-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Hxv7Vu+j+SrjltIhw5Oy6tOG749ZtkC7qNswHsVrPnknUXS3Bi5tQ5u+fXO9AkMH BqmgCJOA2ia1SJCIK4o2og== 0000076267-06-000010.txt : 20060217 0000076267-06-000010.hdr.sgml : 20060217 20060217162726 ACCESSION NUMBER: 0000076267-06-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060217 ITEM INFORMATION: Other Events FILED AS OF DATE: 20060217 DATE AS OF CHANGE: 20060217 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PARK ELECTROCHEMICAL CORP CENTRAL INDEX KEY: 0000076267 STANDARD INDUSTRIAL CLASSIFICATION: PRINTED CIRCUIT BOARDS [3672] IRS NUMBER: 111734643 STATE OF INCORPORATION: NY FISCAL YEAR END: 0226 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04415 FILM NUMBER: 06629610 BUSINESS ADDRESS: STREET 1: 48 SOUTH SERVICE ROAD CITY: MELVILLE STATE: NY ZIP: 11747 BUSINESS PHONE: 6314653600 MAIL ADDRESS: STREET 1: 48 SOUTH SERVICE ROAD CITY: MELVILLE STATE: NY ZIP: 11747 8-K 1 e8kpr021706.txt 8K 02-17-06 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report(Date of earliest event reported):February 16, 2006 ----------------- PARK ELECTROCHEMICAL CORP. - ----------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) New York 1-4415 11-1734643 - ----------------------------------------------------------------- (State or Other Jurisdiction (Commission File (IRS Employer of Incorporation) Number) Identification No. 48 South Service Road, Melville, New York 11747 - ----------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (631) 465-3600 -------------- Not Applicable - ----------------------------------------------------------------- Former Name or Former Address, if Changed Since Last Report Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d- 2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 8.01 Other Events. Park Electrochemical Corp. (the "Company") issued a news release on February 16, 2006 announcing that its Board of Directors had approved the repatriation, pursuant to the American Jobs Creation Act of 2004, of $70 million in foreign earnings. The Company is furnishing the news release to the Securities and Exchange Commission pursuant to Item 8.01 of Form 8-K as Exhibit 99.1 hereto. Item 9.01 Financial Statements and Exhibits. - --------- --------------------------------- (c) Exhibits. -------- 99.1 News Release dated February 16, 2006 SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PARK ELECTROCHEMICAL CORP. Date: February 17, 2006 By: /s/James W. Kelly ------------------------- Name: James W. Kelly Title: Vice President, Taxes and Planning EXHIBIT INDEX ------------- Number Exhibit Description Page - ------ ----------- ---- 99.1 News Release dated February 16, 2006....... 5 EX-99 2 exhibit99.txt EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1 PARK ELECTROCHEMICAL CORP. Contact: James W. Kelly NEWS RELEASE 48 South Service Road Melville, NY 11747 (631) 465-3600 PARK ELECTROCHEMICAL CORP. TO REPATRIATE $70 MILLION IN FOREIGN EARNINGS Melville, New York, February 16, 2006..Park Electrochemical Corp. (NYSE - PKE) announced that its Board of Directors has approved the repatriation, pursuant to the American Jobs Creation Act of 2004, of $70 million in foreign earnings. The Act provides a one- time incentive for United States companies to repatriate accumulated income earned in foreign jurisdictions at a reduced income tax cost of 5.25%, compared to the usual U.S. corporate tax rate of 35%. Park's subsidiary in Singapore, Nelco Products Pte. Ltd., will make a distribution to Park of $70 million prior to the February 26, 2006 end of the Company's current fiscal year pursuant to the domestic reinvestment plan approved by the Company's Board of Directors to repatriate a portion of the accumulated earnings and profits of Nelco Products Pte. Ltd. In connection with this repatriation, Park estimates it will incur a one-time tax charge of approximately $3 million to $4 million in the 2006 fiscal year fourth quarter ending February 26, 2006. Brian Shore, Park's President and CEO said, "The repatriation of these funds will enhance Park's financial flexibility. However, our Nelco Singapore subsidiary will continue to have the very substantial cash reserves necessary to facilitate the Company's growth and expansion in Asia. We continue to believe that our best opportunities for growth and expansion over the next ten years will be in Asia." Certain portions of this press release may be deemed to constitute forward looking statements that are subject to various factors which could cause actual results to differ materially from Park's expectations. Such factors include, but are not limited to, general conditions in the electronics industry, Park's competitive position, the status of Park's relationships with its customers, economic conditions in international markets, the cost and availability of utilities, and the various factors set forth under the caption "Factors That May Affect Future Results" after Item 7 of Park's Annual Report on Form 10-K for the fiscal year ended February 27, 2005. Park Electrochemical Corp. is a global advanced materials company which develops and manufactures high-technology digital and RF/microwave printed circuit materials and advanced composite materials for the electronics, military, aerospace, wireless communication, specialty and industrial markets. The Company's manufacturing facilities are located in Singapore, China (currently under construction), France (two facilities), Connecticut, New York, Arizona and California. The Company operates under the FiberCoteT, Nelcor and Neltecr names. Additional corporate information is available on the Company's web site at www.parkelectro.com. # # # # # -----END PRIVACY-ENHANCED MESSAGE-----