Attached files
| file | filename |
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| 8-K - FORM 8-K - PARK AEROSPACE CORP | k235804_8k.htm |
Exhibit 99.1
| NEWS RELEASE | |
| Contact: Martina Bar Kochva | 48 South Service Road
Melville, NY 11747
(631) 465-3600
|
PARK ELECTROCHEMICAL CORP. REPORTS SECOND QUARTER RESULTS
Melville, New York, September 27, 2011 ......Park Electrochemical Corp. (NYSE-PKE) reported sales of $50,449,000 for its 2012 fiscal year second quarter ended August 28, 2011 compared to sales of $54,505,000 for last fiscal year’s second quarter ended August 29, 2010. Park’s sales for the first six months ended August 28, 2011 were $102,266,000 compared to sales of $113,531,000 for last fiscal year’s first six months ended August 29, 2010.
Park reported net earnings before special items of $6,615,000 for the second quarter ended August 28, 2011 compared to net earnings of $9,447,000 for last fiscal year’s second quarter. During the current fiscal year’s second quarter, the Company recorded other pre-tax income of $1,598,000 relating to the settlement of certain lawsuits during the quarter. Accordingly, net earnings were $7,670,000 for the second quarter ended August 28, 2011. Park recorded no special items during last fiscal year’s second quarter.
For the six-month period ended August 28, 2011, Park reported net earnings before special items of $13,857,000 compared to net earnings of $19,316,000 for last fiscal year’s first six-month period ended August 29, 2010. The current fiscal year’s six-month period included other pre-tax income of $1,598,000 relating to the settlement of certain lawsuits mentioned above. Accordingly, net earnings were $14,912,000 for the six-month period ended August 28, 2011. Park recorded no special items during the six-month period ended August 29, 2010.
Park reported basic and diluted earnings per share before special items of $0.32 for the second quarter ended August 28, 2011 and $0.67 for the six-month period ended August 28, 2011 compared to basic and diluted earnings per share of $0.46 and $0.94 for last year’s second quarter and six-month period, respectively. Basic and diluted earnings per share were $0.37 and $0.72 for the second quarter and six-months ended August 28, 2011, respectively. The effective tax rate before special items for the second quarter ended August 28, 2011 was 15.5% compared to an effective tax rate of 16.4% for last year’s second quarter. The effective tax rate for the second quarter ended August 28, 2011 was 18.6%.
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) 510-9834 in the United States and Canada and (617) 614-3669 in other countries and the required passcode is 43577930.
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 Monday, October 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 44682938 and will be available on the Company’s web site at www.parkelectro.com/investor/investor.html.
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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 believes that an evaluation of its ongoing operations would be difficult if the disclosure of its financial results were limited to accounting principles generally accepted in the United States of America (“GAAP”) financial measures, which include special items, such as the settlement of lawsuits. Accordingly, in addition to disclosing its financial results determined in accordance with GAAP, Park disclosed non-GAAP operating results that exclude special items in order to assist its shareholders and other readers in assessing the Company’s operating performance, since the Company’s on-going, normal business operations do not include such special items. The detailed operating information presented below reconciles the non-GAAP operating results before special items to earnings determined in accordance with GAAP. Such non-GAAP financial measures are provided to supplement the results provided in accordance with GAAP.
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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26 Weeks Ended
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8/28/11
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8/29/10
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8/28/11
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8/29/10
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Sales
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$ | 50,449 | $ | 54,505 | $ | 102,266 | $ | 113,531 | ||||||||
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Net Earnings before Special Items
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$ | 6,615 | $ | 9,447 | $ | 13,857 | $ | 19,316 | ||||||||
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Special Items net of Tax
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$ | 1,055 | $ | - | $ | 1,055 | $ | - | ||||||||
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Net Earnings
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$ | 7,670 | $ | 9,447 | $ | 14,912 | $ | 19,316 | ||||||||
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Basic and Diluted Earnings per Share:
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Basic and Diluted Earnings before Special Items
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$ | 0.32 | $ | 0.46 | $ | 0.67 | $ | 0.94 | ||||||||
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Special Items
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$ | 0.05 | $ | - | $ | 0.05 | $ | - | ||||||||
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Basic and Diluted Earnings per Share
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$ | 0.37 | $ | 0.46 | $ | 0.72 | $ | 0.94 | ||||||||
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Weighted Average Shares Outstanding:
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Basic
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20,741 | 20,632 | 20,732 | 20,596 | ||||||||||||
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Diluted
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20,776 | 20,642 | 20,798 | 20,625 | ||||||||||||
The comparative balance sheets (in thousands):
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8/28/11
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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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$ | 257,670 | $ | 250,444 | ||||
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Accounts Receivable, Net
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28,000 | 29,822 | ||||||
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Inventories
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14,808 | 12,888 | ||||||
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Other Current Assets
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4,819 | 3,805 | ||||||
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Total Current Assets
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305,297 | 296,959 | ||||||
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Fixed Assets, Net
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41,105 | 41,292 | ||||||
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Other Assets
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16,977 | 15,557 | ||||||
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Total Assets
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$ | 363,379 | $ | 353,808 | ||||
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Liabilities and Stockholders' Equity
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||||||||
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Current Liabilities
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Accounts Payable
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$ | 8,602 | $ | 9,944 | ||||
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Accrued Liabilities
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9,456 | 9,497 | ||||||
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Income Taxes Payable
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4,618 | 5,812 | ||||||
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Total Current Liabilities
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22,676 | 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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1,548 | 1,787 | ||||||
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Total Liabilities
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25,684 | 28,500 | ||||||
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Stockholders’ Equity
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337,695 | 325,308 | ||||||
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Total Liabilities and Stockholders' Equity
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$ | 363,379 | $ | 353,808 | ||||
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Equity per Share
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$ | 16.27 | $ | 15.70 | ||||
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Detailed operating information (in thousands – unaudited):
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13 Weeks Ended
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26 Weeks Ended
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8/28/11
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8/29/10
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8/28/11
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8/29/10
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Net Sales
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$ | 50,449 | $ | 54,505 | $ | 102,266 | $ | 113,531 | ||||||||
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Cost of Sales
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35,913 | 36,188 | 71,761 | 75,051 | ||||||||||||
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%
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71.2 | % | 66.4 | % | 70.2 | % | 66.1 | % | ||||||||
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Gross Profit
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14,536 | 18,317 | 30,505 | 38,480 | ||||||||||||
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%
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28.8 | % | 33.6 | % | 29.8 | % | 33.9 | % | ||||||||
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Selling, General and Administrative Expenses
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6,902 | 7,238 | 14,452 | 15,000 | ||||||||||||
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%
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13.7 | % | 13.3 | % | 14.1 | % | 13.2 | % | ||||||||
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Earnings from Operations
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7,634 | 11,079 | 16,053 | 23,480 | ||||||||||||
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%
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15.1 | % | 20.3 | % | 15.7 | % | 20.7 | % | ||||||||
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Other Income
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196 | 218 | 417 | 294 | ||||||||||||
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%
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0.4 | % | 0.4 | % | 0.4 | % | 0.2 | % | ||||||||
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Earnings before Income Taxes
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7,830 | 11,297 | 16,470 | 23,774 | ||||||||||||
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%
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15.5 | % | 20.7 | % | 16.1 | % | 20.9 | % | ||||||||
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Income Tax Provision
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1,215 | 1,850 | 2,613 | 4,458 | ||||||||||||
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Effective Tax Rate
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15.5 | % | 16.4 | % | 15.9 | % | 18.8 | % | ||||||||
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Net Earnings before Special Items
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6,615 | 9,447 | 13,857 | 19,316 | ||||||||||||
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%
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13.1 | % | 17.3 | % | 13.5 | % | 17.0 | % | ||||||||
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Special Items:
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Settlement of Certain Lawsuits
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1,598 | - | 1,598 | - | ||||||||||||
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%
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3.2 | % | 0 | % | 1.6 | % | 0 | % | ||||||||
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Income Tax Provision
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543 | - | 543 | - | ||||||||||||
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Effective Tax Rate
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6.9 | % | 0 | % | 3.3 | % | 0 | % | ||||||||
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After Special Items:
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Earnings before Income Taxes
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9,428 | 11,297 | 18,068 | 23,774 | ||||||||||||
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%
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18.7 | % | 20.7 | % | 17.7 | % | 20.9 | % | ||||||||
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Income Tax Provision
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1,758 | 1,850 | 3,156 | 4,458 | ||||||||||||
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Effective Tax Rate
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18.6 | % | 16.4 | % | 17.5 | % | 18.8 | % | ||||||||
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Net Earnings
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7,670 | 9,447 | 14,912 | 19,316 | ||||||||||||
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%
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15.2 | % | 17.3 | % | 14.6 | % | 17.0 | % | ||||||||
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