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Park Electrochemical Corp. Reports Third Quarter Results

Stocks in this article: PKE

Park Electrochemical Corp. (NYSE:PKE) reported net sales of $39,678,000 for the third quarter ended December 1, 2013 compared to net sales of $41,265,000 for the third quarter ended November 25, 2012. Park's net sales for the nine months ended December 1, 2013 were $127,613,000 compared to net sales of $133,741,000 for the nine months ended November 25, 2012.

Park reported net earnings of $4,721,000 for the third quarter ended December 1, 2013 compared to net earnings before special items of $5,109,000 for the third quarter of last fiscal year. During the third quarter ended November 25, 2012, the Company recorded pre-tax restructuring charges of $559,000 in connection with the closure of its Nelco Technology (Zhuhai FTZ) Ltd. facility located in the Free Trade Zone in Zhuhai, China and its Park Advanced Composite Materials, Inc. facility located in Waterbury, Connecticut. The Company incurred no additional charges in connection with these closures in the third quarter ended December 1, 2013. Accordingly, net earnings were $4,710,000 for the third quarter ended November 25, 2012.

For the nine-month period ended December 1, 2013, Park reported net earnings before special items of $15,833,000 compared to net earnings before special items of $15,820,000 for last fiscal year’s nine-month comparable period. The nine-month period ended December 1, 2013 included 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 $319,000 related to the Zhuhai facility closure mentioned above. The nine-month period of the prior fiscal year included pre-tax restructuring charges of $3,095,000 primarily related to the facility closures mentioned above. Accordingly, net earnings were $17,695,000 for the nine-month period ended December 1, 2013 compared to net earnings of $12,889,000 for the nine-month period ended November 25, 2012.

Park reported basic and diluted earnings per share of $0.23 for the third quarter ended December 1, 2013 compared to basic and diluted earnings per share before special items of $0.25 for last year’s third quarter. The basic and diluted earnings per share after special items were $0.23 for the third quarter ended November 25, 2012.

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