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Note 11 - Discontinued Operations
 3 Months Ended
Jun. 02, 2019
Notes to Financial Statements  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
1
1
.
DISCONTINUED OPERATIONS
 
On
July 25, 2018,
the Company entered into a definitive agreement to sell its Electronics Business for
$145,000
in cash. The Company completed this transaction on
December 4, 2018.
 
The Company has classified the operating results of its Electronics Business, together with certain costs related to the transaction, as discontinued operations, net of tax, in the Consolidated Statements of Operations.
 
The following table shows the summary operating results of the discontinued operations:
 
   
13 Weeks Ended (Unaudited)
  
                 
   
June 2,
   
May 27,
 
   
2019
    
2018
  
                 
Net sales
   $
-
     $
20,709
  
Cost of sales
    
-
      
15,053
  
Gross profit
  
 
-
   
 
5,656
 
Selling, general and administrative expenses
    
136
      
2,718
  
Restructuring charges
    
33
      
183
  
(Loss) earnings from discontinued operations
  
 
(169
)
  
 
2,755
 
Other income
    
-
      
-
  
(Loss) earnings from discontinued operations before income taxes
  
 
(169
)
  
 
2,755
 
Income tax (benefit) provision
    
(42
 )    
403
  
Net (loss) earnings from discontinued operations
  
$
(127
)
  
$
2,352
 
 
 
During the
2018
fiscal year, the Company consolidated its Nelco Products, Inc. Business Unit located in Fullerton, California and its Neltec, Inc. Business Unit located in Tempe, Arizona. The Company estimates the remaining pre-tax charge in connection with the consolidation to be approximately
$778,
which the Company expects to incur primarily during the fiscal year ending
February 28, 2021.
 
 
The following table sets forth the charges and accruals related to the consolidation:
 
   
Accrual
March 3, 2019
    
Current
Period
Charges
    
Cash
Payments
    
Non-Cash
Charges
    
Accrual
June 2, 2019
    
Total
Expense
Accrued to
Date
    
Total
Expected
Costs
  
Facility Lease Costs
   $
1,324
     $
13
     $
(205
 )   $
-
     $
1,132
     $
2,842
     $
2,842
  
Severance Costs
    
-
      
-
      
-
      
-
      
-
      
1,081
      
1,081
  
Equipment Removal
    
-
      
-
      
-
      
-
      
-
      
-
      
700
  
Other
    
-
      
20
      
(20
 )    
-
      
-
      
799
      
877
  
Total Restructuring Charges
  
$
1,324
   
$
33
   
$
(225
)
  
$
-
   
$
1,132
   
$
4,722
   
$
5,500