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Park Electrochemical Corp. Reports Second Quarter Results

Stocks in this article: PKE

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, Connecticut, 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         26 Weeks Ended
8/26/12       8/28/11 8/26/12       8/28/11
Sales $ 46,430 $ 50,449 $ 92,476 $ 102,266
 
Net Earnings before Special Items 1 $ 5,771 $ 6,615 $ 10,711 $ 13,857
Special Items net of Tax $ (2,525) $ 1,055 $ (2,532) $ 1,055
Net Earnings $ 3,246 $ 7,670 $ 8,179 $ 14,912
 
Basic and Diluted Earnings per Share:
Basic Earnings before Special Items 1 $ 0.28 $ 0.32 $ 0.52 $ 0.67
Special Items $ (0.12) $ 0.05 $ (0.13) $ 0.05
Basic Earnings per Share $ 0.16 $ 0.37 $ 0.39 $ 0.72
 
Diluted Earnings before Special Items 1 $ 0.28 $ 0.32 $ 0.51 $ 0.67
Special Items $ (0.12) $ 0.05 $ (0.12) $ 0.05
Diluted Earnings per Share $ 0.16 $ 0.37 $ 0.39 $ 0.72
 
Weighted Average Shares Outstanding:
Basic 20,800 20,741 20,798 20,732
Diluted 20,819 20,776 20,834 20,798
1 Refer to "Detailed operating information" below for information regarding Special Items.
 

Comparative balance sheets (in thousands) :

            8/26/12             2/26/12

Assets

(unaudited)
Current Assets
Cash and Marketable Securities $ 269,619 $ 268,785
Accounts Receivable, Net 27,975 23,533
Inventories 15,725 15,823
Other Current Assets   3,964   3,449
Total Current Assets 317,283 311,590
 
Fixed Assets, Net 33,445 38,695
Other Assets   16,041   15,703
Total Assets $ 366,769 $ 365,988
 

Liabilities and Stockholders' Equity

Current Liabilities
Accounts Payable $ 6,543 $ 8,427
Accrued Liabilities 9,159 8,816
Income Taxes Payable   3,290   4,198
Total Current Liabilities 18,992 21,441
 
Deferred Income Taxes 1,011 1,062
Other Liabilities   274   274
Total Liabilities 20,277 22,777
 
Stockholders’ Equity   346,492   343,211
 
Total Liabilities and Stockholders' Equity $ 366,769 $ 365,988
 
Equity per Share $ 16.66 $ 16.50
 

Detailed operating information (in thousands – unaudited):

13 Weeks Ended

August 26, 2012

          13 Weeks Ended

August 28, 2011

GAAP    

SpecialsItems

   

BeforeSpecialItems

GAAP    

SpecialsItems

   

BeforeSpecialItems

Net Sales $ 46,430 $ 46,430 $ 50,449 $ 50,449
Cost of Sales 33,231 33,231 35,913 35,913

  %

71.6% 71.6% 71.2% 71.2%
 
Gross Profit 13,199 - 13,199 14,536 - 14,536

   %

28.4% 28.4% 28.8% 28.8%
 
Selling, General & Administrative

Expenses

6,591 6,591 6,902 6,902

  %

14.2% 14.2% 13.7% 13.7%
 
Restructuring Charge 2,525 (2,525) - - -

  %

5.4% 0.0% 0.0% 0.0%
 
Earnings from Operations 4,083 2,525 6,608 7,634 - 7,634

  %

8.8% 14.2% 15.1% 15.1%
 
Other Income 179 179 1,794 (1,598) 196

  %

0.4% 0.4% 3.6% 0.4%
 
Earnings before Income Taxes 4,262 2,525 6,787 9,428 (1,598) 7,830

  %

9.2% 14.6% 18.7% 15.5%
 
Income Tax Provision 1,016 - 1,016 1,758 (543) 1,215
Effective Tax Rate 23.8% 15.0% 18.6% 15.5%
 
Net Earnings 3,246 2,525 5,771 7,670 (1,055) 6,615

  %

7.0% 12.4% 15.2% 13.1%
 
 
26 Weeks Ended

August 26, 2012

26 Weeks Ended

August 28, 2011

GAAP

SpecialsItems

BeforeSpecialItems

GAAP

SpecialsItems

BeforeSpecialItems

Net Sales $ 92,476 $ 92,476 $ 102,266 $ 102,266
Cost of Sales 66,301 66,301 71,761 71,761

  %

71.7% 71.7% 70.2% 70.2%
 
Gross Profit 26,175 - 26,175 30,505 - 30,505

  %

28.3% 28.3% 29.8% 29.8%
 
Selling, General & Administrative

Expenses

13,647 13,647 14,452 14,452

  %

14.8% 14.8% 14.1% 14.1%
 
Restructuring Charge 2,536 (2,536) - - - -

  %

2.7% 0.0% 0.0% 0.0%
 
Earnings from Operations 9,992 2,536 12,528 16,053 - 16,053

  %

10.8% 13.5% 15.7% 15.7%
 
Other Income 377 377 2,015 (1,598) 417

  %

0.4% 0.4% 2.0% 0.4%
 
Earnings before Income Taxes 10,369 2,536 12,905 18,068 (1,598) 16,470

  %

11.2% 14.0% 17.7% 16.1%
 
Income Tax Provision 2,190 4 2,194 3,156 (543) 2,613
Effective Tax Rate 21.1% 17.0% 17.5% 15.9%
 
Net Earnings 8,179 2,532 10,711 14,912 (1,055) 13,857

  %

8.8% 11.6% 14.6% 13.5%




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