This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Park Electrochemical Corp. Reports Second Quarter Results

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%




3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,982.22 +269.56 1.52%
S&P 500 2,087.89 +26.87 1.30%
NASDAQ 4,946.5920 +55.3730 1.13%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs