Welcome!

News Feed Item

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%
 

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, will discuss how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He will discuss how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors...
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...