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Park Electrochemical Corp. Reports Fourth Quarter And Fiscal Year Results

Park Electrochemical Corp. (NYSE-PKE) reported net sales of $43,676,000 for the fourth quarter ended February 26, 2012 compared to net sales of $51,201,000 for the fourth quarter ended February 27, 2011. Park’s net sales for the fiscal year ended February 26, 2012 were $193,254,000 compared to net sales of $211,652,000 for the fiscal year ended February 27, 2011.

Park reported net earnings before special items of $3,914,000 for the fourth quarter ended February 26, 2012 compared to net earnings of $8,285,000 for the fourth quarter of last year. In the fourth quarter ended February 26, 2012, the Company recorded a restructuring charge of $1,250,000 in connection with the closing of its Park Advanced Composite Materials, Inc. facility, located in Waterbury, Connecticut. Accordingly, net earnings for the fourth quarter ended February 26, 2012 were $3,151,000 compared to net earnings of $8,285,000 for the fourth quarter of last year.

For the year ended February 26, 2012, Park reported net earnings before special items of $23,150,000 compared to net earnings before special items of $33,933,000 for the prior fiscal year. In the 2012 fiscal year, the Company recorded special items consisting of the restructuring charge of $1,250,000 mentioned above and other pre-tax income of $1,598,000 relating to the settlement of certain lawsuits. In the year ended February 27, 2011, 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 $23,442,000 for the year ended February 26, 2012 compared to net earnings of $32,621,000 for the year ended February 27, 2011.

Park reported diluted earnings per share before special items of $0.19 for the fourth quarter ended February 26, 2012 compared to diluted earnings per share of $0.40 for last year’s fourth quarter. Diluted earnings per share were $0.15 for the fourth quarter ended February 26, 2012

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