0000076267
2011-08-29
2011-11-27
0000076267
2010-08-30
2010-11-28
0000076267
2010-11-28
0000076267
2010-02-28
0000076267
2011-11-27
0000076267
2011-02-27
0000076267
2010-03-01
2010-11-28
0000076267
2012-01-04
0000076267
2011-02-28
2011-11-27
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
false
--02-26
Q3
2012
2011-11-27
10-Q
0000076267
20753821
Non-accelerated Filer
PARK ELECTROCHEMICAL CORP
-9561000
25565000
<div> <div style="padding-left: 0%; width: 100%; padding-right: 0%;">
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">8.SETTLEMENTSOF LAWSUITS</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 second quarter ended August 28, 2011, the Company recorded pre-tax other income of $1,598 resulting from the settlements of (a) a lawsuit for an insurance claim for business interruption at the Company's Neltec, Inc. business unit in Tempe, Arizona in the 2003 fiscal year caused by the explosion and resulting destruction of a treater at the Company's business unit in Singapore and (b) a lawsuit pertaining to defective equipment purchased by the Company's Park Aerospace Technologies Corp. business unit in Newton, Kansas. The gain has been recorded in interest and other income in the consolidated statement ofoperations.</font></b></p></div> </div>
9944000
10652000
29822000
27666000
5812000
2771000
9497000
9430000
1983000
2227000
154459000
155834000
979000
1049000
353808000
366735000
296959000
309219000
134030000
124297000
112195000
137649000
-9733000
25454000
<div> <div style="padding-left: 0%; width: 100%; padding-right: 0%;">
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">14. CONTINGENCIES</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">a. </font></b><b><i><font style="font-family: CourierNewPS-BoldItalicMT,Courier New,Courier,monospace;" class="_mt" size="2">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.</font></b></p>
<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 privateparty involving one othersite.</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 environmentalcomplianceprogram.</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 $10 and $51, respectively, in the 13 weeks and 39</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">weeks ended November 27, 2011 and approximately $2 and $6, respectively, in the 13 weeks and 39 weeks ended November 28, 2010. The recorded liabilities included in accrued liabilities for environmental matterswere$9at bothNovember27, 2011and February 27,2011.</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, such insurance carriers have in the past reimbursed the Company and its subsidiaries for 100% of the legal defense and remediationcosts associatedwithsuchthree sitessince1985.</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 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 will not have a material adverse effect on the liquidity, capital resources, business or consolidated results of operations or financial position of the Company. However, one or more of such environmental matters could have a significant negative impact on the Company's consolidated results of operationsorfinancialpositionfor aparticularreportingperiod.</font></b></p>
<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">– The Company is obligated to pay up to an additional $2,200 over the next two years depending on the achievement of specified earn-out objectives in connection with the acquisition by the Company's wholly owned subsidiary, Park Aerospace Structures Corp., of substantially all the assets and business of Nova Composites, Inc., located in Lynnwood, Washington, in addition to a cash purchase price of $4,500 paid at the closing of the acquisition on April 1, 2008 and additional payments of $1,100 in the first quarter of the 2012 fiscal year, $1,100 in the first quarter of the 2011 fiscal year and $1,025 in the second quarter of the 2010 fiscal year pursuant to the earn-out provision. Such additional payments were recorded as additional goodwill, andany additionalamount paidwill berecordedasgoodwill.</font></b></p></div> </div>
0.30
0.10
0.30
0.10
2072000
2075000
<div> <div style="padding-left: 0%; width: 100%; padding-right: 0%;">
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">12.COMPREHENSIVE INCOME</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 summarizes the components of comprehensive income for the 13 weeks and 39 weeks ended November 27, 2011 and November 28, 2010:</font></b></p>
<div align="left">
<table border="0" cellspacing="0">
<tr><td width="24%"> </td>
<td width="2%"> </td>
<td width="14%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="5%"> </td>
<td width="9%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="9%"> </td>
<td width="4%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="2%"> </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; text-indent: 7px;" colspan="4" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">13 weeks ended</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">__</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="4" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">39 weeks ended___</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </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">November 27,</font></b></td>
<td align="left"> </td>
<td align="right"> </td>
<td colspan="2" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">November 28,</font></b></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">November</font></b></td>
<td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">27,</font></b></td>
<td align="right"> </td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">November 28,</font></b></td>
<td align="left"> </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="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">2011____</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="2" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">2010____</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid; text-indent: 5px;" colspan="2" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">2011____</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">2010____</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td></tr>
<tr><td colspan="14"> </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 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">5,379</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td colspan="2" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">5,020</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">20,291</font></b></td>
<td align="left"> </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">24,336</font></b></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">Exchange rate changes</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">16</font></b></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">17</font></b></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">241</font></b></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">551</font></b></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">Net unrealized (loss)</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </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">gain on marketable</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </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">securities, net of tax</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">(175</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><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"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </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">(13</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><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"> </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">3</font></b></td>
<td align="left"> </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">(10</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">)</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">Comprehensive income</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">5,220</font></b></td>
<td style="border-bottom: #000000 3px double;" 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">$</font></b></td>
<td style="border-bottom: #000000 3px double;" colspan="2" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">5,024</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</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">20,535</font></b></td>
<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">24,877</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td></tr></table></div></div> </div>
107479000
32428000
106077000
34316000
1460000
1460000
5186000
4293000
<div> <div style="padding-left: 0%; width: 100%; padding-right: 0%;">
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">6. STOCK-BASEDCOMPENSATION</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 November 27, 2011, the Company had a 1992 Stock Option Plan and a 2002 Stock Option Plan, and no other stock-based compensation plan. Both Stock Option Plans have been approved by the Company's stockholders and provide for the grant of stock options to directors and key employees of the Company. All options granted under such Plans 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 Plans, 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 Plans 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 fromthe dateofgrant.The authoritytograntadditionaloptionsunder</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">the 1992 Stock Option Plan expired on March 24, 2002, and options to purchase a total of 1,800,000 shares of common stock were authorized for grant under the 2002 Stock Option Plan. At November 27, 2011, 1,721,195 shares of common stock of the Company were reserved for issuance upon exercise of stock options under the 1992 Stock Option Plan and the 2002 Stock Option Plan and 778,632 options were available for future grant under the 2002 Stock Option Plan. Options to purchase 183,750 shares of common stock were granted during the 13 weeks and 39 weeks ended November 27, 2011. One option to purchase 3,000 shares of common stock was granted during the 13-week and 39-week periods ended November 28,2010.</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. The weighted average fair value for options was estimated at the date of grant using the Black Scholes option-pricing model to be $6.85 for the first 39 weeks of fiscal year 2012, with the following assumptions: risk free interest rate of 1.90%; expected volatility factors of 35.4%</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">- 37.5%; expected dividend yield of 1.80%; and estimated option terms of5.4– 6.5 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 risk free interest rate is based on U.S. Treasury rates at the date of grant with maturity dates approximately equal to the estimated term of the options at the date of the grant. Volatility is based on historical volatility of the Company's common stock. The expected dividend yield is based on the historical regular cash dividends per share paid by the Company and on the exercise price of the options granted during the 39 weeks ended November 27, 2011. The estimated term of the options is based on evaluations of historical and expected futureemployeeexercisebehavior.</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 November 27, 2011 is $1,921 and willberecognized overthe nextfourfiscalyears.</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 39 weeks ended November 27,2011:</font></b></p>
<div align="left">
<table border="0" cellspacing="0">
<tr><td width="31%"> </td>
<td width="8%"> </td>
<td width="13%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="14%"> </td>
<td width="6%"> </td>
<td width="6%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Weighted</font></b></td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Average</font></b></td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<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">Weighted</font></b></td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Remaining</font></b></td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<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">Average</font></b></td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Contract</font></b></td>
<td align="left"> </td>
<td 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 align="left"> </td>
<td align="left"> </td>
<td align="left"> </td>
<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">Exercise</font></b></td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Life in</font></b></td>
<td align="left"> </td>
<td 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 align="left"> </td>
<td align="left"> </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">Options</font></b></td>
<td style="border-bottom: #000000 1px solid;" 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">Price</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">Months</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"> </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">_ Value__</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">Outstanding at February 27,</font></b></td>
<td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">2011</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">802,089</font></b></td>
<td align="left"> </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">26.05</font></b></td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">66.67</font></b></td>
<td style="text-indent: 3px;" align="left"><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">4,684</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">Granted</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">183,750</font></b></td>
<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">22.19</font></b></td>
<td align="left"> </td>
<td align="left"> </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">Exercised</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">(31,800</font></b></td>
<td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">)</font></b></td>
<td align="right"> </td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">23.70</font></b></td>
<td align="left"> </td>
<td align="left"> </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">Terminated or expired</font></b></td>
<td align="left"> </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">(11,476</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">)</font></b></td>
<td align="right"> </td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">25.75</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="left"> </td></tr>
<tr><td colspan="9"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Outstanding at November 27,</font></b></td>
<td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">2011</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">942,563</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"> </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">25.38</font></b></td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">71.07</font></b></td>
<td style="text-indent: 3px;" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">813</font></b></td></tr>
<tr><td colspan="9"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Exercisable at November 27,</font></b></td>
<td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">2011</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">643,063</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">26.10</font></b></td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">53.47</font></b></td>
<td style="text-indent: 3px;" align="left"><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">347</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 November 27, 2011 and November 28, 2010 were $0 and $61, respectively. The total intrinsic values of options exercised during the 39 weeks ended November 27, 2011 and November 28, 2010 were $162 and$1,310,respectively.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">A summary of the status of the Company's nonvested options at November 27, 2011, and changes during the 39 week period then ended, is presented below:</font></b></p>
<div align="left">
<table border="0" cellspacing="0">
<tr><td width="44%"> </td>
<td width="29%"> </td>
<td width="2%"> </td>
<td width="2%"> </td>
<td width="20%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<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">Weighted Average</font></b></td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Shares Subject</font></b></td>
<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">Grant Date Fair</font></b></td></tr>
<tr valign="bottom"><td align="left"> </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">__to Options__</font></b></td>
<td style="border-bottom: #000000 1px solid;" 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">______</font></b><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Value_____</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">Nonvested at February 27, 2011</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">212,919</font></b></td>
<td align="left"> </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">6.31</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">Granted</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">183,750</font></b></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">6.85</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">Vested</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">(90,875</font></b></td>
<td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">)</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">7.36</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">Terminated</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">(6,294</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">)</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">8.14</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">Nonvested at November 27, 2011</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">299,500</font></b></td>
<td style="border-bottom: #000000 3px double;" align="left"> </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">7.07</font></b></td></tr></table></div></div> </div>
1.18
0.24
0.98
0.26
1.18
0.24
0.98
0.26
<div> <div style="padding-left: 0%; width: 100%; padding-right: 0%;">
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">9. EARNINGS PERSHARE</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 usingthe treasury stockmethod.</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 and 39 weeks ended November 27, 2011and November 28,2010.</font></b></p>
<div align="left">
<table border="0" cellspacing="0">
<tr><td width="32%"> </td>
<td width="2%"> </td>
<td width="14%"> </td>
<td width="2%"> </td>
<td width="13%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="11%"> </td>
<td width="2%"> </td>
<td width="13%"> </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="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">13 weeks ended</font></b></td>
<td style="text-indent: 1px;" align="left"><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"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="3" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">39 weeks ended</font></b></td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="right"> </td>
<td colspan="3" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">November 27, November 28,</font></b></td>
<td colspan="3" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">November 27,</font></b></td>
<td align="right"> </td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">November 28,</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">2011__</font></b></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">2010__</font></b></td>
<td style="border-bottom: #000000 1px solid;" 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">2011__</font></b></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">2010__</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">5,379</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">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">5,020</font></b></td>
<td align="left"> </td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</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">20,291</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">24,336</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>
<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: 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">20,754</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">20,636</font></b></td>
<td align="left"> </td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">20,739</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">20,610</font></b></td></tr>
<tr><td colspan="10"> </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">2</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">38</font></b></td>
<td align="left"> </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">45</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">31</font></b></td></tr>
<tr><td colspan="10"> </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>
<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="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">20,756</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">20,674</font></b></td>
<td align="left"> </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">20,784</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">20,641</font></b></td></tr>
<tr><td colspan="10"> </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">0.26</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">0.24</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">0.98</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">1.18</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Diluted earnings per share</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">0.26</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">0.24</font></b></td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">0.98</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">1.18</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 504,000 and 328,000 for the 13 weeks ended November 27, 2011 and November 28, 2010, respectively, and 283,000 and 290,000 for the 39 weeks ended November 27,2011 andNovember28,2010,respectively.</font></b></p></div> </div>
-172000
-111000
<div> <div style="padding-left: 0%; width: 100%; padding-right: 0%;">
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">3.FAIRVALUEMEASUREMENTS</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 reliabilityofinputsasfollows:</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</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">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 ongoing basis. The valuation under this approach does not entail a significantdegree ofjudgment.</font></b></p>
<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 asother 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 atthemeasurementdate.</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 usingLevel1inputs.</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 ratesand theamountandtimingofexpectedfuturecashflows.</font></b></p></div> </div>
6476000
7576000
52972000
14492000
43501000
12996000
30696000
6922000
24261000
6193000
<div> <div style="padding-left: 0%; width: 100%; padding-right: 0%;">
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">11. INCOMETAXES</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-week and 39-week periods ended November 27, 2011 were 13.1% and 16.4%, respectively, compared to 27.5% and 20.7%, respectively, for the 13-week and 39-week periods ended November 28, 2010. The effective rates varied from the U.S. Federal statutory rate primarily due to foreign income taxed at lower rates.</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 third quarter of the 2010 fiscal year, the Company received a retroactive extension and amendment of a development and expansion tax incentive in Singapore for the period July 1, 2007 through June 30, 2011. The extension and amendment provided for reduced tax rates for taxable income in excess of a stipulated base level of taxable income. The Company's policy is to include applicable interest and penalties related to unrecognized tax benefits as a component of income tax expense.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">The Internal Revenue Service (the "IRS") conducted an examination of the Company's tax returns for the 2006, 2007 and 2008 fiscal years. The Company recorded additional reserves and current payables of $385 in fiscal year 2011 based on preliminary findings by the IRS primarily related to transfer pricing. As a result of completing the examination</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">in the first quarter of the 2012 fiscal year, the Company recorded additional current tax liabilities of $250. Upon paying the $1,006 Federal tax assessment, unrecognized tax benefits of $2,044, which were disclosed in Note 7 of the Notes to Consolidated Financial Statements in Item 8 of Part II of the Company's Form 10-K Annual Report for the fiscalyearended February 27,2011, decreasedby$755.</font></b></p></div> </div>
5817000
6929000
6360000
1902000
3970000
814000
-2759000
3447000
417000
123000
2203000
188000
<div> <div style="padding-left: 0%; width: 100%; padding-right: 0%;">
<div align="left">
<table border="0" cellspacing="0">
<tr valign="bottom"><td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">5</font></b></td>
<td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">.</font></b></td>
<td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">INVENTORIES</font></b></td>
<td align="right"> </td>
<td align="left"> </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">Inventoriesarestatedatthelower ofcost(first-in, first-out method)ormarket. Inventoriesconsistedofthefollowing:</font></b></p>
<div align="left">
<table border="0" cellspacing="0">
<tr><td width="41%"> </td>
<td width="4%"> </td>
<td width="19%"> </td>
<td width="10%"> </td>
<td width="10%"> </td>
<td width="13%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">November</font></b></td>
<td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">27,</font></b></td>
<td align="left"> </td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">February 27,</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">2011</font></b></td>
<td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">2011___</font></b></td></tr>
<tr><td colspan="6"> </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">9,280</font></b></td>
<td align="left"> </td>
<td style="text-indent: 3px;" align="left"><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">6,257</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">3,158</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">2,927</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">3,439</font></b></td>
<td align="left"> </td>
<td align="left"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">3,404</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">306</font></b></td>
<td align="left"> </td>
<td align="left"> </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">300</font></b></td></tr>
<tr><td colspan="6"> </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">16,183</font></b></td>
<td align="left"> </td>
<td style="border-bottom: #000000 3px double; text-indent: 3px;" align="left"><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">12,888</font></b></td></tr></table></div></div> </div>
12888000
16183000
28500000
25734000
353808000
366735000
25253000
22853000
<div> <div style="padding-left: 0%; width: 100%; padding-right: 0%;">
<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 Companywritesoff accounts receivablewhentheybecomeuncollectible.</font></b></p></div> </div>
138249000
124434000
<div> <div style="padding-left: 0%; width: 100%; padding-right: 0%;">
<div style="padding-left: 0%; width: 100%; padding-right: 0%;">
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">4.MARKETABLESECURITIES</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">The followingisasummaryof available-for-sale securities:</font></b></p>
<div align="left">
<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="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Gross</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">Gross</font></b></td>
<td align="right"> </td>
<td align="left"> </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="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="right"> </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="right"><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="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">Losses</font></b></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">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">November 27, 2011:</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">62</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">7</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">77,556</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">24</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">74</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">46,878</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">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">86</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</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">81</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">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">124,434</font></b></td></tr>
<tr><td colspan="7"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">February 27, 2011:</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">U.S. Treasury and other</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td style="text-indent: 3px;" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">government securities</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">39</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">78</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">94,777</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">47</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">43,472</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 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">86</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b><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">90</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">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">138,249</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">The estimated fair values of such securities were determined based on observable inputs, which were quoted market prices for identical assets in active markets. The estimated fair values of such securities atNovember27,2011,bycontractual maturity,areshownbelow:</font></b></p>
<div align="left">
<table border="0" cellspacing="0">
<tr><td width="4%"> </td>
<td width="4%"> </td>
<td width="68%"> </td>
<td width="4%"> </td>
<td width="18%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Due in one year or less</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">52,882</font></b></td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<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">71,552</font></b></td></tr>
<tr valign="bottom"><td align="left"> </td>
<td align="left"> </td>
<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">124,434</font></b></td></tr></table></div></div></div> </div>
-3811000
-5417000
-39760000
8224000
34010000
22758000
24336000
5020000
20291000
5379000
30279000
6799000
22058000
6005000
<div> <div style="padding-left: 0%; width: 100%; padding-right: 0%;">
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">1. CONDENSED CONSOLIDATEDFINANCIALSTATEMENTS</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 November 27, 2011, the consolidated statements of operations for the 13 weeks and 39 weeks ended November 27, 2011 and November 28, 2010 and the condensed consolidated statements of cash flows for the 39 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 November 27, 2011 and the results of operations and cash flowsfor allperiodspresented.</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 Form10-K forthe fiscalyearended February 27,2011.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Certain reclassifications have been made to the prior year's consolidated financial statements to conform to the current year's presentation.</font></b></p></div> </div>
9081000
9510000
1787000
1421000
6181000
6220000
1100000
1100000
211727000
118486000
2585000
3448000
3805000
3287000
175652000
131258000
1941000
751000
41292000
40430000
<div> <div style="padding-left: 0%; width: 100%; padding-right: 0%;">
<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">As of February 27, 2011, the Company had remaining obligations and potential liabilities in the aggregate amount of $1,314 related to the closure of the Neltec Europe SAS printed circuit materials business unit. The Company paid $41 and $95 of these obligations in the 13 weeks and 39 weeks, respectively, ended November 27, 2011 and expects to settle theremaining$1,219 duringthe2013 fiscalyear.</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 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 $647 and $1,182 as of November 27, 2011 and February 27, 2011, respectively. For the 13 weeks and 39 weeks ended November 27, 2011, the Company applied $327 and $535,respectively,oflease payments againstsuchlease obligations.</font></b></p></div> </div>
1312000
1312000
166795000
180866000
160451000
46920000
149578000
47312000
<div> <div style="padding-left: 0%; width: 100%; padding-right: 0%;">
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">13. GEOGRAPHICREGIONS</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 aresold tocustomersinNorthAmerica,EuropeandAsia.</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 whichthe materialsweredeliveredtothecustomer.</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 regionfollows:</font></b></p>
<div align="left">
<table border="0" cellspacing="0">
<tr><td width="19%"> </td>
<td width="2%"> </td>
<td width="20%"> </td>
<td width="2%"> </td>
<td width="17%"> </td>
<td width="2%"> </td>
<td width="16%"> </td>
<td width="2%"> </td>
<td width="14%"> </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="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">13 weeks ended</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" colspan="3" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">39 weeks ended________</font></b></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">November 27,</font></b></td>
<td align="right"> </td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">November 28,</font></b></td>
<td align="right"> </td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">November 27,</font></b></td>
<td align="right"> </td>
<td align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">November 28,</font></b></td></tr>
<tr valign="bottom"><td align="left"> </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">2011 _</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">2010 _</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">2011 __</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">2010</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>
<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">21,860</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">23,093</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">65,944</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">74,542</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">6,945</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">4,567</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">18,847</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">16,818</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">18,507</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">19,260</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">64,787</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">69,091</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">47,312</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">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">46,920</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</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">149,578</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">$</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">160,451</font></b></td></tr></table></div>
<p style="margin: 0px;"> </p>
<div align="left">
<table border="0" cellspacing="0">
<tr><td width="38%"> </td>
<td width="3%"> </td>
<td width="31%"> </td>
<td width="3%"> </td>
<td width="23%"> </td></tr>
<tr valign="bottom"><td align="left"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="center"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">November 27, 2011</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">February 27, 2011</font></b></td></tr>
<tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Long-lived assets</font></b><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">:</font></b></td>
<td align="right"> </td>
<td align="left"> </td>
<td align="right"> </td>
<td align="left"> </td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">North America</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">38,207</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</font></b></td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">38,072</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Europe</font></b></td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">405</font></b></td>
<td align="right"> </td>
<td align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">444</font></b></td></tr>
<tr valign="bottom"><td align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Asia</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">18,904</font></b></td>
<td style="border-bottom: #000000 1px solid;" align="right"> </td>
<td style="border-bottom: #000000 1px solid;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">18,333</font></b></td></tr>
<tr valign="bottom"><td style="text-indent: 1px;" align="left"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">Total long-lived assets</font></b></td>
<td style="border-bottom: #000000 3px double;" align="right"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">$</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">57,516</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">56,849</font></b></td></tr></table></div></div> </div>
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<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">15. RECENTLY ISSUEDACCOUNTING PRONOUCEMENTS</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">In June 2011, the Financial Accounting Standards Board ("FASB") issued a standard that pertains to the presentation of comprehensive income (ASU No. 2011-05). The guidance in the new standard allows an entity to present components of net income and other comprehensive income in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive statements. The guidance eliminates the current option to report other comprehensive income and its components in the statement of changes in stockholders' equity. The standard also requires entities to disclose on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net earnings. Although the guidance changes the presentation of comprehensive income, there are no changes to the components that are recognized in net income or other comprehensive income under current accounting guidance. The guidance will be effective for the Company beginning with the first annual reporting period, and interim periods within that fiscal year, beginning after December 15, 2011 and shall be applied retrospectively. The Company does not believe its adoption of the guidance will have an</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">impact on the Company's financial position, results of operations or cashflows.</font></b></p>
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">In September 2011, the FASB issued a standard that pertains to the presentation of Intangibles- Goodwill and Other (ASU No. 2011-08). Under the guidance in the new standard, an entity has the option to first assess qualitative factors to determine whether goodwill impairment exists. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that goodwill impairment exists, then performing the two-step impairment test is unnecessary. The guidance will be effective for the Company beginning with the first annual and interim reporting periods beginning after December 15, 2011; however, early adoption is permitted. The Company does not believe the adoption of the guidance will have an impacton the Company's financialstatements.</font></b></p></div> </div>
21381000
6381000
21443000
6991000
750000
572000
325308000
341001000
<div> <div style="padding-left: 0%; width: 100%; padding-right: 0%;">
<p style="text-align: left;"><b><font style="font-family: CourierNewPS-BoldMT,Courier New,Courier,monospace;" class="_mt" size="2">10. 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 39 weeks ended November 27, 2011, the Company issued 31,800 shares pursuant to the exercise of stock options and recognized stock-based compensation expense and tax benefits from stock-based compensation of $572 and $52, respectively. These transactions resulted inthe$1,375 increase inadditionalpaid-incapitalduring theperiod.</font></b></p></div> </div>
429000
52000
1000
1000
20641000
20674000
20784000
20756000
20610000
20636000
20739000
20754000
The balance sheet at February 27,2011 has been derived from the audited financial statements at that date