Note 6 - Shareholders' Equity |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||
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Mar. 01, 2026 | |||||||||||||||||||||||||||||||||||||||
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| Equity [Text Block] |
Equity Distribution Agreement - On January 13, 2026, the Company entered into an Equity Distribution Agreement with Needham & Company, LLC (“Needham”) and Citizens JMP Securities, LLC (“Citizens”) (the “Distribution Agreement”) with respect to an at the market offering program under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.10 per share, having an aggregate offering price of up to $50,000 through Needham and Citizens as its sales agents or principals. The Company is not obligated to sell any shares under the Distribution Agreement. Subject to the terms and conditions of the Distribution Agreement, Needham and Citizens will use commercially reasonable efforts, consistent with their normal trading and sales practices and applicable laws and regulations, to sell shares of the Company’s common stock from time to time based upon instructions received from the Company, including any price, time or size limits or other customary parameters or conditions specified, subject to certain limitations. Under the Distribution Agreement, Needham and Citizens may sell shares of the Company’s common stock by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. The issuance and sale, if any, of shares of the Company’s common stock under the Distribution Agreement are made pursuant to a registration statement on Form S-3 that the Company filed with the U.S. Securities and Exchange Commission (“SEC”) on January 13, 2026 and was declared effective on January 21, 2026. The offering is described in a prospectus filed as part of the registration statement. During the fiscal year ended March 1, 2026, the Company sold 942,749 shares under the Distribution Agreement for gross proceeds of $22,822. The Company incurred expenses, including commissions, legal and accounting fees of $1,086 related to the offering. The remaining amount available to be sold under the Distribution Agreement as of March 1, 2026 was $27,178.
Treasury Stock – On May 18, 2022, the Company’s Board of Directors authorized the Company’s purchase, on the open market and in privately negotiated transactions of up to 1,500,000 shares of its Common Stock which represented 7% of the Company’s 20,458,210 total outstanding shares of its Common Stock as of May 18, 2022. This authorization supersedes any unused prior Board of Directors’ authorizations to purchase shares of the Company’s Common Stock. During the years ended March 1, 2026, March 2, 2025 and March 3, 2024, the Company repurchased 166,955, 330,180 and 221,099 shares, respectively, at a total cost of $2,165, $4,252 and $2,880, respectively. As of May 18, 2026, the amount remaining under the authorization was 781,766 shares which represent approximately 4% of the Company’s 20,877,859 total outstanding shares as of May 18, 2026.
Reserved Common Shares – As of March 1, 2026, 1,495,841 shares of Common Stock were reserved for issuance upon exercise of stock options.
Accumulated Other Comprehensive Earnings (Loss) – Accumulated balances related to each component of other comprehensive earnings were as follows:
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