Click here to close now.




















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
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Scrum Alliance has announced the release of its 2015 State of Scrum Report. Almost 5,000 individuals and companies worldwide participated in this year's survey. Most organizations in the market today are still leading and managing under an Industrial Age model. Not only is the speed of change growing exponentially, Agile and Scrum frameworks are showing companies how to draw on the full talents and capabilities of those doing the work in order to continue innovating for success.
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at @DevOpsSummit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, presented a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mocku...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
Graylog, Inc., has added the capability to collect, centralize and analyze application container logs from within Docker. The Graylog logging driver for Docker addresses the challenges of extracting intelligence from within Docker containers, where most workloads are dynamic and log data is not persisted or stored. Using Graylog, DevOps and IT Ops teams can pinpoint the root cause of problems to deliver new applications faster and minimize downtime.
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Learn how you can use the CoSN SEND II Decision Tree for Education Technology to make sure that your K–12 technology initiatives create a more engaging learning experience that empowers students, teachers, and administrators alike.
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 17th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships at Com...