Attached files
| file | filename |
|---|---|
| 8-K - PARK AEROSPACE CORP | k205912_8k.htm |
Exhibit 99.1
|
NEWS
RELEASE
|
|
|
Contact:
Martina
Bar Kochva
|
48
South Service Road
|
|
Melville,
NY 11747
|
|
|
(631)
465-3600
|
PARK
ELECTROCHEMICAL CORP. ANNOUNCES ADDITIONAL 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
APPROXIMATELY $1.3 MILLION IN CONNECTION WITH THE CLOSURE, IN
JANUARY OF 2009, OF ITS NELTEC EUROPE SAS BUSINESS UNIT IN
MIREBEAU, FRANCE
Melville,
New York, Thursday, December 16, 2010… Park Electrochemical Corp. (NYSE-PKE)
announced that it 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 electronic materials 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.
The
additional charge is based on updated estimates of the total costs of closure as
a result of recent additional information regarding such costs to complete the
closure of the Neltec Europe SAS business unit, including recent developments
relating to certain employment litigation initiated after the closure and other
ongoing expenses in excess of the original estimates.
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.
Certain
portions of this press release may be deemed to constitute forward looking
statements that are subject to various factors which could cause actual results
to differ materially from Park’s expectations. Such factors include,
but are not limited to, general conditions in the electronics and aerospace
industries, Park’s competitive position, the status of Park’s relationships with
its customers, economic conditions in the international markets, the cost and
availability of raw materials, transportation and utilities, and the various
factors set forth in Item 1A “Risk Factors” and under the caption “Factors That
May Affect Future Results” after Item 7 of Park’s Annual Report on Form 10-K for
the fiscal year ended February 28, 2010.
-5-
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 for the
aerospace and specialty markets. Park’s core capabilities are in the areas of
polymer chemistry formulation and coating technology. Park also specializes in
the design and manufacture of complex composite aircraft and space vehicle
parts. The Company’s manufacturing facilities are located in Singapore, China,
France, Connecticut, Kansas, Arizona, California and Washington.
Additional
corporate information is available on the Company’s web site at
www.parkelectro.com.
# # # # #
-6-