EX-99.1 2 k188942_ex99-1.htm Unassociated Document

Exhibit 99.1

  
  
NEWS RELEASE
Contact: Martina Bar Kochva
  
48 South Service Road
   
Melville, NY 11747
   
(631) 465-3600

PARK ELECTROCHEMICAL CORP.  REPORTS FIRST QUARTER RESULTS

Melville, New York, Thursday, June 24, 2010......Park Electrochemical Corp. (NYSE-PKE) reported sales of $59,026,000 for its 2011 fiscal year first quarter ended May 30, 2010 compared to sales of $36,697,000 for the first quarter of last year.

Park reported net earnings of $9,869,000 for the first quarter ended May 30, 2010 compared to net earnings of $3,074,000 for last year’s first quarter.  Park's basic and diluted earnings per share were $0.48 for the first quarter ended May 30, 2010 compared to basic and diluted earnings per share of $0.15 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 (877) 685-2329 in the United States and Canada and (706) 634-2174 in other countries and the required passcode is 83419606.

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, June 29, 2010.  The conference call replay can be accessed by dialing (800) 642-1687 in the United States and Canada and (706) 645-9291 in other countries and entering passcode 83419606 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 principally for the aerospace markets. Park’s core capabilities are in the areas of polymer chemistry formulation and coating technology. Park also specializes in the design and manufacture of complex composite aircraft and space vehicle parts. 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 website at www.parkelectro.com.

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

   
13 Weeks Ended
  
   
5/30/10
    
5/31/09
  
             
Sales
   $ 59,026     $ 36,697  
                 
Net Earnings
   $ 9,869     $ 3,074  
                 
Basic and Diluted Earnings Per Share:
   $ 0.48     $ 0.15  
                 
Weighted Average Shares Outstanding:
                
Basic
     20,561       20,471  
Diluted
     20,608       20,482  

The comparative balance sheets (in thousands):

   
5/30/10
    
2/28/10
  
   
(unaudited)
        
Assets
            
Current Assets
            
Cash and Marketable Securities
   $ 244,485     $ 237,840  
Accounts Receivable, Net
     36,055       31,698  
Inventories
     14,053       11,973  
Other Current Assets
     2,708       1,167  
                 
Total Current Assets
     297,301       282,678  
                 
Fixed Assets, Net
     43,797       44,905  
Other Assets
     16,984       15,521  
                 
Total Assets
   $ 358,082     $ 343,104  
                 
Liabilities and Stockholders' Equity
                
Current Liabilities
                
Accounts Payable
   $ 11,922     $ 10,201  
Accrued Liabilities
     8,999       7,301  
Income Taxes Payable
     5,640       4,140  
                 
Total Current Liabilities
     26,561       21,642  
                 
Deferred Income Taxes
     1,398       1,398  
Other Liabilities
     3,911       3,966  
                 
Total Liabilities
     31,870       27,006  
                 
Stockholders’ Equity
     326,212       316,098  
                 
Total Liabilities and Stockholders' Equity
   $ 358,082     $ 343,104  
                 
Equity Per Share
   $ 15.87     $ 15.40  
 
 
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Detailed operating information (in thousands - unaudited):

   
13 Weeks Ended
  
   
5/30/10
    
5/31/09
  
Net Sales
   $ 59,026     $ 36,697  
                 
Cost of Sales
     38,863       27,489  
%
     65.8 %     74.9 %
                 
Gross Profit
     20,163       9,208  
%
     34.2 %     25.1 %
                 
Selling, General and Administrative Expenses
     7,762       5,917  
%
     13.2 %     16.1 %
                 
Earnings from Operations
     12,401       3,291  
%
     21.0 %     9.0 %
                 
Interest Income
     76       688  
%
     0.1 %     1.8 %
                 
Earnings before Income Taxes
     12,477       3,979  
%
     21.1 %     10.8 %
                 
Income Tax Provision
     2,608       905  
Effective Tax Rate
     20.9 %     22.7 %
                 
Net Earnings
     9,869       3,074  
%
     16.7 %     8.4 %

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