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Park Electrochemical Corp. Reports Third Quarter Results

Additional corporate information is available on the Company’s web site at www.parkelectro.com

The performance table (in thousands, except per share amounts–unaudited):

   

13 Weeks Ended

 

39 Weeks Ended

11/27/11

 

11/28/10

11/27/11

 

11/28/10

 
Sales $ 47,312 $ 46,920 $ 149,578 $ 160,451
 
Net Earnings before Special Items $ 5,379 $ 6,332 $ 19,236 $ 25,648
Special Items net of Tax $ - $ (1,312 ) $ 1,055 $ (1,312 )
Net Earnings $ 5,379 $ 5,020 $ 20,291 $ 24,336
 
Basic and Diluted Earnings per Share:
Basic and Diluted Earnings before Special Items $ 0.26 $ 0.31 $ 0.93 $ 1.24
Special Items $ - $ (0.07 ) $ 0.05 $ (0.06 )
Basic and Diluted Earnings per Share $ 0.26 $ 0.24 $ 0.98 $ 1.18
 
Weighted Average Shares Outstanding:
Basic 20,754 20,636 20,739 20,610
Diluted 20,756 20,674 20,784 20,641
 

The comparative balance sheets (in thousands):

11/27/11

 

2/27/11

Assets

(unaudited)
Current Assets
Cash and Marketable Securities $ 262,083 $ 250,444
Accounts Receivable, Net 27,666 29,822
Inventories 16,183 12,888
Other Current Assets 3,287 3,805
Total Current Assets 309,219 296,959
 
Fixed Assets, Net 40,430 41,292
Other Assets 17,086 15,557
Total Assets $ 366,735 $ 353,808
 

Liabilities and Stockholders' Equity

Current Liabilities
Accounts Payable $ 10,652 $ 9,944
Accrued Liabilities 9,430 9,497
Income Taxes Payable 2,771 5,812
Total Current Liabilities 22,853 25,253
 
Deferred Income Taxes 1,460 1,460
Other Liabilities 1,421 1,787
Total Liabilities 25,734 28,500
 
Stockholders’ Equity 341,001 325,308
 
Total Liabilities and Stockholders' Equity $ 366,735 $ 353,808
 
Equity per Share $ 16.43 $ 15.70
 

Detailed operating information (in thousands – unaudited):

13 Weeks Ended

 

39 Weeks Ended

11/27/11

 

11/28/10

11/27/11

 

11/28/10

 
Net Sales $ 47,312 $ 46,920 $ 149,578 $ 160,451
Cost of Sales 34,316 32,428 106,077 107,479
% 72.5 % 69.1 % 70.9 % 67.0 %
 
Gross Profit 12,996 14,492 43,501 52,972
% 27.5 % 30.9 % 29.1 % 33.0 %
 

Selling, General and Administrative

Expenses 6,991 6,381 21,443 21,381
% 14.8 % 13.6 % 14.4 % 13.3 %
 
Earnings from Operations 6,005 8,111 22,058 31,591
% 12.7 % 17.3 % 14.7 % 19.7 %
 
Other Income 188 123 605 417
% 0.4 % 0.2 % 0.5 % 0.2 %
 
Earnings before Income Taxes 6,193 8,234 22,663 32,008
% 13.1 % 17.5 % 15.2 % 19.9 %
 
Income Tax Provision 814 1,902 3,427 6,360
Effective Tax Rate 13.1 % 23.1 % 15.1 % 19.9 %
 
Net Earnings before Special Items 5,379 6,332 19,236 25,648
% 11.4 % 13.5 % 12.9 % 16.0 %
 

Special Items:

Settlement of Certain Lawsuits - - 1,598 -
Restructuring Charge - (1,312 ) - (1,312 )
Income Tax Provision - - 543 -
 

After Special Items:

Earnings before Income Taxes 6,193 6,922 24,261 30,696
% 13.1 % 14.8 % 16.2 % 19.1 %
Income Tax Provision 814 1,902 3,970 6,360
Effective Tax Rate 13.1 % 27.5 % 16.4 % 20.7 %
 
Net Earnings 5,379 5,020 20,291 24,336
% 11.4 % 10.7 % 13.6 % 15.2 %




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