0001133796-11-000356.txt : 20111221 0001133796-11-000356.hdr.sgml : 20111221 20111221091936 ACCESSION NUMBER: 0001133796-11-000356 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20111221 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20111221 DATE AS OF CHANGE: 20111221 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: 111273422 BUSINESS ADDRESS: STREET 1: 48 SOUTH SERVICE ROAD STREET 2: SUITE 300 CITY: MELVILLE STATE: NY ZIP: 11747 BUSINESS PHONE: 6314653600 MAIL ADDRESS: STREET 1: 48 SOUTH SERVICE ROAD STREET 2: SUITE 300 CITY: MELVILLE STATE: NY ZIP: 11747 8-K 1 k243647_8-k.htm FORM 8-K Unassociated Document
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): December 21, 2011
 

PARK ELECTROCHEMICAL CORP.
(Exact Name of Registrant as Specified in Charter)
     
     
New York
1-4415
11-1734643
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer 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:
 
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 
 
 

Item 2.02
Results of Operations and Financial Condition.

Park Electrochemical Corp. (the "Company") issued a news release on December 21, 2011 reporting its results of operations for its 2012 fiscal year third quarter ended November 27, 2011. The Company is furnishing the news release to the Securities and Exchange Commission pursuant to Item 2.02 of Form 8-K as Exhibit 99.1 hereto.

Item 9.01
Financial Statements and Exhibits.

 
(c) 
Exhibits.

99.1  News Release dated December 21, 2011.
 
 
-2-
 
 
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: December 21, 2011
By:
/s/ David R. Dahlquist
  
 
Name:
David R. Dahlquist
  
 
Title:
Vice President and Chief Financial Officer
  
 
 
-3-
 
 
EXHIBIT INDEX
 
Number
Exhibit
 
Description
 
Page
   99.1
News Release dated December 21, 2011
5
 
 
-4-
 
EX-99.1 2 k243647_ex99-1.htm EXHIBIT 99.1 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 SECOND QUARTER RESULTS

Melville, New York, December 21, 2011 ......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.
 
 
-5-
 

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
 
 
-6-
 
 
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                  

 
 
-7-
 

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 %
 
#    #    #    #    #
 
 
-8-
 
 
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