Attached files
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| 8-K - CURRENT REPORT - PARK AEROSPACE CORP | k226899_8k.htm |
Exhibit 99.1
NEWS RELEASE
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Contact:Martina Bar Kochva
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48 South Service Road
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Melville, NY 11747
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(631) 465-3600
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PARK ELECTROCHEMICAL CORP. REPORTS FIRST QUARTER RESULTS
Melville, New York, June 27, 2011......Park Electrochemical Corp. (NYSE-PKE) reported sales of $51,817,000 for its 2012 fiscal year first quarter ended May 29, 2011 compared to sales of $59,026,000 for last fiscal year’s first quarter ended May 30, 2010.
Park reported net earnings of $7,242,000 for the first quarter ended May 29, 2011 compared to net earnings of $9,869,000 for the first quarter of last year.
Park's basic and diluted earnings per share were $0.35 for the first quarter ended May 29, 2011 compared to basic and diluted earnings per share of $0.48 for the first quarter ended May 30, 2010.
The Company will conduct a conference call to discuss its financial results at 11:00 a.m. EDT today. Forward-looking and other material information may be discussed in this conference call. The conference call dial-in number is (800) 573-4752 in the United States and Canada and (617) 224-4324 in other countries and the required passcode is 26161702.
For those unable to listen to the call live, a conference call replay will be available from approximately 2:00 p.m. EDT today through 11:59 p.m. EDT on Sunday, July 3, 2011. The conference call replay can be accessed by dialing (888) 286-8010 in the United States and Canada and (617) 801-6888 in other countries and entering passcode 40196266 or on the Company's web site at www.parkelectro.com/investor/investor.html.
Any additional material financial or statistical data disclosed in the conference call will also be available at the time of the conference call on the Company’s web site at www.parkelectro.com/investor/investor.html.
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 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, China, France, Connecticut, Kansas, Arizona, California and Washington.
Additional corporate information is available on the Company’s web site at www.parkelectro.com.
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The performance table (in thousands, except per share amounts–unaudited):
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13 Weeks Ended
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5/29/11
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5/30/10
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Sales
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$ | 51,817 | $ | 59,026 | ||||
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Net Earnings
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$ | 7,242 | $ | 9,869 | ||||
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Basic and Diluted Earnings Per Share
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$ | 0.35 | $ | 0.48 | ||||
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Weighted Average Shares Outstanding:
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Basic
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20,723 | 20,561 | ||||||
The comparative balance sheets (in thousands):
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5/29/11
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2/27/11
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Assets
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(unaudited)
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Current Assets
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Cash and Marketable Securities
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$ | 255,956 | $ | 250,444 | ||||
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Accounts Receivable, Net
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30,231 | 29,822 | ||||||
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Inventories
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14,268 | 12,888 | ||||||
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Other Current Assets
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3,484 | 3,805 | ||||||
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Total Current Assets
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303,939 | 296,959 | ||||||
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Fixed Assets, Net
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41,379 | 41,292 | ||||||
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Other Assets
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16,992 | 15,557 | ||||||
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Total Assets
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$ | 362,310 | $ | 353,808 | ||||
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Liabilities and Stockholders' Equity
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Current Liabilities
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Accounts Payable
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$ | 11,160 | $ | 9,944 | ||||
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Accrued Liabilities
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10,039 | 9,497 | ||||||
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Income Taxes Payable
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6,766 | 5,812 | ||||||
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Total Current Liabilities
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27,965 | 25,253 | ||||||
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Deferred Income Taxes
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1,460 | 1,460 | ||||||
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Other Liabilities
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1,637 | 1,787 | ||||||
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Total Liabilities
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31,062 | 28,500 | ||||||
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Stockholders’ Equity
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331,248 | 325,308 | ||||||
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Total Liabilities and Stockholders' Equity
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$ | 362,310 | $ | 353,808 | ||||
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Equity Per Share
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$ | 15.98 | $ | 15.77 | ||||
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Detailed operating information (in thousands – unaudited):
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13 Weeks Ended
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5/29/11
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5/30/10
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Net Sales
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$ | 51,817 | $ | 59,026 | ||||
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Cost of Sales
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35,848 | 38,863 | ||||||
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%
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69.2 | % | 65.8 | % | ||||
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Gross Profit
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15,969 | 20,163 | ||||||
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%
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30.8 | % | 34.2 | % | ||||
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Selling, General and Administrative
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Expenses
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7,550 | 7,762 | ||||||
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%
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14.6 | % | 13.2 | % | ||||
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Earnings from Operations
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8,419 | 12,401 | ||||||
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%
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16.2 | % | 21.0 | % | ||||
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Other Income
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221 | 76 | ||||||
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%
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0.5 | % | 0.1 | % | ||||
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Earnings Before Income Taxes
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8,640 | 12,477 | ||||||
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%
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16.7 | % | 21.1 | % | ||||
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Income Tax Provision
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1,398 | 2,608 | ||||||
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Effective Tax Rate
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16.2 | % | 20.9 | % | ||||
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Net Earnings
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7,242 | 9,869 | ||||||
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%
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14.0 | % | 16.7 | % | ||||
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