Park Electrochemical Reports Sales Drop in Q1

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Park Electrochemical Corp. reported net sales of $27,417,000 for the 2018 fiscal year’s first quarter ended May 28, 2017 compared to net sales of $31,490,000 for the 2017 fiscal year’s first quarter ended May 29, 2016 and net sales of $27,599,000 for the 2017 fiscal year’s fourth quarter ended February 26, 2017. Net earnings for the 2018 fiscal year’s first quarter were $1,394,000 compared to $2,950,000 for the 2017 fiscal year’s first quarter and $2,477,000 for the 2017 fiscal year’s fourth quarter.

Park reported net earnings before special items of $2,484,000 for the 2018 fiscal year’s first quarter compared to net earnings before special items of $2,993,000 for the 2017 fiscal year’s first quarter and net earnings before special items of $2,548,000 for the 2017 fiscal year’s fourth quarter. In the 2018 fiscal year’s first quarter, the Company recorded pre-tax restructuring charges of $1,361,000 related to the consolidation of its Nelco Products, Inc. electronics Business Unit located in Fullerton, California, and its Neltec Inc. electronics Business Unit located in Tempe, Arizona, and the closure in fiscal year 2009 of its New England Laminates Co., Inc. facility located in Newburgh, New York and recorded a one-time litigation expense of $375,000. In the 2017 fiscal year’s first quarter, the Company recorded pre-tax restructuring charges of $70,000 in connection with the Newburgh facility closure.  In the 2017 fiscal year’s fourth quarter, the Company recorded pre-tax restructuring charges of $107,000 in connection with the Newburgh facility closure.

Park reported basic and diluted earnings per share of $0.07 for the 2018 fiscal year’s first quarter compared to $0.15 for the 2017 fiscal year’s first quarter and $0.12 for the 2017 fiscal year’s fourth quarter. Basic and diluted earnings per share before special items were $0.12 for the 2018 fiscal year’s first quarter compared to $0.15 for the 2017 fiscal year’s first quarter and $0.13 for the 2017 fiscal year’s fourth quarter.

About Park Electrochemical Corp.

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.