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Park Electrochemical Corp. Reports Third Quarter Results

Stocks in this article: PKE

Park Electrochemical Corp. (NYSE:PKE) reported sales of $47,312,000 for its 2012 fiscal year third quarter ended November 27, 2011 compared to sales of $46,920,000 for last fiscal year’s third quarter ended November 28, 2010. Park’s sales for the nine months ended November 27, 2011 were $149,578,000 compared to sales of $160,451,000 for last fiscal year’s first nine months ended November 28, 2010.

Park reported net earnings of $5,379,000 for the third quarter ended November 27, 2011 compared to net earnings before special items of $6,332,000 for last fiscal year’s third quarter. During the 2011 fiscal year’s third quarter, the Company recorded an additional charge of $1,312,000 in connection with the closure, in January 2009, of its Neltec Europe SAS business unit in Mirebeau, France. Accordingly, net earnings were $5,020,000 for the third quarter ended November 28, 2010. Park recorded no special items during the 2012 fiscal year third quarter.

For the nine-month period ended November 27, 2011, Park reported net earnings before special items of $19,236,000 compared to net earnings before special items of $25,648,000 for last fiscal year’s first nine-month period ended November 28, 2010. During the first nine months of its 2012 fiscal year, the Company recorded pre-tax other income of $1,598,000 relating to the settlement of certain lawsuits. The 2011 fiscal year’s nine-month period included the charge of $1,312,000 for the closure mentioned above. Accordingly, net earnings were $20,291,000 for the nine-month period ended November 27, 2011 and $24,336,000 for the nine-month period ended November 28, 2010.

Park reported basic and diluted earnings per share of $0.26 for the third quarter ended November 27, 2011 compared to basic and diluted earnings per share before special items of $0.31 for last year’s third quarter. Basic and diluted earnings per share were $0.24 for last year’s third quarter. Park’s basic and diluted earnings per share before special items were $0.93 for the nine-month period ended November 27, 2011 compared to basic and diluted earnings per share before special items of $1.24 for last year’s nine-month period. Basic and diluted earnings per share were $0.98 for the nine months ended November 27, 2011 compared to $1.18 for the nine months ended November 28, 2010. The effective tax rate for the third quarter ended November 27, 2011 was 13.1% compared to an effective tax rate before special items of 23.1% for last year’s third quarter. The effective tax rate for last year’s third quarter was 27.5%.

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