Note 13 - Subsequent Events

9 Months Ended

Nov. 26, 2017

Notes to Financial Statements

Subsequent Events [Text Block]

13

.

SUBSEQUENT EVENTS

The Tax Cuts and Jobs Act (“

Act”), which was passed and signed into law in

December 2017,

provides an incentive for United States companies to repatriate accumulated income earned in foreign jurisdictions at a reduced U.S. income tax expense and lowers the corporate income tax rate. The Company is currently evaluating the full effect of the Act on the financial position, results of operations, and cash flows of the Company but believes that the Act will have a material effect on its deferred tax liabilities and deferred tax assets and tax provision (benefit) accounts in the

fourth

quarter of the

2018

fiscal year. The Company repatriated a significant portion of its accumulated foreign income in

January 2018.

On

January 3, 2018,

the Company voluntarily prepaid the entire loan outstanding under the Credit Agreement, dated as of

January 15, 2016,

between the Company and HSBC Bank USA, National Association in the amount of

$68,779,

including principal and accrued interest, and the Company terminated such Credit Agreement as of the same date. The Company utilized a portion of the repatriated foreign income described above to repay the loan.

On

January 4, 2018,

the Company announced that its Board of Directors has declared a special cash dividend of

$3.00

per share payable

February 13, 2018

to shareholders of record at the close of business on

January 23, 2018.