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Park Electrochemical Corp. Reports First Quarter Results

Park Electrochemical Corp. (NYSE-PKE) reported net sales of $48,817,000 for the first quarter ended June 1, 2014 compared to net sales of $43,438,000 for the first quarter ended June 2, 2013.

Park reported net earnings before special items of $8,579,000 for the first quarter ended June 1, 2014 compared to net earnings before special items of $5,129,000 for the first quarter of last year. During the first quarter ended June 1, 2014, the Company recorded pre-tax restructuring charges of $267,000 in connection with the closure of its Nelco Technology (Zhuhai FTZ) Ltd. facility located in the Free Trade Zone in Zhuhai, China and the closure of its New England Laminates Co., Inc. business unit located in Newburgh, New York. In addition, the Company recorded a pre-tax charge of $260,000 during the first quarter ended June 1, 2014 for additional fees incurred in connection with the 2014 fiscal year-end audit. In the first quarter of last year, the Company recorded pre-tax restructuring charges of $200,000 in connection with the closure of its Zhuhai facility. Accordingly, net earnings were $8,216,000 for the first quarter ended June 1, 2014 compared to $4,929,000 for the first quarter ended June 2, 2013.

Park reported basic and diluted earnings per share before special items of $0.41 for the first quarter ended June 1, 2014 compared to basic and diluted earnings per share before special items of $0.25 for last year's first quarter. Basic and diluted earnings per share were $0.39 for the first quarter ended June 1, 2014 compared to basic and diluted earnings per share of $0.24 for last year's first quarter.

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 (855) 454-7959 in the United States and Canada and (253) 214-3052 in other countries and the required passcode is 67605277.

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 Tuesday, July 8, 2014. The conference call replay can be accessed by dialing (855) 859-2056 in the United States and Canada and (404) 537-3406 in other countries and entering passcode 67605277 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 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 facility closure and tax charges. Accordingly, in addition to disclosing its financial results determined in accordance with GAAP, Park discloses 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, 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

 

Performance table, including non-GAAP information (in thousands, except per share amounts -unaudited):

                 
13 Weeks Ended
 
6/1/2014   6/2/2013     3/2/2014  
Sales $ 48,817 $ 43,438 $ 38,151
 
Net Earnings before Special Items1 $ 8,579 $ 5,129 $ 4,364
Special Items net of Tax   (363 )   (200 )   (64,388 )
Net Earnings $ 8,216   $ 4,929   $ (60,024 )
 
Basic and Diluted Earnings per Share:
Basic Earnings before Special Items1 $ 0.41 $ 0.25 $ 0.21
Special Items   (0.02 )   (0.01 )   (3.09 )
Basic Earnings (Loss) per Share $ 0.39   $ 0.24   $ (2.88 )
 
Diluted Earnings before Special Items1 $ 0.41 $ 0.25 $ 0.21
Special Items   (0.02 )   (0.01 )   (3.09 )
Diluted Earnings (Loss) per Share $ 0.39   $ 0.24   $ (2.88 )
 
Weighted Average Shares Outstanding:
Basic 20,880 20,828 20,873
Diluted 20,988 20,844 20,873
 
1 Refer to "Detailed operating information" below for information regarding Special Items.
 
 

Comparative balance sheets (in thousands):

         
6/1/2014 3/2/2014

Assets

Current Assets
Cash and Marketable Securities $ 277,241 $ 270,356
Accounts Receivable, Net 28,451 22,881
Inventories 15,077 13,871
Other Current Assets   3,698   4,132
Total Current Assets 324,467 311,240
 
Fixed Assets, Net 28,796 29,674
Restricted Cash 25,000 25,000
Other Assets   11,223   11,179
Total Assets $ 389,486 $ 377,093
 

Liabilities and Shareholders' Equity

Current Liabilities
Current Portion of Long-Term Debt $ 12,500 $ 10,000
Accounts Payable 9,300 6,109
Accrued Liabilities 6,298 5,139
Income Taxes Payable   4,599   2,995
Total Current Liabilities 32,697 24,243
 
Long-Term Debt 91,500 94,000
Deferred Income Taxes 58,123 58,124
Other Liabilities   183   183
Total Liabilities 182,503 176,550
 
Shareholders’ Equity   206,983   200,543
 
Total Liabilities and Shareholders' Equity $ 389,486 $ 377,093
 

Additional information

Equity per Share $ 9.91 $ 9.60
Total Cash, Restricted Cash and Marketable Securities $ 302,241 $ 295,356
 
 

Detailed operating information (in thousands - unaudited):

                               
13 Weeks Ended

June 1, 2014

13 Weeks Ended

June 2, 2013

13 Weeks Ended

March 2, 2014

GAAP

Specials

Items

Before

Special

Items

GAAP

Specials

Items

Before

Special

Items

GAAP

Specials

Items

Before

Special

Items

Net Sales $ 48,817 $ 48,817 $ 43,438 $ 43,438 $ 38,151 $ 38,151
Cost of Sales 31,888 31,888 30,447 30,447 27,701 27,701
% 65.3% 65.3% 70.1% 70.1% 72.6% 72.6%
 
Gross Profit 16,929 16,929 12,991 12,991 10,450 10,450
% 34.7% 34.7% 29.9% 29.9% 27.4% 27.4%
 
Selling, General & Administrative
Expenses 6,596 (260) 6,336 6,556 6,556 6,465 (981) 5,484
% 13.5% 13.0% 15.1% 15.1% 16.9% 14.4%
 
Restructuring Charge 267 (267) - 200 (200) - 227 (227) -
% 0.5% 0.0% 0.5% 0.0% 0.6% 0.0%
 
Earnings from Operations 10,066 527 10,593 6,235 200 6,435 3,758 1,208 4,966
% 20.6% 21.7% 14.4% 14.8% 9.9% 13.0%
 
Interest Income 147 147 64 64 176 176
% 0.3% 0.3% 0.1% 0.1% 0.5% 0.5%
 
Interest Expense 353 353 167 167 221 221
% 0.7% 0.7% 0.4% 0.4% 0.6% 0.6%
 
Net Interest Expense (206) (206) (103) (103) (45) (45)
% -0.4% -0.4% -0.2% -0.2% -0.1% -0.1%
 
Earnings before Income Taxes 9,860 527 10,387 6,132 200 6,332 3,713 1,208 4,921
% 20.2% 21.3% 14.1% 14.6% 9.7% 12.9%
 
Income Tax Provision 1,644 164 1,808 1,203 - 1,203 63,737 (63,180) 557
Effective Tax Rate 16.7% 17.4% 19.6% 19.0% 1716.6% 11.3%
 
Net Earnings 8,216 363 8,579 4,929 200 5,129 (60,024) 64,388 4,364
% 16.8% 17.6% 11.3% 11.8% -157.3% 11.4%
 

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