0001437749-15-008253.txt : 20150429 0001437749-15-008253.hdr.sgml : 20150429 20150429111217 ACCESSION NUMBER: 0001437749-15-008253 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150429 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150429 DATE AS OF CHANGE: 20150429 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: 0302 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04415 FILM NUMBER: 15810782 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 pke20150429b_8k.htm FORM 8-K pke20150429b_8k.htm

 

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):    April 29, 2015  

 

 

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:

 

   [     ]   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 2.02       Results of Operations and Financial Condition.

 

Park Electrochemical Corp. (the "Company") issued a news release on April 29, 2015 reporting its results of operations for its 2015 fiscal year fourth quarter and for its full fiscal year ended March 1, 2015.

 

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 April 29, 2015

 

 
-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:    April 29, 2015

By:

/s/ P. Matthew Farabaugh

 

 

Name:

P. Matthew Farabaugh

 

 

Title:

Vice President and Chief Financial Officer

 

 

 
-3-
 

 

EXHIBIT INDEX

 

 

Number

Exhibit

Description

Page

     

   99.1

News Release dated April 29, 2015

5

 

 

-4-

 EX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1.htm

 

Exhibit 99.1


 

NEWS RELEASE

Contact:     Martina Bar Kochva

48 South Service Road

 

Melville, NY 11747

 

(631) 465-3600

                                                

PARK ELECTROCHEMICAL CORP. REPORTS FOURTH QUARTER AND

FISCAL YEAR RESULTS

 

Melville, New York, Wednesday, April 29, 2015…..Park Electrochemical Corp. (NYSE-PKE) reported net sales of $36,241,000 for the fourth quarter ended March 1, 2015 compared to net sales of $38,151,000 for the fourth quarter ended March 2, 2014. Park's net sales for the fiscal year ended March 1, 2015 were $162,086,000 compared to net sales of $165,764,000 for the fiscal year ended March 2, 2014.

 

Park reported net earnings before special items of $4,977,000 for the fourth quarter ended March 1, 2015 compared to net earnings before special items of $4,364,000 for the fourth quarter of last fiscal year. In the fourth quarter ended March 1, 2015, the Company recorded a pre-tax charge of $206,000 related to a modification of previously issued employee stock options resulting from the special cash dividend paid by the Company in February 2015 and pre-tax restructuring charges of $193,000 related to the closure in fiscal year 2013 of the Company’s Nelco Technology (Zhuhai FTZ) Ltd. facility located in the Free Trade Zone in Zhuhai, China and the closure in fiscal year 2009 of its New England Laminates Co., Inc. facility located in Newburgh, New York. In the fourth quarter ended March 2, 2014, the Company recorded a non-cash charge of $63,958,000 for the accrual of U.S. income taxes on the undistributed earnings of the Company’s subsidiary in Singapore. In addition, during the fourth quarter ended March 2, 2014, the Company recorded pre-tax charges of $1,208,000 related to a modification of previously issued employee stock options resulting from the special cash dividend paid by the Company in February 2014, a fee in connection with the previously announced retention of Bank of America Merrill Lynch for financial advisory services and the closure of the Company’s facility in Zhuhai, China mentioned above. Accordingly, the net earnings for the fourth quarter ended March 1, 2015 were $4,841,000 compared to a net loss of $60,024,000 for the fourth quarter ended March 2, 2014.

 

For the fiscal year ended March 1, 2015, Park reported net earnings before special items of $21,004,000 compared to net earnings before special items of $20,197,000 for the prior fiscal year. The current fiscal year included pre-tax charges of $1,645,000 related to a modification of previously issued employee stock options mentioned above, additional fees incurred in connection with the 2014 fiscal year-end audit, cost reduction initiatives in the United States and the facility closures mentioned above. The prior fiscal year included the charge of $63,958,000 related to the U.S. income tax on the undistributed earnings of the Company’s subsidiary in Singapore mentioned above, a tax benefit of $2,181,000 in connection with a tax refund related to amended federal income tax returns and pre-tax charges of $1,527,000 related to the stock option modification, the retention fee and the Zhuhai facility closure mentioned above. Accordingly, net earnings for the fiscal year ended March 1, 2015 were $20,043,000 compared to a net loss of $42,329,000 for the fiscal year ended March 2, 2014.

 

Park reported basic and diluted earnings per share before special items of $0.24 for the fourth quarter ended March 1, 2015 compared to basic and diluted earnings per share before special items of $0.21 for last year’s fourth quarter. Basic and diluted earnings per share were $0.23 for the fourth quarter ended March 1, 2015 compared to a basic and diluted loss per share of $2.88 for last year’s fourth quarter.

 

Park reported basic and diluted earnings per share before special items of $1.00 for the fiscal year ended March 1, 2015 compared to basic and diluted earnings per share before special items of $0.97 for the prior fiscal year. Basic and diluted earnings per share were $0.96 for the fiscal year ended March 1, 2015 compared to a basic and diluted loss per share of $2.03 for the prior fiscal year.

 

 
-5-
 

 

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 (844) 466-4114 in the United States and Canada and (765) 507-2654 in other countries and the required passcode is 34497367.

 

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, May 5, 2015. The conference call replay can be accessed by dialing (855) 859-2056 in the United States and Canada and (404) 537-3406 in other countries and entering passcode 34497367 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 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 stock option modification, restructuring, tax, financial advisory services fee and audit fee charges and tax benefits. 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 and low-volume tooling 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, France, 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-
 

 

Performance table, including non-GAAP information (in thousands, except per share amounts –unaudited):

 

   

13 Weeks Ended

    

52 Weeks Ended

  
   

3/1/15

    

3/2/14

    

11/30/14

    

3/1/15

    

3/2/14

  

Sales

   $ 36,241     $ 38,151     $ 34,679     $ 162,086     $ 165,764  
                                         

Net Earnings before Special Items1

   $ 4,977     $ 4,364     $ 2,433     $ 21,004     $ 20,197  

Special Items, net of Tax:

                                        

Restructuring Charges

     (139 )     (227 )     (402 )     (805 )     (546 )

Modification of Stock Options

     3       (47 )     -       3       (47 )

Audit and Advisory Fees

     -       (156 )     -       (159 )     (156 )

Deferred Tax on Repatriation

     -       (63,958 )     -       -       (63,958 )

Tax Benefit

     -       -       -       -       2,181  

Net Earnings

   $ 4,841     $ (60,024 )   $ 2,031     $ 20,043     $ (42,329 )
                                         

Basic and Diluted Earnings per Share:

                                        

Basic Earnings before Special Items1

   $ 0.24     $ 0.21     $ 0.12     $ 1.00     $ 0.97  

Special Items:

                                        

Restructuring Charges

     (0.01 )     (0.01 )     (0.02 )     (0.03 )     (0.03 )

Modification of Stock Options

     -       -       -       -       -  

Audit and Advisory Fees

     -       (0.01 )     -       (0.01 )     (0.01 )

Deferred Tax on Repatriation

     -       (3.07 )     -       -       (3.06 )

Tax Benefit

     -       -       -       -       0.10  

Basic Earnings (Loss) per Share

   $ 0.23     $ (2.88 )   $ 0.10     $ 0.96     $ (2.03 )
                                         

Diluted Earnings before Special Items1

   $ 0.24     $ 0.21     $ 0.12     $ 1.00     $ 0.97  

Special Items:

                                        

Restructuring Charges

     (0.01 )     (0.01 )     (0.02 )     (0.03 )     (0.03 )

Modification of Stock Options

     -       -       -       -       -  

Audit and Advisory Fees

     -       (0.01 )     -       (0.01 )     (0.01 )

Deferred Tax on Repatriation

     -       (3.07 )     -       -       (3.06 )

Tax Benefit

     -       -       -       -       0.10  

Diluted Earnings (Loss) per Share

   $ 0.23     $ (2.88 )   $ 0.10     $ 0.96     $ (2.03 )
                                         

Weighted Average Shares Outstanding:

                                        

Basic

     20,896       20,873       20,947       20,912       20,849  

Diluted

     20,937       20,873       20,989       20,986       20,849  

 

1 Refer to "Reconciliation of non-GAAP financial measures" below for information regarding Special Items.

 

Comparative balance sheets (in thousands):

 

   

3/1/2015

    

3/2/2014

  

Assets

                

Current Assets

                

Cash and Marketable Securities

  $ 272,133     $ 270,356  

Accounts Receivable, Net

     21,431       22,881  

Inventories

     14,439       13,871  

Prepaid Expenses and Other Current Assets

     5,256       4,132  

Total Current Assets

     313,259       311,240  
                 

Fixed Assets, Net

     26,537       29,674  

Restricted Cash

    -       25,000  

Other Assets

     10,886       11,179  

Total Assets

   $ 350,682     $ 377,093  
                 

Liabilities and Shareholders' Equity

                

Current Liabilities

                

Current Portion of Long-Term Debt

   $ 10,000     $ 10,000  

Accounts Payable

     6,882       6,109  

Accrued Liabilities

     4,767       5,139  

Income Taxes Payable

     4,141       2,995  

Current Deferred Income Taxes

     3,934       -  

Total Current Liabilities

     29,724       24,243  
                 

Long-Term Debt

     84,000       94,000  

Deferred Income Taxes

     54,155       58,124  

Other Liabilities

     1,204       183  

Total Liabilities

     169,083       176,550  
                 

Shareholders’ Equity

     181,599       200,543  
                 

Total Liabilities and Shareholders' Equity

   $ 350,682     $ 377,093  
                 

Additional information

                

Equity per Share

   $ 8.69     $ 9.60  

Total Cash, Restricted Cash and Marketable Securities

   $ 272,133     $ 295,356  

 

 
-7-
 

 

Comparative statements of operations (in thousands):

 

   

13 Weeks Ended (unaudited)

    

52 Weeks Ended

  
   

March 1, 2015

    

March 2, 2014

    

November 30, 2014

    

March 1, 2015

    

March 2, 2014

  
                                         

Net Sales

   $ 36,241     $ 38,151     $ 34,679     $ 162,086     $ 165,764  
                                         

Cost of Sales

     24,986       27,701       26,081       113,133       117,664  
                                         

Gross Profit

     11,255       10,450       8,598       48,953       48,100  

% of net sales

     31.1 %       27.4 %       24.8 %       30.2 %       29.0 %
                                         

Selling, General & Administrative Expenses

     5,771       6,465       5,754       24,373       25,168  
                                         

Restructuring Charge

     193       227       636       1,179       546  
                                         

Earnings from Operations

     5,291       3,758       2,208       23,401       22,386  
                                         

Interest:

                                        

Interest Income

     232       176       222       827       460  
                                         

Interest Expense

     364       221       361       1,438       764  
                                         

Net Interest Expense

     (132 )     (45 )     (139 )     (611 )     (304 )
                                         

Earnings before Income Taxes

     5,159       3,713       2,069       22,790       22,082  
                                         

Income Tax Provision

     318       63,737       38       2,747       64,411  
                                         

Net Earnings

   $ 4,841     $ (60,024 )   $ 2,031     $ 20,043     $ (42,329 )

 

Reconciliation of non-GAAP financial measures (in thousands – unaudited):

 

   

13 Weeks Ended
March 1, 2015

    

13 Weeks Ended
March 2, 2014

    

13 Weeks Ended
November 30, 2014

  
   

GAAP

    

Specials Items

    

Before

Special Items

    

GAAP

    

Specials Items

    

Before

Special Items

    

GAAP

    

Specials Items

    

Before

Special Items

  
                                                                         

Selling, General & Administrative Expenses

     5,771       (206 )     5,565       6,465       (981 )     5,484       5,754       -       5,754  

% of net sales

     15.9 %             15.4 %       16.9 %             14.4 %       16.6 %             16.6 %
                                                                         

Restructuring Charge

     193       (193 )     -       227       (227 )     -       636       (636 )     -  

% of net sales

     0.5 %             0.0 %     0.6 %             0.0 %     1.8 %             0.0 %
                                                                         

Earnings from Operations

     5,291       399       5,690       3,758       1,208       4,966       2,208       636       2,844  

% of net sales

     14.6 %             15.7 %     9.9 %             13.0 %     6.4 %             8.2 %
                                                                         

Earnings before Income Taxes

     5,159       399       5,558       3,713       1,208       4,921       2,069       636       2,705  

% of net sales

     14.2 %             15.3 %     9.7 %             12.9 %     6.0 %             7.8 %
                                                                         

Income Tax Provision

     318       263       581       63,737       (63,180 )     557       38       234       272  

Effective Tax Rate

     6.2 %             10.5 %     1716.6 %             11.3 %     1.8 %             10.1 %
                                                                         

Net Earnings

     4,841       136       4,977       (60,024 )     64,388       4,364       2,031       402       2,433  

% of net sales

     13.4 %             13.7 %     -157.3 %             11.4 %     5.9 %             7.0 %

 

 
-8-
 

 

Reconciliation of non-GAAP financial measures (in thousands – unaudited), continued:

 

   

52 Weeks Ended

March 1, 2015

    

52 Weeks Ended

March 2, 2014

  
   

GAAP

    

Specials Items

    

Before

Special Items

    

GAAP

    

Specials Items

    

Before

Special Items

  
                                                 

Selling, General & Administrative Expenses

     24,373       (466 )     23,907       25,168       (981 )     24,187  

% of net sales

     15.0 %             14.7 %       15.2 %             14.6 %
                                                 

Restructuring Charge

     1,179       (1,179 )     -       546       (546 )     -  

% of net sales

     0.7 %             0.0 %     0.3 %             0.0 %
                                                 

Earnings from Operations

     23,401       1,645       25,046       22,386       1,527       23,913  

% of net sales

     14.4 %             15.5 %     13.5 %             14.4 %
                                                 

Earnings before Income Taxes

     22,790       1,645       24,435       22,082       1,527       23,609  

% of net sales

     14.1 %             15.1 %     13.3 %             14.2 %
                                                 

Income Tax Provision

     2,747       684       3,431       64,411       (60,999 )     3,412  

Effective Tax Rate

     12.1 %             14.0 %     291.7 %             14.5 %
                                                 

Net Earnings

     20,043       961       21,004       (42,329 )     62,526       20,197  

% of net sales

     12.4 %             13.0 %     -25.5 %             12.2 %

 

 

 

-9-

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