Park Electrochemical Reports Sales Drop in Q3


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Park Electrochemical Corp.  reported net sales of $34,679,000 for the third quarter ended November 30, 2014 compared to net sales of $39,678,000 for the third quarter ended December 1, 2013. Park’s net sales for the nine months ended November 30, 2014 were $125,845,000 compared to net sales of $127,613,000 for the nine months ended December 1, 2013.

Park reported net earnings before special items of $2,433,000 for the third quarter ended November 30, 2014 compared to net earnings of $4,721,000 for the third quarter of last year. During the third quarter ended November 30, 2014, the Company recorded pre-tax restructuring charges of $496,000 in connection with cost reduction initiatives in the United States and $140,000 related to the closure in fiscal year 2013 of its 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. Accordingly, net earnings were $2,031,000 for the third quarter ended November 30, 2014.

For the nine-month period ended November 30, 2014, Park reported net earnings before special items of $16,027,000 compared to net earnings before special items of $15,833,000 for the last fiscal year’s first nine-month period. The nine-month period ended November 30, 2014 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. 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. Accordingly, net earnings were $15,202,000 for the nine-month period ended November 30, 2014 compared to net earnings of $17,695,000 for the nine-month period ended December 1, 2013.

Park reported basic and diluted earnings per share before special items of $0.12 for Q3 ended November 30, 2014 compared to basic and diluted earnings per share before special items of $0.23 for last year’s third quarter. Basic and diluted earnings per share were $0.10 for the third quarter ended November 30, 2014 compared to basic and diluted earnings per share of $0.23 for last year’s third quarter.

The company also reported basic and diluted earnings per share before special items of $0.77 and $0.76, respectively, for the nine months ended November 30, 2014 compared to basic and diluted earnings per share before special items of $0.76 for the nine months ended December 1, 2013. Basic and diluted earnings per share were $0.73 and $0.72, respectively, for the nine months ended November 30, 2014 compared to basic and diluted earnings per share of $0.85 for the nine months ended December 1, 2013.

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.

About Park Electrochemical Corp.

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

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