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Park Electrochemical Corp. Reports Second Quarter Results

Stocks in this article: PKE

Park Electrochemical Corp. (NYSE-PKE) reported net sales of $46,430,000 for the second quarter ended August 26, 2012 compared to net sales of $50,449,000 for the second quarter ended August 28, 2011. Park’s net sales for the six months ended August 26, 2012 were $92,476,000 compared to net sales of $102,266,000 for the six months ended August 28, 2011.

Park reported net earnings before special items of $5,771,000 for the second quarter ended August 26, 2012 compared to net earnings before special items of $6,615,000 for the second quarter of last year. In the second quarter ended August 26, 2012, the Company recorded a pre-tax charge of $2,525,000 in connection with the planned closure of its Nelco Technology (Zhuhai FTZ) Ltd. facility located in the Free Trade Zone in Zhuhai, China. During the last fiscal year’s second quarter, the Company recorded other pre-tax income of $1,598,000 relating to the settlement of certain lawsuits during the quarter. Accordingly, net earnings for the second quarter ended August 26, 2012 were $3,246,000 compared to net earnings of $7,670,000 for the second quarter of last year.

For the six-month period ended August 26, 2012, Park reported net earnings before special items of $10,711,000 compared to net earnings before special items of $13,857,000 for the last year’s first six-month period. The current year six-month period included pre-tax charges of $2,536,000 primarily related to the facility closure mentioned above. The first six-month period of the prior fiscal year included the other pre-tax income of $1,598,000 relating to the settlement of certain lawsuits mentioned above. Accordingly, net earnings were $8,179,000 for the six-month period ended August 26, 2012 compared to net earnings of $14,912,000 for the six-month period ended August 28, 2011.

Park reported basic and diluted earnings per share before special items of $0.28 for the second quarter ended August 26, 2012 compared to basic and diluted earnings per share before special items of $0.32 for last year’s second quarter. Basic and diluted earnings per share were $0.16 for the second quarter ended August 26, 2012 compared to $0.37 for last year’s second quarter.

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