Note 10 - Long-term Debt

12 Months Ended

Feb. 25, 2018

Notes to Financial Statements

Debt Disclosure [Text Block]

1 0 . 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 provided for loans up to

$75,000

and letters of credit up to

$2,000.

On

January 3, 2018,

in connection with the Company’s prepayment of the entire loan balance, the Company terminated the Credit Agreement. The prepayment was made with the Company’s cash and cash equivalents, marketable securities and restricted cash. In connection with the termination of the Credit Agreement, the Company expensed the remaining deferred financing costs of

$144

in the

fourth

quarter of fiscal year ended

February 25, 2018.

Interest expense recorded under both the PNC Bank Amended Credit Agreement and the Credit Agreement was approximately

$2,269,

$1,432

and

$1,365

during the

2018,

2017

and

2016

fiscal years, respectively, which is included in interest expense on the Consolidated Statements of Operations. In addition, the Company accelerated the deferred financing costs of

$292

which related to the PNC Bank Amended Credit Agreement that was recorded as interest expense in the

fourth

quarter of the

2016

fiscal year.