Park Electrochemical Corp. Reports Third Quarter Results

MELVILLE, N.Y., Jan. 07, 2016 (GLOBE NEWSWIRE) -- Park Electrochemical Corp. (NYSE:PKE) reported net sales of $34,323,000 for the 2016 fiscal year’s third quarter ended November 29, 2015 compared to net sales of $34,679,000 for last fiscal year’s third quarter ended November 30, 2014 and net sales of $37,947,000 for the 2016 fiscal year’s second quarter ended August 30, 2015. Park’s net sales for the nine months ended November 29, 2015 were $110,099,000 compared to net sales of $125,845,000 for the nine months ended November 30, 2014.

Park reported net earnings before special items of $4,209,000 for the current year’s third quarter compared to net earnings before special items of $2,433,000 for last year’s third quarter and net earnings before special items of $4,639,000 for the current year’s second quarter. In the current year’s third quarter, the Company recorded pre-tax restructuring charges of $158,000 related to the closure in fiscal year 2013 of the Company’s Nelco Technology (Zhuhai FTZ) Ltd. facility located in the Free Trade Zone in Zhuhai, China and the closure in fiscal year 2009 of its New England Laminates Co., Inc. facility located in Newburgh, New York. In last year’s third quarter, the Company recorded pre-tax restructuring charges of $496,000 in connection with cost reduction initiatives in the United States and $140,000 in connection with the aforementioned facility closures. In the current year’s second quarter, the Company recorded pre-tax restructuring charges of $91,000 in connection with the aforementioned facility closures. Accordingly, net earnings for the current year’s third quarter were $4,109,000 compared to $2,031,000 for last year’s third quarter and $4,569,000 for the current year’s second quarter.

For the nine-month period ended November 29, 2015, Park reported net earnings before special items of $13,715,000 compared to net earnings before special items of $16,027,000 for last fiscal year’s first nine-month period. The current year’s nine-month period included pre-tax restructuring charges of $373,000 related to the facility closures mentioned above.  Last year’s nine-month period included pre-tax restructuring charges of $496,000 in connection with the cost reduction initiatives mentioned above and $490,000 related to the facility closures mentioned above. In addition, the Company recorded a pre-tax charge of $260,000 during the nine-month period ended November 30, 2014 for additional fees incurred in connection with the 2014 fiscal year-end audit.   Accordingly, net earnings were $13,455,000 for the current year’s nine-month period compared to net earnings of $15,202,000 for last year’s nine-month period.

Park reported basic and diluted earnings per share before special items of $0.21 for the current year’s third quarter compared to basic and diluted earnings per share before special items of $0.12 for last year’s third quarter and basic and diluted earnings per share before special items of $0.23 for the current year’s second quarter.  Basic and diluted earnings per share were $0.20 for the current year’s third quarter compared to basic and diluted earnings per share of $0.10 for last year’s third quarter and basic and diluted earnings per share of $0.23 for the current year’s second quarter.

Park reported basic and diluted earnings per share before special items of $0.67 for the current year’s first nine months compared to basic and diluted earnings per share before special items of $0.77 and $0.76, respectively, for last year’s nine-month period.  Basic and diluted earnings per share were $0.66 for the current year’s first nine months compared to basic and diluted earnings per share of $0.73 and $0.72, respectively, for last year’s nine-month period.

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 (844) 466-4114 in the United States and Canada and (765) 507-2654 in other countries and the required passcode is 11267339.

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 Wednesday, January 13, 2016.  The conference call replay can be accessed by dialing (855) 859-2056 in the United States and Canada and (404) 537-3406 in other countries and entering passcode 11267339 or on the Company's web site at www.parkelectro.com/investor/investor.html.

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 believes that an evaluation of its ongoing operations would be difficult if the disclosure of its financial results were limited to accounting principles generally accepted in the United States of America (“GAAP”) financial measures, which include special items, such as restructuring and audit fee 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.

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 and low-volume tooling 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, 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):

Comparative balance sheets (in thousands):

		11/29/2015				3/1/2015
	Assets	(unaudited)
	Current Assets
	Cash and Marketable Securities	$	229,643			$	272,133
	Accounts Receivable, Net		20,093				21,431
	Inventories		12,641				14,439
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