Park Electrochemical Reports Q1 Results

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Park Electrochemical Corp. reported net sales of $31,102,000 for the 2019 fiscal year’s first quarter ended May 27, 2018 compared to net sales of $27,417,000 for the 2018 fiscal year’s first quarter ended May 28, 2017 and net sales of $27,804,000 for the 2018 fiscal year’s fourth quarter ended February 25, 2018. Net earnings for the 2019 fiscal year’s first quarter were $3,168,000 compared to $1,394,000 for the 2018 fiscal year’s first quarter and $17,965,000 for the 2018 fiscal year’s fourth quarter.

Park reported net earnings before special items of $3,373,000 for the 2019 fiscal year’s first quarter compared to net earnings before special items of $2,484,000 for the 2018 fiscal year’s first quarter and net earnings before special items of $1,972,000 for the 2018 fiscal year’s fourth quarter. In the 2019 fiscal year’s first quarter, the Company recorded pre-tax restructuring charges of $183,000 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 pre-tax advisory fees of $120,000. 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 electronics Business Units in California, and Arizona and the closure of the facility in Newburgh and recorded a one-time litigation expense of $375,000. In the 2018 fiscal year’s fourth quarter, the Company recorded a one-time tax benefit of $17,802,000 related to the Tax Cuts and Jobs Act enacted in December 2017, pre-tax restructuring charges of $287,000, a pre-tax loss on the sales of marketable securities of $1,342,000, pre-tax deferred financing costs of $144,000 related to the early termination of the HSBC Bank Credit Agreement, a pre-tax stock option modification charge of $513,000 and pre-tax advisory fees of $162,000.

Park reported basic and diluted earnings per share of $0.16 for the 2019 fiscal year’s first quarter compared to basic and diluted earnings per share of $0.07 for the 2018 fiscal year’s first quarter and basic earnings per share of $0.89 and diluted earnings per share of $0.88 for the 2018 fiscal year’s fourth quarter. Basic and diluted earnings per share before special items were $0.17 for the 2019 fiscal year’s first quarter compared to $0.12 for the 2018 fiscal year’s first quarter and $0.10 for the 2018 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.

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