,644 and 20,882,844 shares, respectively	2,096	2,088
Additional paid in capital	164,819	161,677
Retained earnings	16,048	35,651
Accumulated other comprehensive earnings	1,468	1,221
	184,431	200,637
Less treasury stock, at cost, 130,641 and 4,074 shares, respectively	(2,832)	(94)
Total shareholders' equity	181,599	200,543
Total liabilities and shareholders' equity	$ 350,682	$ 377,093

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Note 2 - Marketable Securities (Details) - Summary of Realized Gains/Losses on Available-for-Sale Securities (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013
Summary of Realized Gains/Losses on Available-for-Sale Securities [Abstract]
Gross realized gains on sale	$ 17	$ 26	$ 9
Gross realized losses on sale	$ 44	$ 209	$ 35

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Consolidated Statements of Shareholders' Equity (USD $) In Thousands, except Share data	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Total
Balance at Feb. 26, 2012	$ 2,079	$ 157,115	$ 181,941	$ 2,077	$ (1)
Balance (in Shares) at Feb. 26, 2012	20,795,591				158
Net earnings (loss)			16,961			16,961
Foreign currency translation				(1,390)		75
Unrealized gain (loss) on marketable securities, net of tax				(58)
Stock options exercised	4	760
Stock options exercised (in Shares)	35,987					35,987
Stock-based compensation		915
Repurchase of treasury shares					(93)
Repurchase of treasury shares (in Shares)					3,908
Cash dividends per share			(60,388)
Balance at Mar. 03, 2013	2,083	158,790	138,514	629	(94)
Balance (in Shares) at Mar. 03, 2013	20,831,578				4,066
Net earnings (loss)			(42,329)			(42,329)
Foreign currency translation				420		420
Unrealized gain (loss) on marketable securities, net of tax				172
Stock options exercised	5	1,157
Stock options exercised (in Shares)	51,266					51,266
Stock-based compensation		1,730
Repurchase of treasury shares (in Shares)					8
Cash dividends per share			(60,534)
Balance at Mar. 02, 2014	2,088	161,677	35,651	1,221	(94)	200,543
Balance (in Shares) at Mar. 02, 2014	20,882,844				4,074
Net earnings (loss)			20,043			20,043
Foreign currency translation				185		185
Unrealized gain (loss) on marketable securities, net of tax				62
Stock options exercised	8	1,724
Stock options exercised (in Shares)	79,800					79,800
Stock-based compensation		1,418
Repurchase of treasury shares					(2,738)
Repurchase of treasury shares (in Shares)					126,567
Cash dividends per share			(39,646)
Balance at Mar. 01, 2015	$ 2,096	$ 164,819	$ 16,048	$ 1,468	$ (2,832)	$ 181,599
Balance (in Shares) at Mar. 01, 2015	20,962,644				130,641

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Note 5 - Stock-based Compensation (Details) - Non-vested Options (USD $)	12 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013
Non-vested Options [Abstract]
Non-vested, beginning of year	416,788
Non-vested, beginning of year	$ 8.41
Granted	18,000	193,600	205,520
Granted	$ 8.05	$ 8.79	$ 8.56
Vested	(120,476)
Vested	$ 8.14
Terminated or expired	(42,325)
Terminated or expired	$ 8.06
Non-vested, end of year	271,987	416,788
Non-vested, end of year	$ 8.27	$ 8.41

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Note 7 - Earnings (Loss) Per Share (Tables)

12 Months Ended

Mar. 01, 2015

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Fiscal Year
(Amounts in thousands, except per share amounts)	2015		2014			2013
Net earnings (loss)	$	20,043	$	(42,329	)	$	16,961
Weighted average common shares outstanding for basic EPS		20,912		20,849			20,801
Net effect of dilutive options		74		-			22
Weighted average shares outstanding for diluted EPS		20,986		20,849			20,823
Basic earnings (loss) per share	$	0.96	$	(2.03	)	$	0.82
Diluted earnings (loss) per share	$	0.96	$	(2.03	)	$	0.81

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Note 9 - Restructuring Charges (Details) (USD $)	12 Months Ended			10 Months Ended	3 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013	Dec. 31, 2015	Nov. 30, 2014	Mar. 02, 2015	Feb. 29, 2004
Note 9 - Restructuring Charges (Details) [Line Items]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	$ 0	$ 0	$ 1,465,000
Restructuring Charges	1,179,000	546,000	3,703,000
Scenario, Forecast [Member] | UNITED STATES
Note 9 - Restructuring Charges (Details) [Line Items]
Payments for Restructuring				150,000
UNITED STATES
Note 9 - Restructuring Charges (Details) [Line Items]
Restructuring Charges					496,000
Payments for Restructuring	346,000
Nelco Technology (Zhuhai FTZ) Ltd [Member]
Note 9 - Restructuring Charges (Details) [Line Items]
Business Exit Costs	218,000	546,000	2,730,000
Other Asset Impairment Charges			3,620,000
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax			1,465,000
Real Estate Held-for-sale						2,039,000
New England Laminates Co., Inc. [Member]
Note 9 - Restructuring Charges (Details) [Line Items]
Business Exit Costs	485,000
Real Estate Held-for-sale							$ 0

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Note 14 - Geographic Regions

12 Months Ended

Mar. 01, 2015

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

14. GEOGRAPHIC REGIONS

The Company is a global advanced materials company which develops, manufactures, markets and sells high technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure and high-end computing markets and advanced composite materials, parts and assemblies and low volume tooling for the aerospace markets. The Company’s products are sold to customers in North America, Asia and Europe. The Company’s manufacturing facilities are located in Singapore, France, Kansas, Arizona and California. The Company operates as a single operating segment, which is advanced materials for the electronics and aerospace markets, with common management and identical or very similar economic characteristics, products, raw materials, manufacturing processes and equipment, customers and markets, marketing, sales and distribution methods and regulatory environments. The chief operating decision maker reviews financial information on a consolidated basis.

Sales are attributed to geographic region based upon the region in which the materials were delivered to the customer. Sales between geographic regions were not significant.

Financial information regarding the Company’s operations by geographic region is as follows:     

	Fiscal Year
	2015		2014		2013
Sales:
North America	$	75,395	$	82,187	$	80,968
Asia		76,000		71,854		78,559
Europe		10,691		11,723		16,889
Total sales	$	162,086	$	165,764	$	176,416
Long-lived assets:
North America	$	23,562	$	26,899	$	34,555
Asia		12,490		13,557		14,102
Europe		325		397		327
Total long-lived assets	$	36,377	$	40,853	$	48,984

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Note 11 - Long-term Debt (Tables)

12 Months Ended

Mar. 01, 2015

Debt Disclosure [Abstract]

Schedule of Maturities of Long-term Debt [Table Text Block]

Fiscal Year	Amount
2016	$	10,000
2017		15,000
2018		69,000
		94,000
Less current portion		10,000
	$	84,000

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Note 16 - Accounting Pronouncements

12 Months Ended

Mar. 01, 2015

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

16.     ACCOUNTING PRONOUNCEMENTS

Recently Adopted

In March 2013, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance which states that when a parent sells an investment in a foreign entity and ceases to have a controlling interest in that foreign entity, or when a foreign subsidiary disposes of substantially all of its assets, or when a parent acquires control of a foreign entity in which the parent held an equity interest before the acquisition date, the cumulative translation adjustment should be released into net income. The Company adopted this guidance effective March 3, 2014, the first day of the Company’s 2015 fiscal year, and the adoption of this guidance did not impact the Company’s results of operations, cash flows or financial condition.

Recently Issued

In May 2014, the FASB issued authoritative guidance on the recognition of revenue from customers. This guidance clarifies when an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. This guidance also requires more detailed disclosures to enable users of the financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The current effective date of this guidance is for fiscal years (and interim reporting periods within fiscal years) beginning after December 15, 2016. The Company is currently evaluating the impact this guidance will have on its consolidated results of operations, cash flows, financial position and disclosures and is currently unable to estimate the impact of this guidance.

In April 2015, the FASB issued authoritative guidance on the presentation of debt issuance costs. This guidance is intended to simplify the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for fiscal years (and interim reporting periods within fiscal years) beginning after December 15, 2015. The Company does not expect this guidance to have a material impact on its consolidated results of operations, cash flows, financial position and disclosures.

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Note 11 - Long-term Debt (Details) - Long-term Debt Maturities (USD $) In Thousands, unless otherwise specified	Mar. 01, 2015	Mar. 02, 2014
Long-term Debt Maturities [Abstract]
2016	$ 10,000
2017	15,000
2018	69,000
	94,000
Less current portion	10,000	10,000
	$ 84,000	$ 94,000

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Consolidated Statements of Shareholders' Equity (Parentheticals) (Retained Earnings [Member], USD $)	12 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013
Retained Earnings [Member]
Cash dividends	$ 1.90	$ 2.90	$ 2.90

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Consolidated Balance Sheets (Parentheticals) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 01, 2015	Mar. 02, 2014
Allowance for doubtful accounts receivable (in Dollars)	$ 396	$ 416
Preferred stock, par value (in Dollars per share)	$ 1	$ 1
Preferred stock, shares-authorized	500,000	500,000
Preferred stock, shares issued	0	0
Common stock, par value (in Dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	20,962,644	20,882,844
Less treasury stock, shares	130,641	4,074

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Note 9 - Restructuring Charges

12 Months Ended

Mar. 01, 2015

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

9. restructuring charges

During the 2013 fiscal year, the Company recorded restructuring charges of $2,730 related to the closure of the Company’s Nelco Technology (Zhuhai FTZ) Ltd. business unit located in Zhuhai, China. The charges included a non-cash asset impairment charge of $3,620 related to property, plant and equipment and were net of the recapture of a non-cash cumulative currency translation adjustment of $1,465. The reclassification of the non-cash cumulative currency translation adjustment was included in foreign currency translation charges in the Consolidated Statements of Comprehensive Earnings (Loss). The Company has a building with a carrying value of $2,039 as of March 1, 2015, which is held for sale at its Nelco Technology (Zhuhai FTZ) Ltd. business unit. The Company ceased depreciating this building during the 2013 fiscal year second quarter and expects to sell the building in the 2016 fiscal year. The company paid $218 and $546 of additional pre-tax charges related to such closure during the 2015 and 2014 fiscal years, respectively.

The Company recorded additional restructuring charges of $485 in the 2015 fiscal year related to the closure of the Company’s New England Laminates Co., Inc. business unit located in Newburgh, New York. The New England Laminates Co., Inc. building in Newburgh, New York is held for sale. In the 2004 fiscal year, the Company reduced the book value of the building to zero, and the Company intends to sell it during the 2016 fiscal year.

In the 2015 fiscal year third quarter, the Company recorded a $496 charge in connection with cost reduction initiatives in the United States. Approximately $346 of such charge were paid in the fiscal 2015 and the remaining balance of $150 is expected to be paid through December 2015.

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Document And Entity Information (USD $)	12 Months Ended
	Mar. 01, 2015	May 08, 2015	Aug. 29, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	PARK ELECTROCHEMICAL CORP
Document Type	10-K
Current Fiscal Year End Date	--03-01
Entity Common Stock, Shares Outstanding		20,387,169
Entity Public Float			$ 577,826,253
Amendment Flag	false
Entity Central Index Key	0000076267
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Mar. 01, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY

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Note 10 - Employee Benefit Plans

12 Months Ended

Mar. 01, 2015

Disclosure Text Block Supplement [Abstract]

Compensation and Employee Benefit Plans [Text Block]

10. Employee Benefit Plans

Profit Sharing Plan – The Company and certain of its subsidiaries have a non-contributory profit sharing retirement plan covering substantially all full-time employees in the United States. The plan may be modified or terminated at any time, but in no event may any portion of the contributions revert back to the Company. The Company's estimated contributions are accrued at the end of each fiscal year and paid to the plan in the subsequent fiscal year. The Company’s contributions to the plan were $268 and $256 for fiscal years 2014 and 2013, respectively. The contribution for fiscal year 2015 has not been determined or paid. Contributions are discretionary and may not exceed the amount allowable as a tax deduction under the Internal Revenue Code.

Savings Plan – The Company also sponsors a 401(k) savings plan, pursuant to which the contributions of employees of certain subsidiaries were partially matched by the Company in the amounts of $123, $142 and $154 in the 2015, 2014 and 2013 fiscal years, respectively.

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Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013
Net sales	$ 162,086	$ 165,764	$ 176,416
Cost of sales	113,133	117,664	125,866
Gross profit	48,953	48,100	50,550
Selling, general and administrative expenses	24,373	25,168	26,595
Restructuring charges (Note 9)	1,179	546	3,703
Earnings from operations	23,401	22,386	20,252
Interest expense (Note 11)	1,438	764	14
Interest and other income	827	460	647
Earnings before income taxes	22,790	22,082	20,885
Income tax provision (Note 4)	2,747	64,411	3,924
Net earnings (loss)	$ 20,043	$ (42,329)	$ 16,961
Earnings per share (Note 7):
Basic earnings (loss) per share (in Dollars per share)	$ 0.96	$ (2.03)	$ 0.82
Basic weighted average shares (in Shares)	20,912	20,849	20,801
Diluted earnings (loss) per share (in Dollars per share)	$ 0.96	$ (2.03)	$ 0.81
Diluted weighted average shares (in Shares)	20,986	20,849	20,823

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Note 4 - Income Taxes

12 Months Ended

Mar. 01, 2015

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

4. Income Taxes

The income tax provision includes the following:

	Fiscal Year
	2015			2014			2013
Current:
Federal	$	-		$	(2,435	)	$	(2,804	)
State and local		(39	)		(55	)		172
Foreign		5,601			3,220			5,419
		5,562			730			2,787
Deferred:
Federal		(2,238	)		63,105			1,652
State and local		(290	)		69			(314	)
Foreign		(287	)		507			(201	)
		(2,815	)		63,681			1,137
	$	2,747		$	64,411		$	3,924

Current federal income tax benefits of $2,435 and $2,804 in the 2014 and 2013 fiscal years, respectively, were the result of loss carrybacks to the 2011 and 2010 fiscal years, net of the tax impact from the loss of the domestic production activities deductions in those years.

The Company continuously evaluates the liquidity and capital requirements of its operations in the United States and of its foreign subsidiaries. As a result of such evaluation, the Company recorded a non-cash charge for the accrual of U.S. deferred income taxes in the amount of $63,958 on undistributed earnings of the Company’s subsidiary in Singapore during the fourth quarter of the 2014 fiscal year. No such charge was made in the 2015 fiscal year.

State income tax benefits from loss carryforwards to future years are recognized as deferred tax assets in the 2014 and 2013 fiscal years.

The components of earnings before income taxes were as follows:

	Fiscal Year
	2015			2014			2013
United States	$	(6,704	)	$	(2,080	)	$	(4,196	)
Foreign		29,494			24,162			25,081
Earnings before income taxes	$	22,790		$	22,082		$	20,885

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
	2015			2014			2013
Statutory U.S. Federal tax rate		34.0	%		34.0	%		34.0	%
State and local taxes, net of Federal benefit		(1.1	)		(0.2	)		(0.8	)
Foreign tax rate differentials		(22.2	)		(19.6	)		(22.3	)
Valuation allowance on deferred tax assets		0.6			2.4			0.4
Adjustment on tax accruals and other		1.3			(3.0	)		4.8
Foreign tax credits		(0.5	)		(0.6	)		(0.3	)
Deferred tax liability on undistributed foreign earnings		-			289.6			-
Claim for refund		-			(10.5	)		-
Permanent differences and other		-			(0.4	)		2.9
		12.1	%		291.7	%		18.7	%

The Company had federal net operating loss carryforwards of approximately $8,611 and $2,042 in the 2015 and 2014 fiscal years, respectively, state net operating loss carryforwards of approximately $14,360 and $8,899 in the 2015 and 2014 fiscal years, respectively, and total net foreign operating loss carryforwards of approximately $33,672 and $33,835 in the 2015 and 2014 fiscal years, respectively. The federal net operating loss carryforwards will expire in 2032 through 2035. The China net operating loss carryforwards will expire in 2015 through 2020, while the France net operating loss carryforward has an unlimited carryforward period. The state net operating loss carryforwards will expire in 2017 through 2035.

The Company has foreign tax credit carryforwards of $486 and $424 at March 1, 2015 and March 2, 2014, respectively, which expire in 2021 through 2025. As of March 1, 2015 and March 2, 2014, research and development and other credits of $392 and $352, respectively, expire in 2031 through 2034.

The Company had New York State investment tax credit carryforwards of $709 in both the 2015 and 2014 fiscal years. The New York State Investment tax credits expire in fiscal years 2015 through 2018. The Company has Kansas tax credits of $225 and $211 in fiscal years 2015 and 2014, respectively, for which no benefit has been provided. The Company does not believe that realization of the principal portion of the Kansas tax credit or the investment tax credit carryforward is more likely than not. The Kansas credits will expire in the 2019 and 2020 fiscal years.

The deferred tax asset valuation allowance of $11,887 as of March 1, 2015 relates to foreign net operating losses and state tax credit carryforwards for which the Company does not expect to realize any tax benefit. During the 2015 fiscal year, the valuation allowance decreased by $54 primarily due to the expiration of foreign net operating loss carryforwards for which no tax benefit was recognized. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes.

Significant components of the Company's deferred tax assets and liabilities as of March 1, 2015 and March 2, 2014 were as follows:

	March 1			March 2
	2015			2014
Deferred tax assets:
Depreciation and amortization	$	3,856		$	4,593
Net operating loss carryforwards		14,686			12,210
Tax credits carryforward		1,811			1,695
Stock options		1,899			1,693
Other, net		531			665
		22,783			20,856
Valuation allowance on deferred tax assets		(11,887	)		(11,941	)
Total deferred tax assets, net of valuation allowance		10,896			8,915
Deferred tax liabilities:
Depreciation		(446	)		(867	)
Undistributed earnings		(63,958	)		(63,958	)
Other		(1,257	)		(1,616	)
Total deferred tax liabilities		(65,661	)		(66,441	)
Net deferred tax liability	$	(54,765	)	$	(57,526	)

On the Consolidated Balance Sheets, the current net deferred tax assets of $3,324 and $598 at March 1, 2015 and March 2, 2014, respectively, were included in prepaid expenses and other current assets.

At March 1, 2015, the Company had gross unrecognized tax benefits of $1,204 included in other liabilities. The prior year unrecognized tax benefit of $2,715 relating to a claim for refund filed to recoup the tax benefit for the Company’s remaining investment in New England Laminates (U.K.) Ltd. was settled with the IRS in 2014 for $1,949 plus interest of $375. If any portion of the unrecognized tax benefits at March 1, 2015 were recognized, the Company’s effective tax rate would change.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

	Unrecognized Tax Benefits
	March 1,			March 2,			March 3,
	2015			2014			2013
Balance, beginning of year	$	276		$	3,053		$	3,999
Gross decreases-tax positions in prior period		(21	)		(2,776	)		(235	)
Gross increases-current period tax positions		880			-			-
Audit settlements		-			-			(711	)
Lapse of statute of limitations		-			(1	)		-
Balance, end of year	$	1,135		$	276		$	3,053

The amount of unrecognized tax benefits may increase or decrease in the future for various reasons, including adding or subtracting amounts for current year tax positions, expiration of statutes of limitation on open income tax years, changes in the Company’s judgment about the level of uncertainty, status of tax examinations, and legislative changes. Changes in prior period tax positions are the result of a re-evaluation of the probability of realizing the benefit of a particular tax position based on new information. It is reasonably possible that none of the unrecognized tax benefits will be recognized in the 2015 fiscal year upon the expiration of statutes of limitations.

A list of open tax years by major jurisdiction follows:

California	2011-2015
New York	2012-2015
France	2013-2015
Singapore	2008-2015

The Company had approximately $70 and $98 of accrued interest and penalties as of March 1, 2015 and March 2, 2014, respectively. The Company’s policy is to include applicable interest and penalties related to unrecognized tax benefits as a component of current income tax expense.

During the 2015 fiscal year, the New York State Department of Taxation closed an examination of the Company’s tax returns for the 2008, 2009, 2010 and 2011 fiscal years without audit adjustments assessed.

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Note 3 - Other Balance Sheet Data

12 Months Ended

Mar. 01, 2015

Disclosure Text Block Supplement [Abstract]

Supplemental Balance Sheet Disclosures [Text Block]

3.  Other balance sheet data

Other balance sheet data consisted of the following:

	March 1,		March 2,
	2015		2014
Inventories:
Raw materials	$	7,376	$	7,253
Work-in-process		3,114		3,097
Finished goods		3,605		3,223
Manufacturing supplies		344		298
	$	14,439	$	13,871
Property, plant and equipment:
Land, buildings and improvements	$	42,019	$	42,471
Machinery, equipment, furniture and fixtures		130,585		130,353
		172,604		172,824
Less accumulated depreciation and amortization		146,067		143,150
	$	26,537	$	29,674
Goodwill and other intangible assets:
Goodwill	$	9,776	$	9,776
Other intangibles		64		71
	$	9,840	$	9,847
Accrued liabilities:
Payroll and payroll related	$	2,117	$	1,910
Employee benefits		262		274
Workers' compensation		300		354
Professional fees		671		1,116
Restructuring (Note 9)		182		198
Other		1,235		1,287
	$	4,767	$	5,139

Property, Plant and Equipment – The New England Laminates Co., Inc. building in Newburgh, New York is held for sale. In the 2004 fiscal year, the Company reduced the book value of the building to zero, and the Company intends to sell it during the 2016 fiscal year. The Nelco Technology (Zhuhai FTZ) Ltd. building in Zhuhai, China is held for sale with a carrying value of $2,038. The Company ceased depreciating this building during the second quarter of the 2013 fiscal year, and it intends to sell the building during the 2016 fiscal year.

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Note 15 - Customer and Supplier Concentrations

12 Months Ended

Mar. 01, 2015

Risks and Uncertainties [Abstract]

Concentration Risk Disclosure [Text Block]

15.     Customer and Supplier Concentrations

Customers – Sales to TTM Technologies Inc. were 15.8% and 16.1% of the Company's total worldwide sales for the 2014 and 2013 fiscal years, respectively. Sales to Sanmina-SCI Corporation were 10.1% of the Company's total worldwide sales for the 2013 fiscal year.

While no other customer accounted for 10% or more of the Company's total worldwide sales in the 2015, 2014 or 2013 fiscal years, the loss of a major printed circuit materials customer or of a group of customers could have a material adverse effect on the Company's business or consolidated results of operations or financial position.

Sources of Supply –      The principal materials used in the manufacture of the Company's high-technology printed circuit materials and advanced composite materials, parts and assemblies are specially manufactured copper foil, fiberglass cloth and synthetic reinforcements, and specially formulated resins and chemicals. Although there is a limited number of qualified suppliers of these materials, the Company has nevertheless identified alternate sources of supply for many of such materials. While the Company has not experienced significant problems in the delivery of these materials and considers its relationships with its suppliers to be strong, a disruption of the supply of material from a principal supplier could adversely affect the Company's business. Furthermore, substitutes for these materials are not readily available, and an inability to obtain essential materials, if prolonged, could materially adversely affect the Company’s business.

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Note 11 - Long-term Debt

12 Months Ended

Mar. 01, 2015

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

11. LONG-TERM DEBT

On January 30, 2013, the Company entered into a five-year revolving credit facility agreement (the “Credit Agreement”) with PNC Bank, National Association (“PNC Bank”). The Credit Agreement provided for loans up to $52,000 (the “Facility”) to the Company and letters of credit up to $2,000 for the account of the Company. The Company borrowed $52,000 to finance a special dividend paid to shareholders of the Company in the 2013 fiscal year fourth quarter.

On February 12, 2014, the Company entered into a four-year amended and restated revolving credit facility agreement (the “Amended Credit Agreement”) with PNC Bank. The Amended Credit Agreement provides for loans up to $104,000 (the “Amended Facility”) to the Company and letters of credit up to $2,000 for the account of the Company. Through March 1, 2015, the Company has borrowed $52,000 to finance a special dividend paid to shareholders of the Company in the 2014 fiscal year fourth quarter and an additional $52,000 to continue the loan that was provided under the Credit Agreement, and PNC Bank has issued two standby letters of credit for the account of the Company in the total amount of $1,100 to secure the Company’s obligations under its workers’ compensation insurance program. During the 2015 fiscal year, the Company made a $10,000 principal payment in accordance with the Amended Credit Agreement. The remaining $94,000 outstanding borrowings under the Amended Credit Agreement are payable in four quarterly installments of $2,500 each, commencing in March 2015, and eight quarterly installments of $3,750 each, commencing in March 2016, with the remaining amount outstanding under the Amended Credit Agreement payable on February 12, 2018 and excludes a pre-payment penalty.

Borrowings under the Amended Facility bear interest at a rate equal to, at the Company’s option, either a (a) LIBOR rate option determined by a fluctuating rate per annum equal to the LIBOR Rate plus 1.10% or (b) base rate option determined by a fluctuating rate per annum equal to the highest of (i) the Federal Funds Open Rate (as defined in the Amended Credit Agreement) plus 0.5%, (ii) the Prime Rate (as defined in the Amended Credit Agreement), and (iii) the Daily LIBOR Rate (as defined in the Amended Credit Agreement) plus 1.0%. Under the Amended Credit Agreement, the Company also is obligated to pay a nonrefundable commitment fee, accruing from February 12, 2014 until the earlier of February 12, 2018 and the date on which the Amended Credit Agreement is terminated, equal to 0.20% per annum multiplied by the average daily difference between the amount of (a) the revolving credit commitment and (b) the revolving facility usage, payable quarterly in arrears.

The Amended Credit Agreement contains certain customary affirmative and negative covenants and customary financial covenants. On February 24, 2015, the Company and PNC Bank entered into an Amendment to the Amended Credit Agreement that modified certain covenants. The covenants under the Amended Credit Agreement at March 1, 2015, in connection with the February 24, 2015 Amendment to the Amended Credit Agreement, require the Company to (a) maintain a minimum fixed charge coverage ratio of 1.10 to 1.00 at the end of each fiscal quarter, except for the fiscal quarters ending on May 31, 2015 and August 30, 2015 for which the ratio is 1.00 to 1.00, and (b) not exceed a maximum funded debt ratio of (i) 3.75 to 1.00 through March 1, 2015, (ii) 3.85 to 1.00 for the period March 2, 2015 through May 31, 2015, (iii) 3.55 to 1.00 for the period June 1, 2015 through August 30, 2015, (iv) 3.50 to 1.00 for the period August 31, 2015 through February 28, 2016, (v) 3.00 to 1.00 for the period February 29, 2016 through February 26, 2017, and (vi) 2.25 to 1.00 for all periods thereafter. In addition, the Company must maintain minimum domestic liquid assets of $25,000 in cash and marketable securities at all times, except for the period February 24, 2015 through May 30, 2015, and maintain a minimum quick ratio of (i) 6.50 to 1.00 for the period December 1, 2014 through November 27, 2016 and (ii) 3.00 to 1.00 for all periods thereafter. The dividend covenant permits the Company to pay regular quarterly dividends in amounts not exceeding $0.10 per share and an annual special dividend to shareholders in amounts ranging from $1.00 to $2.50 with prior written notification to PNC Bank. The Company’s obligations under the Amended Credit Agreement are guaranteed by its Nelco Products, Inc., Neltec, Inc. and Park Aerospace Technologies Corp. subsidiaries and secured by a pledge of 65% of the capital stock of the Company’s Nelco Products Pte. Ltd. subsidiary in Singapore. The minimum domestic liquid assets of $25,000, for required periods, are reflected as restricted cash on the Consolidated Balance Sheets.

The Amended Facility is available to (a) refinance the Credit Agreement, (b) support working capital and general corporate needs, including the issuance of letters of credit, (c) fund special distributions to the Company’s shareholders permitted under the Amended Facility, and (d) finance ongoing capital expenditures and acquisitions. At March 1, 2015, $94,000 of indebtedness was outstanding under the Amended Credit Agreement with an interest rate of 1.31%. Interest expense recorded under the Facility and Amended Facility was approximately $1,438, $764 and $14 during the 2015, 2014 and 2013 fiscal years, respectively, which is included in interest expense on the Consolidated Statements of Operations.

At March 1, 2015, scheduled principal maturities of long-term debt were as follows:

Fiscal Year	Amount
2016	$	10,000
2017		15,000
2018		69,000
		94,000
Less current portion		10,000
	$	84,000

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Note 7 - Earnings (Loss) Per Share

12 Months Ended

Mar. 01, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

7.          EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share are computed by dividing net earnings (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share are computed by dividing net earnings (loss) 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 (loss) per share:

	Fiscal Year
(Amounts in thousands, except per share amounts)	2015		2014			2013
Net earnings (loss)	$	20,043	$	(42,329	)	$	16,961
Weighted average common shares outstanding for basic EPS		20,912		20,849			20,801
Net effect of dilutive options		74		-			22
Weighted average shares outstanding for diluted EPS		20,986		20,849			20,823
Basic earnings (loss) per share	$	0.96	$	(2.03	)	$	0.82
Diluted earnings (loss) per share	$	0.96	$	(2.03	)	$	0.81

Potentially dilutive stock options, which were not included in the computation of diluted earnings per share because either the effect would have been antidilutive or the options’ exercise prices were greater than the average market price of the common stock, were approximately 192,063, 1,081,000 and 423,000 for the 2015, 2014 and 2013 fiscal years, respectively.

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Note 6 - Shareholders' Equity (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Jan. 08, 2015	Jan. 07, 2015	Oct. 18, 2012	Jul. 20, 2005
Note 6 - Shareholders' Equity (Details) [Line Items]
Preferred Stock, Par or Stated Value Per Share (in Dollars per share)	$ 1	$ 1				$ 1.00
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share)						$ 150
Class of Warrant or Right, Trigger Event, Ownership Threshold, Percent						20.00%
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			1,250,000		1,000,000
Stock Repurchase Program Percentage of Outstanding Shares Authorized to be Repurchased			6.00%		5.00%
Common Stock, Shares, Outstanding				20,945,634
Stock Repurchased During Period, Shares	126,564	0
Stock Repurchased and Retired During Period, Value (in Dollars)	$ 2,738	$ 0
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	1,131,244
Stock Repurchased and Retired During Period, Shares	3	8
Common Stock, Capital Shares Reserved for Future Issuance	1,468,530
Shareholders' Right Plan [Member]
Note 6 - Shareholders' Equity (Details) [Line Items]
Temporary Equity, Redemption Price Per Share (in Dollars per share)						$ 0.01

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Note 5 - Stock-based Compensation

12 Months Ended

Mar. 01, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

5.     STOCK-BASED COMPENSATION

As of March 1, 2015, the Company had a 2002 Stock Option Plan (the “Plan”), and no other stock-based compensation plan. The Plan has been approved by the Company’s shareholders and provides for the grant of stock options to directors and key employees of the Company. All options granted under the Plan have exercise prices equal to the fair market value of the underlying common stock of the Company at the time of grant, which, pursuant to the terms of the Plan, is the reported closing price of the common stock on the New York Stock Exchange on the date preceding the date the option is granted. Options granted under the Plan become exercisable 25% one year after the date of grant, with an additional 25% exercisable each succeeding anniversary of the date of grant, and expire 10 years after the date of grant. Options to purchase a total of 1,800,000 shares of common stock were authorized for grant under the Plan. At March 1, 2015, 1,468,530 shares of common stock of the Company were reserved for issuance upon exercise of stock options under the Plan, and 501,838 options were available for future grant under the Plan.

The compensation expense for stock options includes an estimate for forfeitures and is recognized on a straight line basis over the requisite service period.

The future compensation expense to be recognized in earnings before income taxes for options outstanding at March 1, 2015 was $2,448, which is expected to be recognized ratably over a weighted average vesting period of 2.24 years.

The Company records its stock-based compensation at fair value. The weighted average fair value for options was estimated at the dates of grants, using the Black-Scholes option pricing model. The following table represents the weighted average fair value and valuation assumptions used for options granted in the 2015, 2014 and 2013 fiscal years:

	Fiscal Year
	2015			2014			2013
Weighted average fair value per share of option grants	$	8.05		$	8.79		$	8.56
Risk-free interest rates		2.03 - 2.18	%		1.64 - 2.15	%		1.50 - 1.80	%
Expected stock price volatility		31.07 - 31.59	%		32.80 - 34.00	%		35.02 - 37.06	%
Expected dividend yields		1.34 - 1.77	%		1.46 - 1.67	%		1.54 - 1.65	%
Estimated option terms (years)		7.8			6.1 - 8.1			5.7 - 6.9

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 the 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 2015 fiscal year. The estimated terms of the options are based on evaluations of the historical and expected future employee exercise behavior.

During the fourth quarter of the 2015 fiscal year, the Company’s Board of Directors approved a reduction of $1.50 per share in the exercise price of all outstanding options as a result of the special cash dividend of $1.50 per share paid by the Company in February 2015. The reduction in the exercise price was treated as a modification of the stock options for accounting purposes. The modification, based on the fair value of the options both immediately before and after the modification, resulted in a total of incremental compensation expense of $205 during the 2015 fiscal year, which was recorded in selling, general and administrative expenses.

Information with respect to stock option activity follows:

	Outstanding Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Balance, February 26, 2012		915,951		$	25.40
Granted		205,520			25.60
Exercised		(35,987	)		21.16
Terminated or expired		(107,701	)		25.91
Balance, March 3, 2013		977,783		$	25.54
Granted		193,600			27.20
Exercised		(51,266	)		23.44
Terminated or expired		(39,000	)		26.07
Granted under option modification		902,517			23.13
Cancelled under option modification		(902,517	)		25.63
Balance, March 2, 2014		1,081,117		$	23.84
Granted		18,000			25.81
Exercised		(79,800	)		21.49
Terminated or expired		(52,625	)		24.21
Granted under option modification		996,892			22.55
Cancelled under option modification		(996,892	)		24.05
Balance, March 1, 2015		966,692		$	22.55		5.40	$	425
Vested and exercisable, March 1, 2015		694,705		$	22.23		4.27	$	528

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 2015, 2014 and 2013 fiscal years were $688, $249 and $227, respectively.

A summary of the status of the Company’s non-vested options at March 1, 2015, and changes during the fiscal year then ended, is presented below:

	Shares Subject to Options			Weighted Average Grant Date Fair Value
Non-vested, beginning of year		416,788		$	8.41
Granted		18,000			8.05
Vested		(120,476	)		8.14
Terminated or expired		(42,325	)		8.06
Non-vested, end of year		271,987		$	8.27

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Note 6 - Shareholders' Equity

12 Months Ended

Mar. 01, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

6.     SHAREHOLDERS’ EQUITY

Shareholders’ Rights Plan – On July 20, 2005, the Board of Directors renewed the Company’s shareholders’ rights plan on substantially the same terms as its previous rights plan which expired in July 2005. In accordance with the Company’s shareholders’ rights plan, a right (the “Right”) to purchase from the Company a unit consisting of one one-thousandth (1/1,000) of a share (a “Unit”) of Series B Junior Participating Preferred Stock, par value $1.00 per share (the “Series B Preferred Stock”), at a purchase price of $150 (the “Purchase Price”) per Unit, subject to adjustment, is attached to each outstanding share of the Company’s common stock. The Rights expire on July 20, 2015. Subject to certain exceptions, the Rights will become exercisable 10 business days after a person acquires 20 percent or more of the Company’s outstanding common stock or commences a tender offer that would result in such person’s owning 20 percent or more of such stock. If any person acquires 20 percent or more of the Company’s outstanding common stock, the rights of holders, other than the acquiring person, become rights to buy shares of the Company’s common stock (or of the acquiring company if the Company is involved in a merger or other business combination and is not the surviving corporation) having a market value of twice the Purchase Price of each Right. The Company may redeem the Rights for $.01 per Right until 10 business days after the first date of public announcement by the Company that a person acquired 20 percent or more of the Company’s outstanding common stock.

Treasury Stock – On January 8, 2015, the Company announced that its Board of Directors has authorized the Company’s purchase, on the open market and in privately negotiated transactions, of up to 1,250,000 shares of its common stock, representing approximately 6% of the Company’s 20,945,634 total outstanding shares as of the close of business on January 7, 2015. This authorization supersedes all prior Board of Directors’ authorizations to purchase shares of the Company’s common stock.

The Company announced on October 18, 2012 that its Board of Directors had authorized the Company’s purchase, on the open market and in privately negotiated transactions, of up to 1,000,000 shares of its common stock, representing approximately 5% of the Company’s total outstanding shares at that time.

During the 2015 and 2014 fiscal years, the Company purchased 126,564 and 0 shares, respectively, pursuant to the above authorizations at an aggregate purchase price of $2,738 and $0, respectively, leaving 1,131,244 shares that may be purchased pursuant to the January 8, 2015 authorization. In addition, the Company purchased 3 and 8 shares during the 2015 and 2014 fiscal years, respectively, not pursuant to such authorizations.

Reserved Common Shares – At March 1, 2015, 1,468,530 shares of common stock were reserved for issuance upon exercise of stock options.

Accumulated Other Comprehensive Earnings – Accumulated balances related to each component of other comprehensive earnings were as follows:

	March 1, 2015		March 2, 2014
Currency translation adjustment	$	1,268	$	1,083
Unrealized gains on investments, net of tax		200		138
Accumulated balance	$	1,468	$	1,221

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Note 8 - Litigation and Insurance Settlements

12 Months Ended

Mar. 01, 2015

Litigation Settlement [Abstract]

Gain Loss Related To Litigation Settlement [Text Block]

8. LITIGATION AND INSURANCE SETTLEMENTS

During the 2013 fiscal year, the Company recorded pre-tax other income of $1,000 resulting from the settlement of a business interruption insurance claim at the Company’s Neltec, Inc. (“Neltec”) business unit in Tempe, Arizona and Nelco Products, Inc. (“Nelco”) business unit in Fullerton, California resulting from an interruption of material shipments from one of the Company’s vendors located in Japan to these subsidiaries caused by the March 2011 tsunami in Japan.

During the 2013 fiscal year, the Company settled all pending litigation with Isola USA Corporation (“Isola”) for $1,000. The settlement resulted in the dismissal of the patent infringement lawsuit that Isola filed against Park, Nelco and Neltec. Park, Nelco and Neltec agreed to refrain from challenging the validity or enforceability of any of the applicable patents. In the settlement, neither party admitted any liability or wrongdoing. (See Note 13).

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Note 8 - Litigation and Insurance Settlements (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 03, 2013
Neltec and Nelco Insurance Claim [Member]
Note 8 - Litigation and Insurance Settlements (Details) [Line Items]
Gain (Loss) Related to Litigation Settlement	$ 1,000
Isola Patent Infringement [Member]
Note 8 - Litigation and Insurance Settlements (Details) [Line Items]
Gain (Loss) Related to Litigation Settlement	$ (1,000)

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Note 10 - Employee Benefit Plans (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013
Profit Sharing [Member]
Note 10 - Employee Benefit Plans (Details) [Line Items]
Deferred Compensation Arrangement with Individual, Employer Contribution		$ 268	$ 256
Savings Plan [Member]
Note 10 - Employee Benefit Plans (Details) [Line Items]
Deferred Compensation Arrangement with Individual, Employer Contribution	$ 123	$ 142	$ 154

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Note 7 - Earnings (Loss) Per Share (Details) - Basic and Diluted Earnings (Loss) Per Share (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Mar. 01, 2015	Nov. 30, 2014	Aug. 31, 2014	Jun. 01, 2014	Mar. 02, 2014	Dec. 01, 2013	Sep. 01, 2013	Jun. 02, 2013	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013
Basic and Diluted Earnings (Loss) Per Share [Abstract]
Net earnings (loss) (in Dollars)	$ 4,841	$ 2,031	$ 4,955	$ 8,216	$ (60,024)	$ 4,721	$ 8,045	$ 4,929	$ 20,043	$ (42,329)	$ 16,961
Weighted average common shares outstanding for basic EPS	20,896	20,947	20,925	20,880	20,873	20,857	20,836	20,828	20,912	20,849	20,801
Net effect of dilutive options									74		22
Weighted average shares outstanding for diluted EPS	20,937	20,989	21,029	20,988	20,873	20,917	20,852	20,844	20,986	20,849	20,823
Basic earnings (loss) per share (in Dollars per share)	$ 0.23	$ 0.10	$ 0.24	$ 0.39	$ (2.88)	$ 0.23	$ 0.39	$ 0.24	$ 0.96	$ (2.03)	$ 0.82
Diluted earnings (loss) per share (in Dollars per share)	$ 0.23	$ 0.10	$ 0.24	$ 0.39	$ (2.88)	$ 0.23	$ 0.39	$ 0.24	$ 0.96	$ (2.03)	$ 0.81

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Note 6 - Shareholders' Equity (Tables)

12 Months Ended

Mar. 01, 2015

Stockholders' Equity Note [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	March 1, 2015		March 2, 2014
Currency translation adjustment	$	1,268	$	1,083
Unrealized gains on investments, net of tax		200		138
Accumulated balance	$	1,468	$	1,221

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Note 4 - Income Taxes (Details) - Components of Earnings before Income Taxes (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013
Components of Earnings before Income Taxes [Abstract]
United States	$ (6,704)	$ (2,080)	$ (4,196)
Foreign	29,494	24,162	25,081
Earnings before income taxes	$ 22,790	$ 22,082	$ 20,885

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Note 13 - Contingencies

12 Months Ended

Mar. 01, 2015

Loss Contingency [Abstract]

Contingencies Disclosure [Text Block]

13. CONTINGENCIES

Litigation 

The Company is subject to a number of 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

change in the future due to new developments in each matter or changes in approach, such as a change in settlement strategy in dealing with these matters. The Company believes that the ultimate disposition of such proceedings, lawsuits and claims will not have a material adverse effect on the liquidity, capital resources, business or consolidated results of operations or financial position of the Company.

Environmental Contingencies 

The Company and certain of its subsidiaries have been named by the Environmental Protection Agency (the "EPA") or a comparable state agency under the Comprehensive Environmental Response, Compensation and Liability Act (the "Superfund Act") or similar state law as potentially responsible parties in connection with alleged releases of hazardous substances at four sites.

Under the Superfund Act and similar state laws, all parties who may have contributed any waste to a hazardous waste disposal site or contaminated area identified by the EPA or comparable state agency may be jointly and severally liable for the cost of cleanup. Generally, these sites are locations at which numerous persons disposed of hazardous waste. In the case of the Company's subsidiaries, generally the waste was removed from their manufacturing facilities and disposed at waste sites by various companies which contracted with the subsidiaries to provide waste disposal services. Neither the Company nor any of its subsidiaries have been accused of or charged with any wrongdoing or illegal acts in connection with any such sites. The Company believes it maintains an effective and comprehensive environmental compliance program.

The insurance carriers who 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 three of these sites.

The total costs incurred by the Company and its subsidiaries in connection with these sites, including legal fees incurred by the Company and its subsidiaries and their assessed share of remediation costs and excluding amounts expected to be reimbursed by insurance carriers, were approximately $23, $8 and $56 in the 2015, 2014 and 2013 fiscal years, respectively. The Company had no recorded liabilities for environmental matters for the 2015 and 2014 fiscal years.

Such recorded liabilities do not include environmental liabilities and related legal expenses for which the Company believes that it and its subsidiaries have general liability insurance coverage for the years during which the Company's subsidiaries' waste was disposed at three sites for which certain subsidiaries of the Company have been named as potentially responsible parties. Pursuant to such general liability insurance coverage, two insurance carriers have been paying 100% of the legal defense and remediation costs associated with such three sites since 1985. In the 2012 fiscal year fourth quarter, one of such insurance carriers, which had been paying 45% of such legal defense and remediation costs, indicated that it no longer agreed to such percentage. As a result, the Company commenced litigation against such insurance carriers and a third insurance carrier. The three insurance carriers have filed answers to the lawsuit, and one has asserted counterclaims against the Company. The insurance carriers and the Company settled this matter in the 2015 fiscal year third quarter. Pursuant to the settlement agreement, the three insurance carriers reimbursed the Company and its subsidiaries for the legal defense and remediation costs associated with the three sites incurred by the Company and its subsidiaries since the 2012 fiscal year fourth quarter and agreed to reimburse the Company and its subsidiaries for future legal defense and remediation costs associated with the three sites. The settlement does not have a material adverse effect on the Company’s results of operations, cash flows or financial position.

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, including the litigation described above, will not have a material adverse effect on the liquidity, capital resources, business or consolidated results of operations or financial position of the Company.

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Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Mar. 01, 2015

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information [Text Block]

	Quarter
	First		Second		Third		Fourth
Fiscal 2015:
Net sales	$	48,817	$	42,349	$	34,679	$	36,241
Gross profit		16,929		12,171		8,598		11,255
Net earnings		8,216		4,955		2,031		4,841
Basic net earnings per share	$	0.39	$	0.24	$	0.10	$	0.23
Diluted net earnings per share	$	0.39	$	0.24	$	0.10	$	0.23
Weighted average common shares outstanding:
Basic		20,880		20,925		20,947		20,896
Diluted		20,988		21,029		20,989		20,937

Fiscal 2014:
Net sales	$	43,438	$	44,497	$	39,678	$	38,151
Gross profit		12,991		13,621		11,038		10,450
Net earnings (loss)		4,929		8,045		4,721		(60,024	)
Basic net earnings (loss) per share	$	0.24	$	0.39	$	0.23	$	(2.88	)
Diluted net earnings (loss) per share	$	0.24	$	0.39	$	0.23	$	(2.88	)
Weighted average common shares outstanding:
Basic		20,828		20,836		20,857		20,873
Diluted		20,844		20,852		20,917		20,873

Earnings (loss) per share are computed separately for each quarter. Therefore, the sum of such quarterly per share amounts may differ from the total for each year.

During the fourth quarter of the 2015 fiscal year, the Company’s Board of Directors approved a reduction of $1.50 per share in the exercise price of all outstanding stock options as a result of the special cash dividend of $1.50 per share paid by the Company in February 2015. The reduction in the exercise price was treated as a modification of the stock options for accounting purposes. The modification, based on the fair value of the options both immediately before and after the modification, resulted in a total incremental compensation expense of $205 during the fourth quarter of the 2015 fiscal year, which was recorded in selling, general and administrative expenses.

During the fourth quarter of the 2014 fiscal year, the Company provided for U.S. deferred income taxes in the amount of $63,958 on the undistributed earnings of the Company’s subsidiary in Singapore. See Note 4 of the Notes to Consolidated Financial Statements in Item 8 of Part II of this Report.

During the fourth quarter of the 2014 fiscal year, the Company’s Board of Directors approved a reduction of $2.50 per share in the exercise price of all outstanding stock options as a result of the special cash dividend of $2.50 per share paid by the Company in February 2014. The reduction in the exercise price was treated as a modification of the stock options for accounting purposes. The modification, based on the fair value of the options both immediately before and after the modification, resulted in a total incremental compensation expense of $731 during the fourth quarter of the 2014 fiscal year, which was recorded in selling, general and administrative expenses.

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Note 4 - Income Taxes (Details) (USD $)	12 Months Ended
	Mar. 02, 2014	Mar. 03, 2013	Mar. 01, 2015	Feb. 26, 2012
Note 4 - Income Taxes (Details) [Line Items]
Current Federal Tax Expense (Benefit)	$ (2,435,000)	$ (2,804,000)
Deferred Tax Liabilities, Undistributed Foreign Earnings	63,958,000		63,958,000
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	2,042,000		8,611,000
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	8,899,000		14,360,000
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	33,835,000		33,672,000
Deferred Tax Assets, Tax Credit Carryforwards, Foreign	424,000		486,000
Deferred Tax Assets, Tax Credit Carryforwards, Research	352,000		392,000
Deferred Tax Assets, Valuation Allowance	11,941,000		11,887,000
Unrecognized Tax Benefits	276,000	3,053,000	1,135,000	3,999,000
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions	2,715,000
Tax Adjustments, Settlements, and Unusual Provisions	1,949,000
Income Tax Examination, Interest Expense	375,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	98,000		70,000
Tax Year 2008 [Member] | NEW YORK
Note 4 - Income Taxes (Details) [Line Items]
Closed Tax Year			2008
Tax Year 2009 [Member] | NEW YORK
Note 4 - Income Taxes (Details) [Line Items]
Closed Tax Year			2009
Tax Year 2010 [Member] | NEW YORK
Note 4 - Income Taxes (Details) [Line Items]
Closed Tax Year			2010
Tax Year 2011 [Member] | NEW YORK
Note 4 - Income Taxes (Details) [Line Items]
Closed Tax Year			2011
Research and Development Credits [Member] | Minimum [Member]
Note 4 - Income Taxes (Details) [Line Items]
Tax Credit Carryforward, Expiration Year			2031
Research and Development Credits [Member] | Maximum [Member]
Note 4 - Income Taxes (Details) [Line Items]
Tax Credit Carryforward, Expiration Year			2034
Domestic Tax Authority [Member] | Minimum [Member]
Note 4 - Income Taxes (Details) [Line Items]
Operating Loss Carryforwards, Expiration Year			2032
Domestic Tax Authority [Member] | Maximum [Member]
Note 4 - Income Taxes (Details) [Line Items]
Operating Loss Carryforwards, Expiration Year			2035
CHINA | Minimum [Member]
Note 4 - Income Taxes (Details) [Line Items]
Operating Loss Carryforwards, Expiration Year			2015
CHINA | Maximum [Member]
Note 4 - Income Taxes (Details) [Line Items]
Operating Loss Carryforwards, Expiration Year			2020
State and Local Jurisdiction [Member] | Minimum [Member]
Note 4 - Income Taxes (Details) [Line Items]
Operating Loss Carryforwards, Expiration Year			2035
State and Local Jurisdiction [Member] | Maximum [Member]
Note 4 - Income Taxes (Details) [Line Items]
Operating Loss Carryforwards, Expiration Year			2035
Foreign Tax Authority [Member] | Minimum [Member]
Note 4 - Income Taxes (Details) [Line Items]
Tax Credit Carryforward, Expiration Year			2021
Foreign Tax Authority [Member] | Maximum [Member]
Note 4 - Income Taxes (Details) [Line Items]
Tax Credit Carryforward, Expiration Year			2025
Foreign Tax Authority [Member]
Note 4 - Income Taxes (Details) [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount			(54,000)
NEW YORK | Minimum [Member]
Note 4 - Income Taxes (Details) [Line Items]
Tax Credit Carryforward, Expiration Year			2015
NEW YORK | Maximum [Member]
Note 4 - Income Taxes (Details) [Line Items]
Tax Credit Carryforward, Expiration Year			2018
NEW YORK
Note 4 - Income Taxes (Details) [Line Items]
Tax Credit Carryforward, Amount	709,000		709,000
KANSAS | Minimum [Member]
Note 4 - Income Taxes (Details) [Line Items]
Tax Credit Carryforward, Expiration Year			2019
KANSAS | Maximum [Member]
Note 4 - Income Taxes (Details) [Line Items]
Tax Credit Carryforward, Expiration Year			2020
KANSAS
Note 4 - Income Taxes (Details) [Line Items]
Tax Credit Carryforward, Amount	211,000		225,000
Prepaid Expenses and Other Current Assets [Member]
Note 4 - Income Taxes (Details) [Line Items]
Deferred Tax Assets, Net of Valuation Allowance, Current	598		3,324
Current Liabilities [Member]
Note 4 - Income Taxes (Details) [Line Items]
Unrecognized Tax Benefits			1,204,000
SINGAPORE
Note 4 - Income Taxes (Details) [Line Items]
Deferred Tax Liabilities, Undistributed Foreign Earnings	$ 63,958,000		0

XML

Note 1 - Summary of Significant Accounting Policies (Details) (USD $)	12 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013	Feb. 26, 2012
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Cash and Cash Equivalents, at Carrying Value	$ 141,538,000	$ 133,150,000	$ 186,117,000	$ 129,503,000
Cash and Marketable Securities	272,133
Sales Returns and Allowance as Percentage of Sales	1.00%	1.00%	1.00%
Impairment of Long-Lived Assets Held-for-use	0	0	0
Finite-Lived Intangible Asset, Useful Life	15 years
Goodwill, Impairment Loss	0	0	0
Shipping, Handling and Transportation Costs	3,398,000	3,833,000	4,080,000
Depreciation, Depletion and Amortization	3,559,000	3,757,000	4,269,000
Currencies Other than U.S. Dollars [Member]
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Cash and Cash Equivalents, at Carrying Value	28,970,000	27,195,000
Machinery, Equipment, Furniture and Fixtures [Member]
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	10 years
Land, Buildings and Improvements [Member] | Minimum [Member]
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life	25 years
Land, Buildings and Improvements [Member] | Maximum [Member]
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life	30 years
Debt Securities [Member]
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Cash and Cash Equivalents, at Carrying Value	0	19,995,000
Company’s Wholly Owned Foreign Subsidiaries [Member]
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Cash and Marketable Securities	$ 269,000

XML

Consolidated Statements of Comprehensive Earnings (Loss) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013
Net earnings (loss)	$ 20,043	$ (42,329)	$ 16,961
Other comprehensive earnings, net of tax:
Foreign currency translation	185	420	75
Less: reclassification adjustment for foreign currency translation gains included in net earnings	0	0	(1,465)
Other comprehensive earnings (loss)	247	592	(1,448)
Total comprehensive earnings (loss)	20,290	(41,737)	15,513
Gains On Marketable Securities [Member]
Other comprehensive earnings, net of tax:
Unrealized holding gains (losses) arising during the period	90	117	41
Less: reclassification adjustment for gains (losses) included in net income	(21)	(20)	(67)
Losses On Marketable Securities [Member]
Other comprehensive earnings, net of tax:
Unrealized holding gains (losses) arising during the period	(20)	(83)	(72)
Less: reclassification adjustment for gains (losses) included in net income	$ 13	$ 158	$ 40

XML

Note 2 - Marketable Securities

12 Months Ended

Mar. 01, 2015

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

2.          MArketable Securities

The following is a summary of available-for-sale securities:

	March 1, 2015
	Total		Level 1		Level 2		Level 3
U.S. Treasury and other government securities	$	119,493	$	119,493	$	-	$	-
U.S. corporate debt securities		11,102		7,084		4,018		-
Total marketable securities	$	130,595	$	126,577	$	4,018	$	-

	March 2, 2014
	Total		Level 1		Level 2		Level 3
U.S. Treasury and other government securities	$	112,793	$	112,793	$	-	$	-
U.S. corporate debt securities		24,413		17,329		7,084		-
Total marketable securities	$	137,206	$	130,122	$	7,084	$	-

At March 1, 2015 and March 2, 2014, the Company’s level 2 investments consisted of commercial paper which was not traded on a regular basis or in an active market, and the Company was unable to obtain pricing information on an ongoing basis. Therefore, these investments were measured using quoted market prices for similar assets currently trading in an active market or using model-derived valuations in which all significant inputs were observable for substantially the full term of the asset.

The following tables show the amortized cost basis, gross unrealized gains and losses and gross realized gains and losses on the Company’s available-for-sale securities:

	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses
March 1, 2015:
U.S. Treasury and other government securities	$	119,191	$	314	$	12
U.S. corporate debt securities		11,097		5		-
Total marketable securities	$	130,288	$	319	$	12
March 2, 2014:
U.S. Treasury and other government securities	$	112,593	$	200	$	-
U.S. corporate debt securities		24,401		13		1
Total marketable securities	$	136,994	$	213	$	1

	Fiscal Year
	2015		2014		2013
Gross realized gains on sale	$	17	$	26	$	9
Gross realized losses on sale		44		209		35

The estimated fair values of such securities at March 1, 2015, by contractual maturity, are shown below:

Due in one year or less	$	73,972
Due after one year through five years		56,623
	$	130,595

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Note 5 - Stock-based Compensation (Details) - Option Activity (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013	Feb. 27, 2011
Note 5 - Stock-based Compensation (Details) - Option Activity [Line Items]
Outstanding Options	1,081,117	977,783		915,951
Weighted Average Exercise Price	$ 23.84	$ 25.54		$ 25.40
Weighted Average Remaining Contractual Term	5 years 146 days
Vested and exercisable, March 1, 2015	694,705
Vested and exercisable, March 1, 2015	$ 22.23
Vested and exercisable, March 1, 2015	4 years 98 days
Vested and exercisable, March 1, 2015	$ 528
Options Granted	18,000	193,600	205,520
Weighted Average Exercise Price, Granted	$ 25.81	$ 27.20	$ 25.60
Options Exercised	(79,800)	(51,266)	(35,987)
Weighted Average Exercise Price, Exercised	$ 21.49	$ 23.44	$ 21.16
Terminated, Expired or Cancelled	(52,625)	(39,000)	(107,701)
Weighted Average Exercise Price, Terminated, Expired or Cancelled	$ 24.21	$ 26.07	$ 25.91
Outstanding Options	966,692	1,081,117	977,783	915,951
Weighted Average Exercise Price	$ 22.55	$ 23.84	$ 25.54	$ 25.40
Weighted Average Remaining Contractual Term	5 years 146 days
Aggregate Intrinsic Value	$ 425
Option Exchange Program [Member]
Note 5 - Stock-based Compensation (Details) - Option Activity [Line Items]
Options Granted	996,892	902,517
Weighted Average Exercise Price, Granted	$ 22.55	$ 23.13
Terminated, Expired or Cancelled	(996,892)	(902,517)
Weighted Average Exercise Price, Terminated, Expired or Cancelled	$ 24.05	$ 25.63

XML

Note 12 - Commitments (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Mar. 01, 2015	Mar. 02, 2014	Mar. 03, 2013
Note 12 - Commitments (Details) [Line Items]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	10 years
Operating Leases, Rent Expense	$ 2,881	$ 2,765	$ 3,068
Minimum [Member]
Note 12 - Commitments (Details) [Line Items]
Lessee Leasing Arrangements, Operating Leases, Renewal Term	1 year
Maximum [Member]
Note 12 - Commitments (Details) [Line Items]
Lessee Leasing Arrangements, Operating Leases, Renewal Term	10 years
Capital Addition Purchase Commitments [Member]
Note 12 - Commitments (Details) [Line Items]
Long-term Purchase Commitment, Amount	$ 118

XML

Schedule II

12 Months Ended

Mar. 01, 2015

Valuation and Qualifying Accounts [Abstract]

Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

			Column C
Column A	Column B		Additions				Column D			Column E
Description	Balance at Beginning of Period		Costs and Expenses		Other		Reductions			Balance at End of Period
DEFERRED INCOME TAX ASSET VALUATION ALLOWANCE:
52 weeks ended March 1, 2015	$	11,941,000	$	123,000	$	-	$	(177,000	)	$	11,887,000
52 weeks ended March 2, 2014	$	12,465,000	$	330,000	$	-	$	(854,000	)	$	11,941,000
53 weeks ended March 3, 2013	$	11,661,000	$	804,000	$	-	$	-		$	12,465,000

						Column D
Column A	Column B		Column C			Other					Column E
Description	Balance at Beginning of Period		Charged to Cost and Expenses			Accounts Written Off (A)			Translation Adjustment		Balance at End of Period
ALLOWANCE FOR DOUBTFUL ACCOUNTS:
52 weeks ended March 1, 2015	$	416,000	$	(5,000	)	$	(15,000	)	$	-	$	396,000
52 weeks ended March 2, 2014	$	423,000	$	(7,000	)	$	-		$	-	$	416,000
53 weeks ended March 3, 2013	$	598,000	$	(135,000	)	$	(40,000	)	$	-	$	423,000

(A) Uncollectible amounts, net of recoveries                    

XML

Note 17 - Subsequent Event (Details) (USD $) In Thousands, except Share data, unless otherwise specified	2 Months Ended
	Apr. 24, 2015	Mar. 01, 2015
Note 17 - Subsequent Event (Details) [Line Items]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased		1,131,244
Subsequent Event [Member]
Note 17 - Subsequent Event (Details) [Line Items]
Treasury Stock, Shares, Acquired	444,834
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share)	$ 21.32
Treasury Stock, Value, Acquired, Cost Method (in Dollars)	$ 9,493
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	686,410
Treasury Stock, Shares, Retired	444,834

XML

Note 14 - Geographic Regions (Tables)

12 Months Ended

Mar. 01, 2015

Segment Reporting [Abstract]

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

	Fiscal Year
	2015		2014		2013
Sales:
North America	$	75,395	$	82,187	$	80,968
Asia		76,000		71,854		78,559
Europe		10,691		11,723		16,889
Total sales	$	162,086	$	165,764	$	176,416
Long-lived assets:
North America	$	23,562	$	26,899	$	34,555
Asia		12,490		13,557		14,102
Europe		325		397		327
Total long-lived assets	$	36,377	$	40,853	$	48,984

XML

Note 12 - Commitments

12 Months Ended

Mar. 01, 2015

Disclosure Text Block Supplement [Abstract]

Commitments Disclosure [Text Block]

12. Commitments

The Company conducts certain of its operations in leased facilities, which include several manufacturing plants, warehouses and offices. The leases of facilities are for terms of up to 10 years, the latest of which expires in 2020. Many of the leases contain renewal options for periods ranging from one to ten years and require the Company to pay real estate taxes and other operating costs. The latest land lease expiration is 2040.

These non-cancelable leases have the following payment schedule:

Fiscal Year	Amount
2016	$	1,910
2017		1,288
2018		1,137
2019		1,159
2020		1,182
Thereafter		3,403
	$	10,079

Rental expenses, inclusive of real estate taxes and other costs, were $2,881, $2,765 and $3,068 for the 2015, 2014 and 2013 fiscal years, respectively. In addition, the Company has commitments to purchase raw materials for $118.