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Park Electrochemical Reports Second Quarter Results
October 3, 2017 | Park ElectrochemicalEstimated reading time: 3 minutes
Park Electrochemical Corp. reported net sales of $29,836,000 for the 2018 fiscal year’s second quarter ended August 27, 2017 compared to net sales of $29,058,000 for last fiscal year’s second quarter ended August 28, 2016 and net sales of $27,417,000 for the 2018 fiscal year’s first quarter ended May 28, 2017. Park’s net sales for the six months ended August 27, 2017 were $57,253,000 compared to net sales of $60,548,000 for the six months ended August 28, 2016. Net earnings for the current year’s second quarter were $520,000 compared to $1,981,000 for last year’s second quarter and $1,394,000 for the current year’s first quarter. Net earnings were $1,914,000 for the current year’s six-month period compared to $4,931,000 for last year’s six-month period.
Park reported net earnings before special items of $2,343,000 for the current fiscal year’s second quarter compared to net earnings before special items of $1,995,000 for last year’s second quarter and net earnings before special items of $2,484,000 for the current year’s first quarter. Pre-tax earnings before special items were $2,882,000 for the current fiscal year’s second quarter compared to pre-tax earnings before special items of $2,159,000 for last year’s second quarter and pre-tax earnings before special items of $2,209,000 for the current year’s first quarter. In the current fiscal year’s second quarter, the Company recorded pre-tax restructuring charges of $2,902,000 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. In the 2017 fiscal year’s second quarter, the Company recorded pre-tax restructuring charges of $23,000 in connection with the Newburgh facility closure. In the current fiscal year’s first quarter, the Company recorded pre-tax restructuring charges of $1,361,000 in connection with the consolidation of its Nelco Products, Inc. and its Neltec Inc. electronics Business Units and the closure of the Newburgh facility and recorded a one-time pre-tax litigation expense of $375,000 included in selling, general and administrative expenses. Also in the current year’s first quarter, the Company recorded a $688,000 tax benefit for the reversal of a tax reserve for certain foreign tax deductions taken in prior years.
For the six-month period ended August 27, 2017, Park reported net earnings before special items of $4,827,000 compared to net earnings before special items of $4,988,000 for last fiscal year’s first six-month period. Pre-tax earnings before special items were $5,091,000 for the six-month period ended August 27, 2017 compared to pre-tax earnings before special items of $5,654,000 for last fiscal year’s first six-month period. The current year’s six-month period included pre-tax charges of $4,638,000 related to the consolidation, facility closure and one-time litigation expense mentioned above. Last year’s six-month period included pre-tax charges of $93,000 related to the Newburgh facility closure mentioned above.
Park reported basic and diluted earnings per share of $0.03 for the 2018 fiscal year’s second quarter compared to $0.10 for 2017 fiscal year’s second quarter and $0.07 for the 2018 fiscal year’s first quarter. Basic and diluted earnings per share before special items were $0.12 for the 2018 fiscal year’s second quarter compared to $0.10 for 2017 fiscal year’s second quarter and $0.12 for the 2018 fiscal year’s first quarter.
Park reported basic and diluted earnings per share of $0.09 for the 2018 fiscal year’s first six months compared to $0.24 for 2017 fiscal year’s six-month period and basic and diluted earnings per share before special items of $0.24 for the 2018 fiscal year’s first six months compared to $0.25 for 2017 fiscal year’s six-month period.
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.
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