Park Electrochemical Corp. Reports Second Quarter Results

MELVILLE, N.Y., Oct. 06, 2016 (GLOBE NEWSWIRE) — Park Electrochemical Corp. (NYSE:PKE) reported net sales of $29,058,000 for the 2017 fiscal year’s second quarter ended August 28, 2016 compared to net sales of $37,947,000 for last fiscal year’s second quarter ended August 30, 2015 and net sales of $31,490,000 for the 2017 fiscal year’s first quarter ended May 29, 2016. Park’s net sales for the six months ended August 28, 2016 were $60,548,000 compared to net sales of $75,776,000 for the six months ended August 30, 2015.  Net earnings for the current year’s second quarter were $1,981,000 compared to $4,569,000 for last year’s second quarter and $2,950,000 for the current year’s first quarter.  Net earnings were $4,931,000 for the current year’s six-month period compared to $9,346,000 for last year’s six-month period.

Park reported net earnings before special items of $1,995,000 for the current year’s second quarter compared to net earnings before special items of $4,639,000 for last year’s second quarter and net earnings before special items of $2,993,000 for the current year’s first quarter. In the current year’s second quarter, the Company recorded pre-tax restructuring charges of $23,000 related to the closure in fiscal year 2009 of its New England Laminates Co., Inc. facility located in Newburgh, New York. In last year’s second quarter, the Company recorded pre-tax restructuring charges of $91,000 in connection with the aforementioned facility closure and the closure in fiscal year 2013 of the Company’s Nelco Technology (Zhuhai FTZ) Ltd. facility located in Zhuhai, China. In the current year’s first quarter, the Company recorded pre-tax restructuring charges of $70,000 in connection with the 2009 closure of its New England Laminates Co., Inc. facility.

For the six-month period ended August 28, 2016, Park reported net earnings before special items of $4,988,000 compared to net earnings before special items of $9,506,000 for last fiscal year’s first six-month period. The current year’s six-month period included pre-tax restructuring charges of $93,000 related to the facility closures mentioned above.  Last year’s six-month period included pre-tax restructuring charges of $215,000 related to the facility closures mentioned above.

Park reported basic and diluted earnings per share of $0.10 for the current year’s second quarter compared to $0.23 for last year’s second quarter and $0.15 for the current year’s first quarter. Basic and diluted earnings per share before special items were also $0.10 for the current year’s second quarter compared to $0.23 for last year’s second quarter and $0.15 for the current year’s first quarter. 

Park reported basic and diluted earnings per share of $0.25 for the current year’s first six months compared to $0.46 for last year’s six-month period and basic and diluted earnings per share before special items of $0.25 for the current year’s first six months compared to $0.47 for last year’s six-month period. 

The Company will conduct a conference call to discuss its financial results at 11:00 a.m. EDT today.  Forward-looking and other material information may be discussed in this conference call.  The conference call dial-in number is (844) 466-4114 in the United States and Canada and (765) 507-2654 in other countries and the required passcode is 90084837.

For those unable to listen to the call live, a conference call replay will be available from approximately 2:00 p.m. EDT today through 11:59 p.m. EDT on Wednesday, October 12, 2016.  The conference call replay can be accessed by dialing (855) 859-2056 in the United States and Canada and (404) 537-3406 in other countries and entering passcode 90084837 or on the Company’s web site at www.parkelectro.com/investor/investor.html.

Any additional material financial or statistical data disclosed in the conference call will also be available at the time of the conference call on the Company’s web site at www.parkelectro.com/investor/investor.html.

Park believes that an evaluation of its ongoing operations would be difficult if the disclosure of its financial results were limited to accounting principles generally accepted in the United States of America (“GAAP”) financial measures, which include special items, such as restructuring charges. Accordingly, in addition to disclosing its financial results determined in accordance with GAAP, Park discloses non-GAAP operating results that exclude special items in order to assist its shareholders and other readers in assessing the Company’s operating performance, since the Company’s on-going, normal business operations do not include such special items. The detailed operating information presented below reconciles the non-GAAP operating results before special items to earnings determined in accordance with GAAP. Such non-GAAP financial measures are provided to supplement the results provided in accordance with GAAP.

Park Electrochemical Corp. is a global advanced materials company which develops and manufactures advanced composite materials, primary and secondary structures and assemblies and low-volume tooling for the aerospace markets and high-technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure, enterprise and military/aerospace markets.  The Company’s manufacturing facilities are located in Kansas, Singapore, France, Arizona and California. The Company also maintains R&D facilities in Arizona, Kansas and Singapore. 

Additional corporate information is available on the Company’s web site at www.parkelectro.com

Performance table, including non-GAAP information (in thousands, except per share amounts –unaudited):

Comparative balance sheets (in thousands):

Comparative statements of operations (in thousands – unaudited):

Reconciliation of non-GAAP financial measures (in thousands – unaudited):

CONTACT: Contact:  

Martina Bar Kochva
48 South Service Road
Melville, NY 11747
(631) 465-3600

Source: GlobeNewswire