8-K

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): October 7, 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 October 7, 2015 reporting its results of operations for its 2016 fiscal year second quarter ended August 30, 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 October 7, 2015

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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: October 7, 2015	By:	/s/ P. Matthew Farabaugh
	Name:	P. Matthew Farabaugh
	Title:	Vice President and Chief Financial Officer

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EXHIBIT INDEX

Number Exhibit	Description	Page
99.1	News Release dated October 7, 2015	5

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EX-99.1

Exhibit99.1

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, Wednesday, October 7, 2015…..Park Electrochemical Corp. (NYSE-PKE) reported net sales of $37,947,000 for the 2016 fiscal year’s second quarter ended August 30, 2015 compared to net sales of $42,349,000 for last fiscal year’s second quarter ended August 31, 2014 and net sales of $37,829,000 for the 2016 fiscal year’s first quarter ended May 31, 2015. Park’s net sales for the six months ended August 30, 2015 were $75,776,000 compared to net sales of $91,166,000 for the six months ended August 31, 2014.

Park reported net earnings before special items of $4,639,000 for the current year’s second quarter compared to net earnings before special items of $5,015,000 for last year’s second quarter and net earnings before special items of $4,867,000 for the current year’s first quarter. In the current year’s second quarter, the Company recorded pre-tax restructuring charges of $91,000 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 last year’s second quarter, the Company recorded pre-tax restructuring charges of $83,000 in connection with the aforementioned facility closures. In the current year’s first quarter, the Company recorded pre-tax restructuring charges of $124,000 in connection with the aforementioned facility closures. Accordingly, net earnings for the current year’s second quarter were $4,569,000 compared to $4,955,000 for last year’s second quarter and $4,777,000 for the current year’s first quarter.

For the six-month period ended August 30, 2015, Park reported net earnings before special items of $9,506,000 compared to net earnings before special items of $13,594,000 for last fiscal year’s first six-month period. The current year’s six-month period included pre-tax restructuring charges of $215,000 related to the facility closures mentioned above. Last year’s six-month period included pre-tax restructuring charges of $350,000 related to the facility closures mentioned above. In addition, the Company recorded a pre-tax charge of $260,000 during last year’s six-month period for additional fees incurred in connection with the 2014 fiscal year-end audit. Accordingly, net earnings were $9,346,000 for the current year’s six-month period compared to net earnings of $13,171,000 for last year’s six-month period.

Park reported basic and diluted earnings per share before special items of $0.23 for the current year’s second quarter compared to basic and diluted earnings per share before special items of $0.24 for last year’s second quarter and basic and diluted earnings per share before special items of $0.24 for the current year’s first quarter. Basic and diluted earnings per share were $0.23 for the current year’s second quarter compared to basic and diluted earnings per share of $0.24 for last year’s second quarter and basic and diluted earnings per share of $0.23 for the current year’s first quarter.

Park reported basic and diluted earnings per share before special items of $0.47 for the current year’s first six months compared to basic and diluted earnings per share before special items of $0.65 for last year’s six-month period. Basic and diluted earnings per share were $0.46 for the current year’s first six months compared to basic and diluted earnings per share of $0.63 for last year’s six-month period.

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 52966253.

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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, October 13, 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 52966253 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 restructuring and audit fee 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 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

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

	13 Weeks Ended									26 Weeks Ended
	8/30/15			8/31/14			5/31/15			8/30/15			8/31/14
Sales	$	37,947		$	42,349		$	37,829		$	75,776		$	91,166
Net Earnings before Special Items1	$	4,639		$	5,015		$	4,867		$	9,506		$	13,594
Special Items, net of Tax:
Restructuring Charges		(70	)		(60	)		(90	)		(160	)		(264	)
Audit Fees		-			-			-			-			(159	)
Net Earnings	$	4,569		$	4,955		$	4,777		$	9,346		$	13,171
Basic and Diluted Earnings per Share:
Basic Earnings before Special Items1	$	0.23		$	0.24		$	0.24		$	0.47		$	0.65
Special Items:
Restructuring Charges		-			-			(0.01	)		(0.01	)		(0.01	)
Audit Fees		-			-			-			-			(0.01	)
Basic Earnings (Loss) per Share	$	0.23		$	0.24		$	0.23		$	0.46		$	0.63
Diluted Earnings before Special Items1	$	0.23		$	0.24		$	0.24		$	0.47		$	0.65
Special Items:
Restructuring Charges		-			-			(0.01	)		(0.01	)		(0.01	)
Audit Fees		-			-			-			-			(0.01	)
Diluted Earnings (Loss) per Share	$	0.23		$	0.24		$	0.23		$	0.46		$	0.63
Weighted Average Shares Outstanding:
Basic		20,337			20,925			20,546			20,442			20,902
Diluted		20,340			21,029			20,565			20,453			21,008

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

Comparative balance sheets (in thousands):

	8/30/2015		3/1/2015
	(unaudited)
Assets
Current Assets
Cash and Marketable Securities	$	229,463	$	272,133
Accounts Receivable, Net		21,921		21,431
Inventories		14,050		14,439
Prepaid Expenses and Other Current Assets		5,472		5,256
Total Current Assets		270,906		313,259
Fixed Assets, Net		23,030		26,537
Restricted Cash		25,000		-
Other Assets		11,210		10,886
Total Assets	$	330,146	$	350,682
Liabilities and Shareholders' Equity
Current Liabilities
Current Portion of Long-Term Debt	$	12,500	$	10,000
Accounts Payable		8,315		6,882
Accrued Liabilities		5,284		4,767
Income Taxes Payable		3,289		4,141
Current Deferred Income Taxes		65		3,934
Total Current Liabilities		29,453		29,724
Long-Term Debt		76,500		84,000
Deferred Income Taxes		47,164		54,155
Other Liabilities		1,204		1,204
Total Liabilities		154,321		169,083
Shareholders’ Equity		175,825		181,599
Total Liabilities and Shareholders' Equity	$	330,146	$	350,682
Additional information
Equity per Share	$	8.60	$	8.69
Total Cash, Restricted Cash and Marketable Securities	$	254,463	$	272,133

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Comparative statements of operations (in thousands – unaudited):

	13 Weeks Ended									26 Weeks Ended
	August 30, 2015			August 31, 2014			May 31, 2015			August 30, 2015			August 31, 2014
Net Sales	$	37,947		$	42,349		$	37,829		$	75,776		$	91,166
Cost of Sales		27,586			30,178			26,462			54,048			62,066
Gross Profit		10,361			12,171			11,367			21,728			29,100
% of net sales		27.3	%		28.7	%		30.0	%		28.7	%		31.9	%
Selling, General & Administrative Expenses		5,009			6,252			5,801			10,810			12,848
% of net sales		13.2	%		14.8	%		15.3	%		14.3	%		14.1	%
Restructuring Charge		91			83			124			215			350
Earnings from Operations		5,261			5,836			5,442			10,703			15,902
Interest:
Interest Income		317			226			265			582			373
Interest Expense		356			360			369			725			713
Net Interest Expense		(39	)		(134	)		(104	)		(143	)		(340	)
Earnings before Income Taxes		5,222			5,702			5,338			10,560			15,562
Income Tax Provision		653			747			561			1,214			2,391
Net Earnings	$	4,569		$	4,955		$	4,777		$	9,346		$	13,171

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

	13 Weeks Ended August 30, 2015									13 Weeks Ended August 31, 2014									13 Weeks Ended May 31, 2015
	GAAP			Specials Items			Before Special Items			GAAP			Specials Items			Before Special Items			GAAP			Specials Items			Before Special Items
Selling, General & Administrative Expenses		5,009			-			5,009			6,252			-			6,252			5,801			-			5,801
% of net sales		13.2	%					13.2	%		14.8	%					14.8	%		15.3	%					15.3	%
Restructuring Charge		91			(91	)		-			83			(83	)		-			124			(124	)		-
% of net sales		0.2	%					0.0	%		0.2	%					0.0	%		0.3	%					0.0	%
Earnings from Operations		5,261			91			5,352			5,836			83			5,919			5,442			124			5,566
% of net sales		13.9	%					14.1	%		13.8	%					14.0	%		14.4	%					14.7	%
Earnings before Income Taxes		5,222			91			5,313			5,702			83			5,785			5,338			124			5,462
% of net sales		13.8	%					14.0	%		13.5	%					13.7	%		14.1	%					14.4	%
Income Tax Provision		653			21			674			747			23			770			561			34			595
Effective Tax Rate		12.5	%					12.7	%		13.1	%					13.3	%		10.5	%					10.9	%
Net Earnings		4,569			70			4,639			4,955			60			5,015			4,777			90			4,867
% of net sales		12.0	%					12.2	%		11.7	%					11.8	%		12.6	%					12.9	%

	26 Weeks Ended August 30, 2015									26 Weeks Ended August 31, 2014
	GAAP			Specials Items			Before Special Items			GAAP			Specials Items			Before Special Items
Selling, General & Administrative Expenses		10,810			-			10,810			12,848			(260	)		12,588
%		14.3	%					14.3	%		14.1	%					13.8	%
Restructuring Charge		215			(215	)		-			350			(350	)		-
%		0.3	%					0.0	%		0.4	%					0.0	%
Earnings from Operations		10,703			215			10,918			15,902			610			16,512
%		14.1	%					14.4	%		17.4	%					18.1	%
Earnings before Income Taxes		10,560			215			10,775			15,562			610			16,172
%		13.9	%					14.2	%		17.1	%					17.7	%
Income Tax Provision		1,214			55			1,269			2,391			187			2,578
Effective Tax Rate		11.5	%					11.8	%		15.4	%					15.9	%
Net Earnings		9,346			160			9,506			13,171			423			13,594
%		12.3	%					12.5	%		14.4	%					14.9	%

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