Welcome!

Microsoft Cloud Authors: David H Deans, Yeshim Deniz, Janakiram MSV, Andreas Grabner, Stackify Blog

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.

@ThingsExpo Stories
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, shared examples from a wide range of industries – including en...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. Jack Norris reviews best practices to show how companies develop, deploy, and dynamically update these applications and how this data-first...
Intelligent Automation is now one of the key business imperatives for CIOs and CISOs impacting all areas of business today. In his session at 21st Cloud Expo, Brian Boeggeman, VP Alliances & Partnerships at Ayehu, will talk about how business value is created and delivered through intelligent automation to today’s enterprises. The open ecosystem platform approach toward Intelligent Automation that Ayehu delivers to the market is core to enabling the creation of the self-driving enterprise.
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to ...
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
Because IoT devices are deployed in mission-critical environments more than ever before, it’s increasingly imperative they be truly smart. IoT sensors simply stockpiling data isn’t useful. IoT must be artificially and naturally intelligent in order to provide more value In his session at @ThingsExpo, John Crupi, Vice President and Engineering System Architect at Greenwave Systems, will discuss how IoT artificial intelligence (AI) can be carried out via edge analytics and machine learning techn...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
From 2013, NTT Communications has been providing cPaaS service, SkyWay. Its customer’s expectations for leveraging WebRTC technology are not only typical real-time communication use cases such as Web conference, remote education, but also IoT use cases such as remote camera monitoring, smart-glass, and robotic. Because of this, NTT Communications has numerous IoT business use-cases that its customers are developing on top of PaaS. WebRTC will lead IoT businesses to be more innovative and address...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, will introduce two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a...
SYS-CON Events announced today that Calligo has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo is an innovative cloud service provider offering mid-sized companies the highest levels of data privacy. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalized support service from its globally located cloud platform...
SYS-CON Events announced today that Elastifile will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Elastifile Cloud File System (ECFS) is software-defined data infrastructure designed for seamless and efficient management of dynamic workloads across heterogeneous environments. Elastifile provides the architecture needed to optimize your hybrid cloud environment, by facilitating efficient...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Launched in 2016, Cloudistics helps anyone bring the power of the cloud to the data center in an easy-to-use, on- premises cloud platform that automatically provides high performance resources for all types of applications: Docke...
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...