0000076267
2011-05-29
0000076267
2011-02-27
0000076267
2012-05-27
0000076267
2012-02-26
0000076267
2011-02-28
2011-05-29
0000076267
2012-07-03
0000076267
2012-02-27
2012-05-27
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
false
--03-03
Q1
2013
2012-05-27
10-Q
0000076267
20796820
Non-accelerated Filer
PARK ELECTROCHEMICAL CORP
52656000
-923000
123000
19000
8427000
9255000
23533000
27511000
4198000
4701000
8816000
9988000
2077000
2374000
157115000
157341000
598000
594000
361000
306000
365988000
371867000
311590000
317903000
112195000
164872000
129503000
128588000
52677000
-915000
0.10
0.10
2079000
2079000
7691000
5230000
35848000
33070000
1062000
1062000
1429000
1100000
<div> <div>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">6. STOCK-BASED COMPENSATION</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">As of May 27, 2012, the Company had a 2002 Stock Option Plan, and no other stock-based compensation plan. The 2002 Stock Option Plan has been approved by the Company's shareholders and provides for the grant of stock options to directors and key employees of the Company. All options granted under such Plan have exercise prices equal to the fair market value of the underlying common stock of the Company at the time of grant, which pursuant to the terms of the Plan, is the reported closing price of the common stock on the New York Stock Exchange on the date preceding the date the option is granted. Options granted under the Plan become exercisable 25% one year from the date of grant, with an additional 25% exercisable each succeeding anniversary of the date of grant, and expire 10 years from the date of grant.</font></b></p></div>
<div> </div><br />
<div>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Options to purchase a total of 1,800,000 shares of common stock were authorized for grant under the 2002 Stock Option Plan. At May 27, 2012, 1,634,396 shares of common stock of the Company were reserved for issuance upon exercise of stock options under the 2002 Stock Option Plan and 765,270 options were available for future grant under the 2002 Stock Option Plan. No options of common stock were granted during the 13 week periods ended May 27, 2012 and May 29, 2011, respectively.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">The Company records its stock-based compensation at fair value.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">The future compensation expense to be recognized in earnings before income taxes for options outstanding at May 27, 2012 is $1,660 and will be recognized over the remaining nine months of the current year fiscal year and over the 2014, 2015 and 2016 fiscal years.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">The following is a summary of option activity for the 13 weeks ended May 27, 2012:</font></b></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="35%"> </td>
<td width="15%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="15%"> </td>
<td width="16%"> </td>
<td width="7%"> </td>
<td width="6%"> </td></tr>
<tr valign="bottom"><td width="35%" align="left"> </td>
<td width="15%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="3%" align="center"> </td>
<td width="15%" align="center"> </td>
<td width="16%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Weighted</font></b></td>
<td width="7%" align="center"> </td>
<td width="6%" align="center"> </td></tr>
<tr valign="bottom"><td width="35%" align="left"> </td>
<td width="15%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="3%" align="center"> </td>
<td width="15%" align="center"> </td>
<td width="16%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Average</font></b></td>
<td width="7%" align="center"> </td>
<td width="6%" align="center"> </td></tr>
<tr valign="bottom"><td width="35%" align="left"> </td>
<td width="15%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="3%" align="center"> </td>
<td width="15%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Weighted</font></b></td>
<td width="16%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Remaining</font></b></td>
<td width="7%" align="center"> </td>
<td width="6%" align="center"> </td></tr>
<tr valign="bottom"><td width="35%" align="left"> </td>
<td width="15%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="3%" align="center"> </td>
<td width="15%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Average</font></b></td>
<td width="16%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Contract</font></b></td>
<td width="7%" align="center"> </td>
<td width="6%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Aggregated</font></b></td></tr>
<tr valign="bottom"><td width="35%" align="left"> </td>
<td width="15%" align="center"> </td>
<td width="2%" align="center"> </td>
<td width="3%" align="center"> </td>
<td width="15%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Exercise</font></b></td>
<td width="16%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Life in</font></b></td>
<td width="7%" align="center"> </td>
<td width="6%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Intrinsic</font></b></td></tr>
<tr valign="bottom"><td width="35%" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Options</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Price</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="16%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Months</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="7%" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" width="6%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Value</font></b></td></tr>
<tr valign="bottom"><td width="35%" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Outstanding at February 26,</font></b> <b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">2012</font></b></td>
<td width="15%" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">915,951</font></b></td>
<td width="2%" align="left"> </td>
<td width="3%" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td width="15%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">25.40</font></b></td>
<td width="16%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">70.98</font></b></td>
<td style="text-indent: 3px;" width="7%" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td width="6%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">4,338</font></b></td></tr>
<tr valign="bottom"><td width="35%" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Granted</font></b></td>
<td width="15%" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">-</font></b></td>
<td width="2%" align="left"> </td>
<td width="3%" align="right"> </td>
<td width="15%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">-</font></b></td>
<td width="16%" align="left"> </td>
<td width="7%" align="left"> </td>
<td width="6%" align="left"> </td></tr>
<tr valign="bottom"><td width="35%" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Exercised</font></b></td>
<td width="15%" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">(1,187</font></b></td>
<td width="2%" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">)</font></b></td>
<td width="3%" align="right"> </td>
<td width="15%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">26.65</font></b></td>
<td width="16%" align="left"> </td>
<td width="7%" align="left"> </td>
<td width="6%" align="left"> </td></tr>
<tr valign="bottom"><td width="35%" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Terminated or expired</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="15%" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">(45,638</font></b></td>
<td style="border-bottom: #000000 1px solid;" width="2%" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">)</font></b></td>
<td width="3%" align="right"> </td>
<td width="15%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">28.82</font></b></td>
<td width="16%" align="left"> </td>
<td width="7%" align="left"> </td>
<td width="6%" align="left"> </td></tr>
<tr><td width="99%" colspan="8"> </td></tr>
<tr valign="bottom"><td width="35%" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Outstanding at May 27, 2012</font></b></td>
<td style="border-bottom: #000000 3px double;" width="15%" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">869,126</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td>
<td width="3%" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td width="15%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">25.22</font></b></td>
<td width="16%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">71.46</font></b></td>
<td style="text-indent: 3px;" width="7%" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td width="6%" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">550</font></b></td></tr>
<tr><td width="99%" colspan="8"> </td></tr>
<tr valign="bottom"><td width="35%" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Exercisable at May 27, 2012</font></b></td>
<td style="border-bottom: #000000 3px double;" width="15%" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">564,323</font></b></td>
<td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td>
<td width="3%" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td width="15%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">25.95</font></b></td>
<td width="16%" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">54.06</font></b></td>
<td style="text-indent: 3px;" width="7%" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td width="6%" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">220</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">The total intrinsic values of options exercised during the 13 weeks ended May 27, 2012 and May 29, 2011 were $5 and $27, respectively.</font></b></p></div> </div>
0.35
0.24
0.35
0.24
<div> <p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">8. EARNINGS PER SHARE</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Basic earnings per share are computed by dividing net earnings by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are computed by dividing net earnings by the sum of (a) the weighted average number of shares of common stock outstanding during the period and (b) the potential common stock equivalents outstanding during the period. Stock options are the only common stock equivalents, and the number of dilutive options is computed using the treasury stock method.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">The following table sets forth the calculation of basic and diluted earnings per share for the 13 weeks ended May 27, 2012 and May 29, 2011.</font></b></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="47%"> </td>
<td width="3%"> </td>
<td width="24%"> </td>
<td width="3%"> </td>
<td width="21%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="3" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">13 weeks ended</font></b></td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">May 27, 2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">May 29, 2011</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Net Earnings</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">4,933</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">7,242</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Weighted average common shares</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">outstanding for basic EPS</font></b></td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">20,796</font></b></td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">20,723</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Net effect of dilutive options</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">53</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">97</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Weighted average shares</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">outstanding for diluted EPS</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"> </td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">20,849</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"> </td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">20,820</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Basic earnings per share</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">0.24</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">0.35</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Diluted earnings per share</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">0.24</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">0.35</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Common stock equivalents, which were not included in the computation of diluted earnings per share because the effect would have been antidilutive as the options' exercise prices were greater than the average market price of the common stock, were 146,000 and 20,000 for the 13 weeks ended May 27, 2012 and May 29, 2011, respectively.</font></b></p> </div>
21000
8000
<div> <div>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">3.FAIR VALUE MEASUREMENTS</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Fair value measurements are broken down into three levels based on the reliability of inputs as follows:</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an </font></b><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">ongoing basis. The valuation under this approach does not entail a significant degree of judgment.</font></b></p></div>
<div>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (</font></b><b><i><font style="font-family: CourierNewPS-BoldItalicMT,Courier New,Courier,monospace;" class="_mt" size="2">e.g., </font></i></b><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">interest rates and yield curves observable at commonly quoted intervals or current market) and contractual prices for the underlying financial instrument, as well as other relevant economic measures.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">The fair value of the Company's cash and cash equivalents, accounts receivable, accounts payable and current liabilities approximate their carrying values due to their short-term nature. Certain assets and liabilities of the Company are required to be recorded at fair value on either a recurring or non-recurring basis. On a recurring basis, the Company records its marketable securities (see Note 4) at fair value using Level 1 inputs.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">The Company's non-financial assets measured at fair value on a non-recurring basis include goodwill and any assets and liabilities acquired in a business combination or any long-lived assets written down to fair value. To measure fair value for such assets, the Company uses Level 3 inputs consisting of techniques including an income approach and a market approach. The income approach is based on a discounted cash flow analysis and calculates the fair value by estimating the after-tax cash flows attributable to a reporting unit and then discounting the after-tax cash flows to a present value using a risk-adjusted discount rate. Assumptions used in the discounted cash flow analysis require the exercise of significant judgment, including judgment about appropriate discount rates and terminal value, growth rates and the amount and timing of expected future cash flows.</font></b></p></div> </div>
7661000
7661000
15969000
12976000
8640000
6107000
<div> <p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">10. INCOME TAXES</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">The Company's effective tax rates for the 13 weeks ended May 27, 2012 and May 29, 2011 were 19.2% and 16.2%, respectively. The effective rates varied from the U.S. Federal statutory rate primarily due to foreign income taxed at lower rates.</font></b></p> </div>
436000
671000
1398000
1174000
-964000
4153000
221000
198000
<div> <p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">5. INVENTORIES</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Inventories are stated at the lower of cost (first-in, first-out method) or market. Inventories consisted of the following:</font></b></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="39%"> </td>
<td width="3%"> </td>
<td width="25%"> </td>
<td width="3%"> </td>
<td width="26%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="right"> </td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">May 27,</font></b></td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">February 26,</font></b></td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">2012</font></b></td></tr>
<tr><td colspan="5"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Raw materials</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">10,268</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">8,774</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Work-in-progress</font></b></td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">3,515</font></b></td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">2,632</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Finished goods</font></b></td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">4,305</font></b></td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">4,097</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Manufacturing supplies</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">316</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">320</font></b></td></tr>
<tr><td colspan="5"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">18,404</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">15,823</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p> </div>
15823000
18404000
22777000
25280000
365988000
371867000
21441000
23944000
<div> <p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">2</font></b><b><i><font style="font-family: CourierNewPS-BoldItalicMT,Courier New,Courier,monospace;" class="_mt" size="2">. </font></i></b><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">ACCOUNTS RECEIVABLE</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">The Company's accounts receivable are due from purchasers of the Company's products. Credit is extended based on evaluation of a customer's financial condition and, generally, collateral is not required. Accounts receivable are due within established payment terms and are stated at amounts due from customers net of an allowance for doubtful accounts. Accounts outstanding longer than established payment terms are considered past due. The Company determines its allowance by considering a number of factors, including the length of time accounts receivable are past due, the Company's previous loss history, the customer's current ability to pay its obligation to the Company, and the condition of the general economy and the industry as a whole. The Company writes off accounts receivable when they become uncollectible.</font></b></p> </div>
<div> <div>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">12. CONTINGENCIES</font></b></p>
<p style="text-align: left;"><b><i><font style="font-family: CourierNewPS-BoldItalicMT,Courier New,Courier,monospace;" class="_mt" size="2">a. Litigation </font></i></b><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">– The Company is subject to a small number of proceedings, lawsuits and other claims related to environmental, employment, product and other matters. The Company is required to assess the likelihood of any adverse judgments or outcomes in these matters as well as potential ranges of probable losses. A determination of the amount of reserves required, if any, for these contingencies is made after careful analysis of each individual issue. The required reserves may change in the future due to new developments in each matter or changes in approach, such as a change in settlement strategy in dealing with these matters. The Company believes that the ultimate disposition of such proceedings, lawsuits and claims will not have a material adverse effect on the liquidity, capital resources, business or consolidated results of operations or financial position of the Company.</font></b></p></div>
<div><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">The $1,312 charge in the 39 weeks ended November 28, 2010 related to the closure, in January of 2009, of the Company's Neltec Europe SAS digital electronic materials business unit located in Mirabeau, France included an amount relating to certain employment litigation initiated in France after the closure. See Note 7.</font></b></div>
<div>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">b. </font></b><b><i><font style="font-family: CourierNewPS-BoldItalicMT,Courier New,Courier,monospace;" class="_mt" size="2">Environmental Contingencies </font></i></b><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">- The Company and certain of its subsidiaries have been named by the Environmental Protection Agency (the "EPA") or a comparable state agency under the Comprehensive Environmental Response, Compensation and Liability Act (the "Superfund Act") or similar state law as potentially responsible parties in connection with alleged releases of hazardous substances at four sites.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">In addition, a subsidiary of the Company has received a cost recovery claim under a state law similar to the Superfund Act from another private party involving one other site.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Under the Superfund Act and similar state laws, all parties who may have contributed any waste to a hazardous waste disposal site or contaminated area identified by the EPA or comparable state agency may be jointly and severally liable for the cost of cleanup. Generally these sites are locations at which numerous persons disposed of hazardous waste. In the case of the Company's subsidiaries, generally the waste was removed from their manufacturing facilities and disposed at waste sites by various companies which contracted with the subsidiaries to provide waste disposal services. Neither the Company nor any of its subsidiaries have been accused of or charged with any wrongdoing or illegal acts in connection with any such sites. The Company believes it maintains an effective and comprehensive environmental compliance program.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">The insurance carriers who provided general liability insurance coverage to the Company and its subsidiaries for the years during which the Company's subsidiaries' waste was disposed at these sites have in the past reimbursed the Company and its subsidiaries for 100% of their legal defense and remediation costs associated with three of these sites.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">The total costs incurred by the Company and its subsidiaries in connection with these sites, including legal fees incurred by the Company and its subsidiaries and their assessed share of remediation costs and excluding amounts paid or reimbursed by insurance carriers, were approximately $</font></b><b><i><font style="font-family: CourierNewPS-BoldItalicMT,Courier New,Courier,monospace;" class="_mt" size="2">10 and $7</font></i></b><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">, respectively, in the 13 weeks ended May 27, 2012 and May 29, 2011, respectively.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Such recorded liabilities do not include environmental liabilities and related legal expenses for which the Company and its subsidiaries have general liability insurance coverage for the years during which the Company's subsidiaries' waste was disposed at three sites for which certain subsidiaries of the Company have been named as potentially responsible parties. Pursuant to such general liability insurance coverage, two insurance carriers have been paying 100% of the legal defense and remediation costs associated with such three sites since 1985. In the 2012 fiscal year fourth quarter, one of such insurance carriers, which had been paying 45% of such legal defense and remediation costs, indicated that it no longer agreed to such percentage. As a result, the Company has commenced litigation against such insurance carrier and a third insurance carrier. Two of the three insurance carriers have filed answers to the lawsuit, and one has asserted counter claims against the Company.</font></b></p></div>
<div><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Included in selling, general and administrative expenses are charges for actual expenditures and accruals, based on estimates, for certain environmental matters described above. The Company accrues estimated costs associated with known environmental matters, when such costs can be reasonably estimated and when the outcome appears probable. The Company believes that the ultimate disposition of known environmental matters including the litigation described above, will not have a material adverse effect on the liquidity, capital resources, business or consolidated results of operations or financial position of the Company.</font></b></div>
<div>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">c. </font></b><b><i><font style="font-family: CourierNewPS-BoldItalicMT,Courier New,Courier,monospace;" class="_mt" size="2">Acquisition </font></i></b><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">- In April 2008, the Company's wholly owned subsidiary, Park Aerospace Structures Corp., acquired substantially all the assets and business of Nova Composites, Inc., a manufacturer of composite parts and assemblies and the tooling for such parts and assemblies, located in Lynnwood, Washington, for a cash purchase price of $4.5 million paid at the closing of the acquisition and up to an additional $5.5 million payable over five years depending on the achievement of specified earn-out objectives. The Company has paid $3.2 million of such additional $5.5 million over the past three fiscal years.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">However, the Company has recently disputed the purchase price, including the earn-outpayments.</font></b></p></div> </div>
139282000
139856000
<div> <div>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">4.MARKETABLE SECURITIES</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">The following is a summary of available-for-sale securities:</font></b></p></div>
<div> </div><br />
<div>
<div>
<table border="0" cellspacing="0">
<tr><td width="41%"> </td>
<td width="3%"> </td>
<td width="15%"> </td>
<td width="3%"> </td>
<td width="17%"> </td>
<td width="3%"> </td>
<td width="15%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="right"> </td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Gross</font></b></td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Gross</font></b></td>
<td align="center"> </td>
<td align="center"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="right"> </td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Unrealized</font></b></td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Unrealized</font></b></td>
<td align="center"> </td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Estimated</font></b></td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Gains</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Losses</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Fair Value</font></b></td></tr>
<tr><td colspan="7"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">May 27, 2012:</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">U.S. Treasury and other</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">government securities</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">30</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">20</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">91,572</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">U.S. corporate debt securities</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">31</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">35</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">48,284</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 7px;" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Total marketable securities</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">61</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">55</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">139,856</font></b></td></tr>
<tr><td colspan="7"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">February 26, 2012:</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">U.S. Treasury and other</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">government securities</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">41</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">53</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">93,479</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">U.S. corporate debt securities</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">61</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">12</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">45,803</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 6px;" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Total marketable securities</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">102</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">65</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">139,282</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">The estimated fair values of such securities were determined based on observable inputs, which were quoted market prices for identical assets in active markets. The estimated fair values of such securities at May 27, 2012, by contractual maturity, are shown below:</font></b></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="75%"> </td>
<td width="4%"> </td>
<td width="19%"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Due in one year or less</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">45,411</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Due after one year through five years</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">94,445</font></b></td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">139,856</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p></div> </div>
-1961000
-2048000
44411000
-1255000
10206000
2380000
7242000
4933000
8419000
5909000
<div> <p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">The condensed consolidated balance sheet as of May 27, 2012, the consolidated statements of operations and the consolidated statements of comprehensive income for the 13 weeks ended May 27, 2012 and May 29, 2011, and the condensed consolidated statements of cash flows for the 13 weeks then ended have been prepared by Park Electrochemical Corp. (the "Company"), without audit. In the opinion of management, these unaudited consolidated financial statements contain all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at May 27, 2012 and the results of operations and cash flows for all periods presented.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended February 26,2012.</font></b></p> </div>
8042000
8347000
326000
293000
123000
4000
274000
274000
15000
2072000
2080000
1100000
21993000
73414000
1503000
388000
3449000
3544000
69007000
72547000
109000
32000
38695000
37956000
<div> <div>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">7. RESTRUCTURING CHARGES</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">During the 2012 fiscal year fourth quarter, the Company recorded a pre-tax charge of $1,250 related to the closing of the Company's Park Advanced Composite Materials, Inc. business unit located in Waterbury, Connecticut. The charge for closing the business unit included a non-cash asset impairment of $928. As a result of the closing, the Company expects to record total pre-tax restructuring charges of $2,400. During the 13 weeks ended May 27, 2012, the Company recorded $11 of such charges, and the Company expects to record the remaining $1,139 during the remainder of the 2013 fiscal year. The liabilities recorded at May 27, 2012 and February 26, 2012 were $311 and $322, respectively. The Company paid $11 of such charges in the 13 weeks ended May 27, 2012 and expects to pay the remaining $1,450 during the 2013 fiscal year.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">As of February 26, 2012, the Company had remaining obligations and potential liabilities in the aggregate amount of $1,187 related to the closure of the Neltec Europe SAS printed circuit materials business unit. The Company paid $34 of these obligations in the 13 weeks ended May 27, 2012 and expects to settle the remaining $1,153 during the 2013 fiscal year.</font></b></p></div>
<div><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">During the 2004 fiscal year, the Company recorded charges related to the realignment of its North American volume printed circuit materials operations. The charges were for employment termination benefits of $1,258, which were fully paid in fiscal year 2004, and lease and other obligations of $7,292. All costs other than the lease obligations were settled prior to fiscal year 2007. The future lease obligations are payable through September 2013. The remaining balances on the lease obligations relating to the realignment were $327 and $434 as of May 27, 2012 and February 26, 2012, respectively. For the 13 weeks ended May 27, 2012, the Company applied $107 of lease payments against such lease obligations.</font></b></div> </div>
11000
181941000
184794000
51817000
46046000
<div> <p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">11. GEOGRAPHIC REGIONS</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">The Company is a global advanced materials company which develops, manufactures, markets and sells high technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure and high-end computing markets and advanced composite materials, parts and assemblies for the aerospace markets. The Company's printed circuit materials products and the Company's advanced composite materials, parts and assemblies products are sold to customers in North America, Europe and Asia.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Sales are attributed to geographic region based upon the region in which the materials were delivered to the customer.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Financial information concerning the Company's operations by geographic region follows:</font></b></p>
<div>
<table border="0" cellspacing="0">
<tr><td width="31%"> </td>
<td width="4%"> </td>
<td width="34%"> </td>
<td width="4%"> </td>
<td width="24%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="3" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">13 weeks ended</font></b></td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">May 27, 2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">May 29,2011</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Sales</font></b><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">:</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">North America</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">21,506</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">21,840</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Europe</font></b></td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">5,239</font></b></td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">5,417</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Asia</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">19,301</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">24,560</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Total sales</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">46,046</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">51,817</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div>
<table border="0" cellspacing="0">
<tr><td width="39%"> </td>
<td width="3%"> </td>
<td width="26%"> </td>
<td width="3%"> </td>
<td width="26%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">May 27, 2012</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="center"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">February 26, 2012</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Long-lived assets</font></b><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">:</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">North America</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">34,991</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">35,419</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Europe</font></b></td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">354</font></b></td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">395</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Asia</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">18,619</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">18,584</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Total long-lived assets</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">53,964</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">54,398</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p> </div>
7550000
7056000
210000
194000
343211000
346587000
<div> <p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">9. SHAREHOLDERS' EQUITY</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">During the 13 weeks ended May 27, 2012, the Company issued 1,187 shares pursuant to the exercise of stock options and recognized stock-based compensation expense and tax benefits from stock-based compensation of $194 and $0, respectively. These transactions resulted in the $226 increase in additional paid-in capital during the period.</font></b></p> </div>
2000
1000
1000
20820000
20849000
20723000
20796000