Click here to close now.

SYS-CON MEDIA Authors: Pat Romanski, Carmen Gonzalez, AppDynamics Blog, Roger Strukhoff, Cloud Best Practices Network

News Feed Item

Park Electrochemical Corp. Reports First Quarter Results

Park Electrochemical Corp. (NYSE-PKE) reported net sales of $48,817,000 for the first quarter ended June 1, 2014 compared to net sales of $43,438,000 for the first quarter ended June 2, 2013.

Park reported net earnings before special items of $8,579,000 for the first quarter ended June 1, 2014 compared to net earnings before special items of $5,129,000 for the first quarter of last year. During the first quarter ended June 1, 2014, the Company recorded pre-tax restructuring charges of $267,000 in connection with the closure of its Nelco Technology (Zhuhai FTZ) Ltd. facility located in the Free Trade Zone in Zhuhai, China and the closure of its New England Laminates Co., Inc. business unit located in Newburgh, New York. In addition, the Company recorded a pre-tax charge of $260,000 during the first quarter ended June 1, 2014 for additional fees incurred in connection with the 2014 fiscal year-end audit. In the first quarter of last year, the Company recorded pre-tax restructuring charges of $200,000 in connection with the closure of its Zhuhai facility. Accordingly, net earnings were $8,216,000 for the first quarter ended June 1, 2014 compared to $4,929,000 for the first quarter ended June 2, 2013.

Park reported basic and diluted earnings per share before special items of $0.41 for the first quarter ended June 1, 2014 compared to basic and diluted earnings per share before special items of $0.25 for last year's first quarter. Basic and diluted earnings per share were $0.39 for the first quarter ended June 1, 2014 compared to basic and diluted earnings per share of $0.24 for last year's first quarter.

The Company will conduct a conference call to discuss its financial results at 11:00 a.m. EDT today. Forward-looking and other material information may be discussed in this conference call. The conference call dial-in number is (855) 454-7959 in the United States and Canada and (253) 214-3052 in other countries and the required passcode is 67605277.

For those unable to listen to the call live, a conference call replay will be available from approximately 2:00 p.m. EDT today through 11:59 p.m. EDT on Tuesday, July 8, 2014. 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 67605277 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 facility closure and tax 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 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):

                 
13 Weeks Ended
 
6/1/2014   6/2/2013     3/2/2014  
Sales $ 48,817 $ 43,438 $ 38,151
 
Net Earnings before Special Items1 $ 8,579 $ 5,129 $ 4,364
Special Items net of Tax   (363 )   (200 )   (64,388 )
Net Earnings $ 8,216   $ 4,929   $ (60,024 )
 
Basic and Diluted Earnings per Share:
Basic Earnings before Special Items1 $ 0.41 $ 0.25 $ 0.21
Special Items   (0.02 )   (0.01 )   (3.09 )
Basic Earnings (Loss) per Share $ 0.39   $ 0.24   $ (2.88 )
 
Diluted Earnings before Special Items1 $ 0.41 $ 0.25 $ 0.21
Special Items   (0.02 )   (0.01 )   (3.09 )
Diluted Earnings (Loss) per Share $ 0.39   $ 0.24   $ (2.88 )
 
Weighted Average Shares Outstanding:
Basic 20,880 20,828 20,873
Diluted 20,988 20,844 20,873
 
1 Refer to "Detailed operating information" below for information regarding Special Items.
 
 

Comparative balance sheets (in thousands):

         
6/1/2014 3/2/2014

Assets

Current Assets
Cash and Marketable Securities $ 277,241 $ 270,356
Accounts Receivable, Net 28,451 22,881
Inventories 15,077 13,871
Other Current Assets   3,698   4,132
Total Current Assets 324,467 311,240
 
Fixed Assets, Net 28,796 29,674
Restricted Cash 25,000 25,000
Other Assets   11,223   11,179
Total Assets $ 389,486 $ 377,093
 

Liabilities and Shareholders' Equity

Current Liabilities
Current Portion of Long-Term Debt $ 12,500 $ 10,000
Accounts Payable 9,300 6,109
Accrued Liabilities 6,298 5,139
Income Taxes Payable   4,599   2,995
Total Current Liabilities 32,697 24,243
 
Long-Term Debt 91,500 94,000
Deferred Income Taxes 58,123 58,124
Other Liabilities   183   183
Total Liabilities 182,503 176,550
 
Shareholders’ Equity   206,983   200,543
 
Total Liabilities and Shareholders' Equity $ 389,486 $ 377,093
 

Additional information

Equity per Share $ 9.91 $ 9.60
Total Cash, Restricted Cash and Marketable Securities $ 302,241 $ 295,356
 
 

Detailed operating information (in thousands - unaudited):

                               
13 Weeks Ended

June 1, 2014

13 Weeks Ended

June 2, 2013

13 Weeks Ended

March 2, 2014

GAAP

Specials

Items

Before

Special

Items

GAAP

Specials

Items

Before

Special

Items

GAAP

Specials

Items

Before

Special

Items

Net Sales $ 48,817 $ 48,817 $ 43,438 $ 43,438 $ 38,151 $ 38,151
Cost of Sales 31,888 31,888 30,447 30,447 27,701 27,701
% 65.3% 65.3% 70.1% 70.1% 72.6% 72.6%
 
Gross Profit 16,929 16,929 12,991 12,991 10,450 10,450
% 34.7% 34.7% 29.9% 29.9% 27.4% 27.4%
 
Selling, General & Administrative
Expenses 6,596 (260) 6,336 6,556 6,556 6,465 (981) 5,484
% 13.5% 13.0% 15.1% 15.1% 16.9% 14.4%
 
Restructuring Charge 267 (267) - 200 (200) - 227 (227) -
% 0.5% 0.0% 0.5% 0.0% 0.6% 0.0%
 
Earnings from Operations 10,066 527 10,593 6,235 200 6,435 3,758 1,208 4,966
% 20.6% 21.7% 14.4% 14.8% 9.9% 13.0%
 
Interest Income 147 147 64 64 176 176
% 0.3% 0.3% 0.1% 0.1% 0.5% 0.5%
 
Interest Expense 353 353 167 167 221 221
% 0.7% 0.7% 0.4% 0.4% 0.6% 0.6%
 
Net Interest Expense (206) (206) (103) (103) (45) (45)
% -0.4% -0.4% -0.2% -0.2% -0.1% -0.1%
 
Earnings before Income Taxes 9,860 527 10,387 6,132 200 6,332 3,713 1,208 4,921
% 20.2% 21.3% 14.1% 14.6% 9.7% 12.9%
 
Income Tax Provision 1,644 164 1,808 1,203 - 1,203 63,737 (63,180) 557
Effective Tax Rate 16.7% 17.4% 19.6% 19.0% 1716.6% 11.3%
 
Net Earnings 8,216 363 8,579 4,929 200 5,129 (60,024) 64,388 4,364
% 16.8% 17.6% 11.3% 11.8% -157.3% 11.4%
 

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Soha will exhibit at SYS-CON's DevOps Summit New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Soha delivers enterprise-grade application security, on any device, as agile as the cloud. This turnkey, cloud-based service enables customers to solve secure application access and delivery challenges that traditional or virtualized network solutions cannot solve because they are too expensive, inflexible and operational...
of cloud, colocation, managed services and disaster recovery solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. TierPoint, LLC, is a leading national provider of information technology and data center services, including cloud, colocation, disaster recovery and managed IT services, with corporate headquarters in St. Louis, MO. TierPoint was formed through the strategic combination of some of t...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
WebRTC is an up-and-coming standard that enables real-time voice and video to be directly embedded into browsers making the browser a primary user interface for communications and collaboration. WebRTC runs in a number of browsers today and is currently supported in over a billion installed browsers globally, across a range of platform OS and devices. Today, organizations that choose to deploy WebRTC applications and use a host machine that supports audio through USB or Bluetooth can use Plantro...
SYS-CON Events announced today that Ciqada will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Ciqada™ makes it easy to connect your products to the Internet. By integrating key components - hardware, servers, dashboards, and mobile apps - into an easy-to-use, configurable system, your products can quickly and securely join the internet of things. With remote monitoring, control, and alert messaging capability, you will mee...
The best mobile applications are augmented by dedicated servers, the Internet and Cloud services. Mobile developers should focus on one thing: writing the next socially disruptive viral app. Thanks to the cloud, they can focus on the overall solution, not the underlying plumbing. From iOS to Android and Windows, developers can leverage cloud services to create a common cross-platform backend to persist user settings, app data, broadcast notifications, run jobs, etc. This session provide...
SYS-CON Events announced today that Column Technologies, a global technology solutions company, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Established in 1998, Column Technologies is a leader in application performance and infrastructure management for commercial and federal markets. The company is headquartered in the United States, with a diverse and talented team of more than 350 employees around th...
There are lots of challenges in IoT around secure, scalable and business friendly infrastructure for enterprises. For large corporations, IoT implementations are one of the top priorities of the decade. All industries are seeing a competitive need to sustain by investing in IoT initiatives. The value addition comes from improved customer service, innovative product and additional revenue streams. The data from these IP-connected devices can be leveraged for a variety of business applica...
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable o...
Chuck Piluso will present a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Speaker Bio: Prior to Data Storage Corporation (DSC), Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of ...
Public Cloud IaaS started it's life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in ado...
Dave will share his insights on how Internet of Things for Enterprises are transforming and making more productive and efficient operations and maintenance (O&M) procedures in the cleantech industry and beyond. Speaker Bio: Dave Landa is chief operating officer of Cybozu Corp (kintone US). Based in the San Francisco Bay Area, Dave has been on the forefront of the Cloud revolution driving strategic business development on the executive teams of multiple leading Software as a Services (SaaS) ap...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
As enterprises move to all-IP networks and cloud-based applications, communications service providers (CSPs) – facing increased competition from over-the-top providers delivering content via the Internet and independently of CSPs – must be able to offer seamless cloud-based communication and collaboration solutions that can scale for small, midsize, and large enterprises, as well as public sector organizations, in order to keep and grow market share. The latest version of Oracle Communications U...