Note 6 - Restructuring Charges

9 Months Ended

Nov. 26, 2017

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

6

.

RESTRUCTURING CHARGES

In

April 2017,

the Company commenced the consolidation of its Nelco Products, Inc. Business Unit located in Fullerton, California and its Neltec, Inc. Business Unit located in Tempe,

Arizona, which was substantially completed during the

13

-week period ended

November 26, 2017.

During the

13

-week and

39

-week periods ended

November 26, 2017

the Company recorded restructuring charges of

$360

and

$4,423,

respectively, related to the consoli

dation. The Company estimates the remaining pre-tax charge in connection with the consolidation to be approximately

$1,080.

This remaining charge is expected to be incurred primarily during the fiscal year ending

February 28, 2021.

The following table sets forth the charges and accruals related to the

consolidation:

	Total Expense For 26 Weeks Ended August 27, 2017		Current Period Expense			Cash Payments			Non-Cash Charges			Accrual November 26, 2017		Total Expense For 39 Weeks Ended November 26, 2017		Total Expected Costs
Facility Lease Costs	$	2,753	$	(4	)	$	(342	)	$	-		$	2,407	$	2,749	$	2,749
Severance Costs		1,122		(46	)		(1,030	)		-			46		1,076		1,076
Equipment Removal		-		-			-			-			-		-		700
Other		188		410			(531	)		(67	)		-		598		975
Total Restructuring Plan	$	4,063	$	360		$	(1,903	)	$	(67	)	$	2,453	$	4,423	$	5,500

The Company recorded additional restructuring charges of $

112

and

$113

during the

13

-week periods ended

November 26, 2017

and

November 27, 2016,

respectively, and

$312

and

$206

during the

39

weeks ended

November 26, 2017

and

November 27, 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

or

2019

fiscal year.