Click here to close now.

Welcome!

.NET Authors: Kathy Thomas, Greg O'Connor, Esmeralda Swartz, Jayaram Krishnaswamy, Adine Deford

News Feed Item

Park Electrochemical Corp. Reports Third Quarter Results

Park Electrochemical Corp. (NYSE:PKE) reported net sales of $39,678,000 for the third quarter ended December 1, 2013 compared to net sales of $41,265,000 for the third quarter ended November 25, 2012. Park's net sales for the nine months ended December 1, 2013 were $127,613,000 compared to net sales of $133,741,000 for the nine months ended November 25, 2012.

Park reported net earnings of $4,721,000 for the third quarter ended December 1, 2013 compared to net earnings before special items of $5,109,000 for the third quarter of last fiscal year. During the third quarter ended November 25, 2012, the Company recorded pre-tax restructuring charges of $559,000 in connection with the closure of its Nelco Technology (Zhuhai FTZ) Ltd. facility located in the Free Trade Zone in Zhuhai, China and its Park Advanced Composite Materials, Inc. facility located in Waterbury, Connecticut. The Company incurred no additional charges in connection with these closures in the third quarter ended December 1, 2013. Accordingly, net earnings were $4,710,000 for the third quarter ended November 25, 2012.

For the nine-month period ended December 1, 2013, Park reported net earnings before special items of $15,833,000 compared to net earnings before special items of $15,820,000 for last fiscal year’s nine-month comparable period. 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. The nine-month period of the prior fiscal year included pre-tax restructuring charges of $3,095,000 primarily related to the facility closures mentioned above. Accordingly, net earnings were $17,695,000 for the nine-month period ended December 1, 2013 compared to net earnings of $12,889,000 for the nine-month period ended November 25, 2012.

Park reported basic and diluted earnings per share of $0.23 for the third quarter ended December 1, 2013 compared to basic and diluted earnings per share before special items of $0.25 for last year’s third quarter. The basic and diluted earnings per share after special items were $0.23 for the third quarter ended November 25, 2012.

Park reported basic and diluted earnings per share before special items of $0.76 for each of the nine-month periods ended December 1, 2013 and November 25, 2012. Basic and diluted earnings per share were $0.85 for the nine months ended December 1, 2013 compared to basic and diluted earnings per share of $0.62 for the prior year’s first nine months.

The effective tax rate for the third quarter ended December 1, 2013 was 3.3% compared to 18.2% in the third quarter of last fiscal year. The lower tax rate in the third quarter ended December 1, 2013 was due to higher portions of taxable income in jurisdictions with lower effective income tax rates and tax incentives associated with the Company’s operations in Singapore.

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 (800) 688-0836 in the United States and Canada and (617) 614-4072 in other countries and the required passcode is 30855831.

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 Thursday, January 16, 2014. 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 37416065 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 tax benefits and 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.

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 39 Weeks Ended
 
12/1/13   11/25/12   9/1/13 12/1/13   11/25/12  
Sales $ 39,678 $ 41,265 $ 44,497 $ 127,613 $ 133,741
 
Net Earnings before Special Items1 $ 4,721 $ 5,109 $ 5,983 $ 15,833 $ 15,820
Special Items net of Tax $ - $ (399 ) $ 2,062 $ 1,862 $ (2,931 )
Net Earnings $ 4,721 $ 4,710   $ 8,045 $ 17,695 $ 12,889  
 
Basic and Diluted Earnings per Share:
Basic Earnings before Special Items1 $ 0.23 $ 0.25 $ 0.29 $ 0.76 $ 0.76
Special Items $ - $ (0.02 ) $ 0.10 $ 0.09 $ (0.14 )
Basic Earnings per Share $ 0.23 $ 0.23   $ 0.39 $ 0.85 $ 0.62  
 
Diluted Earnings before Special Items1 $ 0.23 $ 0.25 $ 0.29 $ 0.76 $ 0.76
Special Items $ - $ (0.02 ) $ 0.10 $ 0.09 $ (0.14 )
Diluted Earnings per Share $ 0.23 $ 0.23   $ 0.39 $ 0.85 $ 0.62  
 
Weighted Average Shares Outstanding:
Basic 20,857 20,801 20,836 20,840 20,799
Diluted 20,917 20,803 20,852 20,871 20,824
 
1 Refer to "Detailed operating information" below for information regarding Special Items.
 

Comparative balance sheets (in thousands):

         
12/1/13 3/3/2013

Assets

(unaudited)
Current Assets
Cash and Marketable Securities $ 291,260 $ 275,216
Accounts Receivable, Net 22,852 25,878
Inventories 14,633 12,918
Other Current Assets   6,421   6,662
Total Current Assets 335,166 320,674
 
Fixed Assets, Net 30,154 32,187
Other Assets   16,823   16,797
Total Assets $ 382,143 $ 369,658
 

Liabilities and Shareholders' Equity

Current Liabilities
Accounts Payable $ 6,224 $ 6,485
Accrued Liabilities 6,679 6,016
Income Taxes Payable   2,691   4,177
Total Current Liabilities 15,594 16,678
 
Long-Term Debt 52,000 52,000
Deferred Income Taxes 761 812
Other Liabilities   246   246
Total Liabilities 68,601 69,736
 
Shareholders’ Equity   313,542   299,922
 
Total Liabilities and Shareholders' Equity $ 382,143 $ 369,658
 
Equity per Share $ 15.02 $ 14.40
 

Detailed operating information (in thousands – unaudited):

           

13 Weeks Ended
December 1, 2013

13 Weeks Ended
November 25, 2012

13 Weeks Ended
September 1, 2013

GAAP    

Specials
Items

   

Before
Special
Items

GAAP    

Specials
Items

   

Before
Special
Items

GAAP    

Specials
Items

   

Before
Special
Items

Net Sales $ 39,678 $ 39,678   $ 41,265 $ 41,265   $ 44,497 $ 44,497
Cost of Sales 28,640 28,640 28,725 28,725 30,876 30,876

   %

72.2 % 72.2 % 69.6 % 69.6 % 69.4 % 69.4 %
 
Gross Profit 11,038 11,038 12,540 12,540 13,621 13,621

   %

27.8 % 27.8 % 30.4 % 30.4 % 30.6 % 30.6 %
 

Selling, General & Administrative

Expenses

6,106 6,106 6,365 6,365 6,041 6,041

   %

15.4 % 15.4 % 15.4 % 15.4 % 13.6 % 13.6 %
 
Restructuring Charge - - - 559 (559 ) - 119 (119 ) -

   %

0.0 % 0.0 % 1.4 % 0.0 % 0.3 % 0.0 %
 
Earnings from Operations 4,932 - 4,932 5,616 559 6,175 7,461 119 7,580

   %

12.4 % 12.4 % 13.6 % 15.0 % 16.8 % 17.0 %
 
Interest Income 139 139 143 - 143 77 77

   %

0.4 % 0.4 % 0.3 % 0.3 % 0.2 % 0.2 %
 
Interest Expense 187 187 - - 185 185

   %

0.5 % 0.5 % 0.0 % 0.0 % 0.4 % 0.4 %
 
Net Interest (Expense) Income (48 ) (48 ) 143 143 (108 ) (108 )

   %

-0.1 % -0.1 % 0.3 % 0.3 % -0.2 % -0.2 %
 
Earnings before Income Taxes 4,884 - 4,884 5,759 559 6,318 7,353 119 7,472

   %

12.3 % 12.3 % 14.0 % 15.3 % 16.5 % 16.8 %
 
Income Tax Provision 163 - 163 1,049 160 1,209 (692 ) 2,181 1,489
Effective Tax Rate 3.3 % 3.3 % 18.2 % 19.1 % -9.4 % 19.9 %
 
Net Earnings 4,721 - 4,721 4,710 399 5,109 8,045 (2,062 ) 5,983

   %

11.9 % 11.9 % 11.4 % 12.4 % 18.1 % 13.4 %
 

Detailed operating information (in thousands – unaudited), continued:

       

39 Weeks Ended
December 1, 2013

39 Weeks Ended
November 25, 2012

GAAP    

Specials
Items

   

Before
Special
Items

GAAP    

Specials
Items

   

Before
Special
Items

Net Sales $ 127,613 $ 127,613   $ 133,741 $ 133,741
Cost of Sales 89,963 89,963 95,026 95,026

   %

70.5 % 70.5 % 71.1 % 71.1 %
 
Gross Profit 37,650 37,650 38,715 38,715

   %

29.5 % 29.5 % 28.9 % 28.9 %
 

Selling, General & Administrative

Expenses

18,703 18,703 20,012 20,012

   %

14.7 % 14.7 % 15.0 % 15.0 %
 
Restructuring Charge 319 (319 ) - 3,095 (3,095 ) -

   %

0.2 % 0.0 % 2.3 % 0.0 %
 
Earnings from Operations 18,628 319 18,947 15,608 3,095 18,703

   %

14.6 % 14.8 % 11.7 % 14.0 %
 
Interest Income 284 284 520 520

   %

0.2 % 0.2 % 0.4 % 0.4 %
 
Interest Expense 543 543 - -

   %

0.4 % 0.4 % 0.0 % 0.0 %
 
Net Interest (Expense) Income (259 ) (259 ) 520 520

   %

-0.2 % -0.2 % 0.4 % 0.4 %
 
Earnings before Income Taxes 18,369 319 18,688 16,128 3,095 19,223

   %

14.4 % 14.6 % 12.1 % 14.4 %
 
Income Tax Provision 674 2,181 2,855 3,239 164 3,403
Effective Tax Rate 3.7 % 15.3 % 20.1 % 17.7 %
 
Net Earnings 17,695 (1,862 ) 15,833 12,889 2,931 15,820

   %

13.9 % 12.4 % 9.6 % 11.8 %

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.

@ThingsExpo Stories
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the M2M space. This really allows some room for influential individuals to create more high value inter...
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal 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. Follow new article posts on Twitter at @MicroservicesE
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
SOA Software has changed its name to Akana. With roots in Web Services and SOA Governance, Akana has established itself as a leader in API Management and is expanding into cloud integration as an alternative to the traditional heavyweight enterprise service bus (ESB). The company recently announced that it achieved more than 90% year-over-year growth. As Akana, the company now addresses the evolution and diversification of SOA, unifying security, management, and DevOps across SOA, APIs, microservices, and more.
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.
GENBAND has announced that SageNet is leveraging the Nuvia platform to deliver Unified Communications as a Service (UCaaS) to its large base of retail and enterprise customers. Nuvia’s cloud-based solution provides SageNet’s customers with a full suite of business communications and collaboration tools. Two large national SageNet retail customers have recently signed up to deploy the Nuvia platform and the company will continue to sell the service to new and existing customers. Nuvia’s capabilities include HD voice, video, multimedia messaging, mobility, conferencing, Web collaboration, deskt...
The Open Compute Project is a collective effort by Facebook and a number of players in the datacenter industry to bring lessons learned from the social media giant's giant IT deployment to the rest of the world. Datacenters account for 3% of global electricity consumption – about the same as all of Switzerland or the Czech Republic -- according to people I met at the recent Open Compute Summit in San Jose. With increasing mobility at the edge of the cloud and vast new dataflows being predicted with the growth of the Internet of Things (and The Coming Age of Many Zettabytes) in the near...
The list of ‘new paradigm’ technologies that now surrounds us appears to be at an all time high. From cloud computing and Big Data analytics to Bring Your Own Device (BYOD) and the Internet of Things (IoT), today we have to deal with what the industry likes to call ‘paradigm shifts’ at every level of IT. This is disruption; of course, we understand that – change is almost always disruptive.
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of 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. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
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
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
SYS-CON Events announced today that robomq.io 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. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
Sonus Networks introduced the Sonus WebRTC Services Solution, a virtualized Web Real-Time Communications (WebRTC) offer, purpose-built for the Cloud. The WebRTC Services Solution provides signaling from WebRTC-to-WebRTC applications and interworking from WebRTC-to-Session Initiation Protocol (SIP), delivering advanced real-time communications capabilities on mobile applications and on websites, which are accessible via a browser.
SYS-CON Events announced today that Aria Systems, the leading innovator in recurring revenue, has been named “Bronze Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Proven by the world’s most demanding enterprises, including AAA NCNU, Constant Contact, Falck, Hootsuite, Pitney Bowes, Telekom Denmark, and VMware, Aria helps enterprises grow their recurring revenue businesses. With Aria’s end-to-end active monetization platform, global brands can get to market faster with a wider variety of products and services, while maximizin...
SYS-CON Events announced today that Vitria Technology, Inc. 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. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.