Note 6 - Restructuring Charges

3 Months Ended

May 28, 2017

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

6.

RESTRUCTURING CHARGES

On

April 18, 2017,

the Company announced the consolidation of its Nelco Products, Inc. subsidiary located in Fullerton, California and its Neltec, Inc. subsidiary located in Tempe, Arizona. The consolidation is expected to take

four

to

six

months to complete. When complete, all business functions will be performed at Neltec in Tempe, Arizona and certain manufacturing operations will be combined and performed at Neltec.

The Company expects to incur a pre-tax charge in connection with the consolidation of approximately

$5,000

to

$5,500.

This charge is expected to be incurred primarily during the

first

nine

months of the fiscal year ending

February 25, 2018.

In addition to this charge, the Company expects to incur duplicative pre-tax costs of

$300

during the same

nine

-month period.

The Company recorded a restructuring charge of

$1,250

during the

13

-week period ended

May 28, 2017

related to the consolidation.

The following table sets forth the charges and accruals related to the restructuring plan:

	Accrued Februay 26, 2017		Current Period Charges		Cash Payments		Non-Cash Charges			Accrual May 28, 2017		Total Costs Accrued to Date		Total Expected Costs
Facility Lease Costs	$	-	$	-	$	-	$	-		$	-	$	-	$	2,739
Severance Costs		-		1,183		-		-			1,183		1,183		1,183
Equipment Removal		-		-		-		-			-		-		700
Other		-		67		-		(67	)		-		67		878
Total Restructuring Plan	$	-	$	1,250	$	-	$	(67	)	$	1,183	$	1,250	$	5,500

The Company recorded additional restructuring charges of

$111

and

$70

during the

13

-week periods ended

May 28, 2017

and

May 29, 2016,

respectively, related to the closure in the

2009

fiscal year 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

2018

fiscal year.