Note 10 - Income Taxes

6 Months Ended

Aug. 30, 2015

Notes to Financial Statements

Income Tax Disclosure [Text Block]

10

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INCOME TAXES

The Company’s effective tax rates for the 13 weeks and 26 weeks ended August 30, 2015 were 12.5% and 11.5%, respectively, compared to 13.1% and 15.4%, respectively, for the 13 weeks and 26 weeks ended August 31, 2014. The lower effective tax rate for the 13 weeks ended August 30, 2015 was primarily due to higher portions of taxable income in jurisdictions with lower effective income tax rates and larger foreign tax incentives.

The Company continuously evaluates the liquidity and capital requirements of its operations in the United States and of its foreign operations. As a result of such evaluation during the 2014 fiscal year, the Company recorded a non-cash charge for the accrual of U.S. deferred income taxes in the amount of $63,958 on undistributed earnings of the Company’s subsidiary in Singapore. In the first quarter ended May 31, 2015, the Company repatriated $58,000 to the United States and paid income taxes of $10,682 to the respective tax authorities.