Note 7 - Restructuring Charges

3 Months Ended

May. 31, 2015

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

7.     

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 Nelco Technology (Zhuhai FTZ) Ltd. building was sold for approximately $2,026 during the 13 weeks ended May 31, 2015. There was no gain or loss on the sale of the building, since the carrying value of the building was equal to the selling price. The Company paid $37 and $106 of additional pre-tax charges related to such closure during the 13 weeks ended May 31, 2015 and June 1, 2014, respectively.

The Company recorded additional restructuring charges of $87 and $161 during the 13 weeks ended May 31, 2015 and June 1, 2014, respectively, 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 $400 of such charge were paid through May 31, 2015 and the remaining balance of $96 is expected to be paid through December 2015.