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Park Electrochemical Corp. : Reports Third Quarter Results

12/21/2011 | 06:35am US/Eastern

Park Electrochemical Corp. (NYSE:PKE) reported sales of $47,312,000 for its 2012 fiscal year third quarter ended November 27, 2011 compared to sales of $46,920,000 for last fiscal year's third quarter ended November 28, 2010. Park's sales for the nine months ended November 27, 2011 were $149,578,000 compared to sales of $160,451,000 for last fiscal year's first nine months ended November 28, 2010.

Park reported net earnings of $5,379,000 for the third quarter ended November 27, 2011 compared to net earnings before special items of $6,332,000 for last fiscal year's third quarter. During the 2011 fiscal year's third quarter, the Company recorded an additional charge of $1,312,000 in connection with the closure, in January 2009, of its Neltec Europe SAS business unit in Mirebeau, France. Accordingly, net earnings were $5,020,000 for the third quarter ended November 28, 2010. Park recorded no special items during the 2012 fiscal year third quarter.

For the nine-month period ended November 27, 2011, Park reported net earnings before special items of $19,236,000 compared to net earnings before special items of $25,648,000 for last fiscal year's first nine-month period ended November 28, 2010. During the first nine months of its 2012 fiscal year, the Company recorded pre-tax other income of $1,598,000 relating to the settlement of certain lawsuits. The 2011 fiscal year's nine-month period included the charge of $1,312,000 for the closure mentioned above. Accordingly, net earnings were $20,291,000 for the nine-month period ended November 27, 2011 and $24,336,000 for the nine-month period ended November 28, 2010.

Park reported basic and diluted earnings per share of $0.26 for the third quarter ended November 27, 2011 compared to basic and diluted earnings per share before special items of $0.31 for last year's third quarter. Basic and diluted earnings per share were $0.24 for last year's third quarter. Park's basic and diluted earnings per share before special items were $0.93 for the nine-month period ended November 27, 2011 compared to basic and diluted earnings per share before special items of $1.24 for last year's nine-month period. Basic and diluted earnings per share were $0.98 for the nine months ended November 27, 2011 compared to $1.18 for the nine months ended November 28, 2010. The effective tax rate for the third quarter ended November 27, 2011 was 13.1% compared to an effective tax rate before special items of 23.1% for last year's third quarter. The effective tax rate for last year's third quarter was 27.5%.

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 (866) 578-5771 in the United States and Canada and (617) 213-8055 in other countries and the required passcode is 82584926.

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 Tuesday, December 27, 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 97107181 and will be available 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 the settlement of lawsuits 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, China, France, Connecticut, 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

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

   

13 Weeks Ended

 

39 Weeks Ended

11/27/11

 

11/28/10

11/27/11

 

11/28/10

 
Sales $ 47,312 $ 46,920 $ 149,578 $ 160,451
 
Net Earnings before Special Items $ 5,379 $ 6,332 $ 19,236 $ 25,648
Special Items net of Tax $ - $ (1,312 ) $ 1,055 $ (1,312 )
Net Earnings $ 5,379 $ 5,020 $ 20,291 $ 24,336
 
Basic and Diluted Earnings per Share:
Basic and Diluted Earnings before Special Items $ 0.26 $ 0.31 $ 0.93 $ 1.24
Special Items $ - $ (0.07 ) $ 0.05 $ (0.06 )
Basic and Diluted Earnings per Share $ 0.26 $ 0.24 $ 0.98 $ 1.18
 
Weighted Average Shares Outstanding:
Basic 20,754 20,636 20,739 20,610
Diluted 20,756 20,674 20,784 20,641
 

The comparative balance sheets (in thousands):

11/27/11

 

2/27/11

Assets

(unaudited)
Current Assets
Cash and Marketable Securities $ 262,083 $ 250,444
Accounts Receivable, Net 27,666 29,822
Inventories 16,183 12,888
Other Current Assets 3,287 3,805
Total Current Assets 309,219 296,959
 
Fixed Assets, Net 40,430 41,292
Other Assets 17,086 15,557
Total Assets $ 366,735 $ 353,808
 

Liabilities and Stockholders' Equity

Current Liabilities
Accounts Payable $ 10,652 $ 9,944
Accrued Liabilities 9,430 9,497
Income Taxes Payable 2,771 5,812
Total Current Liabilities 22,853 25,253
 
Deferred Income Taxes 1,460 1,460
Other Liabilities 1,421 1,787
Total Liabilities 25,734 28,500
 
Stockholders' Equity 341,001 325,308
 
Total Liabilities and Stockholders' Equity $ 366,735 $ 353,808
 
Equity per Share $ 16.43 $ 15.70
 

Detailed operating information (in thousands - unaudited):

13 Weeks Ended

 

39 Weeks Ended

11/27/11

 

11/28/10

11/27/11

 

11/28/10

 
Net Sales $ 47,312 $ 46,920 $ 149,578 $ 160,451
Cost of Sales 34,316 32,428 106,077 107,479
% 72.5 % 69.1 % 70.9 % 67.0 %
 
Gross Profit 12,996 14,492 43,501 52,972
% 27.5 % 30.9 % 29.1 % 33.0 %
 

Selling, General and Administrative

Expenses 6,991 6,381 21,443 21,381
% 14.8 % 13.6 % 14.4 % 13.3 %
 
Earnings from Operations 6,005 8,111 22,058 31,591
% 12.7 % 17.3 % 14.7 % 19.7 %
 
Other Income 188 123 605 417
% 0.4 % 0.2 % 0.5 % 0.2 %
 
Earnings before Income Taxes 6,193 8,234 22,663 32,008
% 13.1 % 17.5 % 15.2 % 19.9 %
 
Income Tax Provision 814 1,902 3,427 6,360
Effective Tax Rate 13.1 % 23.1 % 15.1 % 19.9 %
 
Net Earnings before Special Items 5,379 6,332 19,236 25,648
% 11.4 % 13.5 % 12.9 % 16.0 %
 

Special Items:

Settlement of Certain Lawsuits - - 1,598 -
Restructuring Charge - (1,312 ) - (1,312 )
Income Tax Provision - - 543 -
 

After Special Items:

Earnings before Income Taxes 6,193 6,922 24,261 30,696
% 13.1 % 14.8 % 16.2 % 19.1 %
Income Tax Provision 814 1,902 3,970 6,360
Effective Tax Rate 13.1 % 27.5 % 16.4 % 20.7 %
 
Net Earnings 5,379 5,020 20,291 24,336
% 11.4 % 10.7 % 13.6 % 15.2 %

Park Electrochemical Corp.
Martina Bar Kochva, 631-465-3600


© Business Wire 2011
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