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Park Electrochemical Corp. Reports First Quarter Results

Dépèche transmise le 27 juin 2011 par Business Wire

Park Electrochemical Corp. Reports First Quarter Results

Park Electrochemical Corp. Reports First Quarter Results

MELVILLE, N.Y.--(BUSINESS WIRE)--Park Electrochemical Corp. (NYSE-PKE) reported sales of $51,817,000 for its 2012 fiscal year first quarter ended May 29, 2011 compared to sales of $59,026,000 for last fiscal year’s first quarter ended May 30, 2010.

Park reported net earnings of $7,242,000 for the first quarter ended May 29, 2011 compared to net earnings of $9,869,000 for the first quarter of last year.

Park's basic and diluted earnings per share were $0.35 for the first quarter ended May 29, 2011 compared to basic and diluted earnings per share of $0.48 for the first quarter ended May 30, 2010.

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 (800) 573-4752 in the United States and Canada and (617) 224-4324 in other countries and the required passcode is 26161702.

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 Sunday, July 3, 2011. 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 40196266 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 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, China, France, Connecticut, Kansas, Arizona, California and Washington.

Additional corporate information is available on the Company’s web site at www.parkelectro.com.

The performance table (in thousands, except per share amounts–unaudited):

 
 

13 Weeks Ended

5/29/11

       

5/30/10

 
Sales $ 51,817 $ 59,026
 
Net Earnings $ 7,242 $ 9,869
 
Basic and Diluted Earnings Per Share $ 0.35 $ 0.48
 
Weighted Average Shares Outstanding:
Basic 20,723 20,561
 
 

The comparative balance sheets (in thousands):

 
 

5/29/11

             

2/27/11

Assets

(unaudited)
Current Assets
Cash and Marketable Securities $ 255,956 $ 250,444
Accounts Receivable, Net 30,231 29,822
Inventories 14,268 12,888
Other Current Assets   3,484   3,805
Total Current Assets 303,939 296,959
 
Fixed Assets, Net 41,379 41,292
Other Assets   16,992   15,557
Total Assets $ 362,310 $ 353,808
 

Liabilities and Stockholders' Equity

Current Liabilities
Accounts Payable $ 11,160 $ 9,944
Accrued Liabilities 10,039 9,497
Income Taxes Payable   6,766   5,812
Total Current Liabilities 27,965 25,253
 
Deferred Income Taxes 1,460 1,460
Other Liabilities   1,637   1,787
Total Liabilities 31,062 28,500
 
Stockholders’ Equity   331,248   325,308
 
Total Liabilities and Stockholders' Equity $ 362,310 $ 353,808
 
Equity Per Share $ 15.98 $ 15.77
 
 

Detailed operating information (in thousands – unaudited):

   
                  13 Weeks Ended

5/29/11

           

5/30/10

 
Net Sales $ 51,817 $ 59,026
Cost of Sales 35,848 38,863

  %

69.2 % 65.8 %
 
Gross Profit 15,969 20,163

  %

30.8 % 34.2 %
 

Selling, General and Administrative Expenses

 

7,550 7,762

  %

14.6 % 13.2 %
 
Earnings from Operations 8,419 12,401

  %

16.2 % 21.0 %
 
Other Income 221 76

  %

0.5 % 0.1 %
 
Earnings Before Income Taxes 8,640 12,477

  %

16.7 % 21.1 %
 
Income Tax Provision 1,398 2,608
Effective Tax Rate 16.2 % 20.9 %
 
Net Earnings 7,242 9,869

  %

14.0 % 16.7 %
 

Business Wire

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