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Park Electrochemical Corp. reported net sales of $37,829,000 for the 2016 fiscal year’s first quarter ended May 31, 2015 compared to net sales of $48,817,000 for last fiscal year’s first quarter ended June 1, 2014 and net sales of $36,241,000 for last fiscal year’s fourth quarter ended March 1, 2015.
Park reported net earnings before special items of $4,867,000 for the current year’s first quarter compared to net earnings before special items of $8,579,000 for last year’s first quarter and net earnings before special items of $4,977,000 for last year’s fourth quarter. In the current year’s first quarter, the Company recorded pre-tax restructuring charges of $124,000 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 first quarter, the Company recorded pre-tax restructuring charges of $267,000 in connection with the aforementioned facility closures. In addition, the Company recorded a pre-tax charge of $260,000 in last year’s first quarter for additional fees incurred in connection with the 2014 fiscal year-end audit. In last year’s fourth quarter, the Company recorded pre-tax restructuring charges of $193,000 in connection with the aforementioned facility closures. In addition, the Company recorded a pre-tax charge of $206,000 in last year’s fourth quarter related to a modification of previously issued employee stock options resulting from the special cash dividend paid by the Company in February 2015. Accordingly, net earnings for the current year’s first quarter were $4,777,000 compared to $8,216,000 for last year’s first quarter and $4,841,000 for last year’s fourth quarter.
Park reported basic and diluted earnings per share before special items of $0.24 for the current year’s first quarter compared to basic and diluted earnings per share before special items of $0.41 for last year’s first quarter and basic and diluted earnings per share before special items of $0.24 for last year’s fourth quarter. Basic and diluted earnings per share were $0.23 for the current year’s first quarter compared to basic and diluted earnings per share of $0.39 for last year’s first quarter and basic and diluted earnings per share of $0.23 for last year’s fourth quarter.
About Park Electrochemical Corp.
Park Electrochemical Corp. is a global advanced materials company which develops and manufactures high-technology digital and RF/microwave printed circuit materials principally for the telecommunications and internet infrastructure and high-end computing markets and advanced composite materials, parts and assemblies and low-volume tooling for the aerospace markets. Park’s core capabilities are in the areas of polymer chemistry formulation and coating technology. The Company’s manufacturing facilities are located in Singapore, France, Kansas, 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.
