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Park Electrochemical Reports Sales Drop in Q3
January 8, 2016 | Park ElectrochemicalEstimated reading time: 3 minutes
Park Electrochemical Corp. reported net sales of $34,323,000 for the 2016 fiscal year’s third quarter ended November 29, 2015 compared to net sales of $34,679,000 for last fiscal year’s third quarter ended November 30, 2014 and net sales of $37,947,000 for the 2016 fiscal year’s second quarter ended August 30, 2015. Park’s net sales for the nine months ended November 29, 2015 were $110,099,000 compared to net sales of $125,845,000 for the nine months ended November 30, 2014.
Park reported net earnings before special items of $4,209,000 for the current year’s third quarter compared to net earnings before special items of $2,433,000 for last year’s third quarter and net earnings before special items of $4,639,000 for the current year’s second quarter. In the current year’s third quarter, the Company recorded pre-tax restructuring charges of $158,000 related to the closure in fiscal year 2013 of the Company’s Nelco Technology (Zhuhai FTZ) Ltd. facility located in the Free Trade Zone in Zhuhai, China and the closure in fiscal year 2009 of its New England Laminates Co., Inc. facility located in Newburgh, New York. In last year’s third quarter, the Company recorded pre-tax restructuring charges of $496,000 in connection with cost reduction initiatives in the United States and $140,000 in connection with the aforementioned facility closures. In the current year’s second quarter, the Company recorded pre-tax restructuring charges of $91,000 in connection with the aforementioned facility closures. Accordingly, net earnings for the current year’s third quarter were $4,109,000 compared to $2,031,000 for last year’s third quarter and $4,569,000 for the current year’s second quarter.
For the nine-month period ended November 29, 2015, Park reported net earnings before special items of $13,715,000 compared to net earnings before special items of $16,027,000 for last fiscal year’s first nine-month period. The current year’s nine-month period included pre-tax restructuring charges of $373,000 related to the facility closures mentioned above. Last year’s nine-month period included pre-tax restructuring charges of $496,000 in connection with the cost reduction initiatives mentioned above and $490,000 related to the facility closures mentioned above. In addition, the Company recorded a pre-tax charge of $260,000 during the nine-month period ended November 30, 2014 for additional fees incurred in connection with the 2014 fiscal year-end audit. Accordingly, net earnings were $13,455,000 for the current year’s nine-month period compared to net earnings of $15,202,000 for last year’s nine-month period.
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