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Note 11 - Discontinued Operations
 9 Months Ended
Nov. 29, 2020
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)
    
39 Weeks Ended (Unaudited)
  
                                 
   
November 29,
    
December 1,
    
November 29,
    
December 1,
  
   
2020
    
2019
    
2020
    
2019
  
                                 
Net sales
   $
-
     $
-
     $
-
     $
-
  
Cost of sales
    
-
      
-
      
-
      
-
  
Gross profit
  
 
-
    
 
-
    
 
-
    
 
-
  
Selling, general and administrative expenses
    
8
      
-
      
8
      
231
  
Restructuring charges
    
143
      
484
      
427
      
599
  
Loss from discontinued operations
  
 
(151
)
  
 
(484
)
  
 
(435
)
  
 
(830
)
Other income
    
-
      
-
      
-
      
288
  
Loss from discontinued operations before income taxes
  
 
(151
)
  
 
(484
)
  
 
(435
)
  
 
(542
)
Income tax benefit
    
(35
 )    
(124
 )    
(107
 )    
(138
 )
Net loss from discontinued operations
  
$
(116
)
  
$
(360
)
  
$
(328
)
  
$
(404
)
 
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 following table sets forth the charges and accruals related to the consolidation:
 
   
Accrual
March 1,
2020
    
Current
Period
Charges
    
Cash
Payments
    
Non-Cash
Charges
    
Accrual
November 29,
2020
    
Total
Expense
Accrued to
Date
    
Total
Expected
Costs
  
Facility Lease Costs
   $
432
     $
151
     $
(580
 )   $
-
     $
3
     $
3,080
     $
3,080
  
Severance Costs
    
-
      
-
      
-
      
-
      
-
      
1,081
      
1,081
  
Equipment Removal
    
-
      
229
      
(224
 )    
-
      
5
      
815
      
815
  
Other
    
-
      
47
      
(47
 )    
-
      
-
      
963
      
963
  
Total Restructuring Charges
  
$
432
    
$
427
    
$
(851
)
  
$
-
    
$
8
    
$
5,939
    
$
5,939