Attached files
| file | filename |
|---|---|
| EX-99.1 - PARK AEROSPACE CORP | k205912_ex99-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
______________________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of report (Date of earliest event reported): December 16, 2010
|
PARK
ELECTROCHEMICAL CORP.
|
|
(Exact
Name of Registrant as Specified in
Charter)
|
|
New
York
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1-4415
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11-1734643
|
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(State
or Other Jurisdiction of
Incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
|
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48
South Service Road, Melville,
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New
York
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11747
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(Address
of Principal Executive Offices)
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(Zip
Code)
|
|
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Registrant's
telephone number, including area code
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(631)
465-3600
|
|
|
Not
Applicable
|
||
|
Former
Name or Former Address, if Changed Since Last
Report
|
||
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
[ ]
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
[ ]
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
[ ]
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
[ ]
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.05
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Costs Associated with
Exit or Disposal Activities.
|
As
previously reported, on September 12,
2008, the Board of Directors of Park Electrochemical Corp. (the "Company")
authorized a restructuring of the operations of the Company’s Neltec Europe SAS
and Neltec SA business units. A major component of such restructuring was the
closure, in January of 2009, of the operations of Neltec Europe SAS, the
Company’s digital electronic materials business unit located in Mirebeau,
France. Although the Company continued fully the operations of its Neltec SA
RF/microwave electronic materials business unit located in Lannemezan, France,
the European restructuring included a reorganization of certain of the
activities of Neltec
SA. Neltec Europe SAS closed its operations in response to the very serious erosion
of the markets for digital electronic materials in Europe and the migration of
such markets to Asia. The market for such products in Europe had eroded to the
point where the Company believed it was not possible for the Neltec Europe SAS
business to be viable.
Based
on updated estimates of the total costs to complete the closure of the Neltec
Europe SAS business unit, as a result of recent additional information regarding
such costs, including recent developments relating to certain employment
litigation initiated after the closure and other ongoing expenses in excess of
the original estimates, the Company will record an additional pre-tax charge of
approximately $1.3 million in connection with the closure, in January of 2009,
of its Neltec Europe SAS business unit in Mirebeau, France. The Company
previously recorded a pre-tax charge of $4.1 million in connection with such
closure in the fourth quarter of its fiscal year ended March 1,
2009.
The
Company will record the additional charge in its third fiscal quarter ended
November 28, 2010. Since there is no tax benefit associated with this
charge, this charge will result in a reduction in third quarter net earnings of
approximately $1.3 million.
This
additional charge does not relate in any way to the Company’s Neltec SA business
unit in Lannemezan, France, which continues its normal operations.
The
Company issued a news release on December 16, 2010 announcing the additional
charge in connection with the closure, in January of 2009, of its Neltec Europe
SAS business unit. A copy of such news release is attached as Exhibit 99.1
hereto.
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Item
9.01
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Financial Statements
and Exhibits
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|
(c)
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Exhibits.
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99.1
|
News
Release dated December 16, 2010
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-2-
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
| PARK ELECTROCHEMICAL CORP. | ||
|
Date: December
20, 2010
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By:
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/s/ David R.
Dahlquist
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Name:
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David
R. Dahlquist
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|
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Title:
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Vice
President and Chief Financial
Officer
|
|
-3-
EXHIBIT
INDEX
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Number
Exhibit
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Description
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Page
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99.1
|
News
Release dated December 16, 2010
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5
& 6
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-4-