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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 $44,497,000 for the second quarter ended September 1, 2013 compared to net sales of $46,430,000 for the second quarter ended August 26, 2012. Park's net sales for the six months ended September 1, 2013 were $87,935,000 compared to net sales of $92,476,000 for the six months ended August 26, 2012.

Park reported net earnings before special items of $5,983,000 for the second quarter ended September 1, 2013 compared to net earnings before special items of $5,771,000 for the second quarter of last fiscal year. During the second quarter ended September 1, 2013, the Company recorded a tax benefit of $2,181,000 in connection with a tax refund related to amended federal income tax returns and pre-tax restructuring charges of $119,000 related to the closure of its Nelco Technology (Zhuhai FTZ) Ltd. facility located in the Free Trade Zone in Zhuhai, China. In the second quarter of last fiscal year, the Company recorded pre-tax restructuring charges of $2,525,000 in connection with the closure of its Nelco Technology (Zhuhai FTZ) Ltd. facility. Accordingly, net earnings for the second quarter ended September 1, 2013 were $8,045,000 compared to net earnings of $3,246,000 for the second quarter ended August 26, 2012.

For the six-month period ended September 1, 2013, Park reported net earnings before special items of $11,112,000 compared to net earnings before special items of $10,711,000 for the last year’s first six-month period. The current year six-month period included the tax benefit of $2,181,000 mentioned above and pre-tax charges of $319,000 related to the facility closure mentioned above. Last year’s first six-month period included pre-tax charges of $2,536,000 related primarily to the facility closure mentioned above. Accordingly, net earnings were $12,974,000 for the six-month period ended September 1, 2013 compared to net earnings of $8,179,000 for the six-month period ended August 26, 2012.

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