Attached files
| file | filename |
|---|---|
| 8-K - PARK AEROSPACE CORP | k206281_8k.htm |
Exhibit
99.1
|
NEWS
RELEASE
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| Contact: Martina Bar Kochva |
48 South Service
Road
Melville,
NY 11747
(631)
465-3600
|
|
|
PARK
ELECTROCHEMICAL CORP. REPORTS THIRD QUARTER RESULTS
Melville,
New York, Wednesday, December 22, 2010......Park Electrochemical Corp.
(NYSE-PKE) reported sales of $46,920,000 for its 2011 fiscal year third quarter
ended November 28, 2010 compared to sales of $46,088,000 for last fiscal year’s
third quarter ended November 29, 2009. Park’s sales for the first
nine months were $160,451,000 compared to sales of $125,303,000 for last year’s
first nine months.
Park
reported net earnings before special items of $6,332,000 for the third quarter
ended November 28, 2010 compared to net earnings of $7,169,000 for the third
quarter of last year. In the third quarter ended November 28, 2010, the Company
recorded an additional charge of $1,312,000 in connection with the closure, in
January 2009, of its Neltec Europe SAS business unit in Mirebeau, France.
Accordingly, net earnings were $5,020,000 for the third quarter ended November
28, 2010.
For the
nine months ended November 28, 2010, Park reported net earnings before special
items of $25,648,000 compared to net earnings of $14,998,000 for last year’s
nine-month period. During the fiscal year 2011 first nine-months, the Company
recorded the charge of $1,312,000 for the closure mentioned above. Accordingly,
net earnings were $24,336,000 for the current fiscal year’s first nine-month
period.
Park's
basic and diluted earnings per share before special items were $0.31 and $1.24,
respectively, for the third quarter and nine-month period ended November 28,
2010 compared to basic and diluted earnings per share of $0.35 and $0.73,
respectively, for the third quarter and nine-month period ended November 29,
2009. The basic and diluted earnings per share after special items
were $0.24 and $1.18, respectively, for the third quarter and nine-month period
ended November 28, 2010.
The gross
profits as percentages of sales were 30.9% and 33.0%, respectively, for the
third quarter and nine-month period ended November 28, 2010 compared to 29.9%
and 27.1%, respectively, for last year’s third quarter and nine-month period.
The Company’s effective tax rate before special items for the third quarter
ended November 28, 2010 was 23.1% compared to 7.4% for the prior year’s third
quarter.
The
Company will conduct a conference call to discuss its financial results at 11:00
a.m. EST today. Forward-looking and other material information may be discussed
in this conference call. The conference call dial-in number is (866) 277-1181 in
the United States and Canada and (617) 597-5358 in other countries and the
required passcode is 85091664.
For those unable to listen to the call
live, a conference call replay will be available from approximately 2:00 p.m.
EST today through 11:59 p.m. EST on Tuesday, December 28, 2010. The conference
call replay can be accessed by dialing (888) 286-8010 in the United States and
Canada and (617) 801-6888 in other countries and entering passcode 44624932 or
on the Company's web site at www.parkelectro.com/investor/investor.html.
-5-
Park believes that an evaluation of its
ongoing operations would be difficult if the disclosure of its financial results
were limited to generally accepted accounting principles (“GAAP”) financial
measures, which include special items, such as restructuring
charges. Accordingly, in addition to disclosing its financial results
determined in accordance with GAAP, Park discloses non-GAAP operating results
that exclude special items in order to assist its shareholders and other readers
in assessing the Company’s operating performance, since the Company’s on-going,
normal business operations do not include such special items. The
detailed operating information presented below reconciles the non-GAAP operating
results before special items to earnings determined in accordance with GAAP.
Such non-GAAP financial measures are provided to supplement the results provided
in accordance with GAAP.
Any additional material financial or
statistical data disclosed in the conference call will also be available at the
time of the conference call on the Company’s web site at www.parkelectro.com/investor/investor.html.
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 and specialty markets. Park’s core capabilities are in the areas of
polymer chemistry formulation and coating technology. Park also specializes in
the design and manufacture of complex composite aircraft and space vehicle
parts. The Company’s manufacturing facilities are located in Singapore, China,
France, Connecticut, Kansas, Arizona, California and Washington.
Additional
corporate information is available on the Company’s web site at www.parkelectro.com.
-6-
The
performance table (in thousands, except per share
amounts–unaudited):
|
13 Weeks
Ended
|
39 Weeks
Ended
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|||||||||||||||
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11/28/10
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11/29/09
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11/28/10
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11/29/09
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|||||||||||||
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Sales
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$ | 46,920 | $ | 46,088 | $ | 160,451 | $ | 125,303 | ||||||||
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Net
Earnings before Special Items
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$ | 6,332 | $ | 7,169 | $ | 25,648 | $ | 14,998 | ||||||||
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Special
Items
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(1,312 | ) |
-
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(1,312 | ) | - | ||||||||||
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Net
Earnings
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$ | 5,020 | $ | 7,169 | $ | 24,336 | $ | 14,998 | ||||||||
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Basic
and Diluted Earnings Per Share:
Basic
Earnings before Special Items
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$ | 0.31 | $ | 0.35 | $ | 1.24 | $ | 0.73 | ||||||||
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Special Items
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0.07 | - | 0.06 | - | ||||||||||||
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Basic
Earnings Per Share
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$ | 0.24 | $ | 0.35 | $ | 1.18 | $ | 0.73 | ||||||||
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Diluted
Earnings before Special Items
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$ | 0.31 | $ | 0.35 | $ | 1.24 | $ | 0.73 | ||||||||
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Special Items
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0.07 | - | 0.06 | - | ||||||||||||
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Diluted
Earnings per Share
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$ | 0.24 | $ | 0.35 | $ | 1.18 | $ | 0.73 | ||||||||
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Weighted
Average Shares Outstanding:
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||||||||||||||||
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Basic
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20,636 | 20,540 | 20,610 | 20,515 | ||||||||||||
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Diluted
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20,674 | 20,573 | 20,641 | 20,536 | ||||||||||||
The
comparative balance sheets (in thousands):
|
11/28/10
(unaudited)
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2/28/10
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|||||||
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Assets
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||||||||
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Current
Assets
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||||||||
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Cash
and Marketable Securities
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$ | 262,912 | $ | 237,840 | ||||
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Accounts
Receivable, Net
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27,760 | 31,698 | ||||||
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Inventories
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13,417 | 11,973 | ||||||
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Other
Current Assets
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2,613 | 1,167 | ||||||
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Total
Current Assets
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306,702 | 282,678 | ||||||
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Fixed
Assets, Net
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42,615 | 44,905 | ||||||
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Other
Assets
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17,019 | 15,521 | ||||||
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Total
Assets
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$ | 366,336 | $ | 343,104 | ||||
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Liabilities and
Stockholders' Equity
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||||||||
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Current
Liabilities
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||||||||
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Accounts
Payable
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$ | 9,553 | $ | 10,201 | ||||
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Accrued
Liabilities
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9,847 | 7,301 | ||||||
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Income
Taxes Payable
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4,205 | 4,140 | ||||||
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Total
Current Liabilities
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23,605 | 21,642 | ||||||
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Deferred
Income Taxes
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1,398 | 1,398 | ||||||
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Other
Liabilities
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3,422 | 3,966 | ||||||
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Total
Liabilities
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28,425 | 27,006 | ||||||
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Stockholders’
Equity
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337,911 | 316,098 | ||||||
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Total
Liabilities and Stockholders' Equity
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$ | 366,336 | $ | 343,104 | ||||
|
Equity
Per Share
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$ | 16.41 | $ | 15.40 | ||||
-7-
Detailed
operating information (in thousands – unaudited):
|
13
Weeks Ended
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39
Weeks Ended
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|||||||||||||||
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11/28/10
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11/29/09
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11/28/10
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11/29/09
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|||||||||||||
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Net
Sales
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$ | 46,920 | $ | 46,088 | $ | 160,451 | $ | 125,303 | ||||||||
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Cost
of Sales
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32,428 | 32,327 | 107,479 | 91,386 | ||||||||||||
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%
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69.1 | % | 70.1 | % | 67.0 | % | 72.9 | % | ||||||||
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Gross
Profit
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14,492 | 13,761 | 52,972 | 33,917 | ||||||||||||
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%
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30.9 | % | 29.9 | % | 33.0 | % | 27.1 | % | ||||||||
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Selling,
General and Administrative
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||||||||||||||||
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Expenses
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6,381 | 6,128 | 21,381 | 17,248 | ||||||||||||
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%
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13.6 | % | 13.3 | % | 13.3 | % | 13.8 | % | ||||||||
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Earnings
from Operations
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8,111 | 7,633 | 31,591 | 16,669 | ||||||||||||
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%
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17.3 | % | 16.6 | % | 19.7 | % | 13.3 | % | ||||||||
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Other
Income
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123 | 112 | 417 | 1,005 | ||||||||||||
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%
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0.2 | % | 0.2 | % | 0.2 | % | 0.8 | % | ||||||||
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Earnings
Before Income Taxes
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8,234 | 7,745 | 32,008 | 17,674 | ||||||||||||
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%
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17.5 | % | 16.8 | % | 19.9 | % | 14.1 | % | ||||||||
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Income
Tax Provision
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1,902 | 576 | 6,360 | 2,676 | ||||||||||||
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Effective Tax Rate
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23.1 | % | 7.4 | % | 19.9 | % | 15.1 | % | ||||||||
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Net
Earnings before Special Items
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6,332 | 7,169 | 25,648 | 14,998 | ||||||||||||
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%
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13.5 | % | 15.6 | % | 16.0 | % | 12.0 | % | ||||||||
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Special
Items:
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||||||||||||||||
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Restructuring
Charge
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1,312 | - | 1,312 | - | ||||||||||||
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%
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2.8 | % | - | 0.8 | % | - | ||||||||||
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Income
Tax Provision
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- | - | - | - | ||||||||||||
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Effective Tax Rate
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- | - | - | - | ||||||||||||
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After-
Tax Special Items
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1,312 | - | 1,312 | - | ||||||||||||
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%
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2.8 | % | - | 0.8 | % | - | ||||||||||
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After
Special items
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||||||||||||||||
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Earnings
before Income Taxes
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6,922 | 7,745 | 30,696 | 17,674 | ||||||||||||
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%
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14.8 | % | 16.8 | % | 19.1 | % | 14.1 | % | ||||||||
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Income
Tax Provision
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1,902 | 576 | 6,360 | 2,676 | ||||||||||||
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Effective
Tax Rate
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27.5 | % | 7.4 | % | 20.7 | % | 15.1 | % | ||||||||
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Net
Earnings
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$ | 5,020 | $ | 7,169 | $ | 24,336 | $ | 14,998 | ||||||||
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%
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10.7 | % | 15.6 | % | 15.2 | % | 12.0 | % | ||||||||
# # # # #
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