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 [phone] in the United States and Canada and [phone] 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 [phone] in the United States and Canada and [phone] 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	%