Note 5 - Long-term Debt	9 Months Ended
Nov. 26, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	5 . LONG-TERM DEBT On January 15, 2016, the Company entered into a three -year revolving credit facility agreement (the “Credit Agreement”) with HSBC Bank USA, National Association (“HSBC Bank”). This Credit Agreement replaced the Amended Credit Agreement that the Company entered into with PNC Bank in February 2014. The Credit Agreement provides for loans up to $75,000 and letters of credit up to $2,000. The Company borrowed $75,000 under the Credit Agreement and obtained letters of credit in the initial principal amount of $1,075. During the 2016 fiscal year, the Company made no payments in accordance with the Credit Agreement. During the 2017 fiscal year, the Company paid a total of $3,000 in accordance with the Credit Agreement; and, during the 2018 fiscal year first quarter ended May 28, 2017, the Company paid a quarterly installment of $750. The remaining $71,250 was payable in seven quarterly installments of $750 each, with the remaining amount outstanding under the Credit Agreement payable on January 26, 2019. Pursuant to an amendment entered into on April 21, 2017, the second and third installments due in the 2018 fiscal year were increased from $750 to $1,000. On January 3, 2018, the Company prepaid the entire remaining loan balance of $68,500. Borrowings under the Credit Agreement bore interest at a rate equal to, at the Company ’s option, either (a) a fluctuating rate per annum (computed on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed) equal to the Base Rate (as defined in the Credit Agreement), such interest rate to change automatically from time to time effective as of the effective date of each change in the Base Rate or (b) a rate per annum (computed on the basis of a year of 360 days and actual days elapsed) equal to the one, two, three or six month LIBOR plus 1.15%. Under the Credit Agreement, the Company was also obligated to pay to HSBC Bank a nonrefundable commitment fee equal to 0.10% per annum (computed on the basis of a year of 360 days and actual days elapsed) multiplied by the average daily difference between the amount of (i) the revolving credit commitment plus the letter of credit facility and (ii) the revolving facility usage, payable quarterly in arrears. On January 5, 2017, the Company entered into an amendment to the Credit Agreement (the “ Amended Credit Agreement”) with HSBC Bank that modified the LIBOR interest rate and certain covenants. Under the Amended Credit Agreement, the LIBOR interest rate was equal to the one, two, three, or six month LIBOR plus (a) 1.65% through April 5, 2017, ( b) 1.90% from April 6, 2017 through July 5, 2017, ( c) 2.15% from July 6, 2017 through October 5, 2017 and (d) 2.65% after October 5, 2017. The Credit Agreement and the Amended Credit Agreement contained certain customary affirmative and negative covenants, including customary financial covenants. The covenants required the Company to (a) maintain a gross leverage charge ratio not to exceed 4.25 to 1.00 for the fiscal quarter ending November 26, 2017 and 3.75 to 1.00 each fiscal quarter thereafter, (b) maintain a minimum fixed charge coverage ratio of 0.50 to 1.00 for the fiscal quarter ending November 26, 2017 and 1.10 to 1.00 for each fiscal quarter thereafter and (c) maintain a minimum quick ratio of 2.00 to 1.00. In addition, the Company was required to maintain minimum domestic liquid assets of $10,000 in cash held at all times in a domestic deposit account. At November 26, 2017, $69,250 of indebtedness was outstanding under the Credit Agreement with an interest rate of 3.41%. Interest expense recorded under the Credit Agreement and the Amended Credit Agreement was $689 and $1,802 during the 13 -week and 39 -week periods ended November 26, 2017, respectively, and $343 and $1,010 during the 13 -week and 39 -week periods ended November 27, 2016, respectively. On December 29, 2017, HSBC Bank waived compliance of certain financial covenants for the quarter ended November 26, 2017 . On January 3, 2018, in connection with the Company ’s prepayment of the entire loan balance, the Company terminated the Credit Agreement with HSBC Bank. The prepayment was made with the Company’s cash and cash equivalents, marketable securities and restricted cash.

LONG-TERM DEBT

January 15, 2016,

the Company entered into a

three

-year revolving credit facility agreement (the “Credit Agreement”) with HSBC Bank USA, National Association (“HSBC Bank”). This Credit Agreement replaced the Amended Credit Agreement that the Company entered into with PNC Bank in

February 2014.

The Credit Agreement provides for loans up to

$75,000

and letters of credit up to

$2,000.

The Company borrowed

$75,000

under the Credit Agreement and obtained letters of credit in the initial principal amount of

$1,075.

During the

2016

fiscal year, the Company made

payments in accordance with the Credit Agreement. During the

2017

fiscal year, the Company paid a total of

$3,000

in accordance with the Credit Agreement; and, during the

2018

fiscal year

first

quarter ended

May 28, 2017,

the Company paid a quarterly installment of

$750.

The remaining

$71,250

was payable in

seven

quarterly installments of

$750

each, with the remaining amount outstanding under the Credit Agreement payable on

January 26, 2019.

Pursuant to an amendment entered into on

April 21, 2017,

the

second

and

third

installments due in the

2018

fiscal year were increased from

$750

$1,000.

January 3, 2018,

the Company prepaid the entire remaining loan balance of

$68,500.

Borrowings under the Credit Agreement bore interest at a rate equal to, at the Company

’s option, either (a) a fluctuating rate per annum (computed on the basis of a year of

365

366

days, as the case

may

be, and actual days elapsed) equal to the Base Rate (as defined in the Credit Agreement), such interest rate to change automatically from time to time effective as of the effective date of each change in the Base Rate or (b) a rate per annum (computed on the basis of a year of

360

days and actual days elapsed) equal to the one, two,

three

six

month LIBOR plus

1.15%.

Under the Credit Agreement, the Company was also obligated to pay to HSBC Bank a nonrefundable commitment fee equal to

0.10%

per annum (computed on the basis of a year of

360

days and actual days elapsed) multiplied by the average daily difference between the amount of (i) the revolving credit commitment plus the letter of credit facility and (ii) the revolving facility usage, payable quarterly in arrears.

January 5, 2017,

the Company entered into an amendment to the Credit Agreement (the “

Amended Credit Agreement”) with HSBC Bank that modified the LIBOR interest rate and certain covenants. Under the Amended Credit Agreement, the LIBOR interest rate was equal to the one, two, three, or

six

month LIBOR plus (a)

1.65%

through

April 5, 2017, (

1.90%

from

April 6, 2017

through

July 5, 2017, (

2.15%

from

July 6, 2017

through

October 5, 2017

and (d)

2.65%

after

October 5, 2017.

The Credit

Agreement and the Amended Credit Agreement contained certain customary affirmative and negative covenants, including customary financial covenants. The covenants required the Company to (a) maintain a gross leverage charge ratio

not

to exceed

4.25

1.00

for the fiscal quarter ending

November 26, 2017

and

3.75

1.00

each fiscal quarter thereafter, (b) maintain a minimum fixed charge coverage ratio of

0.50

1.00

for the fiscal quarter ending

November 26, 2017

and

1.10

1.00

for each fiscal quarter thereafter and (c) maintain a minimum quick ratio of

2.00

1.00.

In addition, the Company was required to maintain minimum domestic liquid assets of

$10,000

in cash held at all times in a domestic deposit account.

November 26, 2017,

$69,250

of indebtedness was outstanding under the Credit Agreement with an interest rate of

3.41%.

Interest expense recorded under the Credit Agreement and the Amended Credit Agreement was

$689

and

$1,802

during the

-week and

-week periods ended

November 26, 2017,

respectively, and

$343

and

$1,010

during the

-week and

-week periods ended

November 27, 2016,

respectively.

December 29, 2017,

HSBC Bank waived compliance of certain financial covenants for the quarter ended

November 26, 2017

January 3, 2018,

in connection with the Company

’s prepayment of the entire loan balance, the Company terminated the Credit Agreement with HSBC Bank. The prepayment was made with the Company’s cash and cash equivalents, marketable securities and restricted cash.